TradeApe

TradeApe chart setup

FX:XAUUSD   Gold/U.S. Dollar
Had a few requests to share my chart setup, so feel free to make this chart yours and save the template.

Indicators used:

1) Ichimoku to get an idea of general trend direction and key support/resistance levels.
2) Directional Movement Index to get an idea about trend strength.
3) Candlestick pattern indicator (hammers, etc.) for confirmation. Tbh, you don't really need it.

That's all I use for trading forex , oil             , gold             and CFDs. Same setup for all of them. Works for stocks too.

The daily charts give me my overall trend direction. If DI+ is above DI-, you can't go short...and vice versa. I use custom settings giving me the monthly DI trend on the daily charts ...and the 8hr trend on the M15 charts where I time my entries.

Exits are based on the trend changing on the daily timeframe . I set trades to BE if they survive the day and then simply try to keep 'em going until momentum changes. No fixed TP.

Just shout if you have questions...

I also recommend this if you're even remotely questioning whether longer term trades are worth it or not: http://www.forexfactory.com/showthread.php%3Ft%3D245149

For those who don't know Ichimoku , read this: http://www.kumotrader.com/ichimoku_wiki/index.php%3Ftitle%3DMain_Page

I only use part of the Ichimoku indicators though ;)
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