Manual Trailing Stochastic crosses without RSI breaking 50 and our Manual Trailing Stop is not broken yet >> we consider holding the trade
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Trade Analysis http://img477.imageshack.us/img477/405/tradedi9.jpg
Summary http://img127.imageshack.us/img127/1264/summaryii1.jpg
Nice long signals on GBP/USD so far this morning. A few notes scribbled below.
Attached Thumbnailshttp://www.forexfactory.com/attachment.php?attachmentid=48640&stc=1&thumb=1&d=1189903416
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"We are at about 50/60 Pips up now >> you may consider taking profit and moving SL to B/E"
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As before, when taking 2550 signals on lower time frames you can get a lot of false signals.
To reduce that i've advised that trades on lower time frames be taking in conjunction with complementing H4 or H1 Ex/Op confirmation.
We have Ex.Op on H4 confirming the 2550 signal on M5 and M15; hence our long.
SLs can be under the low or the standard 2 x's or 1.5 x's the ATR.
Regards,
E. Lang
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I recommend that you only take trades on M5 if H4 has Ex. Op.
Please read the rules on Ex. Op. at the beginning of this thread.
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Here is a chart of GBP/JPY 4h. According to the rules this guy has flagged a short signal? Price closed below 50ema, RSI is below 50? One thing I’m noticing is a choppy market depicted by lack of trend. The EMA’s seem to be trending sideways with little daylight between the 25/50ema. They did however cross with 50 on top of 25.
Looking at the daily of GBP/JPY it has failed at last R/level around 235.46 with a 25ema retest
How much emphasis should be placed on the slope of the EMA’s in conjunction with the RSI?
http://img513.imageshack.us/img513/8877/2550vn0.png
I teach the Daily System separately.
Now as for your dilemma:
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http://img213.imageshack.us/img213/6017/gbpusdh4yu9.jpg
It works fine as you can see on the recent signal we caught on GBP/USD.
Since this is an EMA system, fake outs do occur, so its important to cash in as soon as possible and let the remainder of your profits run.
In a lot of cases you will miss cashing out, so you need to make sure you can incur the risk of a SL.
We rely on the win probability factor to catch the right trade.
If you however have prior trading experience you will manage to avoid and minimize the majority of fakeouts.
Regards,
E. Lang
2550 Daily Signal | NZD/USD LONG Hey guys,
We have our first 2550 Daily Signal.
Lets hope it will be as successful as our recent H4 signals.
You should know the drill by now.
Regards,
E. Lang
NZD/USD
http://img442.imageshack.us/img442/9558/nzdusdgr5.jpg
Hey Bunton,
We are already 2550 Long on D1 for NZD/USD
On the H4/H1 system i trade aswell, some of it's recent trades of which you can see as "H1/H4 Bonus Signal" have been pretty profitable; your H4 entry would have been at 0.7076. And thats a clean mechanical Signal, no second thoughts on it or double taking. S/L would have been dead at 0.7000
Hey guys,
We have our first 2550 Daily Signal.
Lets hope it will be as successful as our recent H4 signals.
You should know the drill by now.
Regards,
E. Lang
NZD/USD
http://img442.imageshack.us/img442/9558/nzdusdgr5.jpg
here is a 4h chart showing chart set/up.. Secret trade..lol
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see well we live and learn. Anyway I'm happy with this trade. Now this EW thing opens another can of worms. I was a thinking the daily chart just completed abc and currently in a flat range and so should this be the case direction from larger time frame is unclear?
http://img503.imageshack.us/img503/7871/gbpjpyrn0.png
Here is me chart study off 1hr chart. I'm a thinking the downtrend is still intact. Notice the lower highs and lower lows. This flags a caution IMO.. This makes me wonder if this is just a retrace?
http://img521.imageshack.us/img521/5/gbpjpyre5.png
Last chart and me done. I'm seeing some market structure and I've placed a bear-bull line in. Current chart looking only at price shows trigger short with stop just over last bump. Should this be a retrace one might expect a retest of lows. Not saying this is what will happen but the structure is taking place. With a trade like this you no your wrong when price pops stop.
http://img297.imageshack.us/img297/4672/gbpjpyls8.png
How To Catch Up? Hi Effi,
How do you catch up in cases where the prices are trending upwards and is staying there for a while. Waiting for it to fall back back to the EMA's for any signal seems endless (methaphorically speaking). Where and when do you get in? I have attached a chart file and encircle the case that may be. Please fill in your inputs. Thanks.
Best regards,
REY
Attached Thumbnailshttp://www.forexfactory.com/attachment.php?attachmentid=50547&stc=1&thumb=1&d=1190356329
The Pairs AUD/USD SHORT (H4/H1 Bonus)
ENTRY: 0.8644
SL: 0.8720
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Just These Ones:
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ATR Stop.mq4 (4.2 KB, 367 views)
ITS OLD PEOPLE DONT TRADE IT
Its old people dont trade it
I am a full time trader so i analyze peoples trades including their system out of bordom.
Here is one example of a bonus signal not related to system and if read following posts says to contact him
It is clearly a double bottom with a downward trend circle 2
Entry point is exactly conforming to entry point of double bottom circle 1
Plus add s+r and p channels, too lazy to add on
Attached Thumbnailshttp://www.forexfactory.com/attachment.php?attachmentid=51409&stc=1&thumb=1&d=1190787369
Technical Analysis
Perhaps the most utilized means of making decisions and analyzing the Forex market is technical analysis.
The difference between technical analysis and fundamental analysis is that technical analysis ignores fundamental factors like news and economic conditions, and is applied only to the price action of the market. While fundamental data usually provides a long-term forecast of exchange rate movements, technical analysis has become the primary tool to analyze and trade shorter-term price movements, as well as to set profit targets and stop losses.
Forex technical analysis primarily consists of a variety of Forex technical studies, each of which can be interpreted to help predict market direction or to generate buy and sell signals.
The Trend
http://www.fxsolutions.com/images/getting-started/technical-analysis/the-trend.png
One of the first things heard in technical analysis is "the trend is your friend." Finding the prevailing trend helps traders to become aware of the general market direction. Daily, weekly, and monthly charts are most ideally suited to identifying the longer-term trend. Once the overall trend is identified, technical traders will usually begin identifying the trend of their chosen trading timeframes.
Support and Resistance
http://www.fxsolutions.com/images/getting-started/technical-analysis/support_resistance.png
Support and resistance levels are points where a chart experiences recurring upward or downward pressure. Support levels exist at lows while resistance levels exist at highs. Once these levels are broken, they tend to become the opposite. For example, if a support level is broken to the downside, that level often becomes a new resistance level. In a rising market, a resistance level that is broken could serve as support for the upward trend, while a broken support level in a falling market could serve as a new resistance level for the downward trend.
Trend Lines and Channels
http://www.fxsolutions.com/images/getting-started/technical-analysis/trend_lines_and_channels.png
Trend lines are simple, yet helpful tools in confirming the direction of market trends. An upward straight line is drawn by connecting at least two successive lows, but preferably more. Each successive point must necessarily be higher then the previous one. The continuation of the line helps determine the path along which the market will move. An upward trend is a concrete method to identify support lines/levels. Conversely, downward lines are also charted by connecting two points or more. The validity of a trend line is partially related to the number of connection points.
Moving Averages
http://www.fxsolutions.com/images/getting-started/technical-analysis/averages.png
Moving averages can be very helpful in identifying the overall trend. Moving averages reveal the average price of a currency at a given point of time over a defined period of time. They are called "moving" because they reflect the latest average while adhering to the same time measure.
A weakness of moving averages is that they lag the market, so they do not necessarily signal a change in trends at the most advantageous time. To help address this issue, it's advantageous to use a shorter period, which would be more reflective of recent price action than a longer period. At the same time, however, shorter period moving averages are subject to more false trend-change signals. Alternatively, moving averages may be used by combining two averages of different periods. Buy signals are usually detected when the shorter-term average crosses above the longer-term average. Conversely, sell signals are suggested when the shorter average falls below the longer one.
There are three main types of mathematically distinct moving averages - the simple moving average (SMA), the exponential moving average (EMA), and the weighted moving average (WMA). EMAs and WMAs assign greater weight to the most recent price data, while SMAs assign equal weight to all of the data in the period. For this reason, many traders prefer to use EMAs and WMAs to help combat the lagging nature of moving average signals.
Indicators and Oscillators
http://www.fxsolutions.com/images/getting-started/technical-analysis/Indicators_Oscillators.png
Indicators and oscillators vary immensely in their usage and derivation. The indicators that reside right on the price bars or candles include moving averages, Bollinger Bands, Parabolic SAR, and a host of others. These are usually lagging indicators providing a historical view of price action. They can often provide clues and confirmation as to the direction of past trends and present momentum.
The oscillators that usually appear as a separate entity above or below the price bars are also lagging. In contrast to the price indicators, though, oscillators excel at identifying overbought and oversold conditions. As such, they are of most use to traders who wish to identify ranging, rather than trending, circumstances. These oscillators include Stochastics, MACD, RSI, and many others.
Drawing Tools
http://www.fxsolutions.com/images/getting-started/technical-analysis/drawing_tools.png
Like analysis tools, technical drawing tools, aside from the aforementioned trend lines and channels, are both popular and varied. With several different incarnations of Fibonacci formations, as well as the Gann Fan, Andrew's Pitchfork, and many others, chart drawing tools have a huge number of adherents. Most of these drawing analyses are meant to identify areas of importance, including support and resistance levels. Trend lines, whether diagonal or horizontal, are the most basic drawing tools. From there, they become increasingly complex, and often originate from complicated mathematical foundations.
Re Entry questions Hi guys.
Nofx, maybe you can help me with this. So back to my question on trading this system intraday. Yesterday, we had the big cross down on the gy signalling a Short. Put let's say after taking partial profits, the rest of our position was stopped out. So, now today 10-17-7, we would be looking to re-enter. This is where I get confused.
I've attached two charts from today. One being the 4HR and the other being the 60M. (Pardon the indicators, but I like to use them.) So, now looking at the 60M time frame I see price has pulled back to the 25ema. It did not break the ema, and then a new candle opens below the 25, and I can use this as a signal to re-enter a short. Is this correct?
(Nofx is this making more sense? I am confused as how to begin the trading day after the first position of a 50 ema cross over has closed.)
Thanks!
lemmon138
Attached Thumbnailshttp://www.forexfactory.com/attachment.php?attachmentid=56248&stc=1&thumb=1&d=1192620374
Attached Imageshttp://www.forexfactory.com/attachment.php?attachmentid=56247&stc=1&d=1192620374
managetpv34.mq4 (6.1 KB, 261 views)
A detail picture showing how to classify 3 different situations when the difference between current high and current low is relatively small:
http://stockcharts.com/school/data/media/chart_school/technical_indicators_and_overlays/average_true_range_atr/atr-example.gif
Extreme levels of ATR (both high and low) can mark turning points or the beginning of a move. As a volatility-based indicator like Bollinger Bands, the ATR cannot predict direction or duration, simply activity levels. Low levels indicate quiet trading (small ranges), and high levels indicate violent trading (large ranges). A prolonged period of low ATR readings might indicate consolidation and the beginning of a continuation move or reversal. High ATR readings usually result from a sharp advance or decline and are unlikely to be sustained for extended periods.
GBP/JPY
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Bearish corrective price action has terminated at the 61.8% retracement from 251.121 to 219.23 at 239.00. Price retreat has developed steadily breaking through daily support at 235.50, promoting the continuation of the fall started at 251.12 in a bearish impulse.
As long as price action maintains progressive bearish ground below 235.50 further decline is expected to continue to minor support of 232.50 from which two scenarios will possibly branch into existence:
BEARISH
1.Profit taking bearish impulsive correction (minor) starting at the 232.50 (D of corrective ABC) expected to terminate around the 236.70 area before the resumption of another bearish impulsive wave (minor) in perspective to impulsive fall from 240.68/238.00 (major) which should proceed towards Daily Support around the 229.00 area.
BULLISH
2.Bearish impulsive corrective retracement progresses higher than expected and terminates the current fall.
Price action above 235.50 >> 237.42 will conccur to this sentiment.
Corrective retracement from 251.00 resumes breaking 240.63 in (E) of regular ABC corrective pattern confirming a new Bullish trend.
Regards,
E. Lang
not on h4 chart my friend.....it has crossed on h1...so depends what your tf is...
eur/usd has had a nice pullback after that enormous candle it crossed50ema in...maybe time for re-entry ????? will wait for confirmation as choppy waters ahead !!!
Ryehttp://www.forexfactory.com/images/smilies/yim/thumbsup.gifAttached Thumbnailshttp://www.forexfactory.com/attachment.php?attachmentid=59947&stc=1&thumb=1&d=1193157700
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Nope...... not while this is possible still.
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Hi Effilang,
I'm try buy GJ http://www.forexfactory.com/images/smilies/yim/thinking.gif
Attached Imageshttp://www.forexfactory.com/attachment.php?attachmentid=61352&stc=1&d=1193617534
http://www.forexfactory.com/images/attach/pdf.gif12 candlestick patters.pdf (197.5 KB, 417 views)
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Bullish Scenario 2 having taken place in movement E failed to make a new high capping out at daily resistance and the 150% profit taking level.
The dark cloud cover pattern created failed to be confirmed to the downside by the bears on Friday but the lack of intent from the bulls also failed to invalidate the pattern by closing/opening above it's highs, leaving the market at an equilibrium.
Price was dumped over the weekend and Mondays candle opened inside Fridays candle forming a bearish harami for the moment.
If price closes as a harami today we will have a confirmation of downward decision. Not excluded is the fact that price may close well below the low today confirming the movement lower and forming a poetic engulfing bearish candle.
At this point the sentiment has shifted from neutral to bearish.
Regards,
E. Lang