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AS I mentioned this morning I took a long on Cad from 0400, here is a pic of another long entry at 0431, ok the 3lwma had not crossed up yet, but the candles were up so was the cci. I also took a long on the euryen at about 165.28, so will se how they pan out.
Wow, as I'm writing this, Cad is on a fly, must have had some redbull, Euryen not doing too good though, but we'll see what happens.
Swissy is still setting up for that long trigger, I'll buy at 2026
I only saw after having posted that my entry on EurYen was incorrect as the 3lwma had only crossed the bottom pivot into the zone, and not as I had though the top pivot out of the zone.
Last edited by spiritbreezer; 07-18-2007 at 12:24 PM.
ok, got burnt on EurYen, however Cad doing nicely.
I took the long on CHF at 025 as I previusly said I would, it also corresponded with a breakout of what was a long downtrending channel as you see in the pic.
In the case of the 3lwma crossing the 30min 30ema, I like to 3 positions, and exit one with 20 pips profit, and the 2nd position at 1hr 50ema. If the 1hr 50 ema is 20 pips or less from the cross, I'll close the first at the 1hr 50 ema and the 2nd for 20 pips.
When I get in a trade, like CAD from the bottom, well we never know it is the bottom, but after a while you kinda know it is a bottom, I'll measure from the open of the 1st bull candle when the retrace started. So on cad, the low was 1.0400 and the retrace started, so like an hour or more later I realise we are in a retrace and it was a bottom, so I'll take the open of the 1st bull candle after the retrace started, which was 1.0402 and then my target for my 3rd lot will be 70 pips up, so 1.0472.
The bull candle I use will be followed by 2 bull candles, so it needs to be 3 consecutive of the same candles.
Take swissy for example, we had the low then two bear candles, a doji, 2bull candles,a bear,a bull,abear then 3 bull candles. So taking the open of the first bull candle which was preceeded by 2 consecutive bull candles in the reversal, the open was 1.1971, so 70 pips up is a target for me, 1.2031.
That is on a bull side. On the bear side I only need two consecutive bear candle and the downside target is 50 pips.
It's tricky, but once you get into the swing of things you'll inderstand better. If youtarget was not met, then obviously is what not a bottom or a top.
As far as target go when the 3lwma breaks out of the 'pivot zone', well I'll have targets in mind alrady using the above explanation of the 50 and 70 pips. I bought swissy at 2028 like I said I would, using the 70 pips up rule my target was 2041, high was 2050. Now it was only a small target reached, and that was because the hourly had run out of steam, but normal conditions, especially London morning, you should get easily 50 pips.
I then closed two poistions at 2041 on swissy and the last position will then be 35 pips, half of 70, up from the first 70 pips target. So 2041 plus 35 gives me 2076.
Basically think in block sizes yeah, up 70 pips, stall up' 35 pips.
Or down 50 pips, stall, down 25 pips.
Re-read a couple of time it'll make more sense the more you read it and actaully try it on charts, 15min TF
I forgot to mention that you can look at the hourly stoch to see, and many time able to do a counter trend trade. Again I'll use CAD. Firstly you have to always look for divergence of pricew and CCI on 15mion TF, well oc CAD hen had that long up thrust candle, a bear candle, a bull candel high and a bear candle higher, all the time CCI is going lower. We also see hourly stoch overbought. WE know that 70 pips up from bottom is 1.0472 and we just broke it. So looking at the hourly stoch and the CCI divergence and the 70 pips up, it would for often than not be safe to take a counter trend trade. 3 lots first target 20 pips, next 1hr 50 ema, and the next 50 pips down from the open of bear candle that was followed by another bear candle. So on my chart sI have a bear hammer which opened at 1.0477, so downside target would be 1.0427, and what do you know, the low of that counter trend trade was ....... 1.0427.
Now before anyone jumps on a bandwagon of note and start sayingonly in perfect market conditions, and it was lucky, and and and... the market is always perfect, conditions are always right. It might not work all the time, nothing in life does, but if you get better and better at it, it will become easier. The only way to make pips is to be in a trade. And if you apply just a few basic principles, you'll be in more good trades than bad ones. And if you apply teh 70 pip and 50 pip down rule, your targets will be better and you will now not jump in on trade just to see it reverse on you.
This is price action.
Last edited by spiritbreezer; 07-18-2007 at 03:19 PM.
First off, thank you very much for your indicators, template, and guidance. Much appreciated! I have attached a chart and have a question... The first move over the floating pivot on the left side of the chart clearly goes nowhere. Do you have a method to filter out trades like this? Thanks again.
I have attached screenshot of my euro and the 60min 3lwma moved more than on your chart. I think if you just chnage time frame it should then change the lines and they will be like mine.
And just on the side, I do not trade euro as the moves are too small. There are ample pips in cable, euryen, swissy and cad.
Linear Mode
