No, much more sophisticated than that.

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"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

???????

as in ........


???????

Yes, I am afraid so. But I was positive enough to have locked in enough pips not to be taken negative again.

Best wishes.

And to answer the previous Post, yes, I think you have the hang of the method.

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Unicorn - brown lines are a Standard deviation channel I think - available to paid up members of this forum only - so ask New Digital.
No - they are Linnear Regression Polyfit bands. I find them very very helpful indeed for getting a good price on entry.

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Thanks suk;

how do you use them for entry? similar to Hi-Lo channel breakout?

regards.
Unicorn.

Hi Unicorn, I've no idea what hi-lo is. All I can say is watch their behaviour on your chart and see if they help you. If for example the bands are pointing steeply and widely downwards and the price retraces to above and outside the bands, it may be a good time to think about short - there is some confidence in the price remaining within the bands, but I don't know what confidence level that is.
I know with for example Bollinger Bands, there is a 95% confidence that price action will be within the bands, so the time spent "outside" of Bollinger bands is supposed to be a max of 5% of the total time.

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If you were in front of the screens @ 07h45, there was a clear entry, but I usually wait for this hourly candle to close before entering after 08h00.

Note how the price stayed below the 34-EMA from 07h10 - good indication for continuation of direction.

My entry this morning @ 08h50 after the H4 RSi-set-up did not break the retrace as pointed out by the Blue-triangle in window #1. Good for 30 pips. Just follow the 8-EMA now until exit is indicated.

Good trading.

Attached Images

this morning's entry.gif (32.0 KB, 156 views)

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Valeo,

Would you mind commenting on this entry setup please.

I was watching the 1hr and 4hr chart before this signal formed, and had noticed that all of the RSI's seemed overheated, so I felt that an entry at this point might be a bit too risky.

( the 1hr and 4hr charts are the middle and left panel of the image )

When the signal formed on the 5m chart I jumped in immediately based on the fact that the RSI's had bounced off of each other, and that both of the CCI lines were crossing the 0 together.

I remembered the overheated RSI's on the 1hr and 4hr, plus looking at the clock I realized that we were only 10 mins from a major news announcement.

I quickly exited at +1 pip due to these warning signs.

Subsequently, the market shot up drastically, making me feel like I had made an error in my judgment.

My question is: Did I stay out for the right reasons, or am I misinterpreting the overbought condition of the RSI's?

Thanks
James

Attached Images

5m-no-go.jpg (109.0 KB, 150 views)

Valeo,

Could you post a chart of your exit from this trade.

I entered 1 candle after you, because I waited for the 5RSI to cross down, and to be confirmed by the CCI.

But I exited at the close of the 9:15 candle, because I thought I saw divergence forming on the 5RSI. There were 3 candles that made the same low, but the RSI was rising. Did I missinterpret this signal?

James

I will respond to the Close soon, but I have warned in my first Post for today, TO FOLLOW THE 8-EMA.

In your case, the 8-EMA would have kept you in until much later and had you exited on the overheating CCi-5 @ 09h20 @ 1.9615 (±) you would have been able to Bank ± 49 / 50 pips

Once in the Trade, follow the 8-EMA and use the 15-EMA as stop ±spread. I am following the 15-EMA and hence I am still in the trade.

Divergence on M5 came @ close of 10h05 candle, but I am allowing the 8-EMA to keep me in the trade.

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.