XO_Method REVISED - Page 55

ValeoFX · #**541** (**permalink**) 06-10-2008, 08:51 AM

Quote:

Originally Posted by jharvey407

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

James, I have to apologize to you regarding the EUR-charts you have posted and on top of that only bits of them. I need to see the overall pictures and as you know i do not trade the EUR. So, unless I go and open EUR charts, I will really be at a loss. Forgive me for being so one currency minded, guys.

Give me a full screen-print of the charts mentioned and I will take a stab at them, although after the fact.

jharvey407 · #**542** (**permalink**) 06-10-2008, 09:29 AM

Sorry, I was trying to save space, but here are all of the charts.

5M

jharvey407 · #**543** (**permalink**) 06-10-2008, 09:30 AM

Here is the 1hr chart

jharvey407 · #**544** (**permalink**) 06-10-2008, 09:31 AM

Here is the 4hr chart.

jharvey407 · #**545** (**permalink**) 06-10-2008, 09:32 AM

Thats all 3. These were from yesterday morning.

ValeoFX · #**546** (**permalink**) 06-10-2008, 10:28 AM

James, I will get back to you on this a.s.a.p. after the trade.

ValeoFX · #**547** (**permalink**) 06-10-2008, 10:30 AM

Suk, how about the ENTREX being hit on previous H1-candle?

Opinion please.

I am still short with 50% of my trade and am hoping that the price will touch the ENTREX a second time on the S3-Pivot.

Best wishes.

ValeoFX · #**548** (**permalink**) 06-10-2008, 10:40 AM

Quote:

Originally Posted by jharvey407

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

Hi James,

Thank you for posting the individual charts. I think you made the correct entry.

Secondly, when you are close to the announcement, just move your stop closer so that you do not lose too much. It seems as if in your case, you could have locked in say -5 pips just before the announcement. My friend Gerhard did exactly that and made a "killing" on the EUR.

You are getting the hang of the method, just hang in there and keep on learning from your entries and the few missed entries or early exits.

The next Post will be of benefit to you and Shaun, as you guys are privy to my research to a large extent, but the Post may be a bit later and may miss you before you go to work.

Have a great day.

ValeoFX · #**549** (**permalink**) 06-10-2008, 02:57 PM

Quote:

Originally Posted by jharvey407

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

In reply to your request, here is the first exit today - the other 50% is still in the short and we can talk about that tomorrow to see if my thinking behind it is correct.

My exit with 50% of my Lots, was @ 10h25 when the 2nd "divergence" on the M5 RSi-setup occurred (+71 pips). I would have been stopped out at 10h35 as my stop was -4 pips above 15-EMA, but the divergence stopped me, plus the fact that the Longer TFs were quite "oversold" and which turned out NOT to have been the case.

However, I used 50% of my Lots and followed the 8-EMA (minus 4 pips) on the 15M TF to see how far I could trade it down. At 10h45 the price came close to my stop, but carried on falling.

At 13h30 I changed my Stop to the 15-EMA (-4 pips) (Stop @ 1.9582 and therefore locked-in +89 pips) as it was getting closer to the price.

I now have a Limit set @ 1.9465 and will leave the Stop until the close of each hourly candle when I MAY adjust the Stop, until I go to bed tonight.

Best wishes.

suk1000k · #**550** (**permalink**) 06-10-2008, 06:17 PM

ValeoFX - are you still using Murray Math Lines? Because mine showed 0/8 at 1.9531. I am not too familar with the Entrex because the price does not hit it too often. But it definitely was a cling then a bounce as described. "The trend is your friend - except when it bends at the end" --- today just "the trend is your friend - until there is a pierce of the Murray Math 0/8"

The lesson for me today was the H8 this morning which was the only chart I could see where I could question direction of trade. This was because althugh CCI was down, the RSI was pointed up and was overheated to south. The lesson I have learned before which gave me the short (and it is a needed one - because this can and does happen on H4 and H1)is that the RSI can revert back below 30 after coming up - it is very dynamic and this should be considered -it doesn't neccessarily signal the end or start of a move - especially when there is a zero line cross on CCI (this includes the turbo CCI on the longer timeframes (H1, H4, H8).

Cannot see it now, but H8 RSI 2 was pointing up this morning, however TCCI was a zero line cross and CCI following it.

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