XO_Method REVISED - page 53
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It may be a good idea for you to comment on the more current entries even if it is just to tell me whether you see my strategy work or if you disagree with my entries. Best wishes.
Thank you for the clarifications Valeo.
I am in the process of understanding how you apply your method.
Having studied your initial xo_method, I concluded that the initial method's edge is in the xo Trend indicator and the multiple time-frame analysis of TREND.
Now that you updated / upgraded the method, I concluded that the new method's edge is in the multiple time-frame analysis of MOMENTUM using the rsi(2), rsi(4), rsi(8) crossover, and the use of rsi(2) and rsi(4) that is also an edge according to Larry Connors and Ashton Dorkins.
Do you agree with my conclusions regarding the method's edge? ( I regard the cci as a good trigger as opposed to an edge).
Is there an additional consideration that I have missed, regarding the core of the method?
Thank you again for presenting your trading method.
I will study your recent posts and will comment and/or ask questions.
Kind regards.
Unicorn.
This morning the H1-chart gave the direction away. .............
and re-entered again @ 10h15 when we had another H1-RSi-set-up bouncing off the RSi-4 and the CCis going through the Zero-line, very much like the first entry.
.Hi Valeo;
did you enter the trade before the British PPI release at 10:30am (your local time?)
cheers
Unicorn.
I also took long this morning, including 2 small 10 pips trades before 8am, including the 7.55a.m. candle (10 pips).
Would like to add that I believe the setup this morning mentioned by ValeoFX is an absolutely prime example of a technical trade setup in a book written 20 years ago. I like to compare stock traders technical analysisand apply it to forex because these analysts explain away the why of what happens in the market.
Without being too much more vague, the trade setup involved a horizontal area of low volume "zone" (first blue rectangle) followed by a breakout "zone" (second blue rectangle- on above average volume according to my broker) and then a retracement - followed by the resumption of the upmove (third blue rectangle "zone"). I note that the top "resistance" of a zone becomes the support area for the next zone. Price can dip in to previous zone but tends to close above the support, such as at 10:10 on my chart.
The little red arrowsshow a breakout of resistancein a respective "zone" - a hint to continued upmove imminently. The shakeout (zone 2) will have caught out the many, leaving the privileged and knowledgable few with huge profits from the subsequent long.
I will quote the book if I can find it online - it is one I think definitely ValeoFX will agree makes a terrific read after I recommend it.
I notice also (this is the "original XO method" chart - adapted) that the retrace after the spikey high (PPI news) goes to the 61.8% fibonacci retracement of the move and also that the 28 EMAhas held particularly well with no closes below it all day so far.
****note that on the RSI system this EMA is now 34 I think****
My own instinct today was longbecause I "feel" GBP has been undervalued. There are many reasons for this, including research from one of my favourite analysts, predicted PPI and other factors. I'd like to reiterate non-trading of news though, as a general rule. Principally, this system appears to be technical, but sometimes a real sense of intuitioncoming from practise and time in front of the currency pair can be the most accurate perception of them all.
Uncanny chartto study after for me (eg the fibonacci)! I love finding patterns that work on the M5 chart. Often the market seems to play "oldest trick in the book" to new traders. Be patient and watch how market behaves and be smarterthan that broker you may love to hate.
Suk1000k (suck 1000k out of the market!)
I cannot resist this kind of news trade I'm sorry. The technicals set it up for me, with a new H4 candle coming up I took the risk all on and whipped out the pips (albeit in smaller volume to ensure profits from this morning locked in). Besides, could have waited until close of news candle and played the breakout of the purple triangle for 20-30+++. Doesn't work every time. Trade with luck on your side.
Please note the trades I place here are an adjunct to what ValeoFX says, not a replacement or advice, just adding my own insights to try to add another angle to the thread.
I cannot resist this kind of news trade ........
Suk,
Thanks for the chart.
what are the two parallel light-brown curves on the price panel?
Looks like a Hi-Lo channel.
cheers.
Unicorn.
I cannot resist this kind of news trade I'm sorry. The technicals set it up for me, with a new H4 candle coming up I took the risk all on and whipped out the pips (albeit in smaller volume to ensure profits from this morning locked in). Besides, could have waited until close of news candle and played the breakout of the purple triangle for 20-30+++. Doesn't work every time. Trade with luck on your side. Please note the trades I place here are an adjunct to what ValeoFX says, not a replacement or advice, just adding my own insights to try to add another angle to the thread.
Please mark your entries for us to see, Suk. I do appreciate your contribution very much and read the first Post with great interest. Thank you.
Best wishes.
Suk,
Thanks for the chart.
what are the two parallel light-brown curves on the price panel?
Looks like a Hi-Lo channel.
cheers.
Unicorn.No, much more sophisticated than that.
No, much more sophisticated than that.
???????
as in ........
???????
Hi Valeo;
did you enter the trade before the British PPI release at 10:30am (your local time?)
cheers
Unicorn.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.
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.