XO_Method REVISED - page 54
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I find them very very helpful indeed for getting a good price on entry.
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.
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
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.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
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
JamesJames, 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.
This morning's entry..................
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.
Sorry, I was trying to save space, but here are all of the charts.
5M
Here is the 1hr chart
Here is the 4hr chart.