XO_Method REVISED - page 58
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
try reading from around page 30 onwards. Starts off with weekly chart. I will be updating Valeo's work via the latest pdf document possibly today.
My entry this morning...........more detail
First of all I warned this morning that my RSi-setups changed due to programming; so please do NOT shoot me for placing these screen-prints!! I am placing the M5 first followed by M15; the M15 without commentary.
Signal @ 08h15 on M5 overheated (see that Red "Diamond" shown by the Aqua triangle??) and we expect a retrace which happened 2 candles later, BUT what was of more interest to me is the fact that the M15-CCi-5 was also overheating and that was another 10m to closing!!
So when the M15-candle closed, it had a long spike and the RSIs were good for a further short as well as the CCi.
Also, the price stayed underneath the 8-EMA on M15 and that is when I entered @ 1.9463 for +26 pips. CCi-5 overheated together with RSi-2 on M15 and I just closed tha trade on the close of that candle.
Any comments are most welcome so that everyone can learn from difficult entries.
Best wishes.
M15 this morning............
If there is a need for me to discuss the M15 set-up I will do so quite happily, but for now I assume that you guys are all OK with setting up your own Template??
Direction??
The overall direction is down, with 1.9333 in sight on my chart. But whether we are going to have a correction such as on 11th June I really do not know at this time...any thoughts anyone else? It's worth noting on 11th of June there was a big downside spike before the correction I think, also...having said that, the H8 is turning up on RSI's and the below trendline on M30 (and others) below remains intact right now...in addition, my weekly chart shows a triangle in purple where candles have closed above the bottom part. I won't be going long in too much of hurry, but whether short has further distance in it, today I'm feeling much less certain than last few days...anybody trading this system?
Update, I just took my short at 1.9462 out at 50 await retrace.
Update: 8.11a.m (UK time) out 1.9450-37: That's it think I'm done for the week (I think). Have a good weekend everyone. Nice to finish work at 8a.m. and know that never have to work for anyone elses dreams again, ever,but also to want others to attain that, too. Thanks ValeoFX and the behind the scenes "crew" of Russians, Europeans etc. God bless.
Thompson/Reuters: 06:41 GBP/USD: Eyeing 1.9449 Asian Session Base, US CPI In Focus London, June 13. Cable is currently eyeing the base of today"s 1.9449-1.9489 Asian session range, against a big-picture backdrop of loss consolidation from Wednesday"s high of 1.9669. Middle Eastern buying of the dollar helped to deflate GBP/USD from today"s 1.9489 Asian session high. 1.9433 was yesterday"s four-week low, plumbed after the disclosure of May"s double-the-forecast 1.0% rise in US retail sales. Bids were previously tipped at 1.9430. Offers are touted at 1.9500.RBS has agreed to sell its Angel Trains Group to a consortium led by Australia"s Babcock & Brown. Angel Trains has an enterprise value of GBP 3.6bn (Reuters). Today"s key event risk is the 12:30GMT disclosure of US inflation data for May. Headline CPI is forecast +0.5% m/m. Core CPI is forecast +0.2% m/m. 75% of economists surveyed by the WSJ think the Fed is showing enough concern about inflation--up from 60% in May. Nearly two-thirds of survey respondents believe the Fed is showing the right amount of concern about the value of the USD. Ben Bernanke has a 60% chance of being reappointed for another four-year term as Fed chairman in 2010 if Barack Obama wins the US Presidential election, and a 73% chance of being reappointed if John McCain becomes US President, according to survey respondents.
Hi ValeoFX,
I'm very glad you have added the M15 chart, I was only thinking of this yesterday. It makes a terrific amount of sense to do so. My contribution to this thread is below in the form of the "concise [New] XO Method thread" document updated to include all the trade examples and explanations I could find...
There is no doubt ValeoFX has made a huge amount of effort to get this work out here. Please be grateful and use your head and read the thread. To continuously post trade examples over the course of now almost 50 pages of pdf doc below is really something that makes me proud to have associated myself here...
****could not attach due to file size so please see next post.
To traders: Enjoy!
Suk.
Suk #581
Suk, I am a little confused in terms of your comments, time of posting, etc.
Kindly tell me whether this was in fact posted yesterday? and is this the 15M TF?
Sorry about my confusion.
This morning's entry..................
M5 entry:
No Long entry before 08h00.
Possibly short @ 08h30 and you would not have lost any pips either, just a "rude wake-up" call.
Notice that the price is not breaking the 123% Fib line @ 1.9535 @ 09h25 and that the RSis keep on climbing higher.
First signal for me was @ 10h00 candle close, but I did NOT trade it there. I somehow felt that the price needs to break-out of this sideways trend.
My wake-up call came @ 10h20 when the RSi-H1 and H4-TFs bounced off and so as the M5 RSis, crossed back up, I entered @ 1.9530.
I am still in the trade as per the 8-EMA rule.
Best of pips this week. I am posting the M15 after this.
Different M15 chart in size of candles.....
In this chart you will see the direction far better than on my previous chart where the candles are larger.
The latest pdf file is too big (at 49 pages) to attach as a forum post attachment so I have put it on my site, hope no one minds - see below link...
Valeo_FX_Latest
UPDATED: Monday AM.
A very harsh market today I found...but I was long after an RSIs signal and drew in this triangle (dark turquoise). The fact it was broken to the upside at the close of the candle when the CCI overheated I wonder if it helped offset the CCI5 overheat on the close because the trend then shot up (as can be seen)...
Thankfully the MA 100, 180 and 336 kept me out of the short despite a couple of potential entries signalled on RSIs plus "diamond" and kept me holding on to my long. Also the MAs on H4 the price was above them.
I took pips out of the market this morning after a fairly agonising wait, where I compromised my rules. I think the M5 had a lot of support, but I was very worried about the overheating on the H1 and H4 of RSIs plus a sinister CCI turbo crossing CCI exit signal on the H4. Not an easy decision today by any stretch for me anyway.
Soon I will be taking a lot more pips out of the market on these trades because I am committed to mastering my risk reward much better. For now my wife has just instructed me to be happy with what I've got. My account is at a "psychogical high" and so I am going to be patient for the best opportunity to ensure I break it!
Gratefully,
suk
PS The yellow dashed line was my entry --- please comment Valeo if you can tell me how I could/should have kept out of this - because it really took me asunder my 15 pip tolerance stop (which I allowed as it was lower than normal volume trade for me to place). The purple would have been a much better entry in hindsight - I was rushing to get in the market...
Arguably the close of the overheated CCI5 candle is also an entry due to the break of the dark turquoise triangle/trendline...
Further comment on M15 welcomed we need to get used to the addition.