XO_Method REVISED - page 60
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2nd entry this morning..............
First entry @ 10h05 was not tricky, but turned out to be and especially with the announcement due @ 10h30 - so best was to stay out, but had you taken the trade, you would still not have lost any money.
Second entry was very much like yesterday after the announcement. It was more a case of trading your indicators than trading "logic". See if you agree with this entry.
Best wishes.
I haven't really been following this thread too much recently, but I've noticed we don't have the XO indicator any more.
I felt that was the crux of the system, no?
I haven't really been following this thread too much recently, but I've noticed we don't have the XO indicator any more. I felt that was the crux of the system, no?
Yes, it is. I understand that you have not followed the development, but if you go back to where I mooted the change, you will find the XO still very prominent and in its rightful place, H1.
Best wishes.
This morning's entry..................
This morning was a little difficult, but it is all about learning how to trdae the markets.
Check the bounce off the RSi-8 of the RSi-2 on the RSi-H4 indicator in the first window. Also the CCi-set-up.
I was twice down to -9, before the trade started moving positive. My stop was @ opening of the candle that I entered on @ 1.9597.
CLUE:.............H1 TF the price stayed above the 10-EMA (NB).
RSI_H1 and H-4
Great Job Valeo! There are those of us out there that realize the value in a profitable system even if you have to work at it. Especially if it has a high win percentage and very little drawdown- perfect for rapid increase in account size.
Can you post or point me in the direction of RSI-H1 and RSI-H4 indicators as shown on m5 as i cant seem to find them.
Looking forward to learning this method and many pips to come my way.
Joel
Great Job Valeo! There are those of us out there that realize the value in a profitable system even if you have to work at it. Especially if it has a high win percentage and very little drawdown- perfect for rapid increase in account size.
Can you post or point me in the direction of RSI-H1 and RSI-H4 indicators as shown on m5 as i cant seem to find them.
Looking forward to learning this method and many pips to come my way.
JoelThe RSi-H1 and H4 is just a renamed version of what you already have, so no need to get these 2.
Today's entry on the H1-chart
It was NOT an easy ride this morning, unlike the rest of the week. However, if you kept an eye on the H1-chart, you would have noticed that the price never went below the 20-EMA (Magenta). So, we were waiting for another extension UP and breaking the Pivot MR1 for at least 30 pips and if you are already au fait with how I trade it, 40 pips.
Best wishes.
This morning's entry..................
Trust you all had a great weekend! Philipe and Casey won and my rugby teams did not do so badly either, so we should all be ready for this week.
However, the M5-TF was a real pain in the neck this morning and kept me out of the trade.
First herewith is the M5 chart with overheating CCis a plenty. When the entry presented itself @ 08h05, I felt that the spike (tail if you wish) was too long and that it was not breaking the previous Low and stayed out. What I should have done was to look at the fact that M5, M15 and H1 RSi-set-ups were signalling the short and we should have gone short right there and then.
The last "Diamond" that you see to the right of the screen-print should have been the entry IF I was not such a chicken-hearted twit. Check the CCi-5 overshoot and reverse.
Also, since opening we know that the trade was short due to the fact that the price remained under the 5-EMA; a sure sign that we could enter at a convenient opportunity. I never found that opportunity and maybe this is where I am not experienced enough, but having said that, look at my H1-chart just after this post.
But that is how we learn and in this instance, I was a slow learner.
On the next post I will give you my suggested entry based on the H1 and I would like to hear from you whether you think this is a feasable solution to this problem we encountered this morning.
H1 entry this morning..................
So here we are with the H1-chart set-up @ 08h00.
Notice that the trade was short from the 04h00 candle onwards, but the real entry would have been at the close of the 06h00 candle when the price broke through the MS1-Pivot. Nevertheless, I trade from 08h00 / 09h00 when London come online and this is where the problem came in for me.
At 08h00 the price closed on a Gann-level and within 8 pips of the next S1-Pivot and therefore I was going to wait for that Pivot level to be broken. It took an hour to NOT break that Pivot level and ended in a Graveyard Doji (Large Aqua-triangle pointing at Doji) which in itself is bad news (or so they say). The rest is history, sadly.
Here is what I have noticed though (sadly to admit in hindsight, but now a major research project for myself tonight) starting with the 04h00 candle:-
Look at the Volume on that candle and each and everyone after that until 08h00 candle and this is waht you find:
1. 04h00 candle @ 145 contracts
2. 05h00 @ 115 contracts
3. 06h00 @ 81 contracts
4. 07h00 @ 310 contracts
5. 08h00 @ 544 contracts and THAT was the Doji!!!!
So, what could we have learned from this?
At 08h00 opening there were 310 contracts in the previous candle and the present one closes @ 544 contracts - a clear indication that this short is being supported and we should have entered at the close of the 09h05 candle with a price of 1.9712 and we could have made ourselves at least 70 pips or more.
I will research similar entries and report back once I have a statistically significant number of entries based on VOLUME such as this morning.
Your views are much sought this morning please.
Best wishes for a great week ahead.
Entry this morning.....
It is once again a difficult morning for entries and again I want to reiterate that under these conditions we have to look at the H1-chart first and foremost - remember we trade off the H1-TF.
The first directional change confirmed by the H1-chart was @ the close of the 05h00 candle. NOTICE the bounce off the RSi-4 on the RSi-H4 window (marked with an Aqua-arrow).
The market is slow, so do not expect too many pips and keep your eyes on the H4.
At 08h00 both H4 and H1 signalled for a Long @ 1.9660 for at least 20 - 25 pips, but it was painfully slow.
There was no short in spite of some overheating M5-candles. Patience is in the order of the day. If we do not get a decent trade today, there will always be another one tomorrow and yesterday was a bonus.
Best wishes.