XO_Method REVISED - page 76
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My M15 entry this afternoon...........
Attached for completeness sake is my M15 entry this afternoon. It does not need any explanation I think.
I must admit that I was "scared" that the price may stall here as the price bounced off the S1-Pivot 3 candles prior to that, but as Joe said, the H4 favoured us. The rest was easy for +64 pips in my case.
See you in the morrow.
I'd like to come in here in response to the long entry followed by the news short. I was long in the trade and at one point about 7 pips in profit. I closed out at 2 pips profit before going short at the news. This was because:
The UK economy is a known dump at the moment. Last weeks major announcement proved that. The speculation is that the pound "cannot hold up" - personally I don't believe it - but it is what the fundamentals have been saying. In other words I find it essential to do some news research which basically entails looking at forex factory and deciding what might be the impact of the news assuming the predicted figures are something to go by - just by asking "well, what if?" I do not trade news generally, but have said, on occasion, my risk appetite does pertain towards it, like today. After last week where I lost money on the day of the big announcement and the 150 pip short where I did not properly check my news possibilities, I decided I'm not going to let that happen again. Still making a mistake with my volume today has not left me happy, but it seemed liked the "logical outcome" to me today.
Yes, the technical direction was long - but where was the momentum for the long coming up to the news? There wasn't any. 3 short candles after the breakout and none of them showing any steam in the long direction. My M15 made me take the long before the news (the tip about reducing the size of the chart in order to see the bigger picture helped me here). Considering that 100 pips were the potential reward, I thought a 7 pip stop at the open of the announcement candle was worth the risk/gamble considering the risk/reward potential of the trade. Also, I had done my homework.
Whilst I know we shouldn't trade announcements with this, however, I think we should know a little about the economy we're trading and the likely potential emotional reaction of the newstime traders, even if it's watch and see.
I think the retrace to 1.9621 (EMA8 on M5) gave perfect reentry because the announcement was likely going to go at least 100 pips overall, which I am finding the 'established direction' does frequently. So I want to get this so that I am getting in as early as possible on a sure-fire that I have chosen the "established direction" which I think is what Valeo is the master of and I am willing to learn and do whatever it takes to replicate the results he is getting.
PS I am in need of further input somewhere...so all data is appreciated.Now you understand why we CANNOT do without your input!! Well done and thank you again, Suk.
How about showing us such information wheneer it is that you get it or just point us in that direction please? Who is ACM that you quoted in your post?
Best wishes.
An interesting observation..............
Guys, just an interesting observation on the H2-TF which I attach here for comment please.
I have been using the H2-TF for a week now thanks to my friend DayTrader. What I missed today and that is purely because I did not have the H8-Open line on it (YELLOW on chart) (TRO_BUYZONE), is the simple fact that the Long stalled at the Indicator!!!
Magenta is the Daily Open.
I also just saw another indicator posted very kindly by Kang_gun here.........https://www.mql5.com/en/forum/trading_systems
that is the PIVOT of the H8-TF and I will post that in a different colour. Only available as ex4 though, but maybe this can assist us. It is the AQUA coloured LINE with a value of 1.9899 at the end to the right of the Line at present.
It appears WHC has done somethign to their platform. I had to uninstall and reinstall it to get my indicators to work properly. Just an FYI if anyone else has this problem - the reinstall will make everything work just fine (so far).
Best,
cl
It appears WHC has done somethign to their platform. I had to uninstall and reinstall it to get my indicators to work properly. Just an FYI if anyone else has this problem - the reinstall will make everything work just fine (so far).
Best,
clPersonally I find their serveres too unreliable. I use Activ (London) and MIG (Swiss).
Best wishes.
Personally I find their serveres too unreliable. I use Activ (London) and MIG (Swiss). Best wishes.
I just use them for charting for MT4 ( becoming familiar with Ninjatrader though...easy to use them in conjunction with MB trading).
I have a couple of questions regarding the 1 Hour chart that i wanted to ask and get comments on.
1. Do you take trades in the opposite direction of the 1 hr CCI? ( i.e. if it's negative would you take a long).
2. On the 1 Hr CCI what do the green and red squares that hug the zero line mean?
Thanks,
cl
I just use them for charting for MT4 ( becoming familiar with Ninjatrader though...easy to use them in conjunction with MB trading).
I have a couple of questions regarding the 1 Hour chart that i wanted to ask and get comments on.
1. Do you take trades in the opposite direction of the 1 hr CCI? ( i.e. if it's negative would you take a long).
2. On the 1 Hr CCI what do the green and red squares that hug the zero line mean?
Thanks,
clHi Cl,
The RSi-s are the mainstay of my decision; followed by the position of the 28-EMA.
The CCi-5 is there to tell me when NOT to trade. Usually you will find that the CCi-5 is above zero-line while the Trend-line has not been broken yet and if that is what you mean, then "yes" I do.
The RED_Squares are in fact the LSMA built into the CCi by one clever gent called Linuxer. I asked him for this particular indicator and he has since released other versions of it as well, but this one is the one I prefer without going into details for that.
As a rule, I do NOT trade against the H1-chart. Period. Rather miss a trade.
Best wishes.
Hi Cl,
The RSi-s are the mainstay of my decision; followed by the position of the 28-EMA.
The CCi-5 is there to tell me when NOT to trade. Usually you will find that the CCi-5 is above zero-line while the Trend-line has not been broken yet and if that is what you mean, then "yes" I do.
The RED_Squares are in fact the LSMA built into the CCi by one clever gent called Linuxer. I asked him for this particular indicator and he has since released other versions of it as well, but this one is the one I prefer without going into details for that.
As a rule, I do NOT trade against the H1-chart. Period. Rather miss a trade.
Best wishes.Clear and concise. Thanks a lot. One more question. Forgive my ignorance, i have never used LSMA but have heard of it. Can you point me in the direction of some info on it ( or briefly tell me what it tries to do).
Best,
cl
8 hour open
How do you get the 8 hour open on the chart?
The CCI-5 overheat
Hi Valeo
Please forgive me as I am sure you have probably discussed this many times! I would really appreciate it if you could explain how to handle the CCI-5 overheat situation - such as the one outlined in the attached 5 min chart below.
Too often I am uncertain how to handles these occurances and so simply leave the trade alone and then watch it fall and fall...
Would appreciate your advice here please or kindly point me to a place where I can do the reading from prior explanations.
Many thanks
Shaun
Below is the GBP/USD 5 min chart from earlier today: