55bc - page 6
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a trade set up
here is a trade i took at the open of trading last night............
ok the reasons this looked like a good set up on the 55bc was ........
firstly we had our MAIN signal from the tredenvelopes and the RSI chart bars had changed
2nd the following bar closed BELOW the MAIN FIBOPIVOT line(the bold gold line) the sell zone fibs(i know there not fib numbers,but they used to be, i just changed the parameters to suit me and couldnt be bummed changing the name of the indy,so please no letters of complaint) so the bar closed BELOW the sell zone(why is this important.....its important because this provides the most profitable trade setups.........AND at the same time at the close of that bar(the one with the grey circle highlighted) you can see the WILLIAMS bottomed out and landed inside the sell zone (less that -90) at the same time the DAILY RANGE was telling me that there was around 80 odd pips of movement down left.
SUMMARY........
TRENDENVELOPES signal
RSI CHART BARS changed
following bar
price BELOW main FIBOPIV line
price BELOW chart SELL ZONE
WILLIAMS in sell zone
plenty of space in the PIP RANGE
so that was the trade , as you can see i set a stoploss at 1.5725 this was the bottom line of the buy zone when i entered the trade and took my usual 20 pip profit.
hope that was understandable as i didnt want to cluter the pict up with a motorway of lines and diagrams,its pretty self explanatory anyway i think.........enjoy
thestellaman
no set ups
here are 4 signals generated this afternoon,as you can see not 1 of them produced the perfect set up for the 55bc.there fore NO trades were entered from these signals............
1st signal.......no bar close below SELL ZONE and WILLIAMS no were near the SELL ZONE
2nd signal......same as above
3rd signal.......no bar close below SELL ZONE,williams was close but still no cigar
4th signal.......no bar close above BUY ZONE and WILLIAMS no were near buy zone
ok here is another signal generated that was not a perfect set up and as you can see price came back on itself.................again price never closed below the SELL ZONE and WILLIAMS is no were near the sell zone
can i know what exactly did this rsi charts bars is use for?
hi limestreamx, the RSI is mainly a price following indicator averaging out the previous number of bars/candles that is used I.E 7 , 14 , 21 etc in the 55bc case it is 55,i use 55 rather than a smaller number because (to me) it provides me much the same as looking to see what the RSI is doing on a higher timeframe as i work on a 5min chart,why the number 55..well i originally used 60 as that is like an hour chart and as 55 is a fibo number and i do like my fibo numbers and theres not much of a difference between 60 and 55 so 55 it is,but as i say i use it not as an overbought or oversold indicator but mainly as a price following indicator.i need to add that it is only used for ENTRYS into a trade and can not be used for EXITS,hope that helps limestreamx and if not then please feel free NOT to ask again..........only kidding mate feel free to ask away.........
*note.............this is my opinion on how i use/see the indicators and may conflict in the way that others use them or how they were intended to be used so tough
thanks man... thats answer my question... okey i will not ask u again... not in this 5 minute..
just kidding..
here is a near perfect example of a perfect trade set up that if acted ALONE and mechanically just using the indicators would have produced a loss...............but by using the DAILLY PIVOT and SUPPORT/RESISTANCE levels and pips left IN THE RANGE then WOULD NOT have been entered into...........as you can see everything is in place,RSI has changed,signal from TRENDENVELOPES,BAR CLOSE above the BUY ZONE(just)and WILLIAMS topped out in the BUY ZONE.......................BUT...... BUT....... BUT.......between the close of the bar and the next support level above INCLUDING SPREAD there is only around 9 pips SO definatley NOT ENOUGH for a trade.............and as you can see further along the chart the other 4 signals never produced a PERFECT SETUP either and price DID only hit the support level and fall back down again............
can I get the forexfactory indicator ?
??? sorry...I do not have any indicator called "forexfactory" indicator ...that I know of !!
If you CHECK WELL you will notice that I did add some indicators that I thought may help...like the step Ma v7....go back and read the notes...I have a feeling that that's the one you are asking for...
Question for thestellaman -regarding the %William Buy/Sell zones ???
ok here is another signal generated that was not a perfect set up and as you can see price came back on itself.................again price never closed below the SELL ZONE and WILLIAMS is no were near the sell zone
stellaman, HAPPY TO HEAR FROM YOU :-) WELCOME BACK
I have a question, I thought for some reason that the %Williams sell zone is under -50 line/level...
looking at this pic of yours and the comments you made, I draw the conclusion that you consider sell zone on Williams the lower red lines? -90
So, ... do you consider SELL zone under -50, or under -80, or -90 ?
and viceversa do you consider BUY zone above -50 line, -20 or -10 ?
please clarify this for me :-) ...
hiya hbrandt and thanks for the welcome back.......to try and aswer your question i would say this.........i think (no im sure<cos i just checked
)that in one of my first posts i said something along the lines of the majority of indicators are actually telling you the same thing albeit im a different guise.....(i may post some examples of this) i also said that this is NOT a purley mechanical system/method........back to your the point.....when im looking at my charts im always trying to keep it as minimal as possible so if i find something that does not need to be there or can (as i see it ,improved) or is telling me something that i already know.then its gone or changed........now i really am getting to your point..honest.........at first when i was hunting out THE PERFECT SET UPS with the 55bc then i WAS considering around WILLIAMS being above say -40 to be consistent for a buy and below say -60 for a sell (if everything else was in agreement of course) but i am NOW of the opinion that it is when WILLIAMS either bottoms or tops out (or at least is in the NEW WILLIAMS buy/sell zone is that it produces a cleaner better risk for a trade(again if everything is in agreement) i know that primarily WILLIAMS is an overbought/sold indicator when these levels are reached....BUT.....there are also just as many times that when theses levels are reached that it will stay in the buy/sell zones for a long time(relevent to which timeframe your trading,i suppose) and it is these oppertunities that i am trying to exploit..........i hope i have gone some way to answering your question.........and like i told limestreamx in an earlier post........stop asking me questions...............im kidding of course........ 
p.s.........another thing to look at now that i think of it.............when on the charts and i say that when the close of the bar is above/below the buy/sell zones that are now on the chart ,now i know on a five min chart this is sometimes hard as price can move fairly rapidly...........thats why i dont mention it in the "rules" or the set up,but if possible its better to buy/sell above the high/low of the bar that had the close of the bar above/below the zone..........does that make sense.....theres no set amount of pips but if i can i will at least TRY and wait till price goes past the high/low even a pip,just saves you a bit of sweat sometimes........