This chart confirms my Entry Point when the price spikes up to the 144 LWMA at the same time the 5 minute taps the 21 EMA.
A fairly easy trade indeed.
Cheers
Ken
A fairly easy trade indeed.
Cheers
Ken
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DislikedMy 3rd trade on the EY yesterday - this one I took while I was sitting at the airport on my way down to the coast (George) for the weekend. I did the trade on my mobile phone and I saw the MACD (not very clear and not in colour) on my chart - what a beauty.
My entry was short and not long as indicated on the picture (sorry).
I took 14pips and after that I decided to change my strategy on my favourite pair (EY) a bit - because look at where she turned (and this is nothing new).
I'll test it and give feedback later (I am think about closing my trades on EY in two stages - half my position after 10pips and let the other half run or close at BE).
Mkain - just trade and picture is specially for you:
I saw on the Skype chat you don't really like the 34MA. Phillip suggested that I use the 34 on the EY (only - not on any other pair) because it tends to bounce off it more frequently. Also to see the nice spreading out of the MAs during the start of the movement to indicate a smooth take away. But if you don't like, so be it. DO what you feel confortable with (I do get tired of saying it but it is so true)Ignored
DislikedThanks Golfer.
I saw that pattern, conversely I used a trendline with the highs but I did not pull the trigger because M3 line was just below the signal.
I have to master my decisions near pivot lines sometimes I miss really good trades like that and in other I get burnt...
I'll start to use 34 EMA since next week on e/j.
I did not like it because I used it in other pairs with bad results, it was my fault not 34 EMA's .Ignored
DislikedBeen reading through the thread here since its beginning and figured I would post a chart once again.
Hope all is well with you, enjoying your post continually.
Ken
Chart - E/J 5 Minute From London Open Friday March 28th.
London takes the market upwards to a new high and a double top forms there at the Resistance area marked on my chart.
Then we see some noise for a few hours with a test of the support area which was resistance seen with the Orange circles left of chart.
My Ema's are also starting to show some downward movement possiblities, and finally a spike down when price dips below the 144 LWMA (red).
The price spikes upwards to the right orange circle to test the previous resistance that was seen earlier that day.
At the point of touching the 157.82 supp/res line, price takes off rapidly downward with a continual bearish 5 minute candle formation, which I like to see happen prior to the entry that took place later during the retracement.
I have the Gray circle showing the first support to be tested and price drops right through that support line on it's way down to the lower gray support circle, the price taps it perfectly and in just one hour and 100 pips we have a setup coming up.
Now we see support occur at the lower gray circle, price jumps up quickly to tap the upper support line which now becomes the resistance at 157.21, the nice point is that it retraces 35-40 pips which I like alot, then it also taps a support/resistance line, and thirdly it reaches the Yellow 21 EMA perfectly and calls me in to SHORT.
Now the target is simple enough, price has already predicted its final move, I take a short at the 157.21 line (21 EMA) and ride it down to the test of support at 156.79.
In the entire move every rule of entry and exit has been met, and with just two hours of trading we have a perfect trade fulfilled completing a 40 pip profit.
Hope this chart makes sense.
Click on chart to enlarge >>>>>Ignored
DislikedI agree, the Long term must be evaluated prior to any trade taken.
Even though we can look at the larger time frames for Supp/Res we must also allow our entry on the shorter time frames to be taken.
I have watched the 5 minute longer then any other time frame, and in doing so I have seen patterns appear as you have in your strategy.
If I were to wait for the 4 hour or even Daily to play out, it would require hours of sitting in front of the computer to even get a chance to make a trade.
This is the purpose of actually taking a shorter term time frame such as the 1minute, which you have also used in the past.
The greatest thing about trading is that each and every time frame presents the same type of formations, so really if one was keen on say the 5minute such as ourselves, it really takes the waiting out of the game and gives us more opportunity to actually trade instead of waiting.
I am posting a Daily chart here, even though I think price will drop down to the median channel (yellow line), I will take numerous trades based on 5/1minute along the way, since there is major supp/res, there are also minor supp/res down to the 1second chart.
The main thing is to keep the main thing the main thing, and that is taking the time frame and pair we are most comfortable with and only trade that pair and the same type of setups each time, which you have proven in the past to work just fine.
Keep up the great work, and continue posting your charts for our reference and learning.
Cheers, and have a great trading week.
KenIgnored
DislikedIt has been a while since you have been at Forex Factory.
Are you keeping a journal of trades still?
thnx
N2fxIgnored
DislikedMy trades today. I'm up 4% today so I'll stop for now.
The EUR/USD was a very risky one, I better should had been entered at 1.5791 (pivot)...
http://www.xaron.net/dl/fx/2008/intr...jpy_310308.png
http://www.xaron.net/dl/fx/2008/intr...usd_310308.png
http://www.xaron.net/dl/fx/2008/intr...usd_310308.png
Regards - XaronIgnored
DislikedThanks Willem. Because of that coppy market at EUR/USD I decided to exit very early in profit. My profit taking rules are not very fix. I use a fix stop around 30 pips and try to get 10 pips at least. Currently I think about to close only half of the position and let it run to catch the big moves...
Regards - XaronIgnored