I entered this pair on the daily chart, but looks like it is breaking out also.
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DislikedWill the EG bounce off of the Daily trend line, or will it break through and head north?
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DislikedEntered long for the following pairs, due to daily entry setups and triggers (good M15 price direction).
AUDJPY
AUDUSD
EURCAD
EURUSD
EURJPY
GBPJPY
LG, please let me know if you are not in agreement on any of these trades.
Thanks! Hope everyone had a good long weekend.Ignored
DislikedGreat..I'm in all of these also except AUDJPY because of the tight range for the past few days, but worth a try. Don't forget to set SLs. Probably only a few will survive until tomorrow, but if they do...we are off an running!Ignored
DislikedYeah, I was on the edge for AUDJPY. SLs are set. Let's hope together that at least 1 or 2 of our new positions can survive and start running!Ignored
DislikedI'm so glad to have a "partner" in this daily method. You are the only trader who has seemed interested so far. I have been extremely impressed with it so far.Ignored
DislikedIt's only a matter of time that people show more interest, but I'm totally fine with just sharing these pips between the 2 of us
It's likely we just had a lucky week, but if this past week's results are any indication of what's to come, I'll be trading this system almost exclusively (I'll still be looking at gaps) for the time being.
I'm up 16% in just 1 week (If I closed all my trades now), and I'm only risking 1% of my account per trade. Surely an unsustainable weekly profit % goal, but very encouraging nonetheless!Ignored
DislikedYou traded the daily system last week? I didn't realize that...good. It was a very fine week. We can't expect all of them to be like that, but we can enjoy them when they come.Ignored
DislikedLG, I put a few positions on with "daily entry" method you are exploring, and all of them stopped out. I may try with the my demo account. I am going to wait until the 6th candle of my new day closes to see where the RSI are. I'm only on the 4th right now.
I actually have an opened short position on the EG. I think it will reverse and head south again, but you really never know.Ignored
DislikedLG, I put a few positions on with "daily entry" method you are exploring, and all of them stopped out. I may try with the my demo account. I am going to wait until the 6th candle of my new day closes to see where the RSI are. I'm only on the 4th right now.
I actually have an opened short position on the EG. I think it will reverse and head south again, but you really never know.Ignored
DislikedI sure hope it goes your way but at this very moment that trade looks more bullish than bearish. I mean, it just reached a higher high on the 4 hour and pierced the 55 ema, on the one hour and 15m we hitting ema's and are at a 38.2 Fib so this pair is pointing up and I would be looking for a long over a short. I hope for you that I am wrong and you are right but technically speaking I see no logic in entering that short, especially at this hour when London boys are still sleeping.Ignored
DislikedEntered long for the following pairs, due to daily entry setups and triggers (good M15 price direction).
AUDJPY
AUDUSD
EURCAD
EURUSD
EURJPY
GBPJPY
LG, please let me know if you are not in agreement on any of these trades.
Thanks! Hope everyone had a good long weekend.Ignored
DislikedI've had the position open since last week, and it stayed in a channel today with the holiday. I was surprised to see it shoot up as much as it did, but then fell again.Ignored
DislikedThat 'shoot up' was really no surprise. On the daily price hit the 200 ema which overlapped with both the Monthly S2 pvp, the weekly M1 pvp and the Daily S1 so there was a lot of bullish confluence at that area. Pivot Point traders would have been all over that long like a cheap suit.
As far as the recent fall, that was caused by the weekly M3 and the Daily R3 pvp's so profit taking at those levels was surely inevitable and just opened up a new buy opportunity at the Fib zone.Ignored
DislikedThanks Howie. I don't use any of those indicators, just the few that we use here for LG's systems.Ignored
For point 4 I suggested using a reversal of the W1 RSI to the 3 o'clock position as a trigger to get out. I now see that the W1 RSI reverses to 3 o'clock quite easily, and should probably not be considered the end of a trend.
Would be nice to be able to use the RSI or some other indicator. Another option is to start looking for higher highs/higher lows as a trigger to get out of a short position and to stat looking for lower highs/lower lows as a trigger to get out of a long position. Yet another option would be a trailing stop though I haven't used them extensively in the past. We want to catch the big runs but also take our profits if the market starts to show signs of indecision.
The main thing we want to avoid is a scenario where we let the 2nd 1/2 of our initial position run up to the 250+ pip range only to have it come back and hit our BE SL, simply because we don't have a solid exit strategy in place for this 2nd 1/2 of the position.Your thoughts?