DislikedHi FXvenom! You did a nice trade there. But your entry has nothing to do with hmaoui's method. First there has to be a trend on the 5m with spreading MA's, then a pullback, then we switch to the 1m chart and look for an entry on a pullback also + stoch below 50 + DMI up (for long, for short viceversa). But anyway, fine for you, especially as it was on a live account.Ignored
I was thinking the same... and your comment is definitely correct. It was not exactly what the method requires.
However that trade was inspired by hmaoui's method anyway. There was no trend and no pullback.
These were the key factors I took into consideration:
1) Price Action was captured within a very narrow range for quite a long time and definitely needed a release(so I obviously set aside the "confirmed trend requirement").
2) After such an "imprisonment" PA would most probably explode without pulling back (so no "pullback requirement"). The question was - where to?
3) And this is where I thought that the rest of hmaoui's requirements would help. In particular:
Short Term MAs, being extremely squesed above Long Term MAs, start rapidly spreading upwards as the Stochastic and ADX/DMI indis produce clear buy signals (all at the same time).
here is the picture once again for your convinience:
http://www.forexfactory.com/attachme...hmentid=810200
As a matter of fact I made another successful entry today. And again, this one does not fully meet some of Hmaoui's requirements but still is based on his indicators and guidelines (partially).
When making this particular entry I took into consideration the same factors as described above, only this time the ST EMAs were not even clearly above LT EMAs, and Stochastic wasn't quite "friendly".
Here it is:
As you see I use the same indicators (and periods) as suggested by Hmaoui. Thats why I say my trades are inspired by his method. I think I just found a different reading. Cant say its 100% successful, but I will try this style on my demo account.
Oh... BTW I made this second trade on my real account again
Regards.