I am as you know am in this- I know that your system has proven many times over and I Love that! I want to learn something that works not only in the short term but in the long term as well. It is so Great that I can talk to you and others about how to trade the Forex cause I want to do this the right way. you and pipsandkfc have been and always been an inspiration! Many thanks ALWAYS!
Going long off a Quad like that is certainly not without risk especially with such a 'loose' pattern.
These drops were rather significant when they occurred so any entry under these conditions should certainly be made using risk on the lower side.
Accumulation of longs is certainly occuring and in time the process will unfold.
If the market starts to consolidate over the next few days, spend the time analyzing the pros and cons for your preferred bias.
Based on the Grid the bias should be long but does the fundamental analysis support this direction ?
Much of the roller coaster ride will be based on the level of risk you apply to your setups.
Its not possible to master such a system is a very short period of time but it is certainly worth spending the time to absorb the information and then practise applying it in the market place.
Actually I think these days, until the week ends, will be just for waiting and not taking positions?
I know that the MML Octive will head up to the direction I want it to go and we will see what happens in the near Future....
Big spikes should always signal caution.
Thankfully such spikes are not common on a day to day basis because if they were it would not be possible to trade retail FX for longer term profit.
This is because every day a spike would run through your stop and ultimately turn your account into ashes.
Keep monitoring the USD Govt shutdown and in particular look for some early signs that the shutdown is nearing an end.
Then some opportunities will open up for us.
I know it's not trading time but I was reviewing something and found it interesting GBP related.
Do we have a fundamental confluence with a technical aspect?
1) The push for a Brexit deal by Japanese PM, large companies inside UK and current political structure?
2) Price block in the D1 chart in the last 3 bars virtually the same low?
And on the upside we have the trendline that seems to currently hold. If the trendline is broken by some favorable news it's got a lot of place for the upside and this would favor the saying of the path of least resistance?
An additional question, next week we should avoid GBP pairs due to BREXIT and increased volatility, no?
And another additional question, during times like these playing the ranges that are created in the waiting process for the news is worth it? Buy from the bottom of the range and sell to the top and so on.
Thank you for your time and efforts
Traders do not have to apply the Gann techniques in their QCS setups though as the system works perfectly fine without them.
Question: So why would I be implementing Gann techniques ?
The main reason is so that projections of price in time and expectations can be layed out in far greater detail.
This will all then align with the Master Octive Grid providing key levels to target.
The plan is to eventually automate the 'Gann Grid' setup as much as possible so that it is easier for traders to apply.
This is because understanding the correct Gann methodology is far from a simple process and the Grid is actually dynamic meaning that as PA unfolds and completes a major move in the market an alignment must take place for the next setup.
I will explain the pros and cons of applying a 'Gann Grid' in both MT4 and MT5 formats at a later time.
Out of the 2 platforms MT5 is my preference however, it is not the 'best' platform for drawing Gann Grids and other Gann related techniques.
Nevertheless, since most traders here use either of these 2 platforms then I have little choice but to provide tools in mql4 and mql5.
Needless to say the process of creating tools in both languages is time consuming.
Traders should continue to apply the previous tools until the 'new' tools become available in beta format.
- Advanced Harmonics
- Gann Methodology
Looks like an interesting year
However, from a chart structural point of view the target area could have been much better.
How ? I hear you ask.
If you look at the cluster of candles 8 to 11 left of your entry candle you will notice how aggressively the bulls ripped price up between the 3/8 and 4/8 zones.
Based on a long bias (correct in this case) a target of either 3/8 or 4/8 could have been applied (even before the fact based on previous PA).
This target zone even at the 3/8 level would have provided a 'better' RR.
Great work on the profitable trade but hopefully you can see how a much better result could have been achieved.
ps. Why did you choose that target in the first place as it does not align with an MML level ?
pps. On an aside note it appears I may have uploaded an incorrect ADR indicator version as the AMR values showing on your chart are wrong !
I have no intention of showing the Circles of Conflict especially as it relates to the Murrey Math method.
The focus from this year on is Gann not Murrey.
Levels soon to be shown in the Master Octive indicator will use the terminology 'OPL' representing Octive Price Level.
The Master Octive Trading Frame will range from OPL_0 up to OPL_8 representing 1/8 moves.
OB zone will be capped at OPL_Top.
OS zone will be capped at OPL_Base.
I am beginning to understand how your system works structurally and the points you pointed out! You are right....I should have gone higher with the buy trad and I decided to go for a 30 pip run! It would have been better if my TP line was placed before the major (3/8)P Even the price went through the (2/8)P, so I could have improved my judgement for the TP.
By the way...do you move the SL line behind the actual price advancement to secure pips?
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