U/CH is showing a divergence on the 4hr stochastic, so there could be a downturn coming soon.
USD/JPY is ranging with small candles - which Big E advises to avoid.
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DislikedI just read the rules for this system...As i see it there isnt much difference between Stoch and TDI indicator. So basically, everybody here enters when Stoch (or a close version of it) is pointing up? And you are making money? Are you all insane or am i?Ignored
Any comments much appreciated.
Cheers
DislikedHey guys,
I'm looking at this possible long trade on EURGBP. Waiting for a third candle to confirm though (the first candle isn't strong enough for me)
My thoughts on the trade are:
- Good TDI angle
- Good TDI level (crossed at approx 37)
- Higher lows all in pattern
Any comments much appreciated.
Cheers
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DislikedHey guys,
I'm looking at this possible long trade on EURGBP. Waiting for a third candle to confirm though (the first candle isn't strong enough for me)
My thoughts on the trade are:
- Good TDI angle
- Good TDI level (crossed at approx 37)
- Higher lows all in pattern
Any comments much appreciated.
Cheers
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DislikedI would not have entered this trade above... consolidation and poor angles (12-2...4-6) is best.
post 6971 & 6973Ignored
Dislikedmy tdi indy is flat not like it is on your chart. don't know why that isIgnored
DislikedYou need to have an exit strategy that you can stick to before entering a trade. Weather it is as spelled out on page one or a tweaked version, then when you exit you have not exited to early but as your strategy directs you to.
I for example have three ways to exit:
- TDI crossing against me.
- opposite color candle CLOSING!
- S&R area reached.
Ignored
DislikedA really simplistic but effective way of judging the trend is just looking at what colour the HA candle is on the daily TF. This MTF HA indicator does the job.
Or of course just eyeball it.
Keep it simple.Ignored
As I was pondering the issue, I saw that the price was retracing as it does many times at the open, and I was considering a short several times at a better price than the open, but held off looking for a convincing down move.
Honing in by checking on the 15 and then the 5 minute candle however, I saw the price moving steadily north for 100 pips in that very 4 Hr candle.
So I considered myself lucky being careful watching the action unfold.
To the point now:
As you can see the non refreshed chart shows a cross, but just barely. If you do look close.
I have noticed in the past that the tip of the TDI, in this case the white on the Watchdog has a tendency to retract just slightly when price goes against it. I believe this is true on any standard TDI also. Even so it does not repaint. I assure you that the cross looked a lot more convincing on that chart than it does now. In addition the Watchdog indicated a Red cross at a very good angle. Now in retrospect the cross looks very weak.
If you then look at the chart that was refreshed, you can see that the green TDI is quiet a distance away from the red and does not look as if it ever even came close to indicating a short in retrospect. A far cry from what was actually the case.
So I think one has to be careful when back testing the system on a chart that has been refreshed by virtue of changing timeframes or rebooting etc. as it does not show the true picture that existed at the actual time of the new candle open.
So in closing that is not to say that back testing is without merit, it is always a good idea, but those are some of the conditions one should consider.
It would be great if anyone else could comments on this.
FXArcher
Disregard wrong EUR CHFchart New chart to follow
DislikedScoops this is difficult and one of the areas myself and I am sure many others have trouble. According to your detemination you would consider this to be in an uptrend on charts lower than the daily because the daily HA candle is blue....where as I would look a the chart as a whole and consider it a down trend (as per the trendline). Which means you would be looking for longs and I would be looking for shorts.....this trend thing confuses me. ANyone out there with a more concrete method of trend determination??Ignored