I believe DaveB was referring to Daily charts for GBPUSD.
June 8th, the Daily 100ma was 1.9711. The bear candle crossed below to a low of 1.9622 but retraced to 1.9678.
June 10th, I show a gap-up open at 1.9691, going down to low of 1.9656, close 1.9666.
June 11th, today, with 2 hours to go, a bull candle had low of 1.9649, high of 1.9701, but it still a bull at 1.9688.
To me, it doesn't look like a picture perfect bear crossing because of the June 8 candle retracement and that the June 9th candle never went as low. However, MACD just went below zero, and Damani is Green to trade.
Of course, I'm also just learning this system, so... What does Marketsnipers think?
here is zero lag macd. i would like to see if you find any use for it.
thanks again
[addition]
the system is more discretionary on 4hr with its re-entry 2 times after initial entry whereas daily the system can be traded mechanically with very high accuracy. EURUSD hit a sell signal 3 days ago.
here is zero lag macd. i would like to see if you find any use for it.
thanks again
[addition]
the system is more discretionary on 4hr with its re-entry 2 times after initial entry whereas daily the system can be traded mechanically with very high accuracy. EURUSD hit a sell signal 3 days ago.
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Joined May 2007
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Status: Trend Trader
|147 Posts
Guys,
After opening this thread, I have noted good traders here throwing up ideas and new thoughts on the system.
I plan to open up a Skype group for discussing this strategy in real time. I am looking at 10 people for a start. If you are interested, strictly PM me. Please do not post your interest in the thread. I do not intend to market anything. It is 100% free. Strictly PM only.
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Joined May 2007
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Status: Trend Trader
|147 Posts
Simple, I don't know. If I were trading the daily, I would have probably taken it, won it, or been stopped out. I do not try to predict, but go with the trend. Let me remind you that, on a daily chart, it takes tremendous pressure to break the 100 SMA or 200 SMA line convincingly, unlike the 4 hour. The big troops hang around there.
I believe DaveB was referring to Daily charts for GBPUSD.
June 8th, the Daily 100ma was 1.9711. The bear candle crossed below to a low of 1.9622 but retraced to 1.9678.
June 10th, I show a gap-up open at 1.9691, going down to low of 1.9656, close 1.9666.
June 11th, today, with 2 hours to go, a bull candle had low of 1.9649, high of 1.9701, but it still a bull at 1.9688.
To me, it doesn't look like a picture perfect bear crossing because of the June 8 candle retracement and that the June 9th candle never went as low. However, MACD just went below zero, and Damani is Green to trade.
Of course, I'm also just learning this system, so... What does Marketsnipers think?
The Daily GBPUSD appears to be rebounding back up through the 100ma, so it may not be a short opportunity but deserves keeping an eye on it.
However, the Daily EURUSD is very interesting also. Like the previous GBPUSD Daily chart discussed, there was a crossing below the 100ma followed by some retracement. However, today the bear candle recently traded -8 below that first crossing candle low. It's tried to come back up but is seeing resistance.
I notice it's price of ~1.3317 is close to a classic support level last seen in late March. If it breaks below much further, maybe it will ride down to the 200ma or ???
Damiani is green, and MACD is picking up strength below zero. I took a short in a demo account although maybe I should have waited to see what today's daily candle close would be -- about 8.5 hours away now.
On the flip side, it's hard to be bullish on the USD with the fundamentals being what they are. Is there reason to be more bearish on the EUR compared to USD?
The Daily GBPUSD appears to be rebounding back up through the 100ma, so it may not be a short opportunity but deserves keeping an eye on it.
However, the Daily EURUSD is very interesting also. Like the previous GBPUSD Daily chart discussed, there was a crossing below the 100ma followed by some retracement. However, today the bear candle recently traded -8 below that first crossing candle low. It's tried to come back up but is seeing resistance.
I notice it's price of ~1.3317 is close to a classic support level last seen in late March. If it breaks below much further, maybe it will ride down to the 200ma or ???
Damiani is green, and MACD is picking up strength below zero. I took a short in a demo account although maybe I should have waited to see what today's daily candle close would be -- about 8.5 hours away now.
On the flip side, it's hard to be bullish on the USD with the fundamentals being what they are. Is there reason to be more bearish on the EUR compared to USD?
Didn't take it (have a full time job) but noticed it as you did marketsnipers. That would have been a wonderful trade. It's a good feeling being in a trade like that with the protection of a trailing stop.
Didn't take it (have a full time job) but noticed it as you did marketsnipers. That would have been a wonderful trade. It's a good feeling being in a trade like that with the protection of a trailing stop.
Could you please tell me how I can find the Damiani Volatmeter indicator in real time. My charting package does not support this indicator nor am I very good at setting up custom indicators.
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Joined May 2007
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Status: Trend Trader
|147 Posts
Here is the screenshot of the GBPJPY trade I took. The candle colored blue is where I took my trade. The actual entry was 241.16, but since the bar was long, I waited for a retracement and got in at 240.94. The trade was good for 300 pips.
There was a very good trade on GBPJPY yesterday for 100 pips. Did anyone take it?
Ignored
Hi Marketsnipers
Thank you for sharing your system. It is truely a simple system to trade and very profitable. Yes I did take this trade and closed it on Friday for 317 pip profit. This was my first week trading your system in my live acct. I have been trading live, off and on for about 8 months now with little success to this point. However, using your system, this was my best week to date. The hardest part of this system is sitting on my hands and doing nothing while waiting for a signal. Of course I do continue to read, study and learn while waiting. This system also works well with my goals as a trader because I do not want to be in front of my computer all day. It looks to me like most trades last between 2-4 days. I am finding this is a more comfortable time frame for me. Thank you and have a great weekend!
Looks like a possible trade setup occuring on eur/gbp, 100 sma been tested twice but my shi-silver trend signal is indicating a short. Time will tell. Also us/cad has just broken and is sitting on top of the 100sma but the 100 sma is sloping down so that could be a tricky one. Monday will give us a clearer picture of events.
