Symphonie Trader System

Today's setup.

Evaluator.

UPDATE: Typic Whipsaw Monday stoploss hit +2 pips.

The present price aktion is an excellent example of why it is importantNOTto trade before a major news event (for example UK PMI and EZ data)

I always try to keep out of trades 1 hour before major news events and trade after (usually 15M) they happen and just ride the trend.

Absolute crazy price aktion in EU....(top forming?) there have be a 5700 pip rise in past 3 months EU is due for reversal or correction to the downside.

Evaluator.

Now that UK PMI and EZ data have passed I am look at 1H chart and we have clear break of wedge formation (tirangle) to the upside and a retest and bounce. This points to more upside in EU before any correction. 1.34300 is a level to watch as a reversal level and it is also a target level for longs.

A break and close below 1.32200 would invalidate the current conditions but I expect more upside in EU before and move lower in EU.

Evaluator.

FOMC rate decision at 14.00 EST time USA. I would advise no trading before this major markt event.

Evaluator.

Here are the levels I am watch for at FOMC. Looking for a 30 min close above or below these levels to place orders in 15M timeframe.

Evaluator.

Now that rate decision have pass here is what I am looking at for determine order so late in my day. That is the upchannel of EURUSD for the past 7 days. Watching to see if Bernanke press conference will cause the channel to be break that will change the markt trend direktion for EURUSD.

There is still much markt indecision over EURUSD.

Evaluator.

As one will recall my prior post I speak about the 7 day up channel and the possibility of a channel break. That happen yesterday. This break should change the bias on EURUSD back to a focus on 1.27 last major bottom this past Marz.

Short term I am look for a restest of the channel break and a failure to break back into channel is excellent level to place a longterm short position. However, short term I am looking for a bounce from the 1.31700 (prior top from April last month)

However, a break and daily close below 1.31500 opens up the possibility for a test of the 1.27400 bottom from Marz and that could point to a breakdown of EURUSD and put the focus back on 1.18 (2012 bottom) sooner than later.

So, there are many level to watch over the next 2 weeks. Using Symphonie will help one to see the turns and ride the trends.

Best of Luck,

Evaluator.

Combined with the break of the 7 day uptrend and failure to break the top of the asian session range put downside pressure on the EURUSD and points to sell as Symphonie tells us. As the bottom of the Asian Range is broken the move to the downside acelerates and the EURUSD break 1.32 and runs almost 100 pips to the 1.31 level. Looking for possible support at the 1.30600 to 1.30300 level as this was a last conjestion range fron early June. If there is break of 1.30300 support this will puts a focus to the prior bottom of the EURUSD rally 1.27000. But I think that is to far to go this week. Most likley this will happen next week.

Anyway, I am end my week and close my short orders with nice profit for the week and a 17% gain to my account for the week.

Have nice weekend.

Evaluator.

Today's order. Textbook entry....Symphonie Signal then sell the 50% pullback.

Evaluator.

UPDATE: Typic Monday. Whipsaws take out my order +3 pips.

Eval, when you said that you sold at the 50% pullback, does that mean you sell at the the M5 candle 50%(The signal you drew dotted line?) Or other TF?

From the Symphonie Signal look to the previous high and dray fib lines and take the 50% pullback for entry. Also once the price aktion again touch the level of the Symphonie Signal one can add a second order because first one should be protect.

Evaluator.

You trade during the "Ecofin meeting"? You don't trade only when "red impact" happen? What a time to stop and start trading from the impact? Depend start/stop time from kind of impact?

Sarmat7,

I trade European markt open until middle of USA session. If there is major markt event that have potential to change markt dynamic then I do no trade 1H prior to news event. (ex. rate decision, major news item,....) Ecofin Meeting was no on radar as new impacting event so yes I trade that time.

Evaluator.

Today's order. Textbook...! Symphonie Signal and place order at 50% fib.

Evaluator.

UPDATE: Closed order at 1,30061 for 62 pip profit.

Today's order...looking to sell next break below 1.30500.

Evaluator.

UPDATE: Symphonie Buy Signal the possible sell order is now invalid as price aktion reverse. Now look to buy EURUSD at 1.30575. HOWEVER, because we have major new event (German CPI) in 20 min. I will hold off any position until after news event.

UPDATE2: It appears the rally was a false move to trap EURUSD bulls and a return to the original downtrend continues.

Bad USA confidence data make risk aversion come alive. EURUSD drops.....my day is end....no orders for me today. I do not take buy signal because of time of day and day of week.

Friday is always short day because markt liquidity become very low as week ends.

Have a nice weekend.

Evaluator.

Going back over todays price aktion I wanted to apply it to how markt timing and Symphonie signals work most efficiently. Today is a great example on what it is important to understand on markt timing and markt conditions before entering into a trade.

As you can see we have German CPI data, heavy USA data, and a FED President speaking that all effect (short-term) price aktion. But unless the events are of major impact the effects are only short term and do not really effect the overall markt trending direktion.

So as to timing here what I mean. First today is Friday which traditionally is a low liquidity day where alot of market makers really steal alot of traders because the can cause great short term swings in markt conditions because no many traders trade on Friday. Second, this Friday is special. Not only is it end of the week but it is also the end of the month where many carry trades and posiiton unwinding occurs as hedgfunds and investment houses close out positions in the world markts to show monthly results to their clients. This also causes strange moves in the markt that traders need to be aware and watch for these times. Double if the Friday is end of week, end of month, end of quarter...This also cause strange markt price aktion moves.

Lastly, daily timing. I have find that the price aktion signals coming out of the Asian Sessions provide one with the best entry levels. This combined with the 50% fib rule for Symphone Signals will assist any new trader to make the most optimal trade entry for maximal profit with minimal drawdown or possible stoploss hit. As one can see by the graph the news events can (and DO!) magnify things and cause these rules to be stretched but in the end the daily trends should come back to their existing initial Symphonie Signal trends and in most cases they usually do.

I hope traders find this information helpful and best of luck in trading.

Evaluator.

I'm using round numbers with Symphonie (i have fast settings for this system)
And this is my view of today's trading,
Nice profit....

Evaluator,

In post# 17,397 screenshot, I see you MarketMaker work in GMT+3 time zone, you use trade signal in 05:45. In GMT+0 this is 02:45. European session start in 7-00 (GMT+0 time zone). What reason of use this signal (in 02:45 GMT+0)?

15-minute set at five minutes with the effect of Ituri