The thing is, after we were stopped out, does it invalidate the setup?
This would be something I would love to be clarified too.
Ignored
I really don't see why it would invalidate the setup. You can re-entry again, nothing stops you. If you were late to the party you would see the new setup, and entry the trade, right? Also, you would recover your loss if the previous setup didn't work.
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Joined Sep 2006
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Status: Forex Slave
|208 Posts
Jumper, I can't see any stop coming into effect on post 1094, looks good to me apart from it being a USDCHF chart not a USDCAD. Entry should not have been until about 1.2420 and it,s not really looked back since.
I have also missed several good set ups, including the one above where I targeted 1.2345. This target happened to bring in several other thoughts. I now modify the predicted target to coincide with a fib or a past point of support/resistance, seems to work well. I also do a similar thing with stops but I am not happy with any stop method yet, they all seem rather arbitary.
Good luck on the filtering, I will continue to work on an improved stop method.
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Joined Sep 2006
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Status: Forex Slave
|208 Posts
Oh, forgot to mention. The most unreliable patterns I have so far discovered has been on currency pairs that I think of as 'derived'. For example EURGBP and GBPCAD where both of these are derived from the 'mainline' EURUSD, GBPUSD and USDCAD. Possibly also true of things like AUS v NZ.
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Joined Sep 2006
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Status: Don't think. Just jump.
|534 Posts
Quoting Uphios
Disliked
Jumper, I can't see any stop coming into effect on post 1094, looks good to me apart from it being a USDCHF chart not a USDCAD. Entry should not have been until about 1.2420 and it,s not really looked back since.
Hello llambert3, I looked at your chart and you seem to be plotting from left to right, instead of right to left. I have assumed the time to be around 20 Sep 16:00. Using the same chart, I might have plotted thus (see the green lines below).
So essentially if you follow the method strictly, you would have gone long (if open is above trendline -- not sure if your chart is to scale -- else you would have missed this trade) and got stopped out, then gone short and likely got stopped out again. And yes, if you have been following the trade very closely, you would likely go long again... and got stopped out a second/third time.
Ignored
Actually Jumper, I have been saying all along I am not sure about the points. My setup was done because that one wasn't a "wave".. I want more clarification on this, but I can see your point. However, on the demand line the first point (from right) you used wouldn't have been valid until the right 2nd candle completed, so in the past (as I was trying to show) my first point was correct and you would've gone short then. Do you see what I mean?
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Joined Sep 2006
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Status: Forex Slave
|208 Posts
Ah yes, your correct. The indicated entry point would have opened below the line. My chart was drawn somewhat later after this event and I would have been in at 1.2437 ish. Thanks for clarifying.
Here is a possible eur/gby setup for 21 pips, although I am only looking for 10 pips to be safe and because I am not sure, plus this one doesn't move as fast. May be a good one for a newbie to test. Got in at 19/22 (using my trading platform) so we'll see....
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Joined Sep 2006
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Status: Forex Slave
|208 Posts
Interesting. My chart from the earlier mentioned USDCHF. I used the the most recent available lows that qualified and this resulted in the trend line being downward slopping, hence I didn't trade it. But so far it has proved to be correct. Does this mean downward slopping demand lines are valid??
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Joined Jul 2006
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Status: Future Indy
|304 Posts
i open demo account at fxdd,
i use mouteki for entry... but sometimes i'm not using his projection price....
sometimes i use tlatomi methode (sorry mr mouteki....) to exit..
but i have to say.. ASAP i will use this system in my real account
Great Job MR Mouteki... but i still try to find where to put exactly my stop lost
I'm posting the indicator for all those people that requested it.
Try this out and let me know what you think.
Here are some of the rules found inside the indicator, as to how murry math should work, this is a direct quote of the rules.
Line 8/8 and 0/8 (Ultimate Support and Ultimate Resistance).
Those lines are the most strong concerning Support and esistance.
Line 7/8 (Weak, Place to Stop and Reverse).
This line is weak. If suddenly the price was going too fast and too far and stops around this line it means the price will reverse down very soon. If the price did not stop near this line this price will continue the movement to the line 8/8.
Line 1/8 (Weak, Place to Stop and Reverse).
This line is weak. If suddenly the price was going too fast and too far and stops around this line it means the price will reverse up very soon. If the price did not stop near this line this price will continue the movement down to the line 0/8.
Line 2/8 and 6/8 (Pivot, Reverse)
Those two lines yield the line 4/8 only to the strength to reverse the price movement.
Line 5/8 (Top of Trading Range)
The price is spending the about 40% of the time on the movement between the lines 5/8 and 3/8.
If the price is moving near line 5/8 and stopping near the line during the 10 - 12 days so it means that it is necessary to sell in this "bonus zone" (some people are doing like this) but if the price is keeping the tendency to stay above 5/8 line, so it means that the price will be above. But if the price is droping below 5/8 line it means that the price will continue falling to the next level of resistance.
Line 3/8 (Bottom of Trading Range).
If the price is below this line and in uptrend it means that it will be very difficult for the price to break this level.
If the price broke this line during the uptrend and staying above during the 10 12 days it means that the price will be above this line during the 40% of its time moving between this line and 5/8 line.
Line 4/8 (Major Support/Resistance Line).
It is the major line concerning support and resistance. This leve is the better for the new sell or buy.
It is the strong level of support of the price is above 4/8. It is the fine resistance line if the price is below this 4/8 line.
