GBPUSD

I just trade what I see- It doesn't get any easier than this for a quick scalp. Now i can sleep during the London session

I see a short coming up real soon.

Good call GirlFlyer!

Price touched your fib. Hope those looking for the short waited for 1.8995 or less and did not short the pair earlier.

Ma$ter, we missed you buddy, good to see you back

Excellent!

Thanks MM and for sharing your amazing News trading skills. Nice to see you back!

Hey Merlin,

Thanks much.

It's been incredibly busy, but a "good" busy if you know what I mean! Too many demands on my time, pulling me in all directions although I have been cruising the posts for the past several weeks. Won't drag out the details, just good to be back!!!

This method works really well for scalping. I mean you can watch the Broncos beat the stuffing out of the Partiots and wait for crosses. Here is the usd/jpy
at about the same time. FWIW.

Good trade!
I miss-read that the first time. Didn't look at the time frame! lol

I'm not comfortable trading those moves yet. Though, after 9 months watching this stuff I'm beginning to get a feel for that accumulation that happens beforehand.

"Cable seen supported by speculation that BoE MPC will hike sooner than later, despite signs of slowing US growth. UK Sunday Times article, and earlier UK FT article that BoE Dep Gov Andrew Gieve saying BoE gave consideration to another rise in Sept. UK Sunday Times: The Bank of England is set to raise interest rates further, possibly as early as next month (Oct 5-6), despite increasing signs that the American economy is slowing sharply."

Summit, what indicator are you using for your pivots, if you are using one? The one I am using has pivots in different spots than yours (+/- 10 pips)

Scott,

I picked it up here at FF. It's automatic and is called FIBO PIV v2. I've tried several different ones but I like this one the best. I don't know how to post it or I would for you to look over.

Cool. You're crossing the 5 ema and the rsi(8) plus rsi(21), correct?

I plotted an 8 ema (red line) with a 21 rsi(green and red) and another 8 rsi(blue line). I can't lose with this simple method. Good luck-Enjoy

I took out the Bollinger Bands and added the 21 rsi


Here you go;

We have been unable to track the origonal author of this indicator.
It has been enhanced by adding a user defineable moving average
Trigger Line. The indicator is particularly suited for lower timeframe intraday
trading and uses 3 Cross Verification techniques within the same indicator

1. Bollinger Band's – volatility analysis
2. RSI Analysis -Momentun
3. MA Trigger – user preference – signals rising momentum
Trade Setup Signals

For lower timeframe short term momentum trading Alerts

. Initial Trigger “alert” as RSI moves above Moving Average Trigger Line

. Failure to touch outer edge of Bollinger Band on swing Low/High (possible
Divergence, not shown in the example below)

. Rising RSI above 50 level for long, below 50 Level for short trade

. Bollinger Band Centre Line Support

. Fibonacci Retrace support (where Possible)

In the example given below we have a classic short term momentum setup as all
our alerts come into play. Using the Fibonacci grid as our 4th cross
verification entry tool this can also be used as ourinitial stop loss method as
explained below.

Entry may be taken in accordance with the traders personal risk profile and
trade plan, a reasonable risk level is able to be achieved with the use of “cross
verifications” in the traders trade plan, a minimum of 4 cross verifications
should be used to enhance success potential.

Intial stop loss: Possibilities would be a close below the fib retrace at .618,
.786 (not shown) or 100%. Alternative methods normally used by the
trader should also be tested

Trade Management; allow profits to run as RSI pushes through the Bollinger
band outer lines and the trade is managed by monitoring in real time the
relationship between rising price and RSI postion to Bollinger Bands, a closer of
the relationship between the Bollinger Bands and price does not necessary mean
that the momentum has completely stopped, often a breather is taken and the
expansion will continue. Take profits according to your trading risk profile or
use an entry as described below


Exit: Conditons for exit of the trade can be as follows

• Profit targets met
• Double top in both RSI (second top inside BB's) and price action
• Candlestick formation
• RSI closes below the MA trigger Line for long trade, above for short
trade
• Any othe conditions normally used by the trader to exit

Hi summitfx,

I tried searching "FIBO PIV v2" but it only returned the post you did below. Would you mind attaching the file here? There should be an "Attached Files to Your Post" button when composing a message...

Thanks a lot. Much appreciated.

Here is a recap of the trade with BB. You will also notice that there was no reason for me to exit the trade early based on the rsi's.

I didn't realize it was so simple. Let me know if it doesn't work.
Cheers,

I think that worked, thank you

Thanks summit! Works well...