USDJPY 4 hr
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- #383
- Jan 23, 2019 12:45am Jan 23, 2019 12:45am
Good Morning Danc --midnight here. Your getting the hang of it now. Your Rsi 5 is correct.You had the lowest low of the last 5 candles is good.You had # 2 entry and top 25% close which is good. Ok now lets look at the rsi sweet spot which is between the 50 and 60.....your entry candle is above 60 --On a buy we want price to go down below 50 line if all possible and land between 50 and 60.Not over 60. I highlighted your risk versus your pivot high to left. Too much risk there. Your making good progress keep it up.
- #385
- Jan 23, 2019 1:14am Jan 23, 2019 1:14am
- Joined Jul 2011 | Status: Gold Again | 10,564 Posts
Regards the update message in Post # 1, don't be so lazy, why not copy and paste the words from Post #284 into there?
As for linking the Post, when you click where it says # Post 284 you get the direct url, like so,
https://www.forexfactory.com/showthr...6#post11679546
good luck
As for linking the Post, when you click where it says # Post 284 you get the direct url, like so,
https://www.forexfactory.com/showthr...6#post11679546
good luck
It takes a lot for me to IGNORE you, but you can try.
- #386
- Edited 2:09am Jan 23, 2019 1:32am | Edited 2:09am
Regards the update message in Post # 1, don't be so lazy, why not copy and paste the words from Post #284 into there? As for linking the Post, when you click where it says # Post 284 you get the direct url, like so, https://www.forexfactory.com/showthr...6#post11679546 good luck
and good luck to you too. I'm trying to help traders.
- #387
- Edited 10:24am Jan 23, 2019 10:11am | Edited 10:24am
This is a little more than what i normally like to risk which is 87 pips.Remember this is the #2 entry which is right after the 5 candle low #1. We still have plenty of room to run to pivot high for a potential target. We did get filled on the next candle above out entry candle (above the red arrow by one pip. If i don't get filled above entry candle y one pip i normally negate trade.This was a deep pullback and i didn't seen any LL and LH coming down so we are still in an uptrend imo.My cover point will be half of 87 is 43 pips above entry candle.My...
Post #377This is a little more than what i normally like to risk which is 87 pips.Remember this is the #2 entry which is right after the 5 candle low #1. We still have plenty of room to run to pivot high for a potential target. We did get filled on the next candle above out entry candle (above the red arrow by one pip. If i don't get filled above entry candle y one pip i normally negate trade.This was a deep pullback and i didn't seen any LL and LH coming down so we are still in an uptrend imo.My cover point will be half of 87 is 43 pips above entry candle.My stops go above the high of entry candle if i reach the cover point.Worst case scenerio i'll lose spread if i reach cover point,if price retraces back.I'll be out of town tomorrow all day on business.I'll post trades later .Hope this helps. Take care
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Hi Tex How many charts are you looking at ? How many signals do you get - as i notice it is very long for the daily RSI to dip to below 50 and then up past 50 for a buy (either that else i have the rules incorrectly) ? How often do you look at charts (is it once every 4 hours) as I notice you using 00.00 GMT (i would be usually asleep by then ) Sorry for the questions Thanks
No problem with the questions.I'll do my best to answer 1. Quiet a few pairs ---fairly low pip spreads 5 or below pip spreads if possible. With Oanda broker i would say around 15 to 20 pairs...look at your major pairs first 2.This week 1 signal-- last week there was 6 signals which i didn't take all. So to be honest it varies. 3. No i do not look at charts every 4 hours --i have to get my sleep --i'm not a young whipper snapper anymore
I look more for quality of trades not quantity,so i look for the highest probability.From my experience the best trades or taken between the london open and Us open--and at the US open when liquidity is high too. Although there have been some some nice trades at odd times and sessions of the day.This depends on the trader.Monk I'm glad you brought that up on the RSI. Remember we are only taking trades on the 4 hr RSI per rules.We are not concerned about the daily chart Rsi dipping below 50 and back up or between the 50 and 60 on buy --50 and 40 on sell... or oversold overbought.All we look for in the daily rsi 5 chart is it 's going in the same direction as the 4 hr entry candle close....if the 4hr rsi is pointing up we want the daily rsi pointing up too.the 4 hr is our trading chart with the rules .Hope this helps.