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A very simple system - trade with arrow

  • #7,201
  • Apr 17, 2020 4:50am Apr 17, 2020 4:50am
Quoting pips29
{quote} I'm not going long strictly because price is still below the 200 ema..This is the 4th day price has struggled getting past it {image}
Thank you for your advice......
  • #7,202
  • Apr 17, 2020 4:57am Apr 17, 2020 4:57am
Quoting shg
{quote} Sorry, pips29...I did not notice...I always study your trade. But I did not notice. Can you please explain. It will help me a lot... Best Regards
The daily pivot is adjusted every day and so when we trade intra day this is the best pivot to use as it reflects the current situation..I guess you know how the daily pivot is arrived at for the next day..price was bearish when I took the short and there were just a few hours left for the new pivot..knowing how the daily pivot is calculated price would have to move 60 pips or more upwards for the new day pivot to be below price on the new day, chances for price to remain below for the new day were much higher and I believe that when the new day sets in price will be below the pivot and so I will be trading accordingly to my pivot rule..
the cautious seldom err....C
  • #7,203
  • Apr 17, 2020 5:06am Apr 17, 2020 5:06am
Quoting pips29
{quote} I have the daily pivots on the chart to help you traders..when price is above the pivot just look for a buy set up and vice versa..There will be trades we will miss that are good but there will be more times you will regret not following this rule..yesterday, I took euraud towards the pivot in the late evening in preparation of a trade for the next day but the trade hit my target before the changeover..Why nobody ask why I did that,i.e trade towards the pivot, so when nobody asks I won't say..I will do neither at 1 or 2 for a sell
I often neglect pivots because I build levels manually. I did not pay attention to them until you pointed your finger at it. I looked at your EA deal and saw what you sold when the price was close to the pivot.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_4.png Size: 60 KB
So why did you do this?
Trading has been and always will be, a hard way to make an easy living.
  • #7,204
  • Apr 17, 2020 5:09am Apr 17, 2020 5:09am
Quoting pips29
{quote} The daily pivot is adjusted every day and so when we trade intra day this is the best pivot to use as it reflects the current situation..I guess you know how the daily pivot is arrived at for the next day..price was bearish when I took the short and there were just a few hours left for the new pivot..knowing how the daily pivot is calculated price would have to move 60 pips or more upwards for the new day pivot to be below price on the new day, chances for price to remain below for the new day were much higher and I believe that when the...
This must be read several times and written in a diary! you win in trading because you look further than everyone else!)
Trading has been and always will be, a hard way to make an easy living.
  • #7,205
  • Apr 17, 2020 5:16am Apr 17, 2020 5:16am
I did a rough analysis. I focus only on EURUSD and therefore do not trade other currencies. But if I were trading EA, then my analysis would have looked like this. I hope this does not contradict your style if I continue to draw levels manually? Or should I find a compromise between levels and pivot?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_5.png Size: 89 KB
Trading has been and always will be, a hard way to make an easy living.
  • #7,206
  • Apr 17, 2020 5:22am Apr 17, 2020 5:22am
Quoting pips29
{quote}..Why nobody ask why I did thatl
Probably we are losing a lot of useful information from your charts. Now I will watch it carefully!
Trading has been and always will be, a hard way to make an easy living.
  • #7,207
  • Apr 17, 2020 5:31am Apr 17, 2020 5:31am
Quoting pips29
{quote} The daily pivot is adjusted every day and so when we trade intra day this is the best pivot to use as it reflects the current situation..I guess you know how the daily pivot is arrived at for the next day..price was bearish when I took the short and there were just a few hours left for the new pivot..knowing how the daily pivot is calculated price would have to move 60 pips or more upwards for the new day pivot to be below price on the new day, chances for price to remain below for the new day were much higher and I believe that when the...
Ah...I will practice....There will be more exercise....
  • #7,208
  • Apr 17, 2020 5:54am Apr 17, 2020 5:54am
First off, I wish to say a hearty thank you to pips29 and shg (and all the others) for posting the examples of your trade. As a newbie, this really helps me see and learn. This is my first post and contribution to the thread. I entered on the retracement candle, and continuation of trend down from H1 & H4. At this point holding for PT to reach the daily pivot of S1, will move SL to just above this consolidation if price starts moving down again. Thanks again for all those that post pictures and examples for all of use to learn from (especially us beginners).
PS. Booligoom, what is the indicator you show on your screen to switch currencies & time frames?
Follow up - PT was hit while I was preparing my screen shot mark up. Good pips!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpym5_short.png Size: 50 KB
  • #7,209
  • Apr 17, 2020 5:59am Apr 17, 2020 5:59am
Quoting Boobligoom
{quote} I often neglect pivots because I build levels manually. I did not pay attention to them until you pointed your finger at it. I looked at your EA deal and saw what you sold when the price was close to the pivot.{image} So why did you do this?
the post above your post explains why I did that
the cautious seldom err....C
  • #7,210
  • Apr 17, 2020 6:12am Apr 17, 2020 6:12am
Quoting Boobligoom
I did a rough analysis. I focus only on EURUSD and therefore do not trade other currencies. But if I were trading EA, then my analysis would have looked like this. I hope this does not contradict your style if I continue to draw levels manually? Or should I find a compromise between levels and pivot?{image}
rejection of the 34 ema is often a good trade to take in line with the current trend..please pay attention to the slope of the ema as well..I like to state again when using the 10/34 ema to go long make sure the 10 is above the 34 ema and price is at least above the 34 ema and the same goes for short only the other way round..it's true there is hidden information on the chart and when you find them, then you will never forget...it's only when you have thought over something and found out why, you will not forget..when you listen you will forget
the cautious seldom err....C
  • #7,211
  • Apr 17, 2020 6:20am Apr 17, 2020 6:20am
Quoting Boobligoom
I did a rough analysis. I focus only on EURUSD and therefore do not trade other currencies. But if I were trading EA, then my analysis would have looked like this. I hope this does not contradict your style if I continue to draw levels manually? Or should I find a compromise between levels and pivot?{image}
on your chart where you marked exit (2nd one from the top) and looking left you will see several candles pausing before moving up with the trend...if there were several candles this time round on the way down I would still not exit where you marked..I will wait for the pause if it happens because I know further downside will happen as it 's with the trend down,,the slopes of the ema's are very acute
the cautious seldom err....C
  • #7,212
  • Apr 17, 2020 8:19am Apr 17, 2020 8:19am
What is that indicator that shows individual pair's current strength. Is it available anywhere?

Thanks
Peter

  • #7,213
  • Apr 17, 2020 8:25am Apr 17, 2020 8:25am
Quoting pips29
{quote} on your chart where you marked exit (2nd one from the top) and looking left you will see several candles pausing before moving up with the trend...if there were several candles this time round on the way down I would still not exit where you marked..I will wait for the pause if it happens because I know further downside will happen as it 's with the trend down,,the slopes of the ema's are very acute
Thanks. Marked with marker "the slopes of the ema's are very acute"
Trading has been and always will be, a hard way to make an easy living.
  • #7,214
  • Apr 17, 2020 8:28am Apr 17, 2020 8:28am
Quoting adale
PS. Booligoom, what is the indicator you show on your screen to switch currencies & time frames?{image}
this
Attached File(s)
File Type: ex4 BUTTONS_separateWindow.ex4   16 KB | 330 downloads
Trading has been and always will be, a hard way to make an easy living.
  • #7,215
  • Apr 17, 2020 9:29am Apr 17, 2020 9:29am
Quoting newfie4x
What is that indicator that shows individual pair's current strength. Is it available anywhere? Thanks Peter
here it is
Attached File(s)
File Type: mq4 CurrencyStrengthAlerts (2).mq4   28 KB | 831 downloads
the cautious seldom err....C
  • #7,216
  • Apr 17, 2020 9:42pm Apr 17, 2020 9:42pm
Quoting pips29
{quote} here it is {file}
I have suffix...will this work?
  • #7,217
  • Apr 18, 2020 4:12am Apr 18, 2020 4:12am
Quoting shg
{quote} I have suffix...will this work?
don't understand what you mean
the cautious seldom err....C
  • #7,218
  • Apr 19, 2020 11:03pm Apr 19, 2020 11:03pm
Quoting pips29
{quote} don't understand what you mean
Sorry I was mean my pairs have suffix like USDCHF.pro

But it looks like its working...
  • #7,219
  • Apr 19, 2020 11:05pm Apr 19, 2020 11:05pm
GJ sell....Week started...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-pro-m15-axicorp-financial-services.png Size: 91 KB
  • #7,220
  • Apr 20, 2020 1:05am Apr 20, 2020 1:05am
Quoting shg
{quote} Sorry I was mean my pairs have suffix like USDCHF.pro But it looks like its working...
that's your broker's labelling..so I don't think it affects the indicator..it might be slightly different as concerned the degree of strength as it takes the reading of your broker
the cautious seldom err....C
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