Zero Line Reject

My target for the 4H EG trade is .8906. It may trigger, lose, win 1R, 2R or more. Only the market knows which way it's gonna go. I can afford to lose 1% on this with my 'personal' analysis, I can get a lot of other stuff done in 3 1/2 hours. All I can do is manage this trade if it even triggers.

Happy Trading
Reno

EURGBP spent July in contraction phase {range}, the last of August, took a bearish dive {expansion phase} which turned out to be a robust down trend for most of you traders {5 days or so}. It then proceeded like a rocket straight up {more expansion phase} again a robust bull run.

The pair returns from it's bullish antics to the 50% to take a breath. The breath was Thursday and Friday. A double top was formed. Hmmm.

The market does this contraction and expansion phase 24 hours a day, every time frame. Study it.

Note of caution. This same pair did the exact same thing back in January {repeatable pattern anyone?}, this includes the double top. Price continued up back in January.

Do your homework.

All markets have 3 phases, contraction, expansion, and trend. 1. range 2. let's see who can get knocked out of a trade 3. the trend which is what we search for.

Enjoy this trader friends.
Reno

Many many hours of screen time...

1. contraction
2. expansion
3. I added a 'retest', the smallest of the 3. It OFTEN returns to the range, but not everytime.
4. trend, FRIENDS if I have to color the trend, you need to find work elsewhere, LOL

Note-- does anyone see my vertical line, my trade entry, my signal? Yes, this netted me 3R by the skin of my teeth.

Again, these phases are happening 24/5 for us to trade or 'avoid', depending upon which phase it's in.

Enjoy
Reno

This beauty has expansion to the upside only. Netted 3R PLUS. Get these phases 'down'. Note the H/S pattern. Big banks give trades to keep $$$ coming in. Be careful.

Enjoy
Reno

Good Day Mello,

Thank you for sharing Mello,very kind of you my friend.Your filters are good,at the vertical line,CCI 25 above zero & 50 below,even though 34 broken and candle closed below,maybe it had been a fake move too early for longer term selling,but going LIVE in that trade we'd never know until its outcome.As candle sticks in the past are transactions that has already been completed.A second candle did not close bearish ,however price retraced back to the EMA retesting what you might say left side shoulder of the pattern.Then the ultimate happened........a trader's dream.Keep the thread alive,very simple and effective.Make profit,I destroy the market for a living :-)

Thank for the comment TNT, you and I have chatted in the past. You sent me some content. You may remember. Welcome my friend. I'm glad you're doing well. Very glad. Your comments always welcome.

Thx Reno

Here's a 15 minute... friends, these are all over the place if you train your eye. I don't have a problem with indicators, but you now know what phase ANY market is in.

Greetings
Reno
p.s. my favorite pair

5 minute Cable, just before NYO. You would've netting 2R on this trade. The market will humble those who are greedy.

Thx Reno

Fellow traders, I sincerely hope you're finding value with some of this information. I don't mind sharing things I've learned. Take what helps and trade with it!

Greetings
Reno

Aussie on the hourly, much more than 1R.

It's game on. Good Luck traders one and all.

Reno

EURCAD will price return and retest the 1.56 level before noon tomorrow? 1H

With no type of high impact news tomorrow,according to the economic calendar,we'll wait and see,a nice array like a pincushion there,lol.

The European Central Bank is considering changes to its Pandemic Emergency Purchase Programme (its extra asset purchase program).
Via the Financial Times, citing two governing council members of the Bank but not naming them.

1. review will assess the impact of the PEPP
2. will consider how long the Pandemic Emergency Purchase Programme should continue
3. whether some of its extra flexibility should be transferred to the ECB’s longer running asset-purchase schemes

Ms. Lagarde will keep her EUR as bullish as possible,by al means,,during this pandemic heroes are vital and essential services,lets all assemble!

It can get bullish all it wants my friend. I insist, only after it hits my entry at XX06, just above parity. Another one of my 2nd chance opportunities. It's already retraced 50% of it since opening bell.

Thx Reno

if you find a good set-up but both CCI's are crossing zero at the same time, try the next lower time frame. that may be your ticket sometimes.

Thx
Reno

Another easy 5 minute chart

The CADJPY chart I just posted, it ranged for over 2 hours, plenty of time for an entry. 2 pip spread.

Hope someone snagged pips!
Reno

Good Signal possibly today NZDCAD 4H, keep an eye out. Currently a 3 pip spread.

Thx Reno

EURCAD 1H retraced enough to get me into thursday's trade. Now it can get all the bullish it wants. Just 50 pips more of a bearish move and I'm out. The market is never wrong.

Thx Reno

GU

This trade, RRR 1:4




CCI 50 for Momentum Determination


Dr. bob , He was originally a woodies cci club member and went on his own with the two very interesting setup techniques 5014 and 5034....

"50 cci momentum" what it means is that if your cci gets far from 0 you have momentum, if its near to 0 no momentum....


Far from 0 will be above +50 below -50 lines... if you are between +-50 you dont have momentum.

you can notice that when cci went above +50 and stayed above that level we had a very nice steady trending condition, as he went back between +-50 things got choppy....

This could suggest a nice "context" analysis....

Having that context per example you could take "Trend Trades" playing the dips and continuations....



This we are measuring momentum.... its not even near to dr bobs trades.... any way learning dr bobs method is very instructional for the new trader


You will notice some blue arrows on the price pane... well thats another issue to deal with it is called: TIMING that was the "ideal" place to enter the market, now how to determine when to enter its a great issue....

Attached Image (click to enlarge)

This unique indicator which is often known as the Commodity Channel Index helps traders to find the possible trend reversal spot in the forex market.

Before trading the financial instrument with CCI indicator it’s very important that traders know how to draw the perfect support and resistance level in the currency pair. In the above figure, the key support ad resistance level of the pair is drawn with the shaded black region. Support and Resistance levels are those which are at the top or bottom of the chart and price had one or more attempts to touch it. Professional traders wait for an oversold CCI in the support region to enter long in the market. On the contrary, the short trade is triggered by the overbought CCI in the key resistance level of the pair.


CCI indicator is leading indicator which needs to be read perfectly. It’s imperative that traders know exactly how the CCI indicator behaves since they repaint their value significantly. That is why professional traders always use the key support and resistance level of the pair where the indicator value is pin perfect and gives the traders unique trading opportunity .