BR,
J.
- #16,382
- Oct 9, 2021 3:25am Oct 9, 2021 3:25am
- Joined Aug 2010 | Status: absolute beginner | 5,463 Posts
{quote} This method is described on forexfactory?
the first was from the support level-zone 1.3590 (lime green) from the H1 chart. i dont want to discuss it here because its another trading approach but just show it.
the second was from the support level-zone 1.3620 (gray and highlighted) from the M15 chart.
and what i found interesting is that it was also a 35/50 touch trade.
so i used instinctively this support level and you can also do this to have a confluence and confirm your 35/50 or 10EMA touch trades!
trading is like dancing, don't think and just listen to the music!
- #16,384
- Oct 11, 2021 5:05am Oct 11, 2021 5:05am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
- #16,389
- Edited 4:04am Oct 13, 2021 3:36am | Edited 4:04am
hi JDKT GU is scoop: it's not pretty because it doesn't have a double top as standard but I looked at H4/H1 pretty well so I took it The EU was flat, so I waited for the PA to confirm before taking it I find luck more than technical in these 2 commands
I am glad it worked out for you. Well done. :-)My two trades from just now. EJ was not steep enough for my taste, but if it is ok to take a 35/50 even completely flat as long as they are on top, I decided to shoot. Although 35/50 were not on top, they were also not exactly flat, quite close toger, had a major RN just below and the trade was confirmed by P/A. Twice. Once I took it and then by an even better rejection bar right after. Those rejection bars that have a fair wick blown trough both 35 & 50 while they are very close or on top will very often, regardless of everything else, bring at least 10 pips to move to BE and quite often much more than that. After 10 pips moved to BE and was supposed to trail it but wasn't at the desk. Came back, saw the price hesitate two bars after where I would have trailed my SL so shut it down manually. TP was 19 at yesterday's high and the price finally got there. It happens from time to time that it will hit my trailing stop at 8-10 pips and will run away to TP. But Im always happy with the pips taken and the risk I cut, so it never makes me sorrow.
GU was just a beauty, although was a bit late entry, was supposed to be at the opening of that bar, not in the middle. 35/50 steep enough and on top, confirmed by P/A, major RN just below - boom. A quck touch and an instant bounce that happened right after further increased my confidence in this one. Quick 17 pips. This one made me sorrow though... Not because of the market but because I did not manage the trade in line with my plan. Was supposed to trail instead of closing manually on hesitation and had I trailed, the SL would not be hit but rather my initial target of 20, but... forgot to trail
BR,
J.
- #16,391
- Edited 1:11pm Oct 14, 2021 12:53pm | Edited 1:11pm
I was recently wondering about testing in practice some other pairs. GU and EJ work just fine, classics. But EU and AU are sometimes too slow and this means often crappy, ranging market. I thought about 2 initial criteria (before even eyeballing the chart for known patterns), the trick is that they are in a way mutually contradictive. A good pair should have fairly high volatility (represented here by ADR) but it is sometimes a result of low liquidity which in turn transaltes into higher spread (and jitter) - whereas my second criteria is obviously a low spread. So I was filtering out both of them and then tested through a ratio of ADR/spread (which came out as not such a great indicator after all - favouring AU as second best when in fact I want to possibly get rid of it
).
Green are the ones I have been always looking at. Blue ones are worth further testing with EURAUD being clearly the leader.
Red ones seemed interesting at first but the spread of 3 and above is too much for my taste and USDSEK is simply too crazy, jittery, clearly lacking liquidity. The 3 last ones despite their crazyness, in the very steep areas of 35/50 of at least 45 degrees, seem to react extremely well to the Dance at first sight, many times literally exploding in the right direction upon first touches while still enabling regular SL. I don't think I will be trading them coz of the spread but who knows, I will keep an eye.
Yellow ones seem ok but they do not bring anything extra to the table except for slightly higher spread than pairs with similar ADR. With one exception - if someone was looking for more than 2 pairs to follow, then EURAUD, GBPUSD & CDYJPY would be a top selection trio with 0 correlation, being beneficial in some cases.
Of course, the results are not static, ADR changes daily, spread even faster and is also broker specific, obviously. Any other thoughts on pair selection are highly welcome.
BR,
J.
).Green are the ones I have been always looking at. Blue ones are worth further testing with EURAUD being clearly the leader.
Red ones seemed interesting at first but the spread of 3 and above is too much for my taste and USDSEK is simply too crazy, jittery, clearly lacking liquidity. The 3 last ones despite their crazyness, in the very steep areas of 35/50 of at least 45 degrees, seem to react extremely well to the Dance at first sight, many times literally exploding in the right direction upon first touches while still enabling regular SL. I don't think I will be trading them coz of the spread but who knows, I will keep an eye.
Yellow ones seem ok but they do not bring anything extra to the table except for slightly higher spread than pairs with similar ADR. With one exception - if someone was looking for more than 2 pairs to follow, then EURAUD, GBPUSD & CDYJPY would be a top selection trio with 0 correlation, being beneficial in some cases.
Of course, the results are not static, ADR changes daily, spread even faster and is also broker specific, obviously. Any other thoughts on pair selection are highly welcome.
BR,
J.
- #16,396
- Nov 8, 2021 10:38am Nov 8, 2021 10:38am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
Anybody still dancing? Here is one on GBPAUD I decided to share as it was fairly clean and I have also been extremely patient while waiting for it as I am super conservative and picky recently. First 10MA touch, potentially a new 15M trend forming, I did not like those longer wicks forming at that higher-high but there was a nice confluence with round number just below which has previously proven as a strong S/R level. 16SL, 20TP which was hit, did not move any of those. High spread pair of >3 pips. There was also an excellent PA trade on GBPUSD...
Waiting for the 35/50 now.
- #16,398
- Edited 5:41am Nov 9, 2021 2:17am | Edited 5:41am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
