This is part of what I am working on. This pair (GBPCAD) shows a perfect flag and pole formation on the daily, which shows that it is not trending at the moment. Within that the H4 chart shows a much smaller formation, so it, too is in consolidation. There is plenty of space within the daily formation (about 340 pips directly up from here to the upper flag boundary). The daily flag suggests a move upwards from here, so if we get a decent bullish breakout from the H4 wedge formation we could be in business. And then the usual MA crossover procedure with safety checks applies.
Similar setup with NZDJPY.
The daily has a massive range (680 pips from top to bottom) but it is in tighter consolidation in that wedge. Within that, the highlighted box shows an even tighter consolidation. So we wait for a breakout from the box and the wedge, noting the upper and lower boundaries of the range, which could even act as targets.
Once we have a decent breakout, the usual MA crossover procedures apply.
The daily has a massive range (680 pips from top to bottom) but it is in tighter consolidation in that wedge. Within that, the highlighted box shows an even tighter consolidation. So we wait for a breakout from the box and the wedge, noting the upper and lower boundaries of the range, which could even act as targets.
Once we have a decent breakout, the usual MA crossover procedures apply.
{quote} you very well know that i trade the guppy system. (and it means a ton of emas ) i nowadays dont even need too analise the charts nor i need candlesticks/patterns. just a look at the chart and i enter the trade sometimes not even waiting for the candle to close. the best and most profitable trades are on the first pullback. {image} sorry Alistair. feel free to delete this post as it is not related to your trading system. and sorry josi, i do not mean to offend anyone.
All things are difficult before they are easy.
Forgive me for posting so much, but this does feel like another piece of the puzzle is falling into place.
It looks like CADJPY has broken above a key S/R level. H4 shows a descending trend line (and a pennant and pole formation). So my expectation would be that price will break above the trendline and then we will be free to follow our usual MA crossover procedures.
It looks like CADJPY has broken above a key S/R level. H4 shows a descending trend line (and a pennant and pole formation). So my expectation would be that price will break above the trendline and then we will be free to follow our usual MA crossover procedures.
- Joined Feb 2019 | Status: Member | 877 Posts
{quote} Please could we keep discussion of other systems off this thread? If you need to chat to walvekarraje rather DM him. Thanks.
for guppy system please refer to this link
https://www.forexfactory.com/thread/...8#post14331848
Here's my first trade based on the above concepts. Price has confirmed a breakout below the daily range (see upper and lower S/R levels / range boundaries) and out of the H4 consolidation box. It has just painted a two-bar pullback (mini-consolidation / "pause"), which I used for my entry. {image}
Forgive me for posting so much, but this does feel like another piece of the puzzle is falling into place. It looks like CADJPY has broken above a key S/R level. H4 shows a descending trend line (and a pennant and pole formation). So my expectation would be that price will break above the trendline and then we will be free to follow our usual MA crossover procedures. {image}{image}
This is an interesting case. Price broke out of the large wedge formation and immediately went into that box consolidation on H4. I deliberately placed the buy stop order well out of reach and just waited. The expected breakout has taken place. Now we hope it continues, firstly to achieve B/E and then the target, which I placed 190 pips away, based on the D1 levels.
Dr Walvekar, you're a genius, consolidations are our friend!
Dr Walvekar, you're a genius, consolidations are our friend!
This is an interesting case. Price broke out of the large wedge formation and immediately went into that box consolidation on H4. I deliberately placed the buy stop order well out of reach and just waited. The expected breakout has taken place. Now we hope it continues, firstly to achieve B/E and then the target, which I placed 190 pips away, based on the D1 levels. Dr Walvekar, you're a genius, consolidations are our friend! {image}{image}
