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Which line to pick in this case?

  • #1
  • First Post: Jun 15, 2007 3:11am Jun 15, 2007 3:11am
Dear All,

I am new to Mouteki. I have manual test on Mouteki on various cases, it seem to me that in many cases, the supply and demand line come to a join triangle, which is hard to decide which way to trade.

I have question which line to pick in this case

The Sell order have triggered. (is it a fake signal?)
Buy order trigger in the next bar according to the top line.

Could some one explain your experience to me pls?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 62 KB
  • #2
  • Jun 15, 2007 3:37am Jun 15, 2007 3:37am
In the case like this just close an open order regardless the loss, wait for a more proper formation, redraw the new S/D lines and enter the new trade
  • #3
  • Jun 15, 2007 3:56am Jun 15, 2007 3:56am
Do you think the support line angle too deep to be referenced?
The first signal don't seem to be a real breakthrough because of momentum.
Should I ignore though s&d line with deep angle? (may be at least close to 45 degree)

The top breakthrough seem strong to me. However, the projection TP sound too good to be true.

It is a chart capture just this moment. Now +80 pip if refer to the top breakthrough.
  • #4
  • Jun 15, 2007 4:08am Jun 15, 2007 4:08am
Quoting goldenchau
Do you think the support line angle too deep to be referenced?
The first signal don't seem to be a real breakthrough because of momentum.
Should I ignore though s&d line with deep angle? (may be at least close to 45 degree)

The top breakthrough seem strong to me. However, the projection TP sound too good to be true.

It is a chart capture just this moment. Now +80 pip if refer to the top breakthrough.
As you've got conflicting signal here, just ignore the TP projection. Go for 10 - 20 pips and close the trade, there is no need to take big risk on dubious signal
As you have said, the support line angle is too big, so I would stay with the bullish PA.
  • #5
  • Jun 15, 2007 9:12am Jun 15, 2007 9:12am
Quoting Dexis
As you've got conflicting signal here, just ignore the TP projection. Go for 10 - 20 pips and close the trade, there is no need to take big risk on dubious signal
As you have said, the support line angle is too big, so I would stay with the bullish PA.
Thanks Dexis for your explanation. I just start demo trade it with Mouteki. I just have to practice more to figure out. which is reliable signal.
I triggered three demo trade last night using Mouteki. All three pairs EURUSD, Cable and GBPJPY performs are very impressive today. I definitely will spend more time to study mouteki.

How do you react for orders if new S/D lines form?

What other tools do you recommend to work with mouteki?
  • #6
  • Jun 15, 2007 9:52am Jun 15, 2007 9:52am
Hi,

Actually, I have been tracking the same pair for the same period and I did not take any position until further trend was established due to the fillowing reasons:

1. The price level is close to a long time high of 242.95 which has formed on 5th June

2. Yesterday's candle on the daily chart is a Doji preceeded by 200+ pips
bullish candle

3. A counter Resistance Line was just about to be breached on the 4HR chart

From the 3 above conclusions, I thought that a new price breakout is very possible and hence planned to either go long if the top Bollinger Band was breached on the daily chart or to go short if the price revealed a clear downtrend on at least one full candle.

In my opinion, you can really enhance your Mouteki trading by drawing S/L lines, Trend Lines and recent Fibo Levels on your 4 HR chart and by observing the daily chart formations and market condition as a complementary interpretation tool.

I hope that helps.
  • #7
  • Jun 15, 2007 12:09pm Jun 15, 2007 12:09pm
Quoting Majd
Hi,

Actually, I have been tracking the same pair for the same period and I did not take any position until further trend was established due to the fillowing reasons:

1. The price level is close to a long time high of 242.95 which has formed on 5th June

2. Yesterday's candle on the daily chart is a Doji preceeded by 200+ pips
bullish candle

3. A counter Resistance Line was just about to be breached on the 4HR chart

From the 3 above conclusions, I thought that a new price breakout is very possible and hence planned to either go long if the top Bollinger Band was breached on the daily chart or to go short if the price revealed a clear downtrend on at least one full candle.

In my opinion, you can really enhance your Mouteki trading by drawing S/L lines, Trend Lines and recent Fibo Levels on your 4 HR chart and by observing the daily chart formations and market condition as a complementary interpretation tool.

I hope that helps.
Thanks for your sharing. Let me try to work out with S/L and Fibo.

Consider your Point number 1. The resist point form in 5 June. I think this happen very often after a long up trend (Valley Like), we have to refer to resist point form earlier. I think we should take this into consideration.
  • #8
  • Jun 15, 2007 9:08pm Jun 15, 2007 9:08pm
Hi,

Here is a similar example on the cabe chart earlier this week:

1. Contradicting Long/ Short signals on the 6th candle from the right
2. Switching to the daily charts reveals a double previous day Doji candles
3. The 4 HR chart confirms the potential bounce off the 50 Fibo (lower part of the chart) since it has been playing around that level for the last few days

From the above, I favoured going long although the short signal opened first and I did (OP2@180) targeting 1.9838 (TP2).

Next, the price launched but stalled at 1.9774 (32.8 Fibo) and closed for the week. Next week I will be watching this position movement very closely because of the many alert levels (current 38.2 and next [email protected] levels) prior to reaching my target; should the price show a clear boumce of any of these levels I will exit the trade qithout waiting for stop loss to be triggered.

Good luck
Attached Image (click to enlarge)
Click to Enlarge Name: Mouteki-Cable.jpg Size: 103 KB
  • #9
  • Jun 15, 2007 9:49pm Jun 15, 2007 9:49pm
Quoting Majd
Hi,

Here is a similar example on the cabe chart earlier this week:

1. Contradicting Long/ Short signals on the 6th candle from the right
2. Switching to the daily charts reveals a double previous day Doji candles
3. The 4 HR chart confirms the potential bounce off the 50 Fibo (lower part of the chart) since it has been playing around that level for the last few days

From the above, I favoured going long although the short signal opened first and I did (OP2@180) targeting 1.9838 (TP2).

Next, the price launched but stalled at 1.9774 (32.8 Fibo) and closed for the week. Next week I will be watching this position movement very closely because of the many alert levels (current 38.2 and next [email protected] levels) prior to reaching my target; should the price show a clear boumce of any of these levels I will exit the trade qithout waiting for stop loss to be triggered.

Good luck
Do you reference Line 2? to the confirmation of uptrend? I found that in various cases, there are contradicting signals, so which way to go? I believe the one form slowly.
  • #10
  • Jun 16, 2007 9:07am Jun 16, 2007 9:07am
the best broker to play MOUTEKI is FXDD, maybe it's because FXDD'S time server...
i got 10% profit for only two trades this week..

good luck
Simplicity your Life
  • #11
  • Jun 16, 2007 9:47am Jun 16, 2007 9:47am
Quoting stevenali
the best broker to play MOUTEKI is FXDD, maybe it's because FXDD'S time server...
i got 10% profit for only two trades this week..

good luck
Thanks for your info.
FXDD is GMT +2.?
As I know, Interbank is GMT
Some broker use EST or CET

Since mouteki working on 4H TF, I think there are 4 difference charts depends on Broker time.

How do you guys handle with diff GMT? Use more charts for confirmation? or just pick the fastest to enjoy more pips?
  • #12
  • Jun 18, 2007 4:53am Jun 18, 2007 4:53am
I try to read more Fibonacci materials and try to combine with Mouteki.

Base on Resist line 2. Break out detect just before 11. Predict TP: 1.9840

If I use Fibo using P -> A -> B to predict C
Target 1: 1.9722
Target 2: 1.9798
Target 3: 1.992

Sound like powerful if we combine them together. Could someone share how do you apply Fibo with Mouteki?
Attached Image (click to enlarge)
Click to Enlarge Name: Mouteki-Cable.jpg Size: 99 KB
  • #13
  • Jun 24, 2007 9:45am Jun 24, 2007 9:45am
Hi,

An example from a Live Trade:

1. Let us look at the small picture first:

Attached Image (click to enlarge)
Click to Enlarge Name: GBP-USD-STF.jpg Size: 110 KB


As you can see, a Long position opened @ 1.9944 (light baby blue line) for a TP of 333 pips according to Mouteki.

The first level to watch is 1.9965 which is the high of the most recent Fibo down trend wave (marked with 0.0% green line); line was broken and last week price closed at 1.9986

2. Let us look at the big picture:

Attached Image (click to enlarge)
Click to Enlarge Name: GBP-USD-LTF.jpg Size: 115 KB


The next level to watch for reversal is the 2.0000 psychological barrier

Assuming the 2.0000 is broken, I would be watching for the next potential level of reversal which is the trend high of 2.0130 (marked with 100.0% green line)

If that is broken, I think we have a good chance of reaching our [email protected]
I hope
  • #14
  • Last Post: Jun 24, 2007 1:52pm Jun 24, 2007 1:52pm
Fiber:

The small picture:

Long position at resistance line break 1.3414 with TP of 1.3609. Two Fibo levels in the way to watch for, 23.6% @ 1.3485 and 0.0% @ 1.3553, would worry about the 0.0% more so far.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD-STF.jpg Size: 77 KB


The big picture:

Closest Fibo of 50% @ 1.3472 for the bigger downtrend wave (27 April-12 June) which was a tough support line to penetrate earlier with two bounces off it, next two resistance/ retracement levels meet @ 1.3485, the smaller wave 23.6% Fibo and the big downtrend resistance line (in yellow) and next 32.8% Fibo @ 1.3521 and 23.6% Fibo @ 1.3583... A rocky road, I know but putting in some extra effort across MTF could save you some valuable pips.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD-LTF.jpg Size: 94 KB
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