{quote} Hi, There are 3 histograms . Which ones do I take?
- #561
- Jul 16, 2024 2:41pm Jul 16, 2024 2:41pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts | Online Now
- #562
- Jul 16, 2024 3:05pm Jul 16, 2024 3:05pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts | Online Now
Dear Doctor, I have a special request to make. I would be very pleased if you and or some of the other friends on the thread would be willing to work with me on this GBPUSD trade that I have entered as a Sell trade. I enclose a picture of my 4H platform. Just your input on how you see the trade develop and what you think will do. {image}
TREND REVERSAL ENTRY: “Identify trend reversals at the earliest.”
Specific criteria and rules for this. All criteria need to be fulfilled to enter the trade.
These are risky trades and should be traded with strict stoploss.
1) RSIOMA AND GANN BOTH must be in overbought zone (above 80) to go short and oversold zone (below 20) to go long.
2) GANN trend reversal alert with vertical line on chart.
3) On the alert candle the RSIOMAS should cross the 80/20 line.
4) Red RSIOMA should be below Magenta for sell and blue above lime for buy trade.
5) The RSIOMA and GANN lines should form a picture like open scissors on the entry candle.
In your case the 5th criteria is not fullfilled.
Any way reversal trades though risky, they have minimum risk and very high reward if they work in your favour.
Lastly a rule i follow strictly is to exit the trade if opposite color APB candle is formed (body and wick both opposite color) exit the trade irrespective of profit or loss.
- #563
- Jul 16, 2024 3:19pm Jul 16, 2024 3:19pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts | Online Now
{quote} Great system! It's one of the best on Forex Factory that I've seen yet.
I always wanted a coder to be active in this thread. You will be getting lot of requests soon
"I plan on creating an EA that utilizes the indicator after integrating the Histogram."
That will be fantastic. To begin with remember that Gann 9 signal is our entry candle.
Thanks again
- #564
- Jul 16, 2024 3:29pm Jul 16, 2024 3:29pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts | Online Now
{quote} I believe that the GBPUSD has peaked already at 1.29950 and is presently hovering around 1.29555. It just pierced a bearish FVG from below to retest that FVG zone at around 1.29575 which I believe it will bounce off further downward towards 1.28000. Any other input is welcome.
Dear Doctor, I have a special request to make. I would be very pleased if you and or some of the other friends on the thread would be willing to work with me on this GBPUSD trade that I have entered as a Sell trade. I enclose a picture of my 4H platform. Just your input on how you see the trade develop and what you think will do. {image}
But no one know where the market will be headed
.
- #570
- Jul 16, 2024 9:17pm Jul 16, 2024 9:17pm
{quote} A trick i learned in this forum. change #property indicator_chart_window to #property indicator_saperate_window and compile. After installing your indicators in saperate window. again change to #property indicator_chart_window and compile.
- #576
- Jul 17, 2024 1:04am Jul 17, 2024 1:04am
- Joined Feb 2019 | Status: Trader | 1,021 Posts | Online Now
another entry for scalp 5mins red vertical is entry . histograph 15,1h,4h is green so i took a long. crossing rsioma ,fake breakout? and also 3,9,21,51 is broken correct me guys if my understanding is wrong.
It is more important to understand the logic behind false breakout.
{quote} All your entries are technically. Rest is money management. It is more important to understand the logic behind false breakout.
- #579
- Edited 1:40am Jul 17, 2024 1:24am | Edited 1:40am
- Joined Feb 2019 | Status: Trader | 1,021 Posts | Online Now
Let me try to explain the logic behind entry after a false breakout. let us analyse the trade i am in now.
After a nice uptrend, there is a breakdown (price trading below TE 51 according to our criteria).
When price reached support area (aqua horizontal line), the buyers tried to push it up 3 times. The price went above the TE 51 for brief moment but fell again. The sellers were absorbing all these buyers and not letting the price to go up.( area between two blue vertical lines)
The price finally broke the support when fresh and strong sellers entered the market. That is our entry candle with TE 3 sell alert + Gann 9 sell alert.( this is the beauty of our system : identiy the exact candle)
When this support is broken all the stoplosses of the trapped buyers will get triggered pushing the price further down with momentum and without any fresh sellers.
This is exactly what happened in the subsequent candles.
These are high probablity trades with low risk high reward.
Notice that my R:R here is almost 1:3 and the TP is about to hit.
After a nice uptrend, there is a breakdown (price trading below TE 51 according to our criteria).
When price reached support area (aqua horizontal line), the buyers tried to push it up 3 times. The price went above the TE 51 for brief moment but fell again. The sellers were absorbing all these buyers and not letting the price to go up.( area between two blue vertical lines)
The price finally broke the support when fresh and strong sellers entered the market. That is our entry candle with TE 3 sell alert + Gann 9 sell alert.( this is the beauty of our system : identiy the exact candle
)When this support is broken all the stoplosses of the trapped buyers will get triggered pushing the price further down with momentum and without any fresh sellers.
This is exactly what happened in the subsequent candles.
These are high probablity trades with low risk high reward.
Notice that my R:R here is almost 1:3 and the TP is about to hit.
- #580
- Jul 17, 2024 1:29am Jul 17, 2024 1:29am
- Joined Feb 2019 | Status: Trader | 1,021 Posts | Online Now
My target was hit as i was writing the above post. Now i will trail my second lot at my will .
cheers
cheers