hi
i found another one eur/jpy right now .00:00 GTM.price broke 1h-s1 at 167.04,test the 4h-s1 166.92.now the STO on 15m is oversold,it need retrace .i will wait .look like 4h-s1 or 4h-r1 are important .just like a door ,price need break it to enter the 4H S1-S3 area.
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Joined Jun 2007
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Status: Leading Trader
|399 Posts
Pepejeans,
Nothing happen to me.
I am fine.... don't worry..
Actually, I am bz with moving to my new apartment.
So, I don't have time to do this forum.
I don't have time to trade this 2 weeks also.
I have to finish everything on renovation and shifting also.
hi olaha
glad to see you again.
in last week ,i got about 5 trades on gbp/usd and eur/jpy ,not too many but they are all good ones.thank again.
i found pivot is very good thing.see the pivot and check the price,it match very well.
but some time the price just out of the 4H range with a big move,and it is still moving with the 1H range. what can we do at that time ?do you trade those ?
thx.
hope you can come back asap.
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Joined Jun 2007
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Status: Leading Trader
|399 Posts
Hello to all my dear friends,
I am back!
Sorry to make you all waiting for me.
I am really bz to organise my new apartment.
A lot of things have to be done.
Even now....still not finish yet.
I have to do slowly...
Ok...how was the trading day?
I hope everybody can make use of this system to make money.
I miss a lot of trades...but I believe from now on to next month can make more money.
Let me know if any question. I will try to be online everyday from now.
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Joined Jun 2007
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Status: Leading Trader
|399 Posts
I am happy to hear that you can follow the system.
Normally the price will not follow the range at 4H because the big move happen during the news release. So we have to look for Daily range.
During the news release.. esp. during major news, I try to take short term trades. Not more than 30 minutes, because anything can be happen during the 1 hr period. Once everybody take out profit, the price can reverse.
I hope this answer may help you for the future decision.
hi olaha
glad to see you again.
in last week ,i got about 5 trades on gbp/usd and eur/jpy ,not too many but they are all good ones.thank again.
i found pivot is very good thing.see the pivot and check the price,it match very well.
but some time the price just out of the 4H range with a big move,and it is still moving with the 1H range. what can we do at that time ?do you trade those ?
thx.
hope you can come back asap.
The answer for your question;
To enter the market either buy or sell is depends on the PP level.
If the price above the PP level for daily... bullish
price below the PP level for daily...bearish
When we know either bullish or bearish...
than we have to wait until the price retest the R1 for buy,
S1 for sell. (4 hrs or 1 hr Pivot)
After the price retest the R1 for buy or S1 for sell - make sure the price doesn't retrace at Pivot level.
Ignored
When you say the price above the PP level for bullsih or below the PP level for bearish -- What price are you talking about? the CURRENT price of the market at whatever time you are looking at it? Or the price that the candlestick opens at? That's what I don't get.
When you say the price above the PP level for bullsih or below the PP level for bearish -- What price are you talking about? the CURRENT price of the market at whatever time you are looking at it? Or the price that the candlestick opens at? That's what I don't get.
Okay. Olaha, I'm going to make another post after this one with an "example" using the gbp/usd. Going to go do it now, so you can see it and tell me if I'm doing it right or not.
Would you conisder this bearish since its below the Daily Pivot? Or would you just not trade this until the Price was either below or above all the pivot points for a stronger sense of trend?
Another thing - When you are talking about scaling and taking profits every 20 pips....
Say the range from R1 to R3 is 40 pips. Lets use R1 = 1.9800 R2 = 1.9820 R3 = 1.9840.
Do you:
a) buy 2 lots when you enter the market at 1.9800? Then close 1 lot at 1.9820 (20 pip profit) then close the 2nd lot at 1.9840 (40 pip profit)?
b) buy 1 lot at 1.9800 and close it out at 1.9820 then buy another lot at 1.9820 and set your SL at 1.9800 and take profit at 1.9840?
If it is (b) then how do you know the market will keep going up? You just keep going til it stops you out?
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Joined Jun 2007
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Status: Leading Trader
|399 Posts
In this case,
If you look at hourly...
You could enter buy at R1 - 1.9817 and take profit at 1.9853
The price tested at R1 than retrace at 1.9810.
This is the good example for short term trade.
Would you conisder this bearish since its below the Daily Pivot? Or would you just not trade this until the Price was either below or above all the pivot points for a stronger sense of trend?
Another thing - When you are talking about scaling and taking profits every 20 pips....
Say the range from R1 to R3 is 40 pips. Lets use R1 = 1.9800 R2 = 1.9820 R3 = 1.9840.
Do you:
a) buy 2 lots when you enter the market at 1.9800? Then close 1 lot at 1.9820 (20 pip profit) then close the 2nd lot at 1.9840 (40 pip profit)?
b) buy 1 lot at 1.9800 and close it out at 1.9820 then buy another lot at 1.9820 and set your SL at 1.9800 and take profit at 1.9840?
If it is (b) then how do you know the market will keep going up? You just keep going til it stops you out?
In this case,
If you look at hourly...
You could enter buy at R1 - 1.9817 and take profit at 1.9853
The price tested at R1 than retrace at 1.9810.
This is the good example for short term trade.
Ignored
What do you mean? there is no R1 - 1.9817, and how do you take profit at 1.9853 - thats not a number on the PP chart??
EDIT: **Nevermind PP Charts just updated, can't remember old one**
