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iandekoker's 5 profit target trades

  • #221
  • Nov 3, 2007 9:01am Nov 3, 2007 9:01am
here is what i expect the eur/usd to do next week. We are heading towards the top of the channel. Then eur/usd can either break thru the channel and head up towards the 1.4600 level and higher OR eur/usd can come back down after hitting the top of the channel.

I would go for the last prediction since my stochastics on the daily charts shows a very overbought eur/usd. And the top of the channel is also the 176.4% fib extension which is a profit taking level.
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  • #222
  • Nov 3, 2007 9:07am Nov 3, 2007 9:07am
The same goes for gbp/usd. Currently the market is trading at the top of the channel. This currency might go up all the way to the 123% fib extension before coming down.
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  • #223
  • Nov 3, 2007 9:17am Nov 3, 2007 9:17am
Since it is weekend we might as well play around on the charts and show some good trading oppertunities.

On this chart you will see a good Pin Bar. The price gives the impression it wants to go down but the it goes up instead.

Always wait for the high of the pin bar to be broken before you enter the trade. The black line shows the high of the pin bar. The pink arrow shows where i would enter this trade.

Look for these pin bars on 30mins, 1hr and 4 hr and daily charts. The higher the time frame you use the more reliable the signal

Also look for these bars on the top of the trend or at the bottom of the trend. They are BIG reversal signals
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  • #224
  • Nov 3, 2007 9:38am Nov 3, 2007 9:38am
Here is a nice bearish engulfment. The bearish candle (red bar) opens higher than the white candle just to its left and also closes lower than the open price of the white candle.

To confirm it is a bearish engulfment enter when the next candlestick breaks the low of the red engulfment to the downside
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  • #225
  • Nov 3, 2007 9:47am Nov 3, 2007 9:47am
Here is a Bullish engulfment. The bullish candle (white candle) open lower than the red bar just to its left. And close higher than the high of the red bar.
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  • #226
  • Edited Nov 4, 2007 2:19am Nov 3, 2007 9:52am | Edited Nov 4, 2007 2:19am
Inside bar cannot make a higher high or lower low than the candlestick just to its left.

How to trade this candlestick formation:

this is a either or trade. either ur gonna go long. or ur gonna go short. It all depends which gets broken first. the high or the low.

Enter long as soon as the low of the inside bar get broken to the down side by the next candlestick.

Enter long as soon as high of the inside bar gets broken to upside by the next candlestick

Inside bar is undecisive candlestick so that means the price can either go up or down.
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  • #227
  • Nov 3, 2007 10:01am Nov 3, 2007 10:01am
Bearish Dark Cloud is a strong reversal signal

enter trade when next candlestick breaks the low of the bearish dark cloud
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  • #228
  • Nov 3, 2007 10:08am Nov 3, 2007 10:08am
Bullish Piercing Line

Open lower than the red candlestick to its left.

Closes more than halfway into the red candlestick

enter when the next candlestick breaks the high of the Bullish Piercing Line Candlestick
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  • #229
  • Edited 11:47am Nov 3, 2007 10:22am | Edited 11:47am
Hi iandekoker,

Thanks very much for sharing your 5 pips system. I like to trade on 5 min looking for a few pips and some more if conditions look really good at the moment.

It seems to the me the focus of your system is on ADX (above 35 or from 30 moving up to 35), and SMAs crossings. How do you think of other conditions like 1. DMI above 35 (or moving up from 30/25), 2. DMIs widening/crossing, 3. candlestick formations, 4. Fib channel. Which conditions you like most and trade the most often? Many thanks for your advice.

pipal
  • #230
  • Nov 3, 2007 2:19pm Nov 3, 2007 2:19pm
Quoting pipal
Hi iandekoker,

Thanks very much for sharing your 5 pips system. I like to trade on 5 min looking for a few pips and some more if conditions look really good at the moment.

The 5 min chart should work, however u like the 15 mins better.

It seems to the me the focus of your system is on ADX (above 35 or from 30 moving up to 35), and SMAs crossings.

Yes to be on the safe side i would suggest you first wait for the sma to cross. Then wait for the ADX to rise above the 35 level


How do you think of other conditions like 1. DMI above 35 (or moving up from 30/25), 2. DMIs widening/crossing, 3. candlestick formations, 4. Fib channel.

I dont really pay much attention to the DMI widening.

I do pay lots of attention to candlesticks. I like trading pin bars, engulfments, dark clouds and piercing lines.

Yes i am ALL about fib levels. I love fib levels

Which conditions you like most and trade the most often? Many thanks for your advice.

I try and avoid the asian session or ranging markets with the ADX system since it is developed to catch the trend. In ranging markets i focus more on candlesticks and fib levels and chart patterns

pipal
There are many ways to make money in forex. So i use a combination of sma, ADX and other times only fib levels and other times chart formations and other times candlesticks.

It would be very hard to combine all the above in 1 system.
  • #231
  • Nov 3, 2007 10:31pm Nov 3, 2007 10:31pm
Quoting iandekoker
There are many ways to make money in forex. So i use a combination of sma, ADX and other times only fib levels and other times chart formations and other times candlesticks.

It would be very hard to combine all the above in 1 system.
Hi iandekoker,

Thank you for your detailed reply. $6000 a day is just too great. I did only a couple times before and just can't manage to have a consistent winning record.

I usually trade $100-$200 pip on a shorter timeframe like 5 mins. I largely follow the pull back rules, and use indicators like MACD (the indication is just like SMAs crossing), support and resistence levels, candlesticks, etc. ADX is new to me. Now I may try it after you.

Your 5 pips strategy interests me because I usually can make a few pips at first before it turns out to be a loss at the end, as in many times the market does not breakout or breakdown at the time I hold time the position. I think if I don't look for too many pips in a time, but just like you about 5 pips each, I can be doing good quite consistently.

I usually place a 5-10 pips stop loss and don't place a take profit order in the first place, and wait and see if the market conditions are really good or not. At times, the market move too quick and my reaction is too slow, it moves back against me and the 5-10 pips profit has gone, and I even have a stop out. So I think I may just to take 5-10 pips profit and place a bigger stop loss like you, or at least 15. And I am also thinking to put a take profit order at the same time as the stop loss order, so that I will not miss the 5-10 pips altogether.

Geat job, iandekoker.

pipal
  • #232
  • Nov 4, 2007 1:43am Nov 4, 2007 1:43am
Quoting pipal
Hi iandekoker,

Thank you for your detailed reply. $6000 a day is just too great. I did only a couple times before and just can't manage to have a consistent winning record.

I usually trade $100-$200 pip on a shorter timeframe like 5 mins. I largely follow the pull back rules, and use indicators like MACD (the indication is just like SMAs crossing), support and resistence levels, candlesticks, etc. ADX is new to me. Now I may try it after you.

Your 5 pips strategy interests me because I usually can make a few pips at first before it turns out to be a loss at the end, as in many times the market does not breakout or breakdown at the time I hold time the position. I think if I don't look for too many pips in a time, but just like you about 5 pips each, I can be doing good quite consistently.

I usually place a 5-10 pips stop loss and don't place a take profit order in the first place, and wait and see if the market conditions are really good or not. At times, the market move too quick and my reaction is too slow, it moves back against me and the 5-10 pips profit has gone, and I even have a stop out. So I think I may just to take 5-10 pips profit and place a bigger stop loss like you, or at least 15. And I am also thinking to put a take profit order at the same time as the stop loss order, so that I will not miss the 5-10 pips altogether.

Geat job, iandekoker.

pipal
A lot of traders underestimate the power of 5 pips. Albert Einstein once said the most powerful thing is compounded interest. So if you add the two then you get the following:

20 trading days x 5 pips each = 100 pips per month x $100 = $10 000. That is good money

or

20 trading days x 5 pips per trade x 2 trades per day = 200 pips per month x $100 = $20 000. That is even better money

or

20 trading days x 5 pips per trades x 3 trades per day = 300 pips per month x $100 = $30 000. Now this is getting serious money

And all you had to do was take profit after 5 pips.

According to this calculation i dont know way traders are looking for 20-50 pips. Like you said. How many times do you show a 5-10 pip profit only to have the market turn against you.
  • #233
  • Nov 4, 2007 1:54am Nov 4, 2007 1:54am
Here is a quick way of plotting support and resistance levels on your chart.

Go to your weekly charts. Take the last 4 candlesticks. Draw a line at the lowest price. Draw a line at the highest price. That would now be your medium term support and resistance levels.

So for the bears to take control we need to break under 1.4007 level cause that is the lowest price in the last 4 weeks.
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  • #234
  • Nov 4, 2007 2:10am Nov 4, 2007 2:10am
on the eur/usd daily you can see a few candlestick formations.
Attached Image (click to enlarge)
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  • #235
  • Nov 4, 2007 5:39am Nov 4, 2007 5:39am
Ian,

Thanks for the time and effort with these weekend posts of candle formations, support/resistance etc...much appreciated.

I'm looking forward to the week ahead...let's see how this one turns out.

c u all tomorrow.
  • #236
  • Nov 4, 2007 7:34am Nov 4, 2007 7:34am
Quoting Oromis
I think that would be great. Would it be possible to have this setting for various MA's i.e. 11, 20, 50 or whatever?

Thanks,
Oromis.
I can do this fairly easily if you'd like, but be sure to read DX's post on this. He uses the 50 MA as a general guideline of trend, nothing more. Some good trades are on the "wrong" side, some bad trades are on the "right" side of the MA.

It appears that knowing price action is a big part of the game with any system. I'm going through James16, am about 1/3 of the way through (I'm at post 1500). It goes quickly if you ignore all the fluff and only pay attention to James', Habeeb's, the polar bear guy, and a few other people's posts.

AND, the stuff Ian's putting up is great, too, and you don't have to wade through 4000 posts to get it! (thanks Ian)
  • #237
  • Edited 7:59am Nov 4, 2007 7:35am | Edited 7:59am
DX, is the ADX main line above 25 -- is that a hard rule for you?

I've programmed the indicator for that, can't test until we get ticks.
  • #238
  • Nov 4, 2007 10:13am Nov 4, 2007 10:13am
Quoting blueruby
DX, is the ADX main line above 25 -- is that a hard rule for you?

I've programmed the indicator for that, can't test until we get ticks.
Pretty much, yes.
I have my problems with hard rules , sometimes I break them... but it should be the basic condition, yes.
"The only successful substitute for brains is silence."
  • #239
  • Nov 4, 2007 11:13am Nov 4, 2007 11:13am
OK, once I see it work, I'll post it. Then I may use it as a template to re-do the iandecoker indicator so that the alerts will stop going off all the time.
  • #240
  • Nov 4, 2007 1:53pm Nov 4, 2007 1:53pm
Quoting Oromis
Ian,

Thanks for the time and effort with these weekend posts of candle formations, support/resistance etc...much appreciated.

I'm looking forward to the week ahead...let's see how this one turns out.

c u all tomorrow.
yes only a few hours before the market opens. Let' see whay this week has in stock for us.....
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