morning all very good night i grabbed 50 on gbpjpy cadjpy, and the new kid on the block audjpy both would have given wins also eurjpy happened 1 hr later and would have given just barely 29 non the less a good night
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Harold, can you please confirm if AJ is our new pair and EC is out???
thanks
any idea whats wrong here? was it not a signal?
My broker is +1GMT
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Here's my pennies worth syedks. There's no clear daily trend despite the down candles (both EMA's haven't crossed down) and the stoch is overbought. It's precisely the market I would avoid following Harold's logic.
The road to pipland is arduous and fraught with challenge.
Here's my pennies worth syedks. There's no clear daily trend despite the down candles (both EMA's haven't crossed down) and the stoch is overbought. It's precisely the market I would avoid following Harold's logic.
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we dont look at stoch on daily.
rsi above 50, ema 5 above 8 - thats a long
so in theory we have had a valid signal on hourly...
we dont look at stoch on daily.
rsi above 50, ema 5 above 8 - thats a long
so in theory we have had a valid signal on hourly...
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syed, my pennies worth.
the daily candle plus the preceding one is down on your chart...going short that is:
so .....EMA's should be down. stoch should be down (not turning), RSI should be under 50 and you have a sell day.
In other words, when the indicators all line up in one or other direction, ensure that the daily candle is within the overall trend. Being one of two consecutive candles at the very least establishes this comfort zone.
The road to pipland is arduous and fraught with challenge.
the daily candle plus the preceding one is down on your chart...going short that is:
so .....EMA's should be down. stoch should be down (not turning), RSI should be under 50 and you have a sell day.
In other words, when the indicators all line up in one or other direction, ensure that the daily candle is within the overall trend. Being one of two consecutive candles at the very least establishes this comfort zone.
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whoops..its an hourly. Doh! anyway, the above advice holds good, I think. If the daily is as I've outlined above, then apply the same rules to your hourly.
The road to pipland is arduous and fraught with challenge.
ok there seems to be a little confusion but before i get to that mike habit this is for you i read your text the only thing i didnt see was concerning the ema 5 is close but 8ema should be of the open if its there i didnt see it. now here are the pairs again eurcad HAS BEEN REMOVED I DONT USE IT ANYMORE IT HAS BEEN REPLACED WITH AUDJPY!!! now concerning a signal on daily chart we look at the close of the daily candle which is 7 pm est and we see where the 5 ema of close and 8 ema of open are crossed at either up or down we then look at the rsi and see if it is above or below the 50 level in same direction as the ema's we dont look at the stoch on daily chart at all.looking at whether the candle is up or down means nothing our signals come from the ema cross and rsi cross on daily chart that it. once we have direction for next trading session we look for the ema's and the rsi and the stochs to cross in direction of the signal. discretion: if signal on hourly charts has stochs in the 10's or 80's stay out if news is happening at same time as signal stay out if price has come down a ton thats up to you depending on how far its come most importantly is if you are in doubt just stay out that also contitutes a trading decision which is good money management signals for tommorow all 6 are short
ok there seems to be a little confusion but before i get to that mike habit this is for you i read your text the only thing i didnt see was concerning the ema 5 is close but 8ema should be of the open if its there i didnt see it. now here are the pairs again eurcad HAS BEEN REMOVED I DONT USE IT ANYMORE IT HAS BEEN REPLACED WITH AUDJPY!!! now concerning a signal on daily chart we look at the close of the daily candle which is 7 pm est and we see where the 5 ema of close and 8 ema of open are crossed at either up or down we then look at the rsi and see if it is above or below the 50 level in same direction as the ema's we dont look at the stoch on daily chart at all.looking at whether the candle is up or down means nothing our signals come from the ema cross and rsi cross on daily chart that it. once we have direction for next trading session we look for the ema's and the rsi and the stochs to cross in direction of the signal. discretion: if signal on hourly charts has stochs in the 10's or 80's stay out if news is happening at same time as signal stay out if price has come down a ton thats up to you depending on how far its come most importantly is if you are in doubt just stay out that also contitutes a trading decision which is good money management signals for tommorow all 6 are short
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Harold I really like this explanation...I'm going to hang this one on the wall.
I think it explains the strategy beautifully...
Thank you harold4x. i will keep an eye on some of your set up charts to make sure that my trade station charts are lining up correctly. i am sure i will have alot more questions.
Trader4life - the code is good but i need to add a few inputs to make the 8 ema read the open instead of the close. i can repost it for you as i perfect it.
ok there seems to be a little confusion but before i get to that mike habit this is for you i read your text the only thing i didnt see was concerning the ema 5 is close but 8ema should be of the open if its there i didnt see it. now here are the pairs again eurcad HAS BEEN REMOVED I DONT USE IT ANYMORE IT HAS BEEN REPLACED WITH AUDJPY!!! now concerning a signal on daily chart we look at the close of the daily candle which is 7 pm est and we see where the 5 ema of close and 8 ema of open are crossed at either up or down we then look at the rsi and see if it is above or below the 50 level in same direction as the ema's we dont look at the stoch on daily chart at all.looking at whether the candle is up or down means nothing our signals come from the ema cross and rsi cross on daily chart that it. once we have direction for next trading session we look for the ema's and the rsi and the stochs to cross in direction of the signal. discretion: if signal on hourly charts has stochs in the 10's or 80's stay out if news is happening at same time as signal stay out if price has come down a ton thats up to you depending on how far its come most importantly is if you are in doubt just stay out that also contitutes a trading decision which is good money management signals for tommorow all 6 are short
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Good explanation thank you ... I've decided to take note on an excel sheet of all signals - day by day - with the results of each trade, I will post it during the week end ...
Now a question: what about if at the end of this hour we have all the indicator pointed in the correct direction but the candle is UP ... still a good time to entry???
Now a question: what about if at the end of this hour we have all the indicator pointed in the correct direction but the candle is UP ... still a good time to entry???
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Hmmm, I'm pretty sure we dont care about that but somebody correct me if I'm wrong.
