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Attachments: A Basic Trading System (BTS)
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A Basic Trading System (BTS)

Quoting Matiasfx
I took a cable long at great support (back side of channel upper line at pullback, and resistance now support) took 85 pips..

Matty
Hello Matty,

In your post 216, for tp of 85 pips, how did you determine the entry price. I sort of checked on my IBFX platform and the candles are different in 4 hours. I know it could be different somewhat, But regardless, Did you consider the enter price on this g/u trade DURING the 4 candle formation (not waiting for it to finish?). So as soon as it bypassed the black candle by 1 pip you enter the long trade.

Effi,

I am so happy to find this thread. You method and teaching is superb. It is very basics and easy to comprehend. I am very thankful for sharing your strategy. I love it.

I have re read the first post and other post for setup candle but not so sure that I know it correctly. Please let me know, this will help me immensely.

Since this is my first post to FF, I hope I am not including all of the screen shots along with it.

Thanks

Ak
Hey Ak, i took it at around 19834 once it broke the last cadle high that it was kind of a pin bar, and exited at 19923. So yes i did wait for the candle to close and that price broke the high.

matty
Thank's a lot everyone for the explanation. I have an indi (but I think it sucks), but I will get used to look back for strong areas of S/R. In fact, those are facts.....
I don't say
rsbgm,
I too perfer the 1 hour with this sytem it seems more profitable for me.I think it offers more entry's.I may be wrong but that is how I perceive it.Matiasfx,Nice trade you posted up there.Good trading to all of you!!
Is it compulsory that the candle MUST touch the higher EMA.?

Though I got some pips off this trade, am wondering if I played by the rules or just got lucky.
Attached Image (click to enlarge)
Click to Enlarge Name: 1hrgbjpy.gif Size: 18 KB
Ogidi Omo,

In My Own Opinion, that was a perfect entry...............I missed it

thanks
Good morning everyone!
Hope all of you catched the big moves from asian session.
Did someone noticed this trade S on EJ Daily? I think it was a valid setup.
As a matter of fact I was took it, but just with 0.1 lot. In any case, it was 90% the news that gave him fuel to make this short....
Attached Image (click to enlarge)
Click to Enlarge Name: ej daily.gif Size: 19 KB
I don't say
Quoting Ogidi2007
Is it compulsory that the candle MUST touch the higher EMA.?

Though I got some pips off this trade, am wondering if I played by the rules or just got lucky.
If the trend is really strong, the price may not fully retrace, leaving an almost unnoticeable gap between the EMA and the wick; it is safe to take the trade.

Regards,
E. Lang
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Hi Effi,

In the picture below, which colored line is the correct entry price for a long trade: Blue, Green or Red?

If this is too basic a question, let me know and I'll delete the post.

Thanks

Attached Image
vbro,

The red line would be your entry.
PIP'N
Quote
Hi Effi,

In the picture below, which colored line is the correct entry price for a long trade: Blue, Green or Red?

If this is too basic a question, let me know and I'll delete the post.

Thanks

Quoting golferguy99
vbro,

The red line would be your entry.
Not 100% on how effi would have done it, but personally, I think the blue is the better of the entries.
Carpe Divitiae
Quoting vbro
Hi Effi,

In the picture below, which colored line is the correct entry price for a long trade: Blue, Green or Red?

If this is too basic a question, let me know and I'll delete the post.

Thanks

It wouldn't be any of these candles.The candle FOLLOWING the "setup candle" has to break the high of the "setup candle" by 1 pip.You would have actually entered on the candle after the one you have marked with the red line.Because it broke the high of the "setup candle"
Correct. Your entry would be on the violation of the red line.
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Great Thread effi and guys, learning so much
respect
Tom(uk)
Im a newbie in trading..

i have trade for about 1 week..
the first day i trade I get 152pips profit and the next day i got margin call..
then I deposit another cash n now i still loosing pips...

I just dont know how to start a trade and when to close the trade..

can someone help me with my prob?

Thank You so much,,

Ricky
Quoting rckerenz
Im a newbie in trading..

i have trade for about 1 week..
the first day i trade I get 152pips profit and the next day i got margin call..
then I deposit another cash n now i still loosing pips...

I just dont know how to start a trade and when to close the trade..

can someone help me with my prob?

Thank You so much,,

Ricky
If you're new, trade on demo first. And, learn about forex from this site:

http://www.babypips.com/school/

Then come back and learn some more strategies from this site.

Good luck!
Quoting vbro
Hi Effi,

In the picture below, which colored line is the correct entry price for a long trade: Blue, Green or Red?

If this is too basic a question, let me know and I'll delete the post.

Thanks

Effi,

Does the candle 'wick' needs to penetrate lower ema for a buy signal, and not the candle's body?
Also does candle body needs to be contained within the ema's to be a setup candle and wick should be the only part either touch or penetrate the opposite ema for a buy/sell signal?

I thought white candle was the setup candle as it closed higher than the previous candle, hence violation of the green line would have been my trade.

I see your response and just wanted to clear confusion I have.

Thanks

akalra
Quoting Akalra
Effi,

Does the candle 'wick' needs to penetrate lower ema for a buy signal, and not the candle's body?
Also does candle body needs to be contained within the ema's to be a setup candle and wick should be the only part either touch or penetrate the opposite ema for a buy/sell signal?

I thought white candle was the setup candle as it closed higher than the previous candle, hence violation of the green line would have been my trade.

I see your response and just wanted to clear confusion I have.

Thanks

akalra
I think it's not about the wick/tail or body, as long as the price permeates (penetrates or touches) the EMA, it makes it a valid correction. Hopefully, that correction candles will be the setup candle.

And, like you said, you THOUGHT that the white candle that closed higher was the setup candle. As indicated, I guess your thoughts were wrong. That would have cleared your thoughts from confusion already.

Here's another setup for today's trade:

Attached Image


UCHF has been in a bearish trend (Lower Highs and Lower Lows) for the past 5 tradings days. I kept on looking for corrections such as on the above chart and entered according to the system. In this particular case, TP1 and TP2 were both hit. If you continue with the chart moving forward (check your charts), you would notice that the drop did not break the last low anymore. This is a sign of possible reversal already. In some cases, you may or would have been stopped. Then, start looking for long trades instead.

Hope this helps...
okay, we'll see how I'm doing here. I identified a divergence on the daily chart which says to me that there is a long bias for gbp/jpy at the moment. on the hourly I saw a correction and entered on the break of the set up bar. my entry is the green line, my stop is the red, and tp1 and tp2 are the take profit levels.

at the moment we're +20 pips...
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Quoting rsbgm
I think it's not about the wick/tail or body, as long as the price permeates (penetrates or touches) the EMA, it makes it a valid correction. Hopefully, that correction candles will be the setup candle.

And, like you said, you THOUGHT that the white candle that closed higher was the setup candle. As indicated, I guess your thoughts were wrong. That would have cleared your thoughts from confusion already.

Here's another setup for today's trade:
Hello rsbgm,

Thanks for your answer. I got it now. Just wanted to clear up confusion.

BTW, I like your indicator showing tp levels. Did you customize for this stretegy? Could you tell me where to get it?


Thanks

akalra
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