Need help here to demystify this EA

Hi there,

It is me David again. Yesterday was a rollercoaster ride and I didn't follow my rules of trading. Today I did a price action analysis prior to London open and you know what?

EURUSD it is going to be a downtrend continuous pattern, meaning sell the rallies in a downtrend.

USDCHF it shows that it is a uptrend continuous pattern, meaning buy the dips.

Unfortunately I was whipsaw rape and drained during the choppy woods for both EURUSD and USDCHF...

Lame... Anyone have the same situation as me?

Sigh...
Back to the drawing board for me.

Saw a consolidating price pattern for both USDCHF and EURUSD.

Prior to London open made a probability analysis on the USDCHF. It looks like a uptrend continuous pattern. Looking at ABC D might go up looking at MACD being oversold, Stoch oversold. 50EMA trending above 200EMA.

Took this trade of the USDCHF, price break for the resistance line, MACD below 0 but o/s and Stoch is trending up. Lets see if price would hit the 1.0535 mark.

Hi there,

Prior to previous post it did hit the projected mark but I only took 20 pips out of it. I try to keep to my rules that I had post in post 1 even though my pips gain is short but at least the probability is higher.

O yah folks keep away from USDJPY very sideway channel.

Hello,

Made this EURUSD order prior to New York open thought that the trend would still continue as 50EMA is above 200EMA there is a resistance trendline break, MACD is trending up above 0 BUT but... Stoch is overbought. But before this there is a negative divergence to price. So is the trend going to run up? I hope so.

The same is for USDCHF, 50EMA just cross 200EMA, MACD below 0 but Stoch oversold so will it continue or New Yorkers will reverse. Lets hope not.

Hi there,

Just came back and saw profits for both EURUSD and USDCHF.

EURUSD - Price did went up up up and broke the M4 for the day as well as M2. A note to myself even though Stoch went o/b but MACD just went above the 0 line, price might still trend up. Force Index is still above 0. So trend not change yet.

USDCHF - Price went down down down and broke the M1 for the day as well as M3. Stoch went oversold but MACD just broke below 0 and Force Index is still below 0.

Hi there,

As explained this is a counter trend trade might bag small profits and run. Let see whether it will hit 105.05.

Will it break thru? Lets hope so. I don't like counter trend but I have a pip target today and it is not 5pips.

Hi there,

Pre analysis to yesterday price action on the daily chart overall trend is still up. The commercial traders were long on the EUR so guys go long. But today at the daily chart there is negative divergence to price but then MACD divergence only tells us there might be a drop in price but it does not tell us how far. But looking at COT it seems EUR is back on the trend.

Go long for EUR.

hello, continuing from previous post.

Sigh, Wrong prediction looking at buy the dips who knows the dips went lower and lower. Looks like it takes awhile for the trend to change.

Just from a quick glance of charts.....

There are several that I can see everything but price.

Get rid of all those lines and random squigglies. Simplify. The answer will be found there.

Less whipsaw and less opportunity to trade. But I think lets see if this is better.

Also yesterday went abit more detail on TD trendline breakout and the ppl who uses them.

http://forex-strategies-revealed.com/node/81.

Hopefully the higher the timeframe the lesser the false breakout and the more time for me to calculate the risk to reward ratio. Something I don't do as I look at opportunity rather then the what if.

Btw anybody read The Complete TurtleTrader?

Hello,

As the subject mention, I am not a skilled trader yet so I assume my position back to the rookie side however my account is live and I aim to reap 20pips a day. My strategy comes from the 4hr chart and I execute it on the 30mins chart to prevent false breakout and enter on the 15min chart with limited risk.

Looking at which from today on the EURUSD MACD trending up even though the 50EMA crosses the 200EMA (purple line) but looking at the previous post of the COT. The trend could change.

Hi there,

Looking at the chart it could be a uptrend continuous pattern. With today being M2/M4. Buy the dips in the uptrend. Assuming trend is down at the moment and reverse prior to London open. Lets bag our 20pips today.

Damn never notice the crossover at MACD at overbought. Now paying the price got stop out 1.5497. This is a price reversal pattern as the previous day MACD was at overbought.

Too many squiggly lines make my eyes hurt.

But before that I thank you forexmoments for the perspective. I am still in the midst of understand PA alone but I'll complement it with TD trendline break so that I get to play offense and bail out if PA works against me rather then on TD 4 qualifiers and miss out on an early trade and pips.

Today I made 1 boo boo, first is the GBPUSD. As explained on the chart. I was stopped out but I should do Jacko's anti-hedge order and went the same order as my stop loss. Because the overall trend is still down.

Lesson learn today:
Look at the overall trend if PA goes again you and the trend. Be patience as the big trend will push the opposing PA to its way. Lost 25pips for this trade.

Hello,

I take this forum as my journal at the same time hope the seniors here give comment.

Made this hedging prior to today 8.30EST news from Bernake. But hints of where PA will go are explain on the chart. It is an uptrend continous pattern confirm from 4hr chart.

The reason why I failed on the EURUSD is because I never look at the 4hr chart to suggest where PA might go.

I took this order but bail out early at only 35pips because PA went reverse for a breather should have wait for the next candle to suggest the end of run.

Hi there,

I witness this action from beginning to finish and I was stiff from action. I dare not click on the order as I watch PA work its way up to the projected exit level. Boy was I stupid!!! Currently I am using 30min timeframe to avoid fake breakout and yet will all the circumstances that is place on the chart I have no guts to click.

A note to myself when price keeps knocking on the door of the resistance line. Be prepare to jump in.

Hello,

Just to acknowledge to guys/gals here for comment and help on my current system. And to prove that I am commited to success I shall document my action and my equity.