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  • #781
  • May 16, 2008 11:24am May 16, 2008 11:24am
Quoting zoopy
Thanks. I'll look into that thread this weekend when I have more time. I remember reading something similar with the other thread of his.

Based on the charts, you're right, they are quite similar. There's quite a few interesting threads popping up lately. Have you seen the DIB's one? That's quite a simple approach too.
Took a quick look at TEB's method. So basically what he's doing is...

1. Uses 200 EMA to determine the trend
2. Look at daily and weekly to see if they are above 200 EMA for a long
3. Once the daily and weekly are above, look at the 4 hour to see that price is below the 200 EMA
4. When price is below and breaks up, you enter long.
5. Target 200.0% and 300.0% levels.


My method so far...
1. Pick the timeframe you want to trade. Lets say 4 hour.
2. Trend is based on which way the waves are breaking
3. If a wave collapses, look to short but only after pullbacks.
4. Stops are similar to the way he places his, targets for mine haven't quite yet been resolved.
  • #782
  • May 16, 2008 11:31am May 16, 2008 11:31am
Here's my eurusd 4 hour chart after my 4 hour period closed. We have a clear break of the wave going up. What I'm going to try do now is wait for price to drop as close to the blue highlighted area as possible before going long. Probably won't happen today though.
Attached Image (click to enlarge)
Click to Enlarge Name: euro_4hour.gif Size: 8 KB
  • #783
  • May 16, 2008 11:35am May 16, 2008 11:35am
Quoting MPP
Not yet but i will now, anyway back to waves, how did the eu close on your 4h. i would assume high, so now we wait for the retracement and enter - 1.5500 would be good in my view
Yes 1.5500 would be good if we could get that price. Not sure if it'll drop that low though. Maybe 1.5550?
  • #784
  • May 16, 2008 12:19pm May 16, 2008 12:19pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
Yes 1.5500 would be good if we could get that price. Not sure if it'll drop that low though. Maybe 1.5550?
meet you in the middle.lol
  • #785
  • May 16, 2008 12:35pm May 16, 2008 12:35pm
Quoting MPP
meet you in the middle.lol
lol. Funny you should say that. I was thinking of going in at around 1.5530 which is near where my horizontal line is.
  • #786
  • May 16, 2008 3:46pm May 16, 2008 3:46pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
i'm out peeps, have a good weekend
  • #787
  • May 16, 2008 3:56pm May 16, 2008 3:56pm
Quoting MPP
i'm out peeps, have a good weekend
Have a good weekend MPP
  • #788
  • May 16, 2008 4:07pm May 16, 2008 4:07pm
Just checked my gbpchf 4 hour chart. There wasn't a wave collapse. Going to be interesting how this one plays out next week.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_4hour.gif Size: 8 KB
  • #789
  • May 16, 2008 5:35pm May 16, 2008 5:35pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Zoopy
mean't to ask earlier, can you post a link to dib's thread, can't find it

thanks
  • #790
  • May 16, 2008 5:39pm May 16, 2008 5:39pm
Quoting MPP
Zoopy
mean't to ask earlier, can you post a link to dib's thread, can't find it

thanks

Here's the link. I think this one was started recently. There's another one and the link for that is posted in the first post.

http://www.forexfactory.com/showthread.php?t=86766
  • #791
  • May 17, 2008 1:28pm May 17, 2008 1:28pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
Here's the link. I think this one was started recently. There's another one and the link for that is posted in the first post.

http://www.forexfactory.com/showthread.php?t=86766
page 11 of the original thread now, i see you.LOL

OK so first impressions

how simple can life get, the closest method i've seen to that is Mikelaths daily95 pip breakout method

kinda throws the line charts out though, but it is a very clear method of trading - not sure about your TZ though.
  • #792
  • May 17, 2008 3:12pm May 17, 2008 3:12pm
Quoting MPP
page 11 of the original thread now, i see you.LOL

OK so first impressions

how simple can life get, the closest method i've seen to that is Mikelaths daily95 pip breakout method

kinda throws the line charts out though, but it is a very clear method of trading - not sure about your TZ though.
LOL.

I just find that thread interesting because of how simple it is compared to a lot of threads on this site.

As for the line charts, I'm still moving ahead with them because I find it simple and has been very helpful. The other thing that I find very interesting is how I often arrive at the same conclusion as some other traders who have drawn a number of trendlines, used indicators and thrown in fundamentals to go with it. Now... if I can achieve that with a simple line chart, it goes to show you that it's not all "fluff" lol.

Speaking of which... I think it was in the euro thread someone pointed out there was a head and shoulders pattern and that they're waiting for a pullback before going long. With the waves we were waiting for a break which happened and now we're waiting for a pullback before going long too.


Edit: Here's the link to their analysis
http://www.forexfactory.com/showpost...postcount=9451

Compare the above link to post#782 (what happened based on waves). The funny part about this... we could still both be wrong because one can never be 100% certain. That's why I believe simple is really the best route. If you're able to trade with a slight edge, just pull the trigger when you get the "go" signal". Make sure to have a solid money management plan and most importantly. Don't think too much, just do it.
  • #793
  • May 18, 2008 10:38am May 18, 2008 10:38am
I happened to be messing around this morning with waves and remembered seeing the Guppy GMMA (Guppy Multiple Moving Averages). I believe that had a very similar concept if not the same so I decided to see what that looked like using different EMA's.

This is more for visual purposes and for those that find it hard to see when a wave collapses and what it looks like. As illustrated in my charts, when a major wave collapses, the white moving averages (EMA 1,2,3,4,5) collapse and fall under the yellow-orange moving averages (EMA 6,7,8,9,10). The opposite can be seen for waves breaking to the upside.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_guppy.gif Size: 14 KB
Click to Enlarge Name: eurusd_wave.gif Size: 10 KB
  • #794
  • May 18, 2008 4:20pm May 18, 2008 4:20pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
LOL.

I just find that thread interesting because of how simple it is compared to a lot of threads on this site.

As for the line charts, I'm still moving ahead with them because I find it simple and has been very helpful. The other thing that I find very interesting is how I often arrive at the same conclusion as some other traders who have drawn a number of trendlines, used indicators and thrown in fundamentals to go with it. Now... if I can achieve that with a simple line chart, it goes to show you that it's not all "fluff" lol.

Speaking of which... I think it was in the euro thread someone pointed out there was a head and shoulders pattern and that they're waiting for a pullback before going long. With the waves we were waiting for a break which happened and now we're waiting for a pullback before going long too.


Edit: Here's the link to their analysis
http://www.forexfactory.com/showpost...postcount=9451

Compare the above link to post#782 (what happened based on waves). The funny part about this... we could still both be wrong because one can never be 100% certain. That's why I believe simple is really the best route. If you're able to trade with a slight edge, just pull the trigger when you get the "go" signal". Make sure to have a solid money management plan and most importantly. Don't think too much, just do it.
Ok i'm running both styles of charts, so far our entries have been better, will be interesting to see how this works out.
  • #795
  • May 18, 2008 4:38pm May 18, 2008 4:38pm
Quoting MPP
Ok i'm running both styles of charts, so far our entries have been better, will be interesting to see how this works out.

Both styles of which chart? The Guppy one? That was more for a visual but you can use it too. Since I'm using a 1 period EMA, it's the same as the line chart I think (you can try overlapping it onto the line chart).

The whole idea behind these waves is to use them to determine a possible direction for the next few waves which will follow. If you go through your charts, you'll notice that after the first wave breaks/collapses, there is a fairly high probability that the following waves will continue in that direction of the break. If we know this, this to me is extremely valuable because I can now build up a position in that direction using the pull backs. I'm even debating whether having a take profit is the best approach. If I'm going long for example, it may be better to keep adding on the dips and to trail the waves until one of the major waves collapse. All of this is just theory though, in practice it may be very hard to pull off which is what I'm going to look into now.
  • #796
  • May 18, 2008 4:48pm May 18, 2008 4:48pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
Both styles of which chart? The Guppy one? That was more for a visual but you can use it too. Since I'm using a 1 period EMA, it's the same as the line chart I think (you can try overlapping it onto the line chart).

The whole idea behind these waves is to use them to determine a possible direction for the next few waves which will follow. If you go through your charts, you'll notice that after the first wave breaks/collapses, there is a fairly high probability that the following waves will continue in that direction of the break. If we know this, this to me is extremely valuable because I can now build up a position in that direction using the pull backs. I'm even debating whether having a take profit is the best approach. If I'm going long for example, it may be better to keep adding on the dips and to trail the waves until one of the major waves collapse. All of this is just theory though, in practice it may be very hard to pull off which is what I'm going to look into now.

DIB's, i was going to suggest that you could run a few ema's over the line chart to help show trend, if you like i can send you an indicator that shows you the trend based on 3ma's crossing in, it will show you the trend for various TF on 1 chart. i set it up and posta chart let me know which ma's you like and which tf.
  • #797
  • May 18, 2008 5:00pm May 18, 2008 5:00pm
Quoting MPP
DIB's, i was going to suggest that you could run a few ema's over the line chart to help show trend, if you like i can send you an indicator that shows you the trend based on 3ma's crossing in, it will show you the trend for various TF on 1 chart. i set it up and posta chart let me know which ma's you like and which tf.
You could use EMA's to show trend although what I'm attempting to do is to trade based on wave movements. That also means I don't have a bias to up or down until a wave breaks. Not sure if that makes sense at all or maybe I'm not understanding you.

Post a chart though because I'm curious now that you mentioned it.
  • #798
  • May 18, 2008 5:19pm May 18, 2008 5:19pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
You could use EMA's to show trend although what I'm attempting to do is to trade based on wave movements. That also means I don't have a bias to up or down until a wave breaks. Not sure if that makes sense at all or maybe I'm not understanding you.

Post a chart though because I'm curious now that you mentioned it.
what i was trying to say (getting late here) is that you don't need 10ema's to show the price turning, you could us say 3 to keep the chart clearer.

anyway enough for me tonight, catch you tomorrow.
  • #799
  • May 18, 2008 5:32pm May 18, 2008 5:32pm
Quoting MPP
what i was trying to say (getting late here) is that you don't need 10ema's to show the price turning, you could us say 3 to keep the chart clearer.

anyway enough for me tonight, catch you tomorrow.
Yup. I just wanted to give it more of a visual effect. This way it looks like the waves are actually rolling over. I guess you can say it's like an optical illusion lol.
  • #800
  • May 18, 2008 7:05pm May 18, 2008 7:05pm
Quoting zoopy
Yup. I just wanted to give it more of a visual effect. This way it looks like the waves are actually rolling over. I guess you can say it's like an optical illusion lol.
Hey Zoop. Just read this post and it brought me back to when I used to demo on 5 min charts using GMMA's. I still have the GMMA charts saved as they took a lot of time to set up. The way I would play these charts is that I would wait until the yellow and orange MMA's compressed and then buy or sell based on the trend. Worked OK. Made some demo pips but of course now I trade the daily. Funny thing though, when you look at the chart like this, the overall trend really jumps out at ya!
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD GMMA.GIF Size: 58 KB
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