The charts has been really testing this week to see how patient one can be. Theres isnt any clear direction on most pairs because they are consolidating, when this happen sit back and relax until the market starts making higher highs/lower lows. Or switch to a lower time frame and apply the rules of trading consolidation. At times the market will move sideways/consolidate to a TL then gives a signal, i'm seeing where this can occour with several pairs. Also a few pairs forming "flags" wait for a break of these flags then enter on a retrace.
The market gave a good "head start" for the week, up to 6 possible trades today from the system, all were for major pip gains. The euraud gave the biggest gain for 400+. The trends are back into place after sideways movements/consolidation marred our trading last week.
Posted below is a setup of audchf which was a "text book" entry. Test of the down TL then a perfect evening star formation. Entry after the close of the ES.
Posted below is a setup of audchf which was a "text book" entry. Test of the down TL then a perfect evening star formation. Entry after the close of the ES.
Posted below is a trade we took from the 1H TF on gbpaud, the first chart(4H) showing the test of the up TL so the expectation was a crown formation, then on the 1H we saw those tweezer tops which validates our entry.
Hi Dra, could you please explain how does a tweezer top formation look like?
I have always thought a tweezer top is just a reversal formation with the same high.
Thanks so much.
Ignored
Let me help you with this a tweezer tops is 2 shooting stars ...meaning that each candle of the formaion must be 60 percent wick and also they do not have to have the same highs...
now for the twezzer bottoms its 2 hammers and the same rules apply
Let me help you with this a tweezer tops is 2 shooting stars ...meaning that each candle of the formaion must be 60 percent wick and also they do not have to have the same highs...
now for the twezzer bottoms its 2 hammers and the same rules apply
Ignored
Shermenator,
I wonder if you can also help me. In post #630, the perfect "text book" set-up on the AUDCHF, Dra uses InterBanks platform to show the evening star. Unfortunately, this did not appear on my usual MT4 platform in such a crisp manner. I checked several other platforms and it appears that IB was the only platform showing this formation so distinctly.
So I was wondering how you handle candle differences between platforms. Or is there a preferred platform for the method.
I wonder if you can also help me. In post #630, the perfect "text book" set-up on the AUDCHF, Dra uses InterBanks platform to show the evening star. Unfortunately, this did not appear on my usual MT4 platform in such a crisp manner. I checked several other platforms and it appears that IB was the only platform showing this formation so distinctly.
So I was wondering how you handle candle differences between platforms. Or is there a preferred platform for the method.
Thanks,
Ignored
You see what happends is that different brokers close their 4 hour candles at different times...I use the same once Dra uses and that Interbankfx as well as I use ODL metatrader since it has the same closes at interbanksfx except they have like a couple of different currencies so I just use it for this reason....
And simply trade the time you like as the 4 hour candle....I stick to using the 4 , 8, 12 closes this being eastern time ....
Also dont worry about the trades you miss in another platform since you will have enough chances in your own platform ...leave some pips for other people lol
Hi Dra, could you please explain how does a tweezer top formation look like?
I have always thought a tweezer top is just a reversal formation with the same high.
Thanks so much.
Ignored
Tweezers are candles/dojis with small body and long wick, the length of the wick should be a minimum 60% of the body. On the previously posted gbpaud chart you will see tweezer tops and on the the chart posted below you will see tweezer bottoms. Also they dont have be aside each other they can be a few candles apart as shown in the gbpaud.
