It just needs some good filter, i like that you use the momentum, maybe room for more improvement, good filters would help get in the right trade setups like macd, stochastic, rsi or something. But its still working and part of my system.
Take a look this indicator which have been created by baba master to change the LWMA color based on the price position (below pivot red, above pivot blue).
Great to see you here again, it's been quite some time....
This system always reminds me of that "Logical Trader" book I had read not too long ago, but of course this system is much simpler to understand to pinpoint entries.
Glenn it's always good to see you have all of this arsenal in your bag to trade, it was a very educational read to make one a better trade as to when to enter or exit. I personally just use FIBs, and plot them from the prior session and nothing more just to get a feel of where I should be for exits.
I hope this helps to clear up the High/low...As I said I dont want to take anything away from this thread so I will only show these pictures and I will leave it.
As we want to talk about this method of trading.
Picture 3 and 4 are Harmonic's and show the expected end to a retracment...ie....0.618 and 0.786 if it fails to turn at these points it stands a good chance to contiune to 1.00 and then we look at projection of 1.27 and 1.618...
The other two pictures are I hope clear views of how you can work out your Target, it also shows how many times...
I can't see how price action can take away from this thread if anything it can help to filter out bad signals. Please keep posting your great PA, Price Action, analysis.
I hope this helps to clear up the High/low...As I said I dont want to take anything away from this thread so I will only show these pictures and I will leave it.
As we want to talk about this method of trading.
Picture 3 and 4 are Harmonic's and show the expected end to a retracment...ie....0.618 and 0.786 if it fails to turn at these points it stands a good chance to contiune to 1.00 and then we look at projection of 1.27 and 1.618...
The other two pictures are I hope clear views of how you can work out your Target, it also shows how many times...
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
Good morning
Thankyou for your replys, I hope the price action will help you trade this method better...
I have included a picture of last nights GBPJPY as I use it on a 4 hr TF...note the daily high/low from Friday given me a target for last night when she broke down.....
So you see it works on any TF....
Now one thing I do need to address is the SL....normally the SL would be at the high/low of the move and move it to BE at 50% of the projected Target..
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
ET I think we have been around to long my friend, Like you I started with Fibonnacci then when the light started to dawn I found Gann and Elliot waves but I struggled to put it all together, then I found Scott Carney and his Harmonic Trading...
After reading that book several times I sat down at my computer with the book and pages I had photo copied all over my desk and started to look at my charts...........it was like some one had switched on a light ( a big one)
it all came together as Harmonics use Fibonnacci and Elliot waves and combine it all together.
I have never looked back, that was some years ago now but I still read back through it every now and again...
Like you I like this setup ( I was put onto it by my friend Jeff) so really Iam new to this thread and learning like every one else....And the MA setup I use is Jeff's .
I belive using the MA cross with a good knowledge of price action should net enough pips to keep the bills payed..
Nice trade. Price bounced off support @ 123.00 at beginning of Asian session. Currently 125.50 is strong resistance and most likely price will retrace from this point and revisit 123.00 again.
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
By using the Ma cross and the projection target method I see this method working very well and most traders should be able to pick up 30 or so pips a day....
In my book thats all you need to make this business work.
I have added a little graph that I have put together to show my idea of how a chart should be traded, combining this method..
Yes at this time of the day you will find the pairs will range and then the break outs will happen after London opens.
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
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PeaceloverWhat do you use the FXsniper CCI for?
Looking at your charts you have rxsnipper CCI what do you use it for? And how
I use it to confirm the move...look for the cross red/blue lines and if its above or below the zero line...
I have found that if its turning at a extreme the move will last several hours.
