Great quote for all traders to remember, it will save you a heck of a lot of frustrations and lost money. All that is new to the forums here is some advise, BE PATIENT!! When the guys tell you to read and study the previous post DO IT. This is not some quick money game here, IT'S A PROFESSION. And like any profession you take on it requires study and research. This system is simple but not for someone that is new to the profession of forex trading so take the time and diligently study the tread.
you all know meanwhile that I am not trading forex, but I took a glance at EURUSD.
Where did you guys entry?
maybe I should look for a good forex broker too :-)
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I just took the first bounce for 12 pips then ate breakfast and have missed a few more good bounces. But it's looking like if any one stayed in front of the charts for the last couple hours had some good set-ups.
sometimes you have to wait for the ultimate conditions.
Everything pointed in a strong uptrend today for my index, but a wrong entry moment can hit your stoploss. So where are the good entry moments?
I had to wait and wait today, but found 3 nice trades.
My Index, this is my 2nd trade today. Could have been 3, but I missed one. All three good ones, allthough the trend isn't as nice as on EURUSD
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Hi Jazz,
Always enjoy looking at yr charts. Lots to learn from. Thanks a lot. On this chart, did you enter when the CCIs cross 0 up 1st time or later towards the end of the circle when the stoch cross up again?
I entered exactly where the vertical line is drawn.
entryCCI>100 showing strength.
Good trading to all of you today!
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Thanks. But just wondering though if the narrowing TF5 and the pivot right at yr entry would have been a cause for concern? I've seen similar setups a few times on the FX charts and wonder if it's ok to jump in straight away when the larger TF5 or TF15 appear to be narrowing ie. increasing resistance. Or as in yr chart, to wait for a few bars to see if the TF5 becomes support, then look for reentry on the CCIs or Stoch. This usually means either a later entry at a worst price or at times just missed entry completely as price zooms up fast.
As you can tell, I'm still learning this brilliant method so appreciate any advice you may have to deal with similar setups.
Hi Pipster,
Are we both talking about post 1846??
Because you point out to a narrowing TF5 and a pivot......I think you're questioning about another chart I posted.....
Please tell me, what chart are you asking about?
Hi Kinonen,
Great seeing you using this template!
Your entry was reasonable good.
TF5 was narrowing, so forming resistance (broke) and after that support. I would have waited if price gets really support of that TF5, because also the CCI's didn't have really good strength at that point. A few minutes later: there he goes; maybe that was difficult to enter, but CCi was better there.
Hi Kinonen,
Great seeing you using this template!
Your entry was reasonable good.
TF5 was narrowing, so forming resistance (broke) and after that support. I would have waited if price gets really support of that TF5, because also the CCI's didn't have really good strength at that point. A few minutes later: there he goes; maybe that was difficult to enter, but CCi was better there.
Today I have been working elsewhere, so I just took a good look on the chart of my index. I hope you don't mind I show this chart, because I really like what I see.
My thoughts about it can you find under the numbered comments.
1. price continioud the rally from yesterday AFTER bouncing TF1
2. just before point 2 price should have been bouncing again, but it didn't. This could have been a goood warning. Also negative divergence on macd and trendcci. TF1 ribbon is narrowing but it doesn't give resistance at all. Because TF5 is at good distance, it's possible to go short a little after point 2
3. bounce off TF1
4. some support on TF5. This ribbon is widening, so support can be weak.
5. no support at all. TF15 is far away.
6. some support at pivot line and fib line.
7. TF1 failures
8. price allready have made a 2% fall, so possible support here on TF15
9. TF1 was narrowing but wasn't strong enough to keep price down. Bounce on pivotline.
10. TF1 and TF15 fighting together. An upmove is starting, but TF5 is nearby.
11. TF5 pushes the index down again. TF5 is close to the other TF zones. Interesting. pivot and fibline determine for a while sideways movement.
12. TF5 bounce and you can't see what happened after that. I can tell you price went down to the next fibline
