Wow , at last someone else who´s working with price and EMAs....KISS at its best. Great continuation system and using the 34 EMA....LOL I´m working with that and envelopes too! Super stuff.
I´ve posted one of my 5 min charts with your envelope added.
I use the 5 min stochastic together with the 15 min to alert me to high probability entry times....note the 2 other red arrows today, just above the stochastic.
Normally, I´m looking to enter around the Frankfurt / London Opens using the 34 EMA and price action relative to it.....not today as Europe on holiday, but later in the 7:15 candle, there was a good entry.
I find the 200 EMA bands very useful in setting dynamic exit areas....see current chart!!
Like you, I believe in a multiple lot entry and staged exits, taking some profit early (10 -15 pips) moving the stop to BE and then staggering the other exits. I normally look to be flat by 1300 NY time.
Still work in progress, but hope they might be of interest.
http://www.forexfactory.com/images/icons/icon12.gif
I´ve posted one of my 5 min charts with your envelope added.
I use the 5 min stochastic together with the 15 min to alert me to high probability entry times....note the 2 other red arrows today, just above the stochastic.
Normally, I´m looking to enter around the Frankfurt / London Opens using the 34 EMA and price action relative to it.....not today as Europe on holiday, but later in the 7:15 candle, there was a good entry.
I find the 200 EMA bands very useful in setting dynamic exit areas....see current chart!!
Like you, I believe in a multiple lot entry and staged exits, taking some profit early (10 -15 pips) moving the stop to BE and then staggering the other exits. I normally look to be flat by 1300 NY time.
Still work in progress, but hope they might be of interest.
http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs