Hi I'm V and this is the better halfs preferred entry.
This set up has evolved from an indicator based entry to trading naked. Thanks again to Islanders influence (Psych levels pivots and trendline thread).
Once you have identified the trend (I use higher lows and lower highs off 5 min, also direction of 1 hour) you can use this for entry. On closed candles 1 min chart. You are not taking your trend direction from the 1 min. We have been using this method for some time, previously as a re-entry method, see http://www.forexfactory.com/showthre...low+lower+high. It has become the preferred entry method we like to use.
Very good trades can be achieved from trading the reaction to key levels psych levels, pivots, key fibs (based on previous days range) and previous days high/low. All can be loaded from the pivots as attached. Thanks Islander after much chart watching getting better at this style of trading. I hope the screenshots will clealy show the idea of trading the reaction to a key area.
I follow gu and ej.
BUYS
In uptrend either higher low or move up from a key level.
SELLS
In downtrend either lower high or from a key level.
Stops generally 12 to 15 including spread. Most likely to manually exit around 7/8.
Exits where it feels good to you. I target key levels again, round numbers, fibs, pivots etc trying for 15-30 pips a trade. Typically each currency will give 2/3 trades per session and can get you good entries into very long moves.
Take care if the 1 min candle giving signal is unusually large.
I enter 1 pip below/above signal candle. If price does not do this 1 pip move on don't take trade.
Royston was kind enough to add Mrs V's traffic lights that lines up when all 3 signals agree, or trade where you have no red for buys no green for sells. I've gone naked but feel free to give this a whirl.
This set up has evolved from an indicator based entry to trading naked. Thanks again to Islanders influence (Psych levels pivots and trendline thread).
Once you have identified the trend (I use higher lows and lower highs off 5 min, also direction of 1 hour) you can use this for entry. On closed candles 1 min chart. You are not taking your trend direction from the 1 min. We have been using this method for some time, previously as a re-entry method, see http://www.forexfactory.com/showthre...low+lower+high. It has become the preferred entry method we like to use.
Very good trades can be achieved from trading the reaction to key levels psych levels, pivots, key fibs (based on previous days range) and previous days high/low. All can be loaded from the pivots as attached. Thanks Islander after much chart watching getting better at this style of trading. I hope the screenshots will clealy show the idea of trading the reaction to a key area.
I follow gu and ej.
BUYS
In uptrend either higher low or move up from a key level.
SELLS
In downtrend either lower high or from a key level.
Stops generally 12 to 15 including spread. Most likely to manually exit around 7/8.
Exits where it feels good to you. I target key levels again, round numbers, fibs, pivots etc trying for 15-30 pips a trade. Typically each currency will give 2/3 trades per session and can get you good entries into very long moves.
Take care if the 1 min candle giving signal is unusually large.
I enter 1 pip below/above signal candle. If price does not do this 1 pip move on don't take trade.
Royston was kind enough to add Mrs V's traffic lights that lines up when all 3 signals agree, or trade where you have no red for buys no green for sells. I've gone naked but feel free to give this a whirl.
Attached Image(s) (click to enlarge)
Attached File(s)
Great post V.
Hope you guys are doing well.
