In answer to your question I would wait for another valid signal before I would enter again.
Also in regard to stops it is always good to look at other s/r as potential stop points as long as they are int he vacinity of the low of the indicating candle.
hi acartwright, just a general question. when looking for s&r, what's the best time frame chart to look at? cos am still not confident in own s&r levels. tks.
hi acartwright, just a general question. when looking for s&r, what's the best time frame chart to look at? cos am still not confident in own s&r levels. tks.
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I tend to use 1 hour time frame.
I simply zoom out so I can get a clearer picture of where the s/r points are likely to be.
This is in conjunction with also using trendlines.
hi acartwright. just seeking your opinion in euro.
on 1 hr euro, there is dmi crossover with macd line above signal line....just awaiting adx to increase from previous bar to signal entry.
adx has declined from high of 44 to now abt 34 & euro traded today to low of 1.3212 & recovered to trade near 1.3400.
from your experience, if adx does increase afterwards to say 35 (high value) ....would you be hesitant to enter trade? or look at entry bar to see what kind of range it has? tks & sorry for the trouble.
am not good with s&r but from glance on 1 hr chart, do see several r at 1.3390/1.3430/1.3470.
hi acartwright. just seeking your opinion in euro.
on 1 hr euro, there is dmi crossover with macd line above signal line....just awaiting adx to increase from previous bar to signal entry.
adx has declined from high of 44 to now abt 34 & euro traded today to low of 1.3212 & recovered to trade near 1.3400.
from your experience, if adx does increase afterwards to say 35 (high value) ....would you be hesitant to enter trade? or look at entry bar to see what kind of range it has? tks & sorry for the trouble.
am not good with s&r but from glance...
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Hi holmes,
I am always careful when ADX turns from a high position - this is due to the ADX only having a certian amount of room to increase.
In regard to the eur/usd it is currently at what I would call a resistance point at 13385.
just fyi....on euro 1 hr bar, -dmi>+dmi 23 vs 14.3, adx rose just modestly to 22.11 from 21.91 after declining from highs of 30s. entry short 1.3338 stop 1.3357 (1 pip above entry bar high). was stopped out within half an hour. maybe shld have placed stop higher near res level 1.3388-93? or maybe shldnt have entered cos euro ppi looming.
just fyi....on euro 1 hr bar, -dmi>+dmi 23 vs 14.3, adx rose just modestly to 22.11 from 21.91 after declining from highs of 30s. entry short 1.3338 stop 1.3357 (1 pip above entry bar high). was stopped out within half an hour. maybe shld have placed stop higher near res level 1.3388-93? or maybe shldnt have entered cos euro ppi looming.
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Hi holmes,
It is hard to say whether or not to enter on this set up.
There is support around the 13325 area - also the overall trend is up so it could have been a retracement of notable value that changed the indicators to show a sell signal.
It is hard to say whether or not to enter on this set up.
There is support around the 13325 area - also the overall trend is up so it could have been a retracement of notable value that changed the indicators to show a sell signal.
It is just one of those that loses unfortunately.
Keep an eye out for a long set up on this pair.
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ok noted tks.
yes was waiting for the long set up. unfortunately for personal 1 hr chart, dmi & adx conditions met (+dmi>-dmi, adx jumped above 20 as well) but macd line was still below signal at that point. so no long there. other charts with different price feeds might be showing macd line above signal?
1 hr euro, dmi crossover....+dmi>-dmi, 27.6 v 15.5. adx also increased but just modestly from 27.5 to 27.6 (after declining from 43). macd line also above signal. entry 1.3359 stop 1.3309. however, range of bar is almost 65 pips. so not taking trade yet. maybe if it retraces to 1.3335/40 level.
1 hr euro, dmi crossover....+dmi>-dmi, 27.6 v 15.5. adx also increased but just modestly from 27.5 to 27.6 (after declining from 43). macd line also above signal. entry 1.3359 stop 1.3309. however, range of bar is almost 65 pips. so not taking trade yet. maybe if it retraces to 1.3335/40 level.
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Hi holmes,
I looked at this one but stayed out as price was coming to the 13375 area and noticed some resistance at thispoint..
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Joined Aug 2008
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Status: Surf The Waves
|177 Posts
Hello Acartwright,
Thank you for sharing your trading strategy. I am currently looking at the GBPUSD chart and there seems to be a valid sell signal. Please confirm. This will allow me to see if I understand your strategy. Thank you.
Thank you for sharing your trading strategy. I am currently looking at the GBPUSD chart and there seems to be a valid sell signal. Please confirm. This will allow me to see if I understand your strategy. Thank you.
fxpilot
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Hi fxpilot,
There did seem to be a signal generated on the GBPUSD.
However the candle that gave the signal had a higher high and a higher low so I would be staying away from that one.
There did seem to be a signal generated on the GBPUSD.
However the candle that gave the signal had a higher high and a higher low so I would be staying away from that one.
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hi acartwright,
does a higher hi & higher lo means buying momentum still strong?
most of the time, with your method, it's buying in a rally for further strengthening & selling in a sell-off for further exhaustion....is observation correct?
tks....
hi acartwright,
does a higher hi & higher lo means buying momentum still strong?
most of the time, with your method, it's buying in a rally for further strengthening & selling in a sell-off for further exhaustion....is observation correct?
tks....
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Hi holmes,
This comment was in a response to the system showing a sell on GBPUSD.
The indicating candle has a higher high and a higher low which would represent the start of a move long.
As a result I would not have taken the sell signal the system produced.
This comment was in a response to the system showing a sell on GBPUSD.
The indicating candle has a higher high and a higher low which would represent the start of a move long.
As a result I would not have taken the sell signal the system produced.
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ok got it....
the 1 hr euro chart is developing a bullish crossover....do see some res at 1.3440/50 level. in your opinion, do you think can take long trade if dmi, adx & macd signals confirmed long? tks.
