Thanks, it is very profits system when you can catch the trend. EURUSD M15 for today on 2009.5.4.
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- #2,566
- May 5, 2009 5:58pm May 5, 2009 5:58pm
Yesterday I thought the bulls would succeed in reaching wR1, I was wrong.
What happened instead was a 14.5 hour struggle that formed a double top for all the world to see. Force5 sell signals confirming down to multiple fibo extension targets as in my chart below...
Note: Correct fibo placement on a reversal like this helps understand PA on the retracements. I place my fibo from the top down to a reaction point that shows the big retrace up started somewhere in between 127 and 162 levels. I try different reaction points from the top going down until I see the first one that meets this criteria. Then I leave the fibo there, I don't move it until the 200 level is well and truly broken. By that I mean, "price stays below the 200 fibo" which has not yet happened as you can see above. RD
What happened instead was a 14.5 hour struggle that formed a double top for all the world to see. Force5 sell signals confirming down to multiple fibo extension targets as in my chart below...
Note: Correct fibo placement on a reversal like this helps understand PA on the retracements. I place my fibo from the top down to a reaction point that shows the big retrace up started somewhere in between 127 and 162 levels. I try different reaction points from the top going down until I see the first one that meets this criteria. Then I leave the fibo there, I don't move it until the 200 level is well and truly broken. By that I mean, "price stays below the 200 fibo" which has not yet happened as you can see above. RD
- #2,570
- May 6, 2009 10:35am May 6, 2009 10:35am
Hi,
I have been following this (unfortunately slow lately) thread for some time. Read it once and i am preparing to read it again. Attached are 2 trades i took:
Trade 1 Reasons: double top + bull fail + 61.8 fib + short signal. stopped and reversed when trade 2 happened.
Question: do you usually do that (stop and reverse)? Was that good place to reverse?
Trade 2: sort of a double bottom + day open + 15 minutes trendline + bull signal. closed my first trade and entered on reverse. closed it at short term + 1.300 level fail + big short candle. closed on break of short signal.
Another question: was that a good place to exit? I gave the short term trendline some weight + the 1.3 level. Was that inspired? How much emphasis do you put on trendlines. I know that few posts back rob said that he usually don't use them unless they line up with some s/r. Is that always the case? Right after i closed the trade, it resumed its up course
I remember reading in the beginning of the trade, there was a momentum filter ... if after 3-4 bars there is no desired movement, close the trade or at least move to break even. do you guys do that?
Trade 3 (which was too early for me): double bottom at yesterday's low + trendline + bull signal.
I would love to hear your comments (and i would be honored if rob could chime in
)
I have been following this (unfortunately slow lately) thread for some time. Read it once and i am preparing to read it again. Attached are 2 trades i took:
Trade 1 Reasons: double top + bull fail + 61.8 fib + short signal. stopped and reversed when trade 2 happened.
Question: do you usually do that (stop and reverse)? Was that good place to reverse?
Trade 2: sort of a double bottom + day open + 15 minutes trendline + bull signal. closed my first trade and entered on reverse. closed it at short term + 1.300 level fail + big short candle. closed on break of short signal.
Another question: was that a good place to exit? I gave the short term trendline some weight + the 1.3 level. Was that inspired? How much emphasis do you put on trendlines. I know that few posts back rob said that he usually don't use them unless they line up with some s/r. Is that always the case? Right after i closed the trade, it resumed its up course
I remember reading in the beginning of the trade, there was a momentum filter ... if after 3-4 bars there is no desired movement, close the trade or at least move to break even. do you guys do that?
Trade 3 (which was too early for me): double bottom at yesterday's low + trendline + bull signal.
I would love to hear your comments (and i would be honored if rob could chime in
)
- #2,578
- May 13, 2009 1:53pm May 13, 2009 1:53pm
How could I miss that reversal? I was so convinced the bulls were chasing the 23-March high that I didn't pay attention to all the signs of a reversal. This morning, after it happened, it all looks so obvious...
