Bringing Down the Forex House | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

bringing bottom indicator window to the top 3 replies

Trading The House Down 11 replies

RSI level cross arrows (up->down down->up) 0 replies

Bringing The Sexy Back To CCI 15 replies

GFT Forex - Down Again 3rd time - Warning 0 replies

Attachments: Bringing Down the Forex House
Exit Attachments

Bringing Down the Forex House

  • #81
  • Edited 9:47am Nov 25, 2009 8:54am | Edited 9:47am
EUR/USD-TRENDING/EXHAUSTION-11-25-09

After analyzing the 30M chart of the EU this morning, there were great trade opportunities in the past few hours. If you check the chart you will see more details.

But you must realize that each morning you should check the pairs and see how they are acting...which decks are hot or cold? which are near exhaustion prices, etc. after looking at the pairs you should be able to make a decision on which way you will be trading the market for the day. And being on cash for the day, is still a decision you have to decide!

i will posting more charts from yesterday, just wanted to make sure everyone saw the exhaustion play (a bit more clear in USD/CAD 30M).

MADNESS
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD ANALYSIS 11-25.jpg Size: 181 KB
  • #82
  • Nov 25, 2009 9:25am Nov 25, 2009 9:25am
EUR/USD- SIDEWAYS MARKET (11/24)

After looking at yesterdays price action during NY, you will see that at first you will be taking longs because of the 30M chart showing a hot deck. But if you happen to get stuck in the pair with the SL on 30M BBand, and you are underwater in the position 80% of the time you holding, you should always try to exit with a small loss or a breakeven (bc it was a bad trade, losses happen).

check chart for more details...

MADNESS
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD ANALYSIS 11-24.jpg Size: 334 KB
  • #83
  • Nov 25, 2009 9:46am Nov 25, 2009 9:46am
EXHAUSTION PLAY-USD/CAD

Here is another perfect exhaustion set up in the usd/cad.

check chart for more details!

MADNESS
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD3.jpg Size: 174 KB
  • #84
  • Nov 25, 2009 10:25am Nov 25, 2009 10:25am
Madness what do you think of the 15 and 5m combination.
  • #85
  • Nov 25, 2009 10:51am Nov 25, 2009 10:51am
Quoting ukcool
Madness what do you think of the 15 and 5m combination.
Ukcool,

You can use whichever pairing you feel is a better fit for your personality. If you like taking more trades per day, you should go with 15M and 5M...i just use 30M and 5M cause it fits the way i trade and think.

MADNESS
  • #86
  • Nov 25, 2009 10:57am Nov 25, 2009 10:57am
Quoting j0ker
Madness,

thank you for sharing this strategy with us.

After reading all very carefully i am not sure where to put the SL.

Maybe i summarize in some words what i understand how the system works so far and you can correct it, if i am wrong.

-----

Long Setup (Short vice versa)

30 Min Chart:
Looking for a trend, is the deck getting hot? (Price abouve both SMA´s and heading upwards).

then:

5 Min Chart:
Entering the market when price moves to the middle of both SMA´s or the beginning of a Bollinger Band...

Madness,

maybe you overread my post. I would really apreciate it, if you give me a short answer :-)

Cheers
  • #87
  • Nov 25, 2009 11:29am Nov 25, 2009 11:29am
Quoting j0ker
Madness,

maybe you overread my post. I would really apreciate it, if you give me a short answer :-)

Cheers
Joker,

Sorry about reading over your post...everything sounded right about entry but about the SL, it depends on which setup i am using:

If going with 30M trend: i use the BBand (30M) as a hard stop loss but i will usually exit if the deck cools (price between MA and BBand) manually.

If i am trading an exhaustion play: i will use the recent high/low on the 30M chart for my SL.

If anyone else has questions or comments, feel free!

MADNESS
  • #88
  • Nov 25, 2009 3:43pm Nov 25, 2009 3:43pm
Quoting Madness
Joker,

If anyone else has questions or comments, feel free!
MADNESS
Madness,
To make the method more precise, could you elaborate on what would be the exact entry and SL trend (30m/5m combo)?
a) entry at 5m Hi-MA and SL at 5m Hi-MA (see 2,3 in chart)?
b) entry at 5m Hi-MA and SL at 5m Low-MA?
b) entry at 5m Hi-MA and SL at 5m BB?
c) entry at 5m Low-MA and SL at 5m BB (see 1, 4 in chart)?
d) other entry and SL??????

In my observations the SL at the 5m Hi-MA will secure profit earlier since it follows the price faster but on the other hand stop you out earlier. Since you have a deeper understanding of the method what do you think?

P.S. If we can identify the method like this I am sure one of the clever programmers lurking in this forum could help us with a good indicator (arrows, alerts, etc.)
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 26 KB
  • #89
  • Nov 26, 2009 8:43pm Nov 26, 2009 8:43pm
Madness, thanks for this method. I've tweaked it a little to fit my style of trading, and I'm currently +100 pips in profit across several pairs. Here are two live charts.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 30 KB

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 31 KB
  • #90
  • Nov 27, 2009 7:48am Nov 27, 2009 7:48am
Quoting lgtj
Madness, thanks for this method. I've tweaked it a little to fit my style of trading, and I'm currently +100 pips in profit across several pairs. Here are two live charts.
Attachment
Attachment
HI Lgtj:
Your Weekly Trend Trading Method works great using the day chart. I've made hundreds of pips with it.

Madness has a great trade for intraday. I've done well with it too when I take my time studying setups.

Would you comment how you tweaked it? I'd like to try it.

Thanks,

Steve
  • #91
  • Nov 27, 2009 9:52am Nov 27, 2009 9:52am
Quoting stevewide
HI Lgtj:
Your Weekly Trend Trading Method works great using the day chart. I've made hundreds of pips with it.

Madness has a great trade for intraday. I've done well with it too when I take my time studying setups.

Would you comment how you tweaked it? I'd like to try it.

Thanks,

Steve
Thanks for your comment about my thread. I'm glad that you're profiting from it. I'll explain how I trade this system if it's ok with Madness. But first, look at these live trades.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 34 KB

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 33 KB
  • #92
  • Nov 27, 2009 2:53pm Nov 27, 2009 2:53pm
It appears the first Uchf is a loss unless i don't see same as you. I see others were winners and can see ma's turn with macd, rsi confirm.

Steve
  • #93
  • Nov 27, 2009 3:06pm Nov 27, 2009 3:06pm
Quoting stevewide
It appears the first Uchf is a loss unless i don't see same as you. I see others were winners and can see ma's turn with macd, rsi confirm.

Steve
It would not have been a loser if I had placed an order there. As a matter of fact, I made 125 pips between yesterday and today on this pair.
  • #94
  • Nov 27, 2009 3:37pm Nov 27, 2009 3:37pm
Quoting lgtj
It would not have been a loser if I had placed an order there. As a matter of fact, I made 125 pips between yesterday and today on this pair.
Nice.......please explain how you are trading with this setup.
Thanks,
Steve
  • #95
  • Edited 4:41pm Nov 27, 2009 4:21pm | Edited 4:41pm
Quoting stevewide
Nice.......please explain how you are trading with this setup.
Thanks,
Steve
Ok, the first thing that I do is verify the trend on the 30 min chart with the bbands, rsi, and macd. I'll use usdchf as an example. On this chart, the bb's were green, the rsi was above the 50 line, and the macd bar was green and above the signal line.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 34 KB

Then I switch to the 5min chart, wait for a pull back and enter on the next long signal. This was the trade that I took yesterday and made 74 pips. Entry was at 1.0077, s/l 1.0152(yellow line), and target was at the next resistance level(red arrow) 1.0152.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 5min.gif Size: 35 KB
  • #96
  • Nov 27, 2009 4:37pm Nov 27, 2009 4:37pm
Here's the trade on usdchf that I took today. Entry was at 1.0112, s/l at 1.0152(yellow), and exit was at 1.0061(pink line).
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 34 KB

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 5min.gif Size: 35 KB
  • #97
  • Nov 27, 2009 4:48pm Nov 27, 2009 4:48pm
I see what you did now.....and it was very nice. I'll have to work on this.

Thanks so much.

Steve
  • #98
  • Nov 27, 2009 4:59pm Nov 27, 2009 4:59pm
Quoting stevewide
I see what you did now.....and it was very nice. I'll have to work on this.

Thanks so much.

Steve
You're welcome.
  • #99
  • Nov 27, 2009 7:00pm Nov 27, 2009 7:00pm
Here's another trade that I took today for +100 pips. The pair is gbpjpy.
Entry was at 142.05, s/l was at 140.32, and t/p was at 143.05.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 32 KB

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 5min.gif Size: 37 KB
  • #100
  • Nov 28, 2009 8:50am Nov 28, 2009 8:50am
Quoting lgtj
Here's another trade that I took today for +100 pips. The pair is gbpjpy.
Entry was at 142.05, s/l was at 140.32, and t/p was at 143.05.
Attachment
Attachment
Why was your stop loss so far away? Your risk reward wasn't good. Surely, a sl below the previous swing low would be enough to tell you that the conditions of the trade had changed and were no longer in your favour.
0 traders viewing now