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Great 5M pullback system

  • #21
  • May 3, 2010 10:32am May 3, 2010 10:32am
Thanks for posting the system Snusufreak.

Do you use the MACD histogram or signal line for overall trend judgement?
  • #22
  • May 4, 2010 12:36am May 4, 2010 12:36am
Quoting brightside
Thanks for posting the system Snusufreak.

Do you use the MACD histogram or signal line for overall trend judgement?
Hi, brightside! You're welcome!

I use histogramm. Above zero - bullish. Below zero - bearish.

Regards,
snu.
  • #23
  • May 4, 2010 12:46am May 4, 2010 12:46am
Here's EU short once again.

We had a nice move yesterday. Price retraced 62% of that move and consolidated during Late US and Tokio sessions.
First target is 1.3155 - ytd low.
Second Target is 1.3120 - 138% fib extension and price low as of 28th of april.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 23 KB
  • #24
  • May 4, 2010 2:16am May 4, 2010 2:16am
Closed @ target 1. +40 pips.
  • #25
  • May 4, 2010 2:30am May 4, 2010 2:30am
what about cable, did you entered short recently?
  • #26
  • May 4, 2010 2:41am May 4, 2010 2:41am
Missed good entry on GU for 30-40 pips while battling EU.
Look how 38 retracement worked out nicely.

See how everything works out great and simple. Here are your potential 80 pips during morning session. Now its time to turn off your computer and chill untill 11GMT.


Regards, snu.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 27 KB
  • #27
  • May 4, 2010 2:50am May 4, 2010 2:50am
Quoting dbsys
what about cable, did you entered short recently?
dbsys, if you see the entry I encourage you to drow your fibs, post the pic and tell everybody what you see. This way others can look and learn!

GJ noticing that set-up, BTW.

As I allready said I unfortunately missed it.
  • #28
  • May 4, 2010 2:55am May 4, 2010 2:55am
this is my chart. entry at blue vertical line, curently holding 30pips.. i'm not sure there to draw fibs..
Attached Image (click to enlarge)
Click to Enlarge Name: cable.gif Size: 22 KB
  • #29
  • May 4, 2010 3:22am May 4, 2010 3:22am
Its good to use fibonacci for anticipating potential lvls where the price might retrace. They sometimes in conjunction with other visual S/R lvls (Moving averages, KG lines) give you earlier entries with tighter stops, so please do not underestimate them.

I personally use 38.2 and 61.8 lvls, I don't even have other lvls on my fib tool.

The rules of drowing fib lvls are following (this is how I do it and it works for me, if you know and use something that you think works better please post it here):

1. Allways drow your fib using High/Low lvls of the last impulse move.
2. For a move down start from the high point (beginning of an impulse move) and extend your fib to the lowest point prior to the retracement (end of an impulse move).
3. For a move up do the opposite.

Check out an example of EU:
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 31 KB
  • #30
  • May 4, 2010 4:49am May 4, 2010 4:49am
Hi, snu.
Thanks for sharing your system, it looks pretty simple and profitable.
Plz, look at the picture and tell me, does this trade fit to your entry rools?
Blue line - Entry point
Red line - Stop Loss lvl.

Also i am totally confused about putting my Take Profit lvl. Any guesses where it should be?
Attached Image (click to enlarge)
Click to Enlarge Name: 1.JPG Size: 67 KB
  • #31
  • May 4, 2010 5:35am May 4, 2010 5:35am
Hi peeps,

I am a new trader. I just wanna know the above system. I don't fully understand what you mean with the above system.

OK, don't shoot me, I know you's are experts.

Thankz
He who fears being conquered is sure of defeat - Napoleon Bonaparte
  • #32
  • May 4, 2010 6:19am May 4, 2010 6:19am
Don't forget the M15 stochastic should be on your
chart and agreeing with the trade.

Brian

Quoting Eat_My_Short
Hi, snu.
Thanks for sharing your system, it looks pretty simple and profitable.
Plz, look at the picture and tell me, does this trade fit to your entry rools?
Blue line - Entry point
Red line - Stop Loss lvl.

Also i am totally confused about putting my Take Profit lvl. Any guesses where it should be?
  • #33
  • May 4, 2010 6:20am May 4, 2010 6:20am
Quoting Eat_My_Short
Hi, snu.
Thanks for sharing your system, it looks pretty simple and profitable.
Plz, look at the picture and tell me, does this trade fit to your entry rools?
Blue line - Entry point
Red line - Stop Loss lvl.

Also i am totally confused about putting my Take Profit lvl. Any guesses where it should be?
Hi shorts! your trade is absolutely correct!
EP, SL lvls are fine. Good job!

One of the possibilities for exit is your fib extension lvls. See the pic attached.

Also, I haven't mentioned this in the rules, but the good thing to look for is hidden divergence on stochastics indicator, it confirms your entry.

If you see the divergence, plus know that your trend is strong and drow your fib retracement lvls correctly you could enter using limit orders. (picture explains what I'm talking about)
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 27 KB
  • #34
  • May 4, 2010 7:25am May 4, 2010 7:25am
Quoting hjs69
Hi peeps,

I am a new trader. I just wanna know the above system. I don't fully understand what you mean with the above system.

OK, don't shoot me, I know you's are experts.

Thankz

hjs69. open a demo account, load the template and indicators. read every piost in here once again very carefully and then start playing! if you have any troubles let us know and we will help!
  • #35
  • May 4, 2010 8:14am May 4, 2010 8:14am
Hi, snusnufreak

First thanks a lot for your kindness, your very interesting system.. and your willing to share.

Do you think you could modify YOUR stoch indicator and get an alert sound when the TF=M5'stoch crosses the 50 line ?

TIA

Regards

BBF
BigBlackfeet Always on the(forex) war path !
  • #36
  • May 4, 2010 8:27am May 4, 2010 8:27am
Lots of profit man......at least 70pips made this morning just taking little profits.

Thanks SnuFreak
Attached Image (click to enlarge)
Click to Enlarge Name: five_minute_pullback.gif Size: 25 KB
  • #37
  • May 4, 2010 8:34am May 4, 2010 8:34am
Hello Snusnufreak !

Thank you for sharing your system, it seems great !

But there is still something I don't understand : If you put limit order on the Fib's, then you don't wait for the Sto to confirm the end of retracement.

For instance, the price is about to retrace so you put a sell order at 38,2% Fibs, but what if the price continues to go up ? Where is your stop in this situation ?
And wouldn't you regret not having waited for the Sto to cross down the 50 lvl ?

I hope i'm clear enough !

Thank you again for sharing
  • #38
  • May 4, 2010 8:47am May 4, 2010 8:47am
This is a really great stochastic with alert, you can set up to
4 levels or just 50 like for this system if you wish.

Enjoy

Brian
Attached File(s)
File Type: mq4 Stochastic4Alerts_v2.mq4   5 KB | 719 downloads
  • #39
  • May 4, 2010 8:52am May 4, 2010 8:52am
I just took another short for a quick 18 pips on the last pink line.
I entered at 123.22 and exited at the round number 122.00 for a quick 18pips.

Thanks SnuFreak
Attached Image (click to enlarge)
Click to Enlarge Name: five_minute_pullback_1.gif Size: 21 KB
  • #40
  • May 4, 2010 9:14am May 4, 2010 9:14am
Quoting golden1
This is a really great stochastic with alert, you can set up to
4 levels or just 50 like for this system if you wish.

Enjoy

Brian
Hi, Brian

Thanks a lot and for sure I enjoy very much this very nice indicator!

May I say that I miss the TF=M15 ?

Regards

BBF
BigBlackfeet Always on the(forex) war path !
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