I found 2 setup from UBP/USD. are they right points MissPips?
http://cA3.upanh.com/10.452.14590733.XCC0/untitled.jpg
http://cA3.upanh.com/10.452.14590733.XCC0/untitled.jpg
- #19,203
- Jul 23, 2010 6:25am Jul 23, 2010 6:25am
- Joined Jul 2008 | Status: #welcomebackGator | 2,418 Posts
- #19,204
- Jul 23, 2010 7:05am Jul 23, 2010 7:05am
- Joined Jul 2008 | Status: #welcomebackGator | 2,418 Posts
- #19,208
- Jul 23, 2010 8:58am Jul 23, 2010 8:58am
Please, post failures. So we all can learn. Thanks.
http://cA3.upanh.com/10.462.14600465.ZPN0/untitled1.jpg
http://cA5.upanh.com/10.462.14600475.KUX0/untitled2.jpg
http://cA2.upanh.com/10.462.14600480.KUX0/untitled3.jpg
So All of know nothing is perfect. building a perfect system is not the target of trader, improve trading skill is more important. MTF sytem(by MissPip) is very easy to use and I love it, System occurs many entry points, job is choosing good one. I'm a newbie and I do think so. Thanks to MissPips
- #19,209
- Edited 12:52pm Jul 23, 2010 12:07pm | Edited 12:52pm
- Joined Jul 2008 | Status: #welcomebackGator | 2,418 Posts
Well I can comment on what I did those two days. The first day 14.7, when I looked at my charts I saw this long range on the 30 m chart.
So I though I'd want to see that broken before I traded. My first and only trade was here
I didnt take either of those trades on 21.7. When I looked at the bigger picture for the first one I saw this (this chart shows the 5 and 30 rainbows):
The main trend was down, this was just a little over exited retrace and the 5 m trix was already in oversold at the time of the trade (where the green line is on the chart).
I also didn't take the second one at 1256 because I thought the trend was too far along by the time of that setup. There had already been four waves down and that was the second wave down on a higher tf. An important channel line had just been broken, and when that happens you have to expect a retest.
The first and only trade I had that day was here. I entered just when 1m fast trix turned red without waiting for the slow trix because thats what had been working all day. I thought it was safe to enter even at that time of day because clearly the market had been in a range waiting for Bernake's speach and after that it made up its mind and broke the range.
My point being that even though we are scalping it doesn't mean we need to take every entry we see. It pays to wait for the best ones - those with the main trend on the higher timeframes, those where the trix crosses line up near each other and near well developed rainbow flips, and where the higher timeframe trixes are not in oversold or overbought unless there is a good reason. (A good reason would be, for example, if the market had been in a tight range for along time and then had a strong break out, or if all the higher timeframes were overbought and then the market broke down. In that case you would expect the 5m trix to be in oversold for a long time because it would have to be in order for the other higher timeframes like the 1 hr and the 30 min to work their way down.
So I though I'd want to see that broken before I traded. My first and only trade was here
I didnt take either of those trades on 21.7. When I looked at the bigger picture for the first one I saw this (this chart shows the 5 and 30 rainbows):
The main trend was down, this was just a little over exited retrace and the 5 m trix was already in oversold at the time of the trade (where the green line is on the chart).
I also didn't take the second one at 1256 because I thought the trend was too far along by the time of that setup. There had already been four waves down and that was the second wave down on a higher tf. An important channel line had just been broken, and when that happens you have to expect a retest.
The first and only trade I had that day was here. I entered just when 1m fast trix turned red without waiting for the slow trix because thats what had been working all day. I thought it was safe to enter even at that time of day because clearly the market had been in a range waiting for Bernake's speach and after that it made up its mind and broke the range.
My point being that even though we are scalping it doesn't mean we need to take every entry we see. It pays to wait for the best ones - those with the main trend on the higher timeframes, those where the trix crosses line up near each other and near well developed rainbow flips, and where the higher timeframe trixes are not in oversold or overbought unless there is a good reason. (A good reason would be, for example, if the market had been in a tight range for along time and then had a strong break out, or if all the higher timeframes were overbought and then the market broke down. In that case you would expect the 5m trix to be in oversold for a long time because it would have to be in order for the other higher timeframes like the 1 hr and the 30 min to work their way down.
Failures .I have some
So All of know nothing is perfect. building a perfect system is not the target of trader, improve trading skill is more important. MTF sytem(by MissPip) is very easy to use and I love it, System occurs many entry points, job is choosing good one. I'm a newbie and I do think so. Thanks to MissPips
- #19,213
- Jul 25, 2010 11:14am Jul 25, 2010 11:14am
Hello Friend .....
I think I kept my promise one day before.....
Here I have attached Indicator and Template ... based on my recoded indicator...
I specially thanks to CobraFx who discovered THV and giving it to forex trades...
