Momentum and fibs Journal

Hi,

The strategy i use for finding the daily/weekly trend is the momentum strategy bu Auslanco.

tools:

daily auto fibs on previous day candle.
ema 50,100,200
Daily Gann Hi Low
autopivots
5 sma low,high and close
Daily open line.

Here are the indicators and template.


Usually if price has closed above 5 sma high on the previous day, and mom1 on the next day shows a down, it should retrace to at least 5 sma high or to 5 sma close. If you check the auto fibs on the previous day, that should be a retrace to 38.2 before any upmove. this is not carved on stone as i have noticed on some occasions it does not do that as well.
But using the G7 indicator we can use the currency strength to trade the 15 minute fibs strategy as explained by WJQ on 'my fibonacci strategy' thread.

I will be posting my trades on this journal using the above technique of G7 and fibs from next week.

As mentioned earlier, through momentum strategy we can notice the daily and weekly trend and trade the 15 minute in the direction of the daily. Trading pairs: all the low spread pairs esp eur/jpy and Aud/jpy, Gbp/usd & eur/usd.

Anyway, more will be explained with charts from monday. Please read through WJQ's thread to get a clearer picture.

Hello traders,

Lets check the mom template and find out tradeable currencies today. take a look at eur/jpy and audjpy.

If you see the daily momentum, (eur/jpy)all shows down on daily and momentum on weekly also shows down on mom 1. so it's a sell day.

Now we take the fib strategy and there is a setup on that as well.
check the chart on 15 minute with g7.

If you notice jpy has crossed +1 which is strong and eur has not done it yet. so as per the 15 mins chart i will sell once stocks shows down and price reaches 61.8 retracement. with an SL of 100% fibs +1 +spread.

TOday's daily momentum for GBP shows all down which means a sell day until 5 sma close on daily at least. which is close to the weekly pivot 1.5119. Now to look for a setup. stocks at the moment are turning up. I have sold one lot and I will wait for the down fractal on 15 minutes and wait for stocks to turn down as well to sell again. Monthly R1 is at 5273. i dont think it will reach there although these lines are like a magnet which draws price to them. We already have a double or triple top on 4h. I am waiting for a good price to sell again.

THe price is bullish. This trade is counter trend to 5 sma close retracement. I will look up at a setup for buy after the retracement.
Similar setup with audusd as well.

Good trading to all.

The sell on eurjpy and audjpy hit profit and the buy setup after that was fantastic on both these currency pairs. Hope it was good for everyone.
Regards

GBP hit TP near weekly R1 for 18 pips. Sold again at 1.5273 for a 1st target of 5198 and second at 5143.

gbpusd did not reach my targets. all trades hit breakeven+3.

today's momentum is mixed so no trades just scalps.

on 15 minutes, audusd is looking good for a sell and also eurjpy & audjpy. I'll wait for fractal and stocks confirmation to enter.

There was no convincing break of monthly R1 on GU which might bring more weakness in this pair. I'll wait for confirmation on selling GU again. USD and Yen is setting itself to be more powerful for the day.

Here is the chart as explained.

Hi StringFX,

I was just reading about the momentum charts you have posted earlier in the thread.Could you pls explain me further how do you check sell / buy day for a currency pair.Also,What time do you check before london opens ?

Let me know do you still use this method.thanks.

Regards
Kumar

Vinodh,

check the template at 00:00 gmt. If you have all the momentum of the day (which is 1 (most important) ,10 & 14 showing a curve up, then it's a bullish day. Now check the fibo daily which is the daily fibs drawn on the previous day's candle. do not trade if the price is in between daily short which is 38.2 or daily long which is 61.8. wait for price to close above or below these levels. if all the momentum is showing up then buy above 61.8 to 10 pips below daily target 1 on the fibs. If momentum 1 & 2 are showing up and third one is either flat or down. then buy from 61.8 to daily high -5 pips. Be careful of any weekly resitance on the way as price tends to reverse from these levels. you can integrate wjq's method with this as it gives a certain direction as the daily trend. Once you reach target for the day. stop trading as the forecast is only for one day.