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New Trading Guide for the New Year (Need Help Testing)

  • #21
  • Jan 5, 2011 12:50pm Jan 5, 2011 12:50pm
Quoting PurePrice
The price has moved down 10+ pips now and thus triggered the TS. Now it is a free trade. Take 1/2 off the table

I am doing so because this is a SLOOOOOW trading period and the price will likely hang aound the same range (within 20 pips) for a while now that it is past the NY lunch hour. Again, I would not normally trade this time, but I have sometime on the platform now that I an use. This is really why I need some people who have some free time to test this system in realtime, not in hind sight or historical setups
  • #22
  • Jan 5, 2011 12:51pm Jan 5, 2011 12:51pm
Quoting rebelheart
Waiting
Patience grasshopper, patience
  • #23
  • Jan 5, 2011 12:55pm Jan 5, 2011 12:55pm
Quoting PurePrice
I am doing so because this is a SLOOOOOW trading period and the price will likely hang aound the same range (within 20 pips) for a while now that it is past the NY lunch hour. Again, I would not normally trade this time, but I have sometime on the platform now that I an use. This is really why I need some people who have some free time to test this system in realtime, not in hind sight or historical setups

Also note the dotted green line where price is at right now .. That is daily S1 line likely to cause some support there
  • #24
  • Jan 5, 2011 1:00pm Jan 5, 2011 1:00pm
Quoting PurePrice
Also note the dotted green line where price is at right now .. That is daily S1 line likely to cause some support there

OTher 1/2 triggered at BE with 10 pip TS
  • #25
  • Edited 3:27pm Jan 5, 2011 3:14pm | Edited 3:27pm
Here are the rules...

Determine the direction of your next trade (short or long) based on the
1-HR chart.

Direction is SHORT if the following is true.

1- Candle closes below the Slope Direction Line (SDL)

2- SDL is RED and is pointing down.

3- Heiken Ashi (HA) has turned RED and the hourly candle has closed below the HA indicator candle while still RED.

4- Trend Lord indicator is RED

5- Xforecaster is RED and pointing down.

Please see 1-hr GBPUSD chart below for a quick reference .. the magenta line where the arow is pointing is where I would personally start to look for short trades.

Reverse everything above for a LONG direction of next trade.
Attached Image (click to enlarge)
Click to Enlarge Name: mt16.gif Size: 32 KB
  • #26
  • Jan 5, 2011 3:26pm Jan 5, 2011 3:26pm
Next draw all your obvious resistance/Support line on the hourly chart. Zoom out to draw those lines. These are the Thick Cyan line son the chart below. This is so that you can see areas where your price may hesitate before either continuing in the previous direction or reverse, depending on how strong the area is and whethere there is news to push the price through those areas os demand/supply.

Also be aware of the S/R lines that the "AFST Exact Entries" indicator that draws the daily pivots for you. These lines are again areas where I expect the price to hesitate. (These are the dotted green S1,S2,S3 and red dotted lines R1,R2,R3 on your charts .. the white dotted line is the actual pivot point)

MAKE SURE YOU ARE ALWAYS AWARE OF THOSE LINES ABOVE. These will give you places to either trade, set your TP or SL when in a trade.

Check out the chart below...
Attached Image (click to enlarge)
Click to Enlarge Name: mt17.gif Size: 35 KB
  • #27
  • Jan 5, 2011 3:40pm Jan 5, 2011 3:40pm
Now that yo have your hourly chart setup and you are looking for SHORT trades, go to the 5-minute chart and look for the following to be true.

1- Moving averages have crossed and pointing down

2- Candle closed below both MA's

3- Candle closes below HA and HA has turned RED

4- TrendLord is RED

5- XForecaster is RED and pointing down

Look back a few bars and deremine where minor support is. If candle closes below this line, enter Short on next candle breaking the low of the candle that just closed below suport line. See magenta horizontal line
on the 5-minute chart below. NOTE the white dotted line narby causing some congestion in the price and then breaking down. This is the pivot line.

My aggressive TP would be at the green dotted line below the pivot (which is S1), if you look closely at teh chart you will see that the price certainly bounced right at that very line.
More conservatively I would take the 00 point as my TP or even 20 pips if I am not greedy

My SL would be the closest swing high before the move down, in the chart below, it would be just above that 15580 mark.
Attached Image (click to enlarge)
Click to Enlarge Name: mt18.gif Size: 30 KB
  • #28
  • Jan 5, 2011 3:57pm Jan 5, 2011 3:57pm
I have to go home for now. Will try to get back on later tonight to post the indys and templates so you may see this in action maybe during the Asian session tonight. I would suggest that you look at eur/jpy and gbp/jpy (depending if your spreads are nice on this pair) after Tokyo open.
  • #29
  • Jan 5, 2011 4:24pm Jan 5, 2011 4:24pm
My first advice is to loose LordTrend indicator because it repaint and looks like is always right, but you will loose your money very fast !
  • #30
  • Jan 5, 2011 7:30pm Jan 5, 2011 7:30pm
Quoting PipQuantum
My first advice is to loose LordTrend indicator because it repaint and looks like is always right, but you will loose your money very fast !

If you wait for the candles to close it won't. even if it did, I am NOT using that as a trigger. It is merely an indication of bias. The trigger is the price.
  • #31
  • Jan 5, 2011 7:32pm Jan 5, 2011 7:32pm
watching ...
  • #32
  • Jan 5, 2011 7:44pm Jan 5, 2011 7:44pm
Please do not tell me about indys repainting or how I am ona be losing big before I even post my indys and templates. I need people to actually TEST this out not just give me their opinion.

Thanks for understanding
  • #33
  • Jan 5, 2011 8:04pm Jan 5, 2011 8:04pm
here is the chart .. note how indys are turning over to the short side
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 28 KB
  • #34
  • Jan 5, 2011 8:06pm Jan 5, 2011 8:06pm
here is the 5-minute picture

Note the cyan thick lines designating rsistance and support areas. Alos note the white dotted line (pivot point) as potential TP if this short continues.
Attached Image (click to enlarge)
Click to Enlarge Name: mt20.gif Size: 32 KB
  • #35
  • Jan 5, 2011 8:10pm Jan 5, 2011 8:10pm
Quoting PurePrice
here is the 5-minute picture

Note the cyan thick lines designating rsistance and support areas. Alos note the white dotted line (pivot point) as potential TP if this short continues.

Here is the trade is at 10 pips profit and at the cyan line now ... lock in 10 pips and move rest to BE now, and TP to the pivot line at 109.28 (109.23 +0.05)
  • #36
  • Jan 5, 2011 8:14pm Jan 5, 2011 8:14pm
see how the price is hesitating now at the cyan line at 109.40
  • #37
  • Jan 5, 2011 8:17pm Jan 5, 2011 8:17pm
look at the third tap on the trendline .. another reason why a short maybe a good idea here
Attached Image (click to enlarge)
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  • #38
  • Jan 5, 2011 8:25pm Jan 5, 2011 8:25pm
i am new to the fx market and have some time for us markets and allways looking to learn
  • #39
  • Jan 5, 2011 8:27pm Jan 5, 2011 8:27pm
here is where the trade stands right now in real-time
Attached Image (click to enlarge)
Click to Enlarge Name: mt22.gif Size: 32 KB
  • #40
  • Jan 5, 2011 8:29pm Jan 5, 2011 8:29pm
Quoting artfuls
i am new to the fx market and have some time for us markets and allways looking to learn

Glad to have you learnig ... I certainly hope that I can be of a benefit to you and I would love to hear some feedback form you about US market testing. I would use this during 8-12 EST hours and trade the eur/usd and gbp/usd and possibly aud/usd. Sometimes eurjpy moves nicely during those hours as well.
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