I am following your thread for weeks and I am a strong believer in the effectiveness of the methodology presented especially that our lady (LG) is supporting it minute by minute by the live trades she posts. This adds lots of credibility to the success of the methodology.
I desperately need your help to understand one point only, which is the 2nd setup: the Breakout (BO) setup. Unfortunately I didn't get how to catch that breakout despite I read all relevant posts.
Please keep in mind that my trigger frame is:
1. Daily, meaning my triggering RSIs are Daily/Weekly/Monthly
2. I'm using MBT (GMT+5). Therefore, the RSI indicators are slightly different from what you people usually post (not a surprise)
Pls. advise. I am willing to do all what it takes to master your method.
I am following your thread for weeks and I am a strong believer in the effectiveness of the methodology presented especially that our lady (LG) is supporting it minute by minute by the live trades she posts. This adds lots of credibility to the success of the methodology.
I desperately need your help to understand one point only, which is the 2nd setup: the Breakout (BO) setup. Unfortunately I didn't get how to catch that breakout despite I read all relevant posts.
Please keep in mind that my trigger frame is:
1. Daily,...
Ignored
Hi Walad, the BO setup does not need confirmation from the monthly, weekly, or daily RSI. That makes it far too complicated. Because this trade is generally a "fast" trade, meaning sometimes over in just one candle, PA is what we are looking for. Then as PA goes, the H1 and H4 candles will follow. And if a BO trade goes on long enough..of course the daily RSI will follow, etc.
For this trade, PA trumps RSIs...but again...the RSIs will follow as PA goes. PA is the master of the RSI and RSI is PA's obedient servant.
Once you see PA moving through a S/R line, move to the M15 chart and watch for entry there.
Not that I trade this pair, but the consolidation is interesting.
Sorry if its already been posted, I've been away for a few days.
Ignored
You are so right, 3 days of consolidation. This is the kind of setup I love, because it is like a spring being wound tighter and tighter...pretty soon it will just pop.
I entered GBPUSD BO trade this morning, I had my TP as 1.6135 and SL as 1.6043, price went to 1.6130 and retraced and is now around 1.6082 - would you stay in the trade or exit now?
(sorry can't post chart right now)
Also these new daily entries you are taking is that a strategy you will release publicly?
I entered GBPUSD BO trade this morning, I had my TP as 1.6135 and SL as 1.6043, price went to 1.6130 and retraced and is now around 1.6082 - would you stay in the trade or exit now?
(sorry can't post chart right now)
Also these new daily entries you are taking is that a strategy you will release publicly?
Thanks,
P
Ignored
I probably would get out now...you weren't able to watch the trade? To come within 5 pips of your TP and not take it is letting a winner turn into a loser. Remember that TPs are arbitrary lines in the sand that we draw, but the market doesn't care about.
Get out and be prepared to re-enter short immediately depending on the M15 chart.
I probably would get out now...you weren't able to watch the trade? To come within 5 pips of your TP and not take it is letting a winner turn into a loser. Remember that TPs are arbitrary lines in the sand that we draw, but the market doesn't care about.
Get out and be prepared to re-enter short immediately depending on the M15 chart.
I entered this trade without paying attention to the fact that price was right at a support level I though would only be minor on the H1 chart, but upon looking further (after entering the trade) is a major support level. It will be interesting to see what price does.
Price can only do one of 3 things at a major S/R level:
1. go right on through it;
2. be repelled by it; or
3. bounce back and forth on it
No I wasn't able to watch it when it hit 6130 and it had already retraced a lot by the time I was able to watch it.
Ignored
OK, I understand then...and am glad you weren't watching it turn on you. Some traders are so stubborn about TPs that it is "do or die" for them and that is pure ego. I'm glad you are not one of those kinds of traders because the market beats them every time.
I entered this trade without paying attention to the fact that price was right at a support level I though would only be minor on the H1 chart, but upon looking further (after entering the trade) is a major support level. It will be interesting to see what price does.
Price can only do one of 3 things at a major S/R level:
1. go right on through it;
2. be repelled by it; or
3. bounce back and forth on it
Hi Walad, the BO setup does not need confirmation from the monthly, weekly, or daily RSI....
Ignored
Thanks ma'am for your prompt reply. I understand your comment above, but tuning things down to the 15min is something cannot afford to do given that I have a demanding full-time job. Therefore, I was thinking of applying your method but to bigger granularity of the time frame, by making the Daily TF the smallest one to look at and go up from there. I look to
Side Note: RSI follows the RSI, but notice that RSI(3) specifically almost the PA especially if you analyze the RSI equations mathematically, or visually compare the two curves of them.
So, I understand the trigger, which is 3 RSIs (Daily, Weekly, Monthy) are in agreement, but how to look for the BO Setup? Assuming going long, should I wait for the Weekly and Monthly to be UP, and for the Daily to be down, THEN once it breaks a resistance, at that time hopefully the Daily will be come UP, then I jump in?
Is that the way to play it? and what is YOUR way of determining SR? Do you switch to the line chart and find visually the Tops and Bottoms? (I'm asking because I am aware of at least 3-4 different ways to identify SRs, and each gives different result)
I've only recently found this thread and today I watched 9 pairs for the BO, so far 8 of them have had a BO and looks like #9 may happen shortly.
Can I ask, if the BO is breaks resistance and then the PA comes back down and goes tru support do you enter the trade again?
Thanks
Ignored
You certainly can, depending of course on how the chart looks and the RSI direction in the short term. That's what we are doing when we channel trade...also called, as someone pointed out a few days ago, scalping.
Trade What You See - Almost Naked Trading
