Symphonie Trader System

Wild swings as Asian markets are negative.......

hope we dont s/l on eur/usd

Just FYI......

The EURUSD could be forming a classic double bottom in the 5 min window. A break of the 1.33665 level should produce an uptrend.

A double bottom is a moderate strength reversal pattern giving the trader the abiliy to place entries that can provide medium term gains. Breaking level is the high point between the two bottom lows. A rule of thumb is that this reversal can provide 3 times the length of the distance from the middle peak to the low of the bottoms.

That entry is not based on your system, but maybe it will give you some clue, what kind of entries are better when we have strong downtrend.

Cheers

Gorbi777,

Yes....classic trendline strategy....nice call!!!

However, beware of the opening bell gaps. Markets tend to retrace the entire gap and may continue to push higher. Nature abhors a vacum and the opening gaps are the hole that nature will fill so becareful with selling the market.

eval.

m30 in red
***
gap open : +/- 5564
gap close : +/- 5579

last m30 candle close : +/- 5552

Sure, you're right of course regarding gaps, i know that market really often like to close them, but not always. That's why we have to protect our positions with proper SL. Every trade is taking a risk, risk which is calculated, we never knows how much we will earn, but we can set up how much we can lose. We will see how this trade will come. My first target is 1.32400, second 1.30600, but this is swing trading, not day trading, so second target can be reach even in next few days, but probably till end of this week. That only my opinion, don't trade what im saying

Good luck

4H in RED

Here is an excellent example to learn from. This is what I call a ''DoubleDown'' moment.

A DoubleDown moment is when the intial order was placed and the market moves against the order....the Extreme Spike indicator repaints and gives a new Extreme Point and the market price BUT does NOT hit the original order stoploss. Price action begins to move in the originally defined direction. The Sentiment and Emotion indicators show the momentum is reinforcing this move and then finally the trendline changed to create a new BUY signal.

But, you original order has not been stopped out. What do you do???

If you follow the rules of the system then 1 or 2 possible things....

1. Do nothing. Let the order ride and wait it out and proceed as if the whipsaw action never occured.

2 Or. Use this as an opportunity and place a second ''DoubleDown'' order as the system gives you a new order entry signal and in effect have 2 orders opened. (doubling up your initial order)

If played correctly, it can provide you with an extra pop in profit. But it can also spike down and take out 2 orders causing 2 StopLosses as you have entered a second order with a 50 pip stoploss.

Where will it go??? No one knows..... Is it risky???...ABSOLUTELY

Remember, currency trading is a risky business and market price action is never predictable because of the 4 factors. So, trade with care to keep your losses to a minimum and when possible maximize your profits as much as you can.

Hope this helps...especially for you gamblers out there....

1H close below friday low

And now it has repainted all the way to Friday.......and it's repainted as a bear spike!!!!!

That's the weakest link in this system, but it is unavoidable as far as I can see. As you say, this is a risky business sometimes

LOL......and now it's painted a bull spike....LOL.......glad I'm out!

for me ( i don't know other has same opinion or not

i always heep on eye the candle as leading indicator....and use other indi...additional indi coz they're laggina indicator and filter my emotion.


just 2 cent

check higher TF first bro ....

Oh yes..........absolutely man. It's not a time of the day that I will trade at the start of the week. If I don't see anything special in the first couple of hours of Asian session, then I'm out until London

realjumper,

YEP!.... In the 5 min. timeframes repainting of the Extreme Spike indicators can prove to be very frustrating.

However, I think I will do a paradigm shift this week.


CHANGING STRATEGY:(in mind set only not in principles or rules)

I have traded 5 min. timeframes for the past two weeks, while profitable, it has also been quite stressful. Movements in 5 min have heavy whipsaw action as price actions trend are still developing and are very much in flux.

THEREFORE,

I am moving my strategy and trade only 30 min. timeframes. Additionally, because I am moving to 30 min. timeframe, I am also increasing my stoploss from 50 to 75 pips to cover whipsaw action. I have found the higher the timeframe the greater the whipsaw action hence the reason to increase stoploss value. (remember, StopLoss is choice of your level for risk tolerance)

Since I am sitting on a pretty good buffer of profit from the past two weeks ; I have greater tolerance for risk.

The basic principles of the system outlined in post #1 will not change but
I will try to play a larger timeframe to my advantage for greater profit!

SO, be on the lookout for my posts for BUY and SELL signals BUT they will be in 30min timeframes.

eval.

When I normally trade I usually avoid Mondays and Friday as they tend to be very whipsawish days and the trendday are usually the ones in the middle. So, before I started this project I only had a 3 day work week for short term trades.

Understood. I'll post the M5 entries that take.......not the entries that I see.....just the ones that I take

done my asian session by 56 pip

reason why i close my short position : http://www.forexfactory.com/showthre...56#post5005956

Here comes the rally to fill the gapm open in EURUSD!!