kk:
I think you need 2 bars for a touch, even on H4.
I am new here, so maybe I missed something.
I think you need 2 bars for a touch, even on H4.
I am new here, so maybe I missed something.
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Dislikedkk:
I think you need 2 bars for a touch, even on H4.
I am new here, so maybe I missed something.Ignored
DislikedGrabbed my daily quota (+33p) from the H1 bounce from EMA5 and RN(1.3750) using M5 for entry (bounce from EMA12) and the MP for target.Ignored
DislikedI was watching this noticed H4 35SMA just about there. That made me cautious. May I check what made you ignore that? Thanks a lot!Ignored
DislikedI was watching this noticed H4 35SMA just about there. That made me cautious. May I check what made you ignore that? Thanks a lot!Ignored
DislikedThis is from the interactive thread.
Anyone has idea about why this setup fail. There may be no reason because the method is not 100%. Nevertheless, if you have good reason why you would not take it, please advice.
As I see, the confluence MAs are on top of each other, it was the first retracement touch. M5 PA with triple bottom. I was thinking it is a A+++ setup. Prior momentum not seem too strong, although there was a double top pattern on M15 against D1 S1.
http://www.forexfactory.com/attachme...6&d=1318922150...Ignored
DislikedThis is from the interactive thread.
Anyone has idea about why this setup fail. There may be no reason because the method is not 100%. Nevertheless, if you have good reason why you would not take it, please advice.
As I see, the confluence MAs are on top of each other, it was the first retracement touch. M5 PA with triple bottom. I was thinking it is a A+++ setup. Prior momentum not seem too strong, although there was a double top pattern on M15 against D1 S1.
Ignored
DislikedThis is what I think.
M15 35/50 was too flat, H1 MAs looked like the UP trend was changing (H1 EMA 10 was dancing around H1 35/50)
I like to trade H4 10EMA touches, but at that particular moment H4 10 EMA was flat and it was already touched and passed a couple of times making the UP trend weaker.
Finally, I prefer trades that confluence with Pivots, RN or PPA levels. Although DP was close, it was not at the point of the trade, many times trading exactly at a Pivot Point can give you 10-15 pips.
Well, that is just my opinion, I´m not an expert....Ignored
DislikedHi kk007,
One of the reason (in hindsight ofcourse) I can think of is that price started racing due to expectations from UK CPI data.
Still not sure really what happened there.Ignored
DislikedThanks, personally, I wouldn't try to evaluate setups based on news, if it fails it fails.Ignored
DislikedNo, my point was, since there is a rule of no trading half hour before news, maybe price just started reacting bit early and we got caught in it. Ofcourse, this is all hindsight which is always 20/20.
I think this is why Dance strategy requires such tight SLs.Ignored
DislikedI have just checked it think the GBP CPI news was 1.5 hour after the loser.Ignored
DislikedYou are correct. I just meant that apart from "PA" reason, maybe it's just the news that killed the trade.
Ofcourse I know this argument borderlines with retrofitting the reason to the price action.
Nevertheless, it has taught me to be careful on news days.Ignored
DislikedI just want to conclude the problem I brought up yesterday about the wrong monthly and weekly pivot calculated by the indicator. The problem is Oanda's data. Because I have checked with 2 other brokers and they are inline with the rest of yours here.Ignored
DislikedI think the setup entry was about 2 hour before the news. Most of the day there are news, if you are careful on news day. How are you going to trade? I think stop entering 1/2 hour before news was more reasonable, but it is quite personal and depend on how long usually you hold a trade.Ignored
DislikedI just want to conclude the problem I brought up yesterday about the wrong monthly and weekly pivot calculated by the indicator. The problem is Oanda's data. Because I have checked with 2 other brokers and they are inline with the rest of yours here.Ignored
DislikedI think the setup entry was about 2 hour before the news. Most of the day there are news, if you are careful on news day. How are you going to trade? I think stop entering 1/2 hour before news was more reasonable, but it is quite personal and depend on how long usually you hold a trade.Ignored