West and East

range

I would highly recommend to read book of Lance Beggs, and his articles, he gives the explanation of price action.

I took 2 trades for today. This is first GBP, second trade i will show later, as that trade needs more explanation.

My second trade for today, just closed it. As you can see above dark cloud cover, i placed a blue level, this is price level where was dis balance, so than next time price will reach this level, i will look for set up

My third and the last trade for today, +18 pips. I could move stop loss and close first lot, and wait too see whats gonna happen, it is looks like bears still in control. But i am done for today. +104 pips per lot.
I am looking only for the best set up, watching price action, and i have one rule if i am not sure about the trade, i will skip the trade.

Update for the last trade on EURO, i closed on the middle of bollinger band, and went to sleep, by the system i should move my stop loss to break even, and leave second lot open, and that trade could bring a good profit +80 pips second lot.

This morning was setup on GBP, which was easy to spot. Weekly resistance, and dark cloud right on the resistance. I didn't take that set up, i had open position on euro.

simply by looking at h1 and h4 will avoid ranges (should not take more than a minute to look at these tf)

Range is a money, why should i avoid it. I can make more pips from ranges during the trend, than people following trend.

During the range you have clear support and resistance, and that is a good opportunity to make money, you just need to watch price action by that levels, is price strong or weak, and candle stick formations.

i think if you trade ...AO divergence..good from stoch...

I like stochastic, you can use rsi or ao, if you like, the most important is S/R.

This is the trade from today, which is should work out. I am so mad, my stop loss was 1. 33320, every where is showing that price didn't go lower 1.33330, even in fx platform, but they closed my position by stop loss. I will get my money back + my lost profit in 60 pips!!

This three possible price movements in range. When price is coming close to S/R, we are looking on price action.
1 if we don't have strong bullish candles to break level, price is slowing down and we have pattern
2 there is strong bullish candles price breaks resistance, and after that we getting strong bearish candles, and price moving back, we are looking for patterns again
3 Strong bullish candles, price breaks resistance, on the way to retest it, price is slowing, week candles doji, hammers, spinning tops

Opposite for support

This system gives you opportunity to trade in the range and in the trend, but in the range you have more setups, from support to resistance, and back. In the trend you need to wait for the retracement, when market will retest R/S, on that levels you will find set up. Usually, when market have strong trend, i will open 3 lots, 1 lot i will close on the middle of bollinger, second on high or low, and third lot i will keep open, to let it run. And on the next set up in the trend, again 3 lots, 2 closing by the rules, third i keep open, until the end of trend.

I had experience this problem of my stop loss being hit but charts showed that the price was never hit - I was very annoyed and called the broker immediately and demanded that they right the situation. I spoke to their customer service officer and she could not give me an answer and said that they would investigate (no surprises here)

They called the next day and asked me to look at the charts again. To my great surprise, the stop loss level for the trade was hit! How did that happen???

You can guess the rest - never got my money - unfair, bad luck and definitely got f....

Would appreciate it very much, if you could update us if you got your situation corrected. Thanks.

i had something like this only with alpari us, i didn't get even my deposit back, they send me check, which i never received, it was small deposit so i am just gave up on them. You can file forex peace army court, for this cases, that guys is good. Usually i showing them charts form wall street journal or IBT, they can't give price which is different from real market. If so i am taking my deposit.
I am getting my money back, i showed charts from wall street journal, they agreed that was something with MT4, technical problem as they sad. And we talking about my lost profit.

Great charts, very educational.

I trade similar ( although more on 4h, 8h and Daily ). I subscribed and if time permits I would be glad to occasionally post a setup.

Peace


Michael

Here is a trade I tried with this system. The main thing I saw was divergence with Stoch and sold after a pin bar.

I first put TP at mid line but as the market moved the line kept climbing. So do I keep moving TP to stay with line?

You right i have the same trade, there was divergence, on stochastic. +20 pips for now. Here is my explanation of this trade

I am opening 2 lots, one i am closing on the middle of bollinger band, second i keep open. There is could be resistance on 1.0250, i wil watch for that level.