West and East

" wherever I looked, everywhere I see myself, probably mirror invented a lonely man, like me"
unfortunately or not, we are not alone at this market, we have to follow big traders (banks, and whoever is there). There is no limits for improvement, so i am with you guys.

Market goes sideways. In the moment like this i want to close my computer and go away, i am reading book for the last 7 hours.

please take at this image....

http://i.imgur.com/vQDlY.gif

i circled some places numbering with 1 2 3.

in circle number 1 we have a buy entry. candle crosses bolinger band and star candle. bullish form.

same thing happened with the rest. i mean 2 and 3.

now if we had entered those trade we would have lost more than we made.

i might be getting wrong. can you please varify ?

thanks
kader

You can enter, but as soon as price showing weakness exit the trade. There is doji and engulfing, market gives you a warning, bears is taking control, i would close my position right away.

ok.

understood. i need to practice more with candlestick.


thanks for your instruction. so far so gud. nice system


thanks
kader

When i see something like this, i will take a closer look on M5. Sorry i didn't trade that time, so i need to look one more time, to see the whole price action

Watch for 1.30-1.30039 Euro, that is strong support, so market should show some signs of retracement. It is looks like batterfly on M5 to 1.30065, there is could be small reversal, so be careful

another stop hunt london

re: reading book i do the same thing when market is dead as can come alive anytime

WEST AND EAST. Star was strong signal, which i should look first

It's doesn't make any sense

I hate high wave candles, it means market doesn't know where to go

guys thank you all, for your help !!!

I have enough pips for this week. I will take a brake, and will be back sunday.
Have a good pips !!!!!!!

2 valid setups

last trade +50 pips

Try this RSI, just add levels 80,50,20. I will show some charts later, it is looks like RSI could work better, still looking, but i like results

I found this indi in my folders, may be some body will be interested, i didn't use it, but idea that will show you currency strength H1 and Daily, if it is bellow 2 currency will go from short to long, and if it is above 8 opposite.

i need advise, i been using RSI only with level 50, it is good for M5. But for this system i am looking to use 80,50,20. I am sure that divergence works great. If some body could tell me about over sold or over bought conditions i would be appreciate. There is on the chart RSI didn't touch level 20, but changed the direction, with good level, is it works, or better to wait when RSI will at least touch the level

2 examples, One is why dark cloud cover is not a good set up at that place, and second is example of the trade, when i am not looking for R/R 1:1 to the middle of bollinger

Hi Mavricos,
Maybe this will help answer your querie regarding RSI

I use RSI(9)
I find that if I have a stable up move, the RSI trace tends to operate within the 60-70 RSI levels
If the trace goes above 70, it is best to trail a stop under the candle body low, as price momentum is becoming unsustainable. (or use this as a sell entry)

opposite for a down move

A stable down move - RSI trace operates within the 40-30 RSI levels
If the RSI trace falls below the 30 level, it is best to trail a stop above each candle body high, price momentum is again becoming unsustainable (or again use this as an entry for a long trade)

Bollinger Bands and candlestick patterns are king

Hi Mavricos,
As you are basically trading reversals................

You will get better entries and exits if you drop down a timeframe when you are expecting a reversal, ie. price approaching a S/R level or your favorite indicator in the process of forming a signal etc

because

The reversal has to happen on the lower timeframe before it becomes apparent on your trading timeframe

Something to think about?