West and East | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How do US west coast traders stay awake? 10 replies

trading on west coast 6 replies

Attachments: West and East
Exit Attachments

West and East

  • #121
  • Dec 18, 2011 12:37am Dec 18, 2011 12:37am
Quoting lizpet
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...
Thank you ! it looks good
  • #122
  • Dec 18, 2011 6:04am Dec 18, 2011 6:04am
Quoting lizpet
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?
What are you offering it is more like Chris Lori scalping.
  • #123
  • Dec 18, 2011 6:11am Dec 18, 2011 6:11am
Well, quite a bit people asked about M5. I will take a look at Chris Lori scalping, and will think about targets. There is has to be strong confluence, so probably i will add pivots, trend lines,fibo, high and low of the day, and S&R from daily to M15, and lets see how is it will go on M5.
  • #124
  • Edited 8:07am Dec 18, 2011 7:56am | Edited 8:07am
I change my mind, M5 doesn't looks good, SL the same, i like to place stop loss above or bellow fractal sign, which is works well most of the time, i don't like targets,R/R is poor, and a lot of fake signals by the candles, so mostly it is price action trading, which is gonna be not that easy.Well if new traders will go to M5, or even M1 it is gonna be a killer for them.

I will stick to the system, i have 500 pips and up every week, it is enough. I don't want to become greedy again, i already have lessons.
  • #125
  • Dec 18, 2011 8:41pm Dec 18, 2011 8:41pm
Levels that we should be watching today (on the chart yellow lines it is H/L)
E/U:

H/L: 1.3019; 1.2958; 1.2945; 1.3009; 1.3049; 1.3050; 1.3064
R/S: 1.3084; 1.3100; 1.3163; 1.2955; 1.3237; 1.3084; 1.3020; 1.2995; 1.2958; 1.2945; 1.3020; 1.2995; 1.2958; 1.2945; 1.2580; 1.2860
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 170 KB
  • #126
  • Dec 18, 2011 8:52pm Dec 18, 2011 8:52pm
You really seem to know your stuff....I must admit I followed Lizpet here,
as a lot of his reasoning's seem to resonate with me.
  • #127
  • Dec 18, 2011 9:17pm Dec 18, 2011 9:17pm
LEVELS for A/U:

H/L : 0.9885; 0.9919; 0.9926; 0.998; 0.999; 0.9998; 1.0028; 1.0045
S/R : 0.9664; 0.967; 0.9785; 0.9862; 0.9911; 0.9927; 0.9992; 1.005; 1.0137; 1.0163
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 173 KB
  • #128
  • Dec 18, 2011 9:22pm Dec 18, 2011 9:22pm
Levels for G/U:

H/L: 1.545; 1.5485; 1.5496; 1.553; 1.5532; 1.5548; 1.5558

R/S: 1.527; 1.5325; 1.5408; 1.5417; 1.5433; 1.5492; 1.5565; 1.5629; 1.5665; 1.5735
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 196 KB
  • #129
  • Dec 18, 2011 9:23pm Dec 18, 2011 9:23pm
Quoting lore22
You really seem to know your stuff....I must admit I followed Lizpet here,
as a lot of his reasoning's seem to resonate with me.
I am trading not only S/R, there is set off rules which has to be followed to have entry.
  • #130
  • Dec 18, 2011 9:27pm Dec 18, 2011 9:27pm
For daily pivots i am using this indi
Attached File(s)
File Type: ex4 TzPivotsD_v3.5 (Black).ex4   60 KB | 247 downloads
  • #131
  • Dec 18, 2011 9:31pm Dec 18, 2011 9:31pm
My daily routine: I am looking for S/R,H/L, i have archive with S/R and H/L which is been used in the past, i am checking those levels too. Opening new chart, placing levels, indi, and now waiting.
I would recommend to have a journal, where you gonna write down every trade, with notes about the trades.
  • #132
  • Dec 19, 2011 12:07am Dec 19, 2011 12:07am
Last trade !!! A lot of traders entered below 1.2995, with a target 1.2945, and as DJ said major stop losses at 1.30085, as you can see market went for stop losses. Entry on morning star, target 38% fibo and previous low.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 28 KB
  • #133
  • Dec 19, 2011 1:08am Dec 19, 2011 1:08am
Quoting mavricos
What are you offering it is more like Chris Lori scalping.
Hi Mavricos,
I hope you do not think that I am trying to hi-jack your thread - I was not referring to scalping

I was only offering an opinion on how you could get a better entry with the associated lower risk - offering the possibility of taking a larger position for the same risk money available. It's not rocket science

Also you do not have to stay with the lower timeframe (this is only for entries and exits) - you can move back up to your normal timeframe

Personally my preferred trading timeframe is the daily - but I enter and usually exit on the 4hr chart (when I see the signal setting up on the daily)
I get much better entries and exits

One of my strategies is very similar to this one, but I use RSI S/R which gives me much more info than the Stoch, when we have a change in price from say trending to range trading, sometimes the Stoch has to miss a cycle before it catches up and the oversold/bought conditions become meaningful again

I will be following your strategy with interest to see how it develops (maybe I can tweek mine a bit)

Anyway, have a nice day
Peter
  • #134
  • Dec 19, 2011 1:25am Dec 19, 2011 1:25am
Quoting lizpet
Hi Mavricos,
I hope you do not think that I am trying to hi-jack your thread - I was not referring to scalping

I was only offering an opinion on how you could get a better entry with the associated lower risk - offering the possibility of taking a larger position for the same risk money available. It's not rocket science

Also you do not have to stay with the lower timeframe (this is only for entries and exits) - you can move back up to your normal timeframe

Personally my preferred trading timeframe is the daily - but I enter and usually exit...
I don't say nothing, if you can tweek some ideas could be nice. I like stochastic, but it drives me nuts sometimes, i will try rsi, for now it is looks good.
  • #135
  • Dec 19, 2011 3:36am Dec 19, 2011 3:36am
PS
Another benefit of using the lower timeframe for our entry is:

When we open a new trade, this is the most dangerous time for our trade - as we do not know if our trade is going to be a winner or a loser
So proving it on the lower timeframe before moving back to our normal trading timeframe is well worth the effort

That's it - no more interference!!

Peter http://www.forexfactory.com/images/icons/icon7.gif
  • #136
  • Dec 24, 2011 1:31pm Dec 24, 2011 1:31pm
Mavricos--- you've just littered this thread...with pure silver and gold!

thank you very much!
I am in the process of learning your rules...

Hope the Holidays are kind to you!
thanks again
lorne
  • #137
  • Dec 25, 2011 1:16am Dec 25, 2011 1:16am
does anyone have RSI divergence indicator ?
  • #138
  • Jan 3, 2012 2:48pm Jan 3, 2012 2:48pm
Hello everybody!!! It is been a while since i posted here. I been working on system modifications, it is looks really good, instead of bands there is gonna be envelope. I will post update soon, with strict rules on T/P, S/L, and entry rules. So for new traders, is gonna be easy to use it, still the system is based on logic trading.

Mean while, here is interesting combination, which gives you quick situation of the market, and it also could be used as indicator.
On the chart add RSI 14, and on top of it place USDX indicator.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 31 KB
Attached File(s)
File Type: ex4 USDX.ex4   3 KB | 258 downloads
File Type: mq4 USDX.mq4   3 KB | 277 downloads
  • #139
  • Jan 4, 2012 12:58am Jan 4, 2012 12:58am
Good thread, look forward to learning your new method.

Thanks.
  • #140
  • Edited 10:19pm Jan 13, 2012 10:16am | Edited 10:19pm
Just did a counter trend trade for 20 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 21 KB
With God all things are possible.
0 traders viewing now