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EJ_4H method

  • #121
  • Apr 25, 2006 6:02am Apr 25, 2006 6:02am
Quoting eurusdtrader
Hi everybody,

bigballer thanks for your suggestion, but as most of members were agreed with me, we preferably never start another group. I am sure this work will just distract us especially new members.

I have received many emails demanding a signal sending service, friends, I know that there are many sites related to known associations/brokers that offer forex learning up to 2k and at least $500 and give you just some fruitless documents of very old indicators and general rules. I know that they offer you indicators that never has a good performance for hundreds of dollars. I am thinking about this matter that provide a signal service that needs an update just one time each 24hr. If I made a solid decision I will tell you in advance, but I think it will take time. At that service I should provide an online sessions to tell very detailed tricks. When I use tricks, it is not a secret, it is all about what all traders have in hand but some can filter the misleading aspect and extract proper views and some can not.

Still I am not sure that I will discuss at all about the current situation of the market and opportunities or not. I afraid that this may not help you and harm your self-confidence, but I know that you should have trainers/teachers for all your life's aspects.

If you have any discussion about this matter, please send me a message or a private email.

Happy trading
Ibo
Hi Ibo,
My 2 cents worth are that taking us through possible trades in the market and your analysis would be invaluable to all of us. As we have only just been introduced to your system and have a long way to go taking us through from the start to end of a trade would be fantastic.
Should you in time professionalise your system and be rightfully compensated more power to you.
From a selfish point of view, I only hope that we at the forum would recieve more of your generous tutoring.
  • #122
  • Apr 25, 2006 6:37am Apr 25, 2006 6:37am
Quoting Lindsay
Hi Ibo,
My 2 cents worth are that taking us through possible trades in the market and your analysis would be invaluable to all of us. As we have only just been introduced to your system and have a long way to go taking us through from the start to end of a trade would be fantastic.
Hi Lindsay

I think it would be nice for Ibo to take us through a trade or two but i don't think this will help anyone (really). We are traders and Ibo has given us a good tool to trade with. It is now down to each one to adapt this tool to their trading style. Ibo's trading style is very different to mine and am sure it is very different to yours. Discussing what we see/don't see on a chart will be great but walking people through trades.......NO NO.

Cheerful Trading all
MM
The greatest achievements are those that benefit others....
  • #123
  • Apr 25, 2006 6:51am Apr 25, 2006 6:51am
Quoting mmbmusa
Hi Lindsay

I think it would be nice for Ibo to take us through a trade or two but i don't think this will help anyone (really). We are traders and Ibo has given us a good tool to trade with. It is now down to each one to adapt this tool to their trading style. Ibo's trading style is very different to mine and am sure it is very different to yours. Discussing what we see/don't see on a chart will be great but walking people through trades.......NO NO.

Cheerful Trading all
MM

I appreciate your comment but I know I am not yet a trader and a lot of others in the forum like me are new to it. So from that point of view I think any insights and viewpoints would be a tremendous aid to helping us developing a trading style.
  • #124
  • Apr 25, 2006 7:32pm Apr 25, 2006 7:32pm
Ibo,

I dont know if you touched on this, what again is the number that appears to the right of the current bar:

< -- 208:16 ???

thanks
"We are the superior beings, we obey no one!"
  • #125
  • Apr 25, 2006 8:52pm Apr 25, 2006 8:52pm
Quoting bigballer
Ibo,

I dont know if you touched on this, what again is the number that appears to the right of the current bar:

< -- 208:16 ???

thanks
I think that's the minutes remaining until the close of the bar.
  • #126
  • Apr 25, 2006 9:18pm Apr 25, 2006 9:18pm
oh?

it does not really count down..

If it does count down, it counts down weird
"We are the superior beings, we obey no one!"
  • #127
  • Apr 25, 2006 9:29pm Apr 25, 2006 9:29pm
Quoting bigballer
oh?

it does not really count down..

If it does count down, it counts down weird
It does count down actually.
And it changes only when there's a change in the price quote.
  • #128
  • Apr 25, 2006 10:01pm Apr 25, 2006 10:01pm
  •  Trader#0000
  • | Status: Unregistered Trader
Hi All,

New to forex (trading in general really) and this was one of the first sites and threads I've read - FANTASTIC!! Thanks Ibo. I'm now demoing this strategy.

Based on a buy signal, and taking resistance at around 114.97 into consideration I entered a buy stop at 115.02 USDJPY long. I put a stop at 114.69 which is just below old resist/support at 114.75. The thing I wonder about is maybe I should have waited for some positive slope action on the daily stoch. Also based on the breakout of consolidation between 114.75 & 114.29. Does this sound reasonable?

Still waiting for gby,euro and the aud.

Comments please.

Snags.
  • #129
  • Apr 25, 2006 10:20pm Apr 25, 2006 10:20pm
Quoting snags
Hi All,

New to forex (trading in general really) and this was one of the first sites and threads I've read - FANTASTIC!! Thanks Ibo. I'm now demoing this strategy.

Based on a buy signal, and taking resistance at around 114.97 into consideration I entered a buy stop at 115.02 USDJPY long. I put a stop at 114.69 which is just below old resist/support at 114.75. The thing I wonder about is maybe I should have waited for some positive slope action on the daily stoch. Also based on the breakout of consolidation between 114.75 & 114.29. Does this sound reasonable?

Still waiting for gby,euro and the aud.

Comments please.

Snags.

Well, based on this system I personally don't agree with this trade for the following 3 reasons:
1.There is no space between the price and the 55EMA
2.The 55EMA is a very very strong downtrend, which means that it's not that wise to enter a long position.
3.Both long-term and short-term Stochastic Oscillators are in overbought area.

I might rather wait for a rebound from the 55EMA and enter a short trade instead.

Happy trading and welcome to forex.
  • #130
  • Apr 25, 2006 11:09pm Apr 25, 2006 11:09pm
[quote=snags]Hi All,

New to forex (trading in general really) and this was one of the first sites and threads I've read - FANTASTIC!! Thanks Ibo. I'm now demoing this strategy.

Based on a buy signal, and taking resistance at around 114.97 into consideration I entered a buy stop at 115.02 USDJPY long. I put a stop at 114.69 which is just below old resist/support at 114.75. The thing I wonder about is maybe I should have waited for some positive slope action on the daily stoch. Also based on the breakout of consolidation between 114.75 & 114.29. Does this sound reasonable?

Still waiting for gby,euro and the aud.

Comments please.
I like the look of a possible long trade. I think that I would wait for a close above the 50% retracement of the prior high at 115.95 and the recent low. The pair have consolidated after a lengthy move down and the consolidation may well prove to be exhaustion. Retracing a long move is to be expected and the 50% area may be a strong resistance level and lead to a further downturn, that is why I would wait for a close above the 50% retracement
  • #131
  • Apr 26, 2006 1:31am Apr 26, 2006 1:31am
Whot is by you optimal SL for EUR JPN event USD JPN todaythx
BJ
  • #132
  • Apr 26, 2006 4:24am Apr 26, 2006 4:24am
Quoting snags
Hi All,

New to forex (trading in general really) and this was one of the first sites and threads I've read - FANTASTIC!! Thanks Ibo. I'm now demoing this strategy.

Based on a buy signal, and taking resistance at around 114.97 into consideration I entered a buy stop at 115.02 USDJPY long. I put a stop at 114.69 which is just below old resist/support at 114.75. The thing I wonder about is maybe I should have waited for some positive slope action on the daily stoch. Also based on the breakout of consolidation between 114.75 & 114.29. Does this sound reasonable?

Still waiting for gby,euro and the aud.

Comments please.

Snags.
Hi Snags,

I entered the same long USD/JPY trade you did at 114.98 and am still riding it at the current price of 115.18. USD/JPY took a serious drop and a correction is due. The 5-period stoch was nearing overbought when I went long, but we all know that can last as overbought for a while. In addition, the 30-period stoch is a far better indicator of potential for direction, and it was reading 6, which is in-line with value at the beginning of other corrections in the pair. I set my take-profit to 115.47 as I based it on possible resistance created from the daily low of 115.50, set on 03/20. Nevertheless, I'm keeping a close eye on the price, as I'm not convinced this pair has the momentum to even approach that resistance at this point...

Yes, the 55SMA is heading down, but in my opinion, that's to be expected with the significant drop the pair took when it gapped down.

I would like to hear Ibo's opinion on this trade as well, but I think it is in-line with the EJ_4H method rules.

Keep in mind that Ibo wants us all to enter our trading comments in BLUE so they can be differentiated from his. This will make it easier for newbies to the thread to quickly review Ibo's entries from the rest of ours if they don't want to read all the banter right off the bat.

Happy trading,

Ian
  • #133
  • Edited 4:57am Apr 26, 2006 4:39am | Edited 4:57am
Quoting rongshihong
Well, based on this system I personally don't agree with this trade for the following 3 reasons:
1.There is no space between the price and the 55EMA
2.The 55EMA is a very very strong downtrend, which means that it's not that wise to enter a long position.
3.Both long-term and short-term Stochastic Oscillators are in overbought area.

I might rather wait for a rebound from the 55EMA and enter a short trade instead.

Happy trading and welcome to forex.
Rongshishong,

I'm not sure what you mean when you say there's "no space between the price and the 55EMA". When I bought (and roughly when Snag bought), the price was at 114.98 and the 55EMA was at 117.03, making the difference 203 pips, which is more space than this pair has seen for quite a while...

Yes, the 55EMA is moving down sharply, but because the pair gapped down so severely, I would hesitate to call this a true "downtrend" of any length as that is not confirmed on the Daily chart, so I personally ignored the slope of the 55EMA for this trade.

My short-term Stoch was nearing overbought when I went long, but the long-term was at rock bottom (which is a far better indicator of overall direction than the short), so I'm confused as to what long-term Stoch you were reading.

Take a look at 12/19/2005 on USD/JPY and you'll see a similar trading setup to the one we see today, which was good for around 100 pips.

- Ian
  • #134
  • Apr 26, 2006 6:41am Apr 26, 2006 6:41am
  •  Trader#0000
  • | Status: Unregistered Trader
Thanks for the input folks.

Ian,
The way you described it was the way I saw it also. How tight do you set your stops on these trades? When it got to 25 pips I moved mine to BE.
Snags.

BTW how do you include someone else's quote in a reply?
  • #135
  • Apr 26, 2006 6:49am Apr 26, 2006 6:49am
Just press the Quote button in the lower right corner of the person's post you want. Also, you can edit your own post with the button to the right of that...

thanks Scott


Quoting snags
Thanks for the input folks.

Ian,
The way you described it was the way I saw it also. How tight do you set your stops on these trades? When it got to 25 pips I moved mine to BE.
Snags.

BTW how do you include someone else's quote in a reply?
  • #136
  • Apr 26, 2006 6:53am Apr 26, 2006 6:53am
Quoting iboersma
Rongshishong,

I'm not sure what you mean when you say there's "no space between the price and the 55EMA". When I bought (and roughly when Snag bought), the price was at 114.98 and the 55EMA was at 117.03, making the difference 203 pips, which is more space than this pair has seen for quite a while...

Yes, the 55EMA is moving down sharply, but because the pair gapped down so severely, I would hesitate to call this a true "downtrend" of any length as that is not confirmed on the Daily chart, so I personally ignored the slope of the 55EMA for this trade.

My short-term Stoch was nearing overbought when I went long, but the long-term was at rock bottom (which is a far better indicator of overall direction than the short), so I'm confused as to what long-term Stoch you were reading.

Take a look at 12/19/2005 on USD/JPY and you'll see a similar trading setup to the one we see today, which was good for around 100 pips.

- Ian

Sorry folks, I screw up something. I just found that I was looking at the 1H chart before.

It was indeed a nice trade. The only problem I saw is that the short-term Sto is still in the overbought area.

Sorry for the confusion.
  • #137
  • Apr 26, 2006 7:30am Apr 26, 2006 7:30am
Anyone think we are at a Double Top in the EURUSD with this one?

Pivots are at 123.00 respectively

thanks
"We are the superior beings, we obey no one!"
  • #138
  • Apr 26, 2006 7:38am Apr 26, 2006 7:38am
Quoting snags
Thanks for the input folks.

Ian,
The way you described it was the way I saw it also. How tight do you set your stops on these trades? When it got to 25 pips I moved mine to BE.
Snags.

BTW how do you include someone else's quote in a reply?

I set my stop a bit too tight on this one, as I set a trailing stop of 20 pts and got stopped out after only 20 pips... I'm not entirely convinced of the momentum behind this correction, so I gave it a lot less room to breathe. Anyway, 20 pips is better than negative pips anyday...
  • #139
  • Apr 26, 2006 7:42am Apr 26, 2006 7:42am
Quoting iboersma

I set my stop a bit too tight on this one, as I set a trailing stop of 20 pts and got stopped out after only 20 pips... I'm not entirely convinced of the momentum behind this correction, so I gave it a lot less room to breathe. Anyway, 20 pips is better than negative pips anyday...
Yes, any PIP day is a good day. I got 125 for the day so far....on 0.5 microlots

thanks
"We are the superior beings, we obey no one!"
  • #140
  • Apr 26, 2006 8:12am Apr 26, 2006 8:12am
Quoting bigballer
Yes, any PIP day is a good day. I got 125 for the day so far....on 0.5 microlots

thanks
Nice job on the pips,

I think I got out of my USD/JPY trade just in time. Looks like it's starting to head south again, at least temporarily, as the 30-period stoch is still hanging out in 'oversold' territory...
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