X-Man's Super Simple System

I agree with Emmanuel.
I'm currently waiting.

The key to forex is that you should not chase, always wait for the perfect moment.

PA just broke the 200 EMA and has crept below it.
After a break of R&S PA will most likely go back and test that area of R&S and bounce off it.

If you also take out your Fibb retracement you will see that the 200EMA is on the 38.2% retracement level which PA just touched

okay, I got my better price entry [email protected]

If price close above PAC at the next hour, that would fulfil one of my setup buy entry. But then that bar will be a long bar, it is not easy to catch long bursty bars. unless you place a buy stop order.
Why would anyone want to use Buy Stop order? Many traders do that.
My style is always get better price. If market deos not give me, then let it go. If market burst, then I add position with my floating profit only having protected my openn positions.

But my concern is this current price action may not be the one for today as the support zone is pretty wide below.

hi all

im in too!!

And if you still consider buying then set a buy entry above the 200 EMA. TP will be small as we are in a down trend , you can see lower highs forming.

Hi Xman, yes I agree, wish I waited for the move above the 200ema before entering.

Let see what happens.

Hi Quezoy,
Look closely at your H1 chart. Do you see the New York close on last Friday and re-open on Sunday? Is there a price gap?

I got in at 1.3090 but it's not looking good ATM. I will ride it for a while and see what happens. My SL is at 1.3025, no TP set, will monitor it till i see a reason to exit.

Good Luck

However, I might add,as you say price action is king and these last three bars all show long wicks... to me it means a reversal.

The 200 ema isn't the be all and end all.

Price could just be ducking under the 200ema temporarily.

See it. Anyway, I'm offtopic.

I wrote I dont think it will go far up, but still I entered. How stupid is that?
Never chase the damn price and get some f*$%$# patience!!!

hi , thanks x-man
where i live in thailand ,cannot have any in depth conversation , because they dont speak much english , but i'm ok now ,thanks to lots of good advice from yourself and some of your super s3 family .
best regards to all who have helped me
ROB

I don't think that we go down for now, something is blocking around 13053... watch this level it becomes a stronger support,, my vision

EDIT: DOES THE BIG TRADERS WATCHING MY POST OR WTF

There seems to be quite a strong support at 1.30569 - Pivot, as well as Support from previous pricve action...

Also seems like a double bottom is forming on 15M.. Could indicate a nice move up I reckon? Correct me if I'm wrong? (Kinda still new here..)

I would like to also say that to be safe and conservative rather wait and see how the market plays out on mondays at the LO.

This will give to time to start feeling PA rather than just jumping into a trade after the weekend.
This use to also happen to me and i realized that most of my losses came from monday mornings when i just jumped into a trade.

As we can see now PA has created a 3 wick support. Just have to wait to see if that breaks

There are a few problems with this system which will prevent it from being profitable in the long run...This method has been discussed in detail by another trader NickB.

William Eckhardt --- one of the best traders of all time( mentor of the turtles) provides an explanation of why these systems will never work in the long run.

Problem---- There is no reason to use 1 Hour candle...if this pattern is providing any insights into the psychology of the markets there must be no restrictions on the time frame of the candles.this pattern will disappear in a lot of cases if u switched to 30 min candles and reappear at other places .... this is a perfect example of a black box strategy where the people using it unfortunately do not understand why it is working in the short run...

I have been working with a team of 5 people for the last 3 years trading forex....try running this strategy on 5 years of data....u will be surprised how remarkably it fails...

I honestly beleive that FF is a great community . I have been lurking around for a long time now and have benefitted a lot from FF...

well not a good way to start a monday SL hit at 40 pips.

Yes my stop loss was hit too. I guess I was too eager after ready all the success from last week that you guys all had...

Need more patience.

same here, out at -30pips.

no worries msc, we paid our entry ticket for this week. So we look for the next setup.

PLEASE do not use it on your live accounts ...read my previous post for the reason

I saw PA breaking the lower boundary ofa simmetrical triangle (EMA200), bounce up to test that level as resistance and then fall again. I'd be short on the EMA200 testing, TP 1Feb swing low.
But this is just hindsight, so much wind pours from my mouth.
Add we hear the worst news from greece this monday morning.

sl hit!! -40 pips