Mind you pivots change all the time as well as fibos. See now if you were to put a fib on the EUR/USD from the 4/14 move, you'll see the 38 retracement is sitting beautifully on S1. This is another great location to keep an eye on.
Of course this all provided that there isn't a major increase in the pair. (Although there will be most likely another great area such as this one is presenting)
And don't forget to keep an eye on the price retracement levels back to the 55MA.
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Joined Mar 2006
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Status: Ichimoku Insider
|104 Posts
Quoting eurusdtrader
Disliked
Hello all
The 3rd document will be published during the next week, very likely before weekend.
Watch out for reversal on Friday (there is nothing 100% in trading, just this is a potential of reversing)
Have a nice day
Ibo
Ignored
Hi Ibo,
Are you basing your reversal prediction for Friday on the extreme oversold status of the USD combining with the institutional position squaring that takes place on Fridays? If not, can you share with us your rationale?
Hello iboersma
I have some rationales, but as you see market does not act technical, if it does not reverse I really get confused, I did not get really what did you mean, you can send me your detail by email, this is a very simple trick than you can learn after some experience, I may publish it in upcoming parts but definitly will talk more about timing for private members, this is a part that needs to be discussed based on knowledge of the member
You don't need to monitor the price, you should find a good point to place your orders, reversal is about the majors. Still momentum is high and as you are hearing form media and some professionals some moves of the price is out of phase (non-technical without any solid reason), I personally am waiting for backing to the harmony. This on the basis of my thoughts is happen Saturday, so as that is off then we may have the reversal Friday or Monday. But nothing is 100%. Let's see.
Our method is on H4, for controling your account at the time you should eye H4 chart, but for better entry or exit in the hours that momentum (speed) of price is high you can go down to H1 and do precisely what you need.
Best,
Ibo
Quoting JohnnyPhoenix
Disliked
Watch out for reversal on Friday (there is nothing 100% in trading, just this is a potential of reversing)
Thank you too for your kindness. This is a program that needs that you follow it for an enough period of time, it depends on the level of trader. Again I repeat that I still have not taken a 100% decision. Because it is not a goal for making money. If I wanted to make money I could sell this info that I contribute freely for thousands of dollars. I just want to have a handful of traders to make a very good community and have a good plan in mind to construct a mentoring system that you have not seen so far. All mentoring systems that I have seen are the same method of publishing information for public. There is not a close and very personal attention to the trader. You should not be apprehensive about the tuition because I will put two different level of mentoring for different level of traders. One will be enough cheap, in fact nothing in the world of traders.
Traders show their performance just in some cases that they will manage funds. As I have told before, there could be traders even very newbies that can make money maybe better than me with this method. You can test it yourself and you can see that with some attention to the trading principles and discipline you can have a decent income. It is a gift from me.
If you want that I give you signals, it is easy, just tell me that I can tell you what you should buy or sell. As a trader you should stand on your feet. There will be cases that I am wrong but you are thinking of a right direction. I still learn. I think with 50 years of study we can not get complete understanding of the market.
I were very busy this week and will be more avaiable hereafter, wait for the third part this week.
Have a nice weekend,
Ibo
Quoting volvo264
Disliked
Hello eurusdtrader,
So far I have found your thread of interest. I have a couple of things I want to know more about and would be grateful for an answer:-
1. What is the cost of your private tuition group.
2. Do you have any solid evidence you can show that this trading method is profitable for example a brokers statement.
Ibo, I am trying to monitor several pairs with EJ4 method - most majors and several crosses. As of now (after the big Friday), all the majors are not ready for reversal and only Japanese crosses - GBP/JPY and EUR/JPY will go down after the rising wedge will break. Would you agree with that?
In order to set up MT4 to work with the EJ_4H system, you need to:
1) Download ALL indicators, place them in your "Indicators" folder.
2) Open up each and every one of the indicators you downloaded via the MetaEditor (exclamation mark icon in top menu bar) in MT4. Save and compile each. This is key as they will not work unless you compile them.
3) Download all templates and put them in your main "Templates" folder.
4) Open up the currency charts you want to look at.
5) In each chart, go to the menu bar at the top of MT4 and click the "Charts" menu. From their select "Templates". You should see the EJ_4H templates you downloaded there. If not, select "Load Template" from the context menu and search for them.
6) Once you select the template you want (e.g.: EJ_4H_Dual_Stoch, etc.) the chart will change to show the colored bars and other indicator-related information.
If you don't see some of the indicators, like the 4H countdown timer, go to the Indicators icon (green plus sign) on the top menu bar and then select the indicator you want to add.
Much of the confusion about this lies with the fact that people don't realize that the indicators are loaded WITH the template.
Hope this helps,
Ian[/QUOTE
Thanks for the most informative reply which answers my queries very nicely.
You have to wait until the bar closes to get the 'correct' signal [re; the blue bar] and in my view the euro price was held up by the Weekly Pivot Points.
IMHO
bluemoon
Ignored
Could you please let me know how to get the attached chart with the pivots?
I have the same but without the pivots!
Ishay
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Joined Feb 2006
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Status: Geometric Trader
|322 Posts
Quote
Disliked
2) Open up each and every one of the indicators you downloaded via the MetaEditor (exclamation mark icon in top menu bar) in MT4. Save and compile each. This is key as they will not work unless you compile them.
It is not necesary to compile the indicators. Just close and re-open Metatrader, they will be compiled automatically.
Usually the price action of Mondays is a determining of weekly direction. Let's see this Monday.
JPY related pairs have their own behavior. Most of time EUR,GBP and CHF (conversely) have the same or very similar action.Detailed info will be in a certain topic.
Best,
Ibo
Quoting zzz
Disliked
Ibo, I am trying to monitor several pairs with EJ4 method - most majors and several crosses. As of now (after the big Friday), all the majors are not ready for reversal and only Japanese crosses - GBP/JPY and EUR/JPY will go down after the rising wedge will break. Would you agree with that?
Looking for an opportunity to learn from your analysis, so I attached a chart of the EUR/JPY and would like your feedback.
The weekly trend on this pair is up; however, we had a major down trend in price on Friday. One can clearly see on the attached chart that the price blew through 8SMA (white line) as well as the support level 1, but it did not break support level 2. I missed this opportunity.
The 55SMA which shows the main sentiment of the market still shows a slight bias to the upside, but is flattening. The price is now around the 55SMA. Regradless of the fact that the weekly trend is up, the 8 SMA is now sloping downward with a negative bias.
If I understand your method correctly, I would be looking for an opportunity to go short, however, we are at the 55SMA and the support level 2 is not that far off.
I do not really see a good opportunity here. If I see a green buy arrow (which we might if the price bounces off of the 55 or 2nd support level and retraces) I would not take the trade due to the fact that the risk reward it too great. The 8SMA is still above the 55SMA.
According to your method, I really see two primary trade signals.
Primary Long: 8SMA is Below 55SMA: Look for slope to turn positive and you get a green arrow
Primary Short: 8SMA is ABOVE 55SMA: Look for slope to turn negative and look for a red arrow.
In an situation where the 8SMA is ABOVE 55SMA (in the case of a long trade) and the trend is up would you look to buy on recent pullbacks? Perhaps not as a primary trade, but perhaps a secondary with a lower trade size? One may miss the initial primary trade signal and although the 8 has crossed the 55, there could still be considerable upside if the trend is in that direction. Would you agree?
I am wondering if you can outline your primary and secondary (if applicable) trade signals again.
Thoughts on this and/or additional analysis techniques welcome and appreciated. Mike
A follow-up to my last message. This is a view of the EUR/USD 4-hour chart.A nice uptrend is evident. In the chart I drew attention to the most recent blew buy signal arrow. Although the 8SMA is above the 55SMA, would a long trade be entered here.
I also follow the Vegas Wealth Building system, and this pair is trading at it most extreme fib level and keeping an eye at a potential reversal of the trend.
Looking at the most recent trading price, one could make the argument that the trend will continue, and why not jump in and go long? Using the pivot points as a means of additional analysis, the first resistance level (R1) appears to me the major resistance level on both the daily and weekly charts.
hey ForexMike, how can you enter in the long trade in your last post if EUR/USD is at the end of the huge long run and everybody waits for it to reverse down?According to what I see, it may spyke a little bit up and then reverse down big time. This is where you have to enter if you want a fat profit.
hey ForexMike, how can you enter in the long trade in your last post if EUR/USD is at the end of the huge long run and everybody waits for it to reverse down?According to what I see, it may spyke a little bit up and then reverse down big time. This is where you have to enter if you want a fat profit.
Cheers
Ignored
I agree, I am not buying, but just posted it to get feedback on this or any other pair where the 8SMA might be above the 55SMA.
