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EJ_4H method

  • #221
  • May 6, 2006 11:29pm May 6, 2006 11:29pm
ForexMike,
About EURJPY chart : Lots of issues needs to be discussed.
1- I will do the same exercises for private members, in fact they do like you and we will discuss.
2- I just tell you some that hope will help.

- A long range candle often means non-technical market, or a vey important news or rumour and so on. Simply, stand aside.
- Mondays and Fridays as the starting and finishing of the weekly business round are a little different form the rest. In fact they have its own characteristics. Shortly, Stand aside Mondays and look for a breakout/down at the end of session (most of time eauropean)
- You were right about the majority of your talk. But Preferably you should get the direction by two stop orders (buy and sell)
- At the time completely forget about the weekly trend, because it is very long time scale

About EURUSD: One very simple but important rule, when you expect a reversal (I see as VWB here that all of kids look for) and it does not happen it means the trend is very strong and you should follow the trend. I will discuss in detail in the future.

Have a nice weekend
Ibo
Quoting ForexMike
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.

MIke
  • #222
  • May 7, 2006 2:08am May 7, 2006 2:08am
I have to add when we are in such situations (expecting reversal never happen and the trend continues) the best strategy to trade is to focus on day trading skills. I won't talk about this skills in this thread or in my documents beause it is not included.Just I will discuss with private members on the basis of need-to-know. So it depends on your ability to seize enough pips when you know the direction and this matter that the tred is strong enough. This is one of the easiest set-ups that you can trade. because price trends with daily steps. You should just take the daily projections.

In fact this is the only condition that you can rely on daytrading and trend following dasics.


Yours,
Ibo
  • #223
  • May 7, 2006 6:27am May 7, 2006 6:27am
Quoting eurusdtrader
ForexMike,
About EURJPY chart : Lots of issues needs to be discussed.
1- I will do the same exercises for private members, in fact they do like you and we will discuss.
2- I just tell you some that hope will help.

- A long range candle often means non-technical market, or a vey important news or rumour and so on. Simply, stand aside.
- Mondays and Fridays as the starting and finishing of the weekly business round are a little different form the rest. In fact they have its own characteristics. Shortly, Stand aside Mondays and look for a breakout/down at the end of session (most of time eauropean)
- You were right about the majority of your talk. But Preferably you should get the direction by two stop orders (buy and sell)
- At the time completely forget about the weekly trend, because it is very long time scale

About EURUSD: One very simple but important rule, when you expect a reversal (I see as VWB here that all of kids look for) and it does not happen it means the trend is very strong and you should follow the trend. I will discuss in detail in the future.

Have a nice weekend
Ibo
IBO,

Thanks for your input here - much appreciated. Look forward to learning more.

Mike
  • #224
  • May 7, 2006 12:43pm May 7, 2006 12:43pm
Hi Ibo,

You have a private subscription?

What website is it/

thanks

Quoting eurusdtrader
I have to add when we are in such situations (expecting reversal never happen and the trend continues) the best strategy to trade is to focus on day trading skills. I won't talk about this skills in this thread or in my documents beause it is not included.Just I will discuss with private members on the basis of need-to-know. So it depends on your ability to seize enough pips when you know the direction and this matter that the tred is strong enough. This is one of the easiest set-ups that you can trade. because price trends with daily steps. You should just take the daily projections.

In fact this is the only condition that you can rely on daytrading and trend following dasics.


Yours,
Ibo
"We are the superior beings, we obey no one!"
  • #225
  • May 7, 2006 11:30pm May 7, 2006 11:30pm
bigballer and all friends,

I will tell you in time when finished, there is no problem with materials, just I should get assured and start to design an exhaustive program.

Have patience please, it is the most important part of trading arsenal.

Ibo

Quoting bigballer
Hi Ibo,

You have a private subscription?

What website is it/

thanks
  • #226
  • May 8, 2006 12:46pm May 8, 2006 12:46pm
Looks like there was a potential reversal this morning on the AUD/USD, but the Reserve Banks increased interest rates to 5.75% from5.5% to curb inflationary pressure which helped move the AUD higher against the USD. Commodity prices trend will be important in the Short Term which if they remain strong will offer some near-term Aussie support. There seems to be a weaker capital flow into this currency which may prevent further AUD gains.



The EUR, last time I check my charts this morning continued its run up – trend is still strong..

Mike
  • #227
  • May 8, 2006 1:37pm May 8, 2006 1:37pm
ForexMile,
Thanks for your commentary. But seems you have forgotten the blue color coding.
The next day is determining. today was bearish.

Rgds,
Ibo

Quoting ForexMike
Looks like there was a potential reversal this morning on the AUD/USD, but the Reserve Banks increased interest rates to 5.75% from5.5% to curb inflationary pressure which helped move the AUD higher against the USD. Commodity prices trend will be important in the Short Term which if they remain strong will offer some near-term Aussie support. There seems to be a weaker capital flow into this currency which may prevent further AUD gains.



The EUR, last time I check my charts this morning continued its run up – trend is still strong..

Mike
  • #228
  • May 8, 2006 7:58pm May 8, 2006 7:58pm
Quoting eurusdtrader
ForexMile,
Thanks for your commentary. But seems you have forgotten the blue color coding.
The next day is determining. today was bearish.

Rgds,
Ibo

Sorry about that You are correct!

I am looking at the EUR chart and it did retrace, but the 55SMA and the long term Stoch are still pointing to an upward trend. Do we have a reveral are just a pullback? That is the question...we will have to wait and see...

Mike
  • #229
  • May 8, 2006 11:40pm May 8, 2006 11:40pm
ForexMike,
This is the most important and popular and frequent question in both swing trading and reversal trading method. There are methods and tricks to see this. But totally you should get a confirmation, so look at the chart and first support to ruin.

PS: You can change the color to blue (edit you previous post)

Totally in this cases rely on the most reliable indicator (price)

Rgds,
Ibo

Quoting ForexMike
Sorry about that You are correct!

I am looking at the EUR chart and it did retrace, but the 55SMA and the long term Stoch are still pointing to an upward trend. Do we have a reveral are just a pullback? That is the question...we will have to wait and see...

Mike
  • #230
  • May 9, 2006 5:02am May 9, 2006 5:02am
Quoting ForexMike
Sorry about that You are correct!

I am looking at the EUR chart and it did retrace, but the 55SMA and the long term Stoch are still pointing to an upward trend. Do we have a reveral are just a pullback? That is the question...we will have to wait and see...

Mike
My opinon, any comments welcome
Attached Image
  • #231
  • May 9, 2006 5:02am May 9, 2006 5:02am
Thanks IBO,

Here is a most recent chart of the EUR/USD. Price did decline and is approaching the first pivot support level. The 55SMA still looks very positive and long term Stoch still very high. Let's see if the trend continues and the pair moves back-up. Will wait for the blue arrow for confirmation...

Mike
Attached Image
  • #232
  • May 9, 2006 5:10am May 9, 2006 5:10am
GBPUSD is similar to Euro but did not break the 50% retracement, no momentum is still a concern. AUDUSD looks a better move but still has some S/R issues, (but I did get in last night)

I think the market may stay slow until the FOMC tommorow night
  • #233
  • May 9, 2006 5:11am May 9, 2006 5:11am
Quoting Lindsay
My opinon, any comments welcome
Good feedback Lindsay...the pair could break lower to the 23 retracement - below that, I am not so sure due to the stong trend this pair has shown recently.

We shall see...

Thanks
  • #234
  • May 9, 2006 9:45am May 9, 2006 9:45am
I agree with you
Quoting Lindsay
My opinon, any comments welcome
BJ
  • #235
  • May 9, 2006 2:06pm May 9, 2006 2:06pm
Dear Friends,

As you see in majors we are in the zone that price violates drastically and there are many misleading signals, this is because at the time price is errant and it should go higher or lower to confirm the direstion, as we are expecting the sell-off market eur should break through 1.2260 to confirm the reversal, otherwise we get assured that the uptrend is very strong. Untill now the reversal of Saturday (Monday) that I talk about is going to be confirmed.
There are methods that we can recognize this zone, it is done using fibo and PP and some other patterns. Will be covered some in future and completely for private members.

Happy trading,
Ibo

Quoting brainjt
I agree with you
  • #236
  • May 9, 2006 3:20pm May 9, 2006 3:20pm
Ibo,

Thanks for sharing your system with us. I am trying to learn how you trade with it. Could you explain how you decided on 1.2260 as the point to confirm the reversal. Why can't we use a break of 1.2650 or 1.2550 on EUR/USD as confirmation?

Thanks
  • #237
  • May 9, 2006 4:33pm May 9, 2006 4:33pm
Quoting eurusdtrader
Dear Friends,

As you see in majors we are in the zone that price violates drastically and there are many misleading signals, this is because at the time price is errant and it should go higher or lower to confirm the direstion, as we are expecting the sell-off market eur should break through 1.2260 to confirm the reversal, otherwise we get assured that the uptrend is very strong. Untill now the reversal of Saturday (Monday) that I talk about is going to be confirmed.
There are methods that we can recognize this zone, it is done using fibo and PP and some other patterns. Will be covered some in future and completely for private members.

Happy trading,
Ibo
Thanks IBO,

I will try to follow up with a chart later this evening or this weekend, but this morning, I did place a buy trade on the EUR/USD. Although the 8SMA was above the 55SMA, the price retraced a bit, and I felt, by anlayzing the slope of the 55, that the uptrend was very strong and would continue. The price declined right at the S1 pivot level and that is where I bought. The 4-hour Stoch also pointed to an uptrend.

I just closed the trade with a 83 PIP gain...

Regards,

Mike
  • #238
  • May 9, 2006 4:41pm May 9, 2006 4:41pm
Quoting eurusdtrader
Dear Friends,

As you see in majors we are in the zone that price violates drastically and there are many misleading signals, this is because at the time price is errant and it should go higher or lower to confirm the direstion, as we are expecting the sell-off market eur should break through 1.2260 to confirm the reversal, otherwise we get assured that the uptrend is very strong. Untill now the reversal of Saturday (Monday) that I talk about is going to be confirmed.
There are methods that we can recognize this zone, it is done using fibo and PP and some other patterns. Will be covered some in future and completely for private members.

Happy trading,
Ibo
And what are you thoughts regarding what the FOMC does tomorrow??

EURUSD
GBPUSD
USDJPY

thanks
"We are the superior beings, we obey no one!"
  • #239
  • May 10, 2006 12:31am May 10, 2006 12:31am
Hello,
I'm sorry for mistyping, it was 1.2660.

Quoting nvwine
Ibo,

Thanks for sharing your system with us. I am trying to learn how you trade with it. Could you explain how you decided on 1.2260 as the point to confirm the reversal. Why can't we use a break of 1.2650 or 1.2550 on EUR/USD as confirmation?

Thanks
  • #240
  • May 10, 2006 12:52am May 10, 2006 12:52am
Mike,
You were aggressive, I hope you were not exhausted that force some traders to go amok, it was a nice gain but I think you risked too much. This is a game of waiting at the time, please don't lose the game easily. We have crosses that look better to be eyed.

Ibo

Quoting ForexMike
Thanks IBO,

I will try to follow up with a chart later this evening or this weekend, but this morning, I did place a buy trade on the EUR/USD. Although the 8SMA was above the 55SMA, the price retraced a bit, and I felt, by anlayzing the slope of the 55, that the uptrend was very strong and would continue. The price declined right at the S1 pivot level and that is where I bought. The 4-hour Stoch also pointed to an uptrend.

I just closed the trade with a 83 PIP gain...

Regards,

Mike
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