Another simple system - Time-Frame 15

...lol...great minds think alike...

lol...god bless

Steve...my friend...you got my first vouch,,,,,I'm happy i vocuhed you first...lol...

Take a look at it folks...i thank everyone here...

Congrats, LE1! Not for nothing this is one of the "hottest" threads...

So where is the bounce from the RN post?? lol...

A vouch from you means so much to me. Thank you for your blessing. May God richly bless you Arjun.

If Eu can't climb above 1.2650 will look for shorts below it.

Steve

The bounce is always in our favor...LOL

Congrats, I made the same trade.
thx Imi

For newbies...always expect atleast small bounce from 200ema...

Thank you. Also well done, Imi.

Greeting Steve,


Can you stop playing with the pause button. We all need to rest and see price reach 1.23000. Please let go the pause button. LOL,,,,

Thank You



Love

Assange

Ever since on the 9th July, fat shaded areas had been blocking prive to move up. (areas 1.22750)

How about the AU? Look at the nice clean move! Unfortunately I took a nap and missed both GU and AU.... My brain is overwhelmed...

Nevermind. I am over +15 PIPS for the day, which is the best I've ever made in a day... Time to do some serious back testing and gain more confidence.

A GENERAL QUESTION:

When on an open trade, do you guys close before a round number/significant S&R and then re-open a new trade when the PA moves/bounces right through it? Or are you confident that it will go through it (judging from the chart) and you just hold it?

Thank you people and LE1 for the great thread!!!

OANDA are great. They have no dealing desk but they widen the spread for a minute or so when big news comes out. No disconnections and not much slippage. Very easy to use. Only problem is they use midnight EST to start their daily candles which is different from most brokers so the daily candles sometimes look different. But you could use another broker for charting and OANDA for trading.

For very tight spreads you could look at Interactive Brokers but they're not user friendly.

[attach]1002923[/a[attach]

Hi rkp,

I'm glad you are succesfull today, keep on doing so...
sorry I cannot answer your question clearly, it depends on chart situation, how many R/S, how long in trade, how much pips ahead, what do the indis tell me, how many pips my SL away...in any way I do adjust the SL approaching a significant S/R area....

look at attached EJ M15 chart for breakout of the pennant formation....

HT and all the best,

jdva

Almost a textbook set-up on USD/CAD today. Good for 20 pips.

Thank you!


So, basically it's a complex decision based on confluence of many factors... It will come with experience... Onto some serious back testing...

Hi Loveevery1,

This method looks really interesting and I will definitely try it out.

I have two questions.

What happens if at London Open price is above the 200eMA and is also above the 10eMA, do you instantly go long? Or do you have to wait for the price to go below the 10eMA and then close above again?

Secondly what happens if at London Open the price is above the 200eMA (so we are looking for long positions only) but throughout the period until 2hours after NY open it falls below the 200eMA? Does this cancel the trade for the day, or are we now looking to enter short positions?

Also do you have to wait for a TDI cross before entering? Or is it enough that price closes above/below 10eMA to initiate a trade? Did the method change from the first page? I notice in the more recent charts people are not using the 200eMA to determin short/long. For instance post #3999. The Pink Line is the 200eMA and at London Open Price is above it so we should be looking for a long position, however all the post about the EUR/USD today mention taking a short position - i guess it is to do with the price being below the white line(whatever that is)? Is anybody able to post the latest method please?

I have attached a chart that shows both scenarios (GBP/USD 18/07/12)

Many Thanks,

Sam

[quote=sam1319;5853758]Hi Loveevery1,

This method looks really interesting and I will definitely try it out.

I have two questions.

What happens if at London Open price is above the 200eMA and is also above the 10eMA, do you instantly go long? Or do you have to wait for the price to go below the 10eMA and then close above again?

Secondly what happens if at London Open the price is above the 200eMA (so we are looking for long positions only) but throughout the period until 2hours after NY open it falls below the 200eMA? Does this cancel the trade for the day, or are we now looking to enter short positions?

Exactly what I have been trying to find out. I am fortunate to be part of this thread and I am grateful for the responses I have received to some of my questions - but, like you, I am seeing many WINNING trades being posted which have MANY variations to the Page 1 rules. For new traders to this method, it has become a real challenge to extract those trades that are totally based on the original rules. I know I get frustrated trying to determine WHY many entries are being taken. I guess we must plod on and practice practice. It seems there are no hard & fast entry rules .
For Example - If price closes above 10ma and BRN AND all this action is above the 200ma = then go long. This is making it a bit over-simplistic but I guess you get the idea. I too have been looking at the 200 for direction of possible trades. Above 200 = look for longs only . Below 200 = look for shorts only. Do not enter long from under BRN if too close, allow room to achieve your profit target.
The TDI is another consideration to confirming a trade entry but it too has several variations that have been discussed at different times.
Green crosses Red
Green crosses Red above 50
Green crosses Red above Yellow MBL
Green crosses Red above 50 and Yellow MBL
Green crosses Yellow and then Red
Avoid crosses if too close to the 68 etc etc

I appreciate that we all have to figure out what is best for our own style, but it would certainly assist some of us to get the confidence we need if there was a basic set of steps that we could use to practice with .
Please do not take my rantings here as any sort of complaint - far from it. I really do love being part of this exciting adventure - I guess its back to page 1 for me ( LOL )

Binnie, the basic set-up is the one on the first page. If you look at the main currency pairs you should find at least one set-up per day. However, Loveevery1 is a discretionary trader who takes other trades based on price action. He has said newbies should master the basic set-up first and the other trades are for more experienced traders.