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Another simple system - Time-Frame 15

  • #4,021
  • Jul 19, 2012 1:06am Jul 19, 2012 1:06am
Quoting sam1319
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,...
Hi Sam,

The first thing we need to find is some sort of trend, once we find that trend what we look for is a correction.

How do we know the corrective move isn't going to become a new trend?

I look for an inside or engulfing candle back in the direction of the trend, if this comes at some sort of support, resistance or RN all the better.

I then enter a trade with the trend on a break of the set up candle.

It's having the patience to wait for these events that becomes hard, if the market is ranging wait for a clear break out and then look for that FIRST corrective move along with the set up to get back with the trend.

Hope this helps a little.

Regards
Steve
Attached Image (click to enlarge)
Click to Enlarge Name: 19th July AU 15m Chart.jpg Size: 99 KB
  • #4,022
  • Jul 19, 2012 1:06am Jul 19, 2012 1:06am
Quoting notouch
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.
Thanks for that confirmation NoTouch. I have started again from page 1 and will concentrate solely on the basic setup 101 ( LOL). I thought I was getting tangled up in things that were too foreign to me. I will determine direction 1st with the 240 then 60 min. If price above 200 ema, I will look for longs only etc. The entry will be on a 15min using the close above the 10 when the TDI green crosses red while above the yellow mbl. Vice versa for short signals. Do you consider this to be a solid idea to follow.? Of course, I need to still be aware of BRN , major possible turning points etc - just the usual price action stuff.
Lets get the learning process going forward again.
Happy pipping to everyone & thanks for your patience with this old dog - he's trying to learn new tricks . LOL
Binnie
  • #4,023
  • Edited 2:05am Jul 19, 2012 1:33am | Edited 2:05am
Waiting for a break out and then looking for the first correction to get into a trade.

Look for the break and close above the trend line on the 1h TF then drop down to the 15m TF to look for the corrective move.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 19th July EU 1h Chart.jpg Size: 93 KB
Click to Enlarge Name: 19th July GU 1h Chart.jpg Size: 96 KB
  • #4,024
  • Jul 19, 2012 1:39am Jul 19, 2012 1:39am
Stevepatt,

Thank you for your reply. I understand what you are saying completely.

If I just want to strictly adopt the strategy discussed on the first page (until I am more comfortable with it) which 200eMA do i use to determine whether to go long or short? The 200eMA on the m15 or on the h4 or the daily?

Regards,

Sam
  • #4,025
  • Jul 19, 2012 1:46am Jul 19, 2012 1:46am
good idea, Steve, thank you....

HT jdva
I never lose - either I win or I learn...
  • #4,026
  • Jul 19, 2012 1:57am Jul 19, 2012 1:57am
M15 EU, GU, EJ, UC

all bands are tightening, await stronger breakout....
I never lose - either I win or I learn...
  • #4,027
  • Jul 19, 2012 2:15am Jul 19, 2012 2:15am
Looks like AU might continue it's up move?

It's always best to catch the first corrective move.
Attached Image (click to enlarge)
Click to Enlarge Name: 19th July AU 15m Chart.jpg Size: 94 KB
  • #4,028
  • Jul 19, 2012 2:26am Jul 19, 2012 2:26am
Quoting stevepatt
Waiting for a break out and then looking for the first correction to get into a trade.

Look for the break and close above the trend line on the 1h TF then drop down to the 15m TF to look for the corrective move.
Nice easy to see charts - I too have these drawn this way and I see top T/Lines now breached. If you don't mind, would you kindly post an update when he retrace happens & perhaps describe what you are looking for . In other words , what would be your entry rules ?
Thanks Steve
Binnie
  • #4,029
  • Jul 19, 2012 2:32am Jul 19, 2012 2:32am
Quoting stevepatt
Looks like AU might continue it's up move?

It's always best to catch the first corrective move.
TP hit I like to look at return as R, 1R being equal to the SL so with this trade I had a 12 pip SL and a 20 pip TP so this was a 1.66R trade.

It gives a far better idea of how a trade has worked rather than just giving pips returned. Someone could make 100 pips (with a 200 pip SL) and have a 0.5R trade or someone could make 20 pips (with a 10 pip SL) and have a 2R trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 19th July AU 15m Chart 2.jpg Size: 73 KB
  • #4,030
  • Jul 19, 2012 2:35am Jul 19, 2012 2:35am
Quoting binnie
Nice easy to see charts - I too have these drawn this way and I see top T/Lines now breached. If you don't mind, would you kindly post an update when he retrace happens & perhaps describe what you are looking for . In other words , what would be your entry rules ?
Thanks Steve
Binnie
I've got to go out for the rest of the day but I'll check things out when I'm back.
It'll only then be retrospective but should give some idea of what I look for.
  • #4,031
  • Jul 19, 2012 2:40am Jul 19, 2012 2:40am
Quoting stevepatt
Looks like AU might continue it's up move?

It's always best to catch the first corrective move.
THe Aussie has certainly climbed quickly. What do think about that T/L and BRN just above.?
I am guessing that you are waiting for similar 1st correction moves for the Pound & Euro.
Binnie
Attached Image (click to enlarge)
Click to Enlarge Name: 6A 09-12 (60 Min) 19_07_2012.jpg Size: 102 KB
  • #4,032
  • Jul 19, 2012 2:45am Jul 19, 2012 2:45am
AUD/USD 15 pips taken after break of round number. Getting there!

Thanks to Loveevery1 and other knowledgeable contributors to this thread.
Attached Image (click to enlarge)
Click to Enlarge Name: todays au.JPG Size: 64 KB
We're all just one trade away from humility.
  • #4,033
  • Jul 19, 2012 3:05am Jul 19, 2012 3:05am
Here is your trigger

Regards,
Bulls
Attached Image
  • #4,034
  • Jul 19, 2012 3:30am Jul 19, 2012 3:30am
Quoting Bulls
Here is your trigger

Regards,
Bulls
Unfortunately, this is my first post & as a junior member of FF, it has to go through the Quality Control by FF,

Hence this may not reach you on time, how ever if it is visible, Wait for the PA Pattern to enter the Trade. As price is at the Potential Resistance on the Higher Time frame(1H), this may may be a potential Trade.......

All the very Best.

Regards,
Bulls
  • #4,035
  • Jul 19, 2012 3:35am Jul 19, 2012 3:35am
Quoting Bulls
Here is your trigger

Regards,
Bulls
oops... inverted hammer, note next candle for confirmaton
I never lose - either I win or I learn...
  • #4,036
  • Jul 19, 2012 3:45am Jul 19, 2012 3:45am
Quoting jdva
oops... inverted hammer, note next candle for confirmaton
Not Just that, its a reject from 200 EMA +RN+ Triple Top, I guess nothing else required for a Good Trade......

What Say Mr. Love

Regards,
Bulls
  • #4,037
  • Jul 19, 2012 4:09am Jul 19, 2012 4:09am
Hi LE1
thank you and congrat for this thread. I´m following your thread just some weeks.

Working great when you respect the rules 100% (especially as newbie like me this is important).

Enclosed a chart 15 min Eur Aussie just taken 10 pips (50% closed), rest still running...

cya,
Attached Image (click to enlarge)
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  • #4,038
  • Jul 19, 2012 4:11am Jul 19, 2012 4:11am
Quoting binnie
THe Aussie has certainly climbed quickly. What do think about that T/L and BRN just above.?
I am guessing that you are waiting for similar 1st correction moves for the Pound & Euro.
Binnie

I think AU is nearing a big supply level so I'm expecting it to start selling off?
We'll have to wait and see.

I am looking for a break out on EU and GU on the 1h chart but the hourly candle must close above the trend line then drop down to the 15m chart to catch the corrective move.

Each day is different and I'm just looking at the market conditions to get an idea for what's happening. Some days you jump straight into the market and some days you have to play a waiting game today looks like being one of those days.
Attached Image (click to enlarge)
Click to Enlarge Name: 19th July AU 4h Chart.jpg Size: 127 KB
  • #4,039
  • Jul 19, 2012 4:36am Jul 19, 2012 4:36am
Closed my initial Profit of 20 Pips... Less for this setup huuh .... But have my other position with BE..... Lets see.....

Cheers
Bulls
Attached Image
  • #4,040
  • Jul 19, 2012 4:47am Jul 19, 2012 4:47am
Quoting stevepatt
I think AU is nearing a big supply level so I'm expecting it to start selling off?
We'll have to wait and see.

I am looking for a break out on EU and GU on the 1h chart but the hourly candle must close above the trend line then drop down to the 15m chart to catch the corrective move.

Each day is different and I'm just looking at the market conditions to get an idea for what's happening. Some days you jump straight into the market and some days you have to play a waiting game today looks like being one of those days.
Hi Steve,

I notice you have the levels D1 10 EMA etc -- is this an indicator ? if so can you post me a copy -- to save me having to draw the levels each day ...

Peace profound
Steadfastness is held above all success
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