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EJ_4H method

  • #261
  • May 14, 2006 11:27pm May 14, 2006 11:27pm
Somebody needs to code an EA for this system. Or a alert for entries that will email you.
"We are the superior beings, we obey no one!"
  • #262
  • Edited 5:32am May 15, 2006 4:01am | Edited 5:32am
Quoting bigballer
Somebody needs to code an EA for this system. Or a alert for entries that will email you.
I can help to write the first draft but I need to be clear on the rules:

1) do we buy/sell immediately after arrow appears or should we wait until the bar closes?
2) should we use value of the arrow as stoploss or some other more reliable values?
3) what are the best pp or fibo levels should we use for taking profit?
4) is it a good exit stratety if we simply reverse the trade when the arrow in the opposite direction occurs?

If I get clear answers to those questions, I should be able to write the EA.
  • #263
  • May 15, 2006 6:46am May 15, 2006 6:46am
1)you should wait.
2)arrow is just a confirmation, there is no value for it.
3)you should trail the price then we have targets, 1st, 2nd, 3rd and so on.
4)No, you should wait for closing the bar with a contrary arrow.

Good luck
Ibo

Quoting chinplant
I can help to write the first draft but I need to be clear on the rules:

1) do we buy/sell immediately after arrow appears or should we wait until the bar closes?
2) should we use value of the arrow as stoploss or some other more reliable values?
3) what are the best pp or fibo levels should we use for taking profit?
4) is it a good exit stratety if we simply reverse the trade when the arrow in the opposite direction occurs?

If I get clear answers to those questions, I should be able to write the EA.
  • #264
  • May 15, 2006 2:51pm May 15, 2006 2:51pm
Dear All,

Private mentoring is not the end of this thread, I don't know why friends stopped posting. Maybe they are trying to discover new opportunities and new direction of the market this week.

Look at the recent chart of eurusd, the main direction is up. The first main support is yellow line. If it breaks the price very likely will swoon or at least will flatten. any close above white line is esteemed a continuation indication and we can rebuy. Please check the PPs and fibo numbers. It will give you more indications. For better execution if you know H1 suitable indicators try them too.

Have profitable week,
Ibo
Attached Image
  • #265
  • May 15, 2006 7:04pm May 15, 2006 7:04pm
Thanks IBO for the chart…


I have also attached a view of the 4-Hour chart of the EUR/USD Pair. Later last week, the price broke out of its current channel, but today it came back in. The green trend lines on my chart indicate the current channel.

It analyzing the price action, it looks like the price is loosing some steam as it approaches the bottom of the channel and as the price retraced to the 61.8% Fibonacci level.

The 4-H Stoch on is also very oversold (currently at 11.85) and as you indicated the trend is still very strong. I am waiting to see what happens, but looking out for a potential buying opportunity.

Mike
Attached Image
  • #266
  • May 15, 2006 7:18pm May 15, 2006 7:18pm
A view of the GBP/USD 4-Hour Chart…

Look at the strong trend up and you can clearly see the nice channel. The price is approaching the bottom of the channel (the green line). The 4-H Stoch is also very oversold at 11.44. Will this pair bounce off of the bottom channel and move back up – thus presenting a possible buying opportunity? Something to keep an eye on…

Mike
Attached Image
  • #267
  • May 16, 2006 5:12am May 16, 2006 5:12am
Here is an updated chart of the EUR/USD as of this morning here on the east coast. The price did get a slight lift, but still in a bearish configuration. It has not closed below the green trendline.

I do not have a position in this pair at the present time, but would be a buyer if I get the confirmation since the trend is still up.


Mike

Attached Image
  • #268
  • May 16, 2006 5:30am May 16, 2006 5:30am
Mike,

You should regard the close below yellow line and look at the 3 recent bars that altogether they are bearish but STO is rising.

Ibo

Quoting ForexMike
Here is an updated chart of the EUR/USD as of this morning here on the east coast. The price did get a slight lift, but still in a bearish configuration. It has not closed below the green trendline.

I do not have a position in this pair at the present time, but would be a buyer if I get the confirmation since the trend is still up.


Mike

  • #269
  • May 16, 2006 11:58am May 16, 2006 11:58am
Quoting eurusdtrader
Mike,

You should regard the close below yellow line and look at the 3 recent bars that altogether they are bearish but STO is rising.

Ibo

Thanks IBO...

You mentioned that if the price closed above the white line...that is the point for which to look for an opportunity to get back in and buy if the trend is up - correct?

Mike
  • #270
  • May 16, 2006 2:08pm May 16, 2006 2:08pm
Mike,

The violance of the oil and gold prices had the influence on majors. It is an errant price at the time and nobody can tell the right direction, but a breakout/down is very likely in case of breaking the nearest support or resistance. This is a situation that you should think smaller time periods, in fact try to close your positions before reversing. Look at the H1 time frame. 55SMA is the resistance that is the final barrier for eur. But Making a new high is a harder work, if it can not then falls will occur and maybe we have some surge and tests. In this market the high and low of days and their breaking is so important. Most of the time they indicate the direction of the whole day. In other word when the low of the yesterday breaks then we should think short.

Of course 55/8SMA are not the suitable MA for H1 chart. I will talk later on about the best MAs shortly in the thread and in advance for private members.

Ibo

Quoting ForexMike
Thanks IBO...

You mentioned that if the price closed above the white line...that is the point for which to look for an opportunity to get back in and buy if the trend is up - correct?

Mike
Attached Image
  • #271
  • May 16, 2006 3:58pm May 16, 2006 3:58pm
Ibo,

Looking at the latest GBP 4H chart, it made a small bounce from yesterday's sell off but seemingly met with strong resistance at the blue 38.2 fib level. I think there is a good chance for GBP to re-test yesterday's low. If successful, it should go all the way down to the green 38.2 fib line (below 1.86).

What do you think?

chinplant
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  • #272
  • May 16, 2006 4:14pm May 16, 2006 4:14pm
Quoting eurusdtrader
Dear All,

Private mentoring is not the end of this thread, I don't know why friends stopped posting.......................

Ibo
reduced activity probably due to the fact that for the past 3 weeks, the eagerly expected retracements only lasted 1 day yesterday. i must admit that there have been few trading opportunities since this thread started but lets hope the great setup will come soon which would give followers a chance to see the powerful money making method.

be patient folks....
  • #273
  • May 16, 2006 7:03pm May 16, 2006 7:03pm
Just wanted to add that I have been following your methods, and will continue too. Thanks for the great contribution.
  • #274
  • May 16, 2006 7:31pm May 16, 2006 7:31pm
IBO,

Attached is a current snapshot of the EUR/USD at 8:15 p.m EST.

I currently do not have any open positions. I am analyzing this pair to determine a re-entry point. Here is my thought process – let me know if you agree or if you would approach this differently.

The most recent blue arrow indicates a buying opportunity; however, we do not just jump in. In the case of this pair, I would feel comfortable buying this pair since the trend is still up and have not really seen any strong indication of a major reversal.

I have found that I am more comfortable buying in this case if the short term stochastic is below the 20 range. In this view, we are currently at 73.

For added analysis: the dark orange lines are that of a detrended price oscillator (custom indicator for MT4), which visually shows when the price will become overbought or oversold. I think that this indicator may provide a more accurate view of the overbought/oversold levels.

Also just analyzing the current price of the last two bars, the price looks weak, but then again it is just the opening of the Asian markets.

So from my view, I would buy only, but looking at this chart right now, I do not see a good entry point.

Feel free to add anything…

Thanks!

Mike
Attached Image
  • #275
  • May 16, 2006 7:44pm May 16, 2006 7:44pm
Mike,

Wait to jump in until the CPI numbers tomorrow........

Or any trades OUT before numbers released..
"We are the superior beings, we obey no one!"
  • #276
  • May 16, 2006 7:54pm May 16, 2006 7:54pm
Quoting bigballer
Mike,

Wait to jump in until the CPI numbers tomorrow........

Or any trades OUT before numbers released..

Good point! I think I will do that...

Thanks,

Mike
  • #277
  • May 16, 2006 11:31pm May 16, 2006 11:31pm
Hello all,
Regarding biballer and Mike's discussion I have to tell you that:

1- Such indicators that make bands to show overybought/sold levels are useful for the hours of market that is not in a strong momentum and just sideways. You can easily use BB(Bollinger Bands) to buy at lower band and sell at higher band aiming few pips when price sideways. I tried this when I was a newbie and it worked. You can see the Vegas fib lines, why it is almost a month that don't work? Because it is not for a strong trending market. Of course on the basis of the strategy with that you should wait until market reverse and shows enough reversal indications.

2-Most of time market waits for a catalyst. Usually this is fundamental. In fact I am agree with bigballer, but keep in mind that its extent is day trading till a new trend in longer time frames forms. Mike you have a good common sens of the market. This is one of the best things that a trader could have.

PS: I am sorry that I can not discuss most of the time in advance about the price action of the day. It is not included in my program for the thread.In fact it needs some prerequisits that is included in private mentoring. This is a long way that private members will be involved.

Rgds,
Ibo

Quoting ForexMike
Good point! I think I will do that...

Thanks,

Mike
  • #278
  • May 16, 2006 11:44pm May 16, 2006 11:44pm
Dear Members,

I don't have a good feeling about the rating of this thread that in recent days somebody had a very negative opinion about the rating. It is some days that this irrtates me. It could be nice if I know what was the flaw of the thread? So if that/those guys tell me about that I should be very thankful. And members that had not any vote, please vote now. This may change my mind.

Yours,
Ibo
  • #279
  • May 16, 2006 11:56pm May 16, 2006 11:56pm
Quoting eurusdtrader
Dear Members,

I don't have a good feeling about the rating of this thread that in recent days somebody had a very negative opinion about the rating. It is some days that this irrtates me. It could be nice if I know what was the flaw of the thread? So if that/those guys tell me about that I should be very thankful. And members that had not any vote, please vote now. This may change my mind.

Yours,
Ibo
Sure,

I just voted, and voted way up for you Ibo.

I would like to find out more about you and your history in the trading markets also!!

But so far, anyone with negative remarks about you is just childish.....

Dont let it bother you Ibo....

thanks
"We are the superior beings, we obey no one!"
  • #280
  • May 17, 2006 12:36am May 17, 2006 12:36am
I voted it high. Over the last 4 days or so I have read thorugh all the postings in this thread and am surprised that all this detailed information has been provided for free, this is not something we are used to seeing this day in age. I wouldn't worry about what a couple of people rate the thread knowing how mcuh positive feedback you have recevied.
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