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I can see the chart shows a double top pattern.
Bearish trend starting. If the current candle closes below the 72EMA and below the 12EMA then should we be looking to go short ?
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Quoting hullas
Bearish trend starting. If the current candle closes below the 72EMA and below the 12EMA then should we be looking to go short ?
Nope...

Please refer post 142 The picture will clear your doubt... however if this closes below 72EMA... i consider that the down trend started... & i will look for a short on the pull back...

To support the down trend we know that, the weekly chart rejected the roof of the down trend + daily has formed a shooting star almost....

Good Going...
FX-Pro
Quoting FX-Pro
Folks....

I'm trying the re-entry method on E/U, let see if it works....

The price bounced from a small support+RN... & closed above 12EMA...

Cheers,
FX-Pro
great entry FX-pro,,
Quoting tsipouro
Could you recommend a nice daily pivots indicator to use with your template?
THV Pivot indi.... i was using this when i was trading on M5

but this is a simple method & keep it simple....

too many indicators will give you confusions not pips...

Good luck
FX-Pro
Quoting FX-Pro
THV Pivot indi.... i was using this when i was trading on M5

but this is a simple method & keep it simple....

too many indicators will give you confusions not pips...

Good luck
FX-Pro
This one I guess: http://www.forexfactory.com/showthre...28#post2355228

Thank you in advance!
  • Post #207
  • Quote
  • Edited 10:23pm Sep 17, 2012 11:42am | Edited 10:23pm
Hi ya FX-Pro..

If you were to take this Cad trade would this be enough information to go on?

Entry at break of red box or close there..
Break of congestion area
Bounced off 72 and crossed 12ema..
Rising wedge..
Break of Daily PB..
MA's would be starting to have space between them giving momentum..
30pip stop just under 0.97RN..

Any opinion appreciated please

Cheers,
Adrian

Update: BE
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Niiiice trade...any one catch this for a nice 70pips of movement after spread..
Hit the first trouble area to the pip..
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Quoting hullas
Bearish trend starting. If the current candle closes below the 72EMA and below the 12EMA then should we be looking to go short ?
Hi FX pro please update us the next possible entry in A/U
Hi Ramjet ,

Looks like USDCAD still have room to go to EMA 20 on Daily ..i'd prefer to wait either price back to down trend or really reverse and the uptrend more clear.
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Quoting andri66
Hi Ramjet ,

Looks like USDCAD still have room to go to EMA 20 on Daily ..i'd prefer to wait either price back to down trend or really reverse and the uptrend more clear.
Hi ya Andri

Yes, and it lines up nicely just below the RN of 0.98 also a resistance area for a target price or sell half depending on your MM..
That's what I like about this system or maybe it's just me, lol ..but the 72Ema seems to make it easier/comfortable for me to decide which way the trade should be taken with out being caught up in a bias but I still look at the Daily TF and see what direction that's heading and if there is space for price if the trade is taken counter trend to the higher Daily TF.. also where the Daily and Weekly S/R levels are at..

Cheers,
Adrian
Kind of conflicting picture I get on UCad. PA according to system is a buy which I did however it is also Under 200EMA very respected line and coming very close to it.
1st tpl is the system
2nd is 200ema system which I use as well.I reason PA may reverse back to major downtrend after hitting 200EMA which is around 9760
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In trading, you have to be defensive and aggressive at the same time
Did this one a little differently as caught it a bit late as on the hourly it did what we wanted of crossing the 12ema but I missed the move and caught it on the break out pull back also if you look at the daily it is a 2day PB..

So far working but it's a worry the size of the spread on some of these cross pairs as the spreads are a lot wider making it difficult to get to BE at +20.. and if we look back at this post http://www.forexfactory.com/showthre...12#post6017312 I'm about to be stopped out although price moved about 26pips in my direction the spread was 8pips..

Update: BE
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Quoting Ramjet
Did this one a little differently as caught it a bit late as on the hourly it did what we wanted of crossing the 12ema but I missed the move and caught it on the break out pull back also if you look at the daily it is a 2day PB..

So far working but it's a worry the size of the spread on some of these cross pairs as the spreads are a lot wider making it difficult to get to BE at +20.. and if we look back at this post http://www.forexfactory.com/showthre...12#post6017312 I'm about to be stopped out although price moved about...
I would advise only trade high liquidity low spread pairs. I trade Euro,Cable,Aussie and Cad only.4 pairs are enough to find good set ups.
Good luck with your trade
In trading, you have to be defensive and aggressive at the same time
Quoting Davit
Kind of conflicting picture I get on UCad. PA according to system is a buy which I did however it is also Under 200EMA very respected line and coming very close to it.
1st tpl is the system
2nd is 200ema system which I use as well.I reason PA may reverse back to major downtrend after hitting 200EMA which is around 9760
Hi ya Davit..

I see what you mean..I've never used the 200ema much before so I'm not sure how good it is but it seems to be strongly correct in this situation as it is confluenced with the resistance area to the left..

Cheers,
Adrian
Quoting Davit
I would advise only trade high liquidity low spread pairs. I trade Euro,Cable,Aussie and Cad only.4 pairs are enough to find good set ups.
Good luck with your trade
Thanks for the advice!
Quoting Ramjet
Hi ya Davit..

I see what you mean..I've never used the 200ema much before so I'm not sure how good it is but it seems to be strongly correct in this situation as it is confluenced with the resistance area to the left..

Cheers,
Adrian
Looks like if it pierces 9760 then next stop is 9790-98 area.If it stalls and shows reversal I will close the trade.
In trading, you have to be defensive and aggressive at the same time
Quoting Davit
Looks like if it pierces 9760 then next stop is 9790-98 area.If it stalls and shows reversal I will close the trade.
lol, these ema's are all working in there own way as I've just placed a 150ema on the chart as I've always used that from the James16 teachings and found that to be the best of the ema's that I've used so far and it is perfectly poised holding price as support..
Quoting Ramjet
lol, these ema's are all working in there own way as I've just placed a 150ema on the chart as I've always used that from the James16 teachings and found that to be the best of the ema's that I've used so far and it is perfectly poised holding price as support..
I closed my buy with +5pips.Nothing to get excited.Looks like Cad may resume downtrand.
Jesus just in time.Huge spike down.
In trading, you have to be defensive and aggressive at the same time
Hi Davit

I'm somewhat lost with your Usd / Cad trade.

The currency had been short and on 17 Sept we had a cross of the 12 and 72 ema. After the cross I cannot see that there has been a pull back and rejection off the 72ema which would show the direction had changed to long which would then require a close above the 12 ema to trigger the entry (taking into consideration and round numbers and S / R that may stop you from entering then).

I've re-visited the diagram posted by FX-Pro in Post 142 on page 10 and cannot see how you are already in the market.

I've gone back to the rules on page 1:

Entry :-

• Look for a Reject from 72 EMA
• Enter after the price closed above/Below the 12 EMA
• The entry Candlestick should be a Pinbar, Marubozu, Engulfing Pattern… Etc




Di
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