Attachments: Simple Money Making Method

Simple Money Making Method

#1,981
Nov 13, 2012 3:50am Nov 13, 2012 3:50am

Sunny Coast
| Joined Jun 2012 | Status: Trader | 28 Posts

AUD USD possible set up if I'm seeing it correctly.
Bar closes in a few minutes.

Seems to be rejecting 1.0400 round number as well.

On the move so can't post chart.

Cheers

Sunny C

#1,982
Nov 13, 2012 3:53am Nov 13, 2012 3:53am

koosvdh
| Commercial User | Joined Nov 2012 | 24 Posts

Quoting Sunny Coast

Disliked

AUD USD possible set up if I'm seeing it correctly.
Bar closes in a few minutes.

Seems to be rejecting 1.0400 round number as well.

On the move so can't post chart.

Cheers

Sunny C

Ignored

I agree, going to take this one if it closes above 8EMA.
On H4, nice Higher Highs and Higher Lows. For me, it looks like a "good-to-go"! Hope I am right!

#1,983
Nov 13, 2012 3:55am Nov 13, 2012 3:55am

ymmit
| Joined Nov 2012 | Status: Trader | 30 Posts

Watching this too, if it agrees with FX-Pro's method will take the AU long.

#1,984
Nov 13, 2012 4:06am Nov 13, 2012 4:06am

koosvdh
| Commercial User | Joined Nov 2012 | 24 Posts

I did not take the trade, question is: If it was so close to 8EMA, should the trade be taken?
Or do we follow the rules religiously?

#1,985
Nov 13, 2012 4:12am Nov 13, 2012 4:12am

well0143
| Joined Oct 2012 | Status: how hard you can get hit & kpmovfwd | 297 Posts

Quoting koosvdh

Disliked

I did not take the trade, question is: If it was so close to 8EMA, should the trade be taken?
Or do we follow the rules religiously?

Ignored

didn't take it either no volume in it since last week to unpredictable, better set ups on euro us acting bearish better confirmations with the small rebounds

#1,986
Nov 13, 2012 4:13am Nov 13, 2012 4:13am

burnzmeister
| Joined Oct 2012 | Status: Trader | 148 Posts

Quoting koosvdh

Disliked

I did not take the trade, question is: If it was so close to 8EMA, should the trade be taken?
Or do we follow the rules religiously?

Ignored

It's a difficult one. The entry rules could be considered to have been met. However, it's less of a bounce from the 200 EMA, but more of a break from an 8 hour consolidation phase. I'd say there will be little downside risk beyond the 200 EMA until the US Federal Budget Balance at 1900 UTC tonight. So could be worth a punt!?

Most people have the will to win, few have the will to prepare to win

#1,987
Nov 13, 2012 6:27am Nov 13, 2012 6:27am

tibokano
| Joined Jun 2008 | Status: Trader | 22 Posts

I have a question regarding the rules. Could someone please clear this up in regard to the 72 EMA. I have been short on the EUR/AUD since Nov 1. Right now positive 262 pips. It has been in a nice steady downtrend. Price has never went up and actually touched the 72. It has come close 6 times. Just in the past hour, it retraced back up to the 72, however, missed hitting it by 1.7 pips. Each time that it has nearly hit the 72, it has come back down to close below the 12. Looks like it may happen again during this candle or possibly the next. My question is would this be a valid entry if it does indeed close below the 12 even though it never actually touched the 72. It does not have to be this currency pair, but any. Thanks

#1,988
Nov 13, 2012 7:39am Nov 13, 2012 7:39am

burnzmeister
| Joined Oct 2012 | Status: Trader | 148 Posts

@tibokano: Congrats on the trade. Could you possibly post a chart too please?

With regards to 'bounces' from the 72 EMA, I think you have to use your own discretion. I personally try to look at the bigger picture as you seem to too. If the change in PA is sharp and quick and comes, what I consider to be, close to the 72, then I'm happy to enter. I don't like to see much daylight between the PA and the EMA. If I'm not sure I sit on my hands.

Most people have the will to win, few have the will to prepare to win

#1,989
Nov 13, 2012 7:59am Nov 13, 2012 7:59am

tibokano
| Joined Jun 2008 | Status: Trader | 22 Posts

Quoting burnzmeister

Disliked

@tibokano: Congrats on the trade. Could you possibly post a chart too please?

With regards to 'bounces' from the 72 EMA, I think you have to use your own discretion. I personally try to look at the bigger picture as you seem to too. If the change in PA is sharp and quick and comes, what I consider to be, close to the 72, then I'm happy to enter. I don't like to see much daylight between the PA and the EMA. If I'm not sure I sit on my hands.

Ignored

I would post, but remember I only started to follow FX Pro's post 3 days ago. I entered this trade 12 days ago. Only today did I even change my chart to the 12/72 to see how it would have been affected. I am a much more conservative trader than FX Pro or yourself most likely. I have only placed 3 trades this month. I have always strictly used the 200 and the Daily Pivots. I am trying to figure a way to incorporate the rules of this thread with my own to see what happens, or, move to this one if I can master the rules.

On another note, I was watching the AUD/USD today since about 2:30 am Eastern. Based on the rules, I have no idea how to interpret the PA of this pair on the H1 chart. The 12 and the 72 are strangling one another. I have stayed out because I found no clear entry. I presume, that to be a valid entry the 12 must be below the 72 for a short and above for a long. I don't know if that is a requirement or not

Perhaps someone can clear that up also.

#1,990
Nov 13, 2012 8:12am Nov 13, 2012 8:12am

unclesu
| Joined Oct 2012 | Status: Trader | 31 Posts

Quoting tibokano

Disliked

On another note, I was watching the AUD/USD today since about 2:30 am Eastern. Based on the rules, I have no idea how to interpret the PA of this pair on the H1 chart. The 12 and the 72 are strangling one another. I have stayed out because I found no clear entry. I presume, that to be a valid entry the 12 must be below the 72 for a short and above for a long. I don't know if that is a requirement or not

Perhaps someone can clear that up also.

Ignored

Hi Tibokano,

Just my 2 cents. You are right on the EMA12 and EMA72 strangling each other. Market was pretty much ranging for the past 100+ hours. It's also flirting heavily with EMA200. I would wait for it to move away from that range (price moving higher away from EMA200 or make a clear penetration of EMA200 before considering anything serious with SM3 and AUDUSD, even though there has been some signals...

#1,991
Nov 13, 2012 8:17am Nov 13, 2012 8:17am

unclesu
| Joined Oct 2012 | Status: Trader | 31 Posts

If anyone's watching right now,

Signals all over the market: EU, Cable, and pretty much everything against yen...

Watch out

#1,992
Nov 13, 2012 8:18am Nov 13, 2012 8:18am

burnzmeister
| Joined Oct 2012 | Status: Trader | 148 Posts

Quoting tibokano

Disliked

I have only placed 3 trades this month. I have always strictly used the 200 and the Daily Pivots. I am trying to figure a way to incorporate the rules of this thread with my own to see what happens, or, move to this one if I can master the rules.

Ignored

I like the sound of your long term approach. This is something I'm trying to achieve. If I can find a way to trade just from the daily TFs I'd be happy. For example, trading morning/evening star reversals from the EURUSD over the past year would have been quite profitable.

Quoting tibokano

Disliked

On another note, I was watching the AUD/USD today since about 2:30 am Eastern. Based on the rules, I have no idea how to interpret the PA of this pair on the H1 chart. The 12 and the 72 are strangling one another. I have stayed out because I found no clear entry. I presume, that to be a valid entry the 12 must be below the 72 for a short and above for a long. I don't know if that is a requirement or not
Perhaps someone can clear that up also.

Ignored

Yeah, the 12 below the 72 for shorts and vice versa for longs. But more importantly, with this strategy, you want to see clear retracements from bullish/bearish trends and you want to trade in the direction of the prevailing trend. You mentioned the Aussie this morning - I wouldn't trade from that, it's a messy consolidation phase and you're likely to get false signals. Something I intend to do is print out all the nice and clean trend continuation patterns and make myself only trade those patterns. Hopefully then it will be ingrained in my mind!

Most people have the will to win, few have the will to prepare to win

#1,993
Nov 13, 2012 8:19am Nov 13, 2012 8:19am

unclesu
| Joined Oct 2012 | Status: Trader | 31 Posts

Franc and loonie too

#1,994
Nov 13, 2012 8:21am Nov 13, 2012 8:21am

tibokano
| Joined Jun 2008 | Status: Trader | 22 Posts

I have enclosed a chart of the eur/gbp. i just entered this trade a few minutes ago. Need a little help to interpret the correct place to enter
Thanks everyone, I appreciate it. It would probably help many others with the same questions and concerns

Attached Image (click to enlarge)

Click to Enlarge

Name: eurgbp.png
Size: 56 KB

#1,995
Nov 13, 2012 8:30am Nov 13, 2012 8:30am

burnzmeister
| Joined Oct 2012 | Status: Trader | 148 Posts

Quoting tibokano

Disliked

I have enclosed a chart of the eur/gbp. i just entered this trade a few minutes ago. Need a little help to interpret the correct place to enter
Thanks everyone, I appreciate it. It would probably help many others with the same questions and concerns

Ignored

Yeah you made the same entry as I would have. I didn't because my crappy broker doesn't offer this pair, grrr. Need to get a new one I think!

You did the right thing by:

Waiting for the 12 to cross the 72 at 0200
Watching the price action clearly retrace to the 72, bringing the 12 and 72 into a close range at 0700
Then entering after a strong momentum or pin bar candle bouncing from the 72 and intersecting the 12 at 0900

Most people have the will to win, few have the will to prepare to win