EJ_4H method

I totally agree that one should wait for a clearer signal. However, 1.27 will probably be a strong resistance for the pair but given that price may be at an exhaustion point it is probable that it will break. One strategy could be to do a scalp like entry near 1.2685 as it approaches the 1.2695 pivot and then tighten the stop to break even as soon as possible. Though, this would be quite an agressive entry, their should be enough momentum approaching the point to make this a good entry which could position for a break of the downward channel and pivot which are coincidentally aligned. The other strategy would be to put your order on the right side of the downward channel where most of the orders are likely to be.

We really can not say a 100% instruction for entering opposit side, just I can say here that if the slope of 55SMA is steep then it is better never go to the contrary side, because fighting a trend is a sheer folly when you don't have anu other solid indication.
Such indications are rare and they bear high risks, but when the market has a cyclical behavior then you can enter opposit side.

Ibo

what about exit? maybe on first sign of 8SMA slope change? or confirmed slope change? or just trail/tighten stop order.

Dear Members,

As you can see recently eur broke through a support cloud. This happened after a killing ranging market. Moreover yesterday's fall was sharp. You should keep in mind that after very sharp moves usually traders hesitate to initiate any new trade or at least they never go opposit direction,

Sharp moves happen because of very solid reasons and rarely they come back soon.

Today was Friday and as the last day of the weekly business round and after a calm market in European session (that is the most active session) tradres prefered to stay aside, because they knew that after NY session there won't be any active market to move the price in their direction.

Breaking such a long term sideways may be is a start of a new down trend and initiating a rash long positin, at least for today, was not a professional doing.

Have a nice weekend,
Ibo

powerbase, it is funny: i kept 2 pairs of envelopes at first, too, but then decided there were too many lines and removed the inside pair. also, according to the Ibo strategy number 2 we do enter when the price sits at the very top, for example, if the 55SMA is pointing up. then, by moving up, 55 SMA creates new space for the price to move, so i would say in a sharp moving market it does not really help.



i am also experimenting with an envelope around 8SMA to trail stops. if you zoom the whole thing out, you can find the setting that would keep you in the most of the resent trades and retracements. Keep them there, until they stop working and then readjust. It works only in the trending market: when the price goes up, it normally sits on the upline of the 8SMA envelope - then you drug your stop loss along the bottom envelope line and opposite for the downside move.



i think envelope is a very simple and useful tool that, apparently, does not look very cool, so people are pursuing funnier looking toys instead.



If you decide to play with stop/loss and 8 SMA envelope, please, tell me what you think. Again, those are only experiments for now, so be careful.

As a newbie myself I just want to thank you for putting the time and effort into each article. I just completed each article as well as every post in this thread.

Your swimmer anecdote hit home with me as that is how I'm currently feeling. Like everybody else is seeing exaclty what I'm missing. I'm looking forward to my journey of learning.

I actually just started experimenting with the envelope for guaging exhaustion points on slow time frames and have not actually done an actual EJ trade yet, but look forward to testing the system. Today I simply scalped the market with a typical channel trade because of the weekend and unlikely reversal of trend.

As far as envelopes are concerned I have found them usefull at faster time frames for guaging quick scalping opportunities. The reason I am looking to learn this system though is to make less trades and have less stress. This system seems very promising. I look forward to learning its ins and outs from IBO.

Thanks again.

Thank you eurusdtrader for your work/input.

As a newbie i've learnd a lot here!.

EJ_Pivot_DWM:

It is an indicator to draw daily, weekly and monthly pivot points. To setup each one act as below:

Edit/Input/MyPeriod
Double click on the 1440 and change the number into:
10080 for weekly pivots
43200 for monthly pivots

1440 is defalt number that will show daily pivots.

Hey guys.

I've been following this thread for quite some time trying to absorb as much as possible. I am using TradeStation to create entry/exit points. Anyone else?

Anyway, my main question is how do you guys handle channel areas. I define (as many do) a channel area when the 8 / 55 are within 50 pips of eachother.

Thanks
mrLogik

As I'm at work for the majority of the day is there a way to have MT4 send email letting me know when a trade has been openend or closed through the EA posted earlier by chinplant?

Hello chinplant

here the result of actual EA , probably order is openning before bar close , but sometimes open the order correct . I place tp 30pips .maybe is EA bug , but maybe could be broker problem ... Can anyone post the report for actual EA .

Usddkk

usdnok

hello, can anyone tell me step by step how to apply that strategy.
I would really appreciate that.
Why are there 3 versions? What timeframe shall i take? ...
Can it be, that i have to put only the template (ej_4h.tpl) onto the chart and then the arrows say me what to do?
Please help me a little bit.

Many of the answers you seek are listed on the first page of this thread. You should download the docs on the first page and then read and re-read each PDF. For example the timeframe we are using is 4 hour which is listed in the name of the method. EJ_4H method.

Really though you should read the documents on the first page. I'm about as a big of a newbie on this board as there is and I have read them three times now and each time I find more answers.

usdnok

fib levels

usdsek

Hi Eurusdtrader

USDNOK???
USDSEK???
USDDKK

Not to be encouraged unless one can manage the three phases of trading very well.

Happy Trading
MM

ok, iam back again
I read through the threat but dont know more as before.
Now my questions, i hope you can answer
1. Why are there different parts? What is the difference? Do i need all parts?
2. What are pivot points / resistance / ea / lot(s)... all that terms (iam really sorry but i simply dont find a answer (even at google)
3. Could you in simple words (so that a beginner can understand it) explain how i set "take profit" and "stop loss"
4. Why is it called ej_4h ? Aren't the predictions in the 1min/15min/30min ... charts usefull/as good as the 4h?
5. Why is there a clock, what does it say?
I think these are my first questions.
I would really appreciate some answers
Greetings mike