Accept as it is being!
Another simple system - Time-Frame 15
- #22,605
- Jan 19, 2014 8:16pm Jan 19, 2014 8:16pm
EJ Buy - 50% @ 10 pips, 50% @ 25 pips.
Weekly - BRN + e10
H1 - Pinbar off PPA
M15 - Entry on close of that bullish candle. Ideally entry or loading up again would have been on minor retrace at close of next candle.
-Matt
Weekly - BRN + e10
H1 - Pinbar off PPA
M15 - Entry on close of that bullish candle. Ideally entry or loading up again would have been on minor retrace at close of next candle.
-Matt
- #22,607
- Jan 19, 2014 9:22pm Jan 19, 2014 9:22pm
EJ Buy - 50% @ 10 pips, 50% @ 25 pips. Weekly - BRN + e10 {image} H1 - Pinbar off PPA {image} M15 - Entry on close of that bullish candle. Ideally entry or loading up again would have been on minor retrace at close of next candle. {image} -Matt
Accept as it is being!
- #22,611
- Jan 21, 2014 3:42am Jan 21, 2014 3:42am
Hi! So I was just browsing through and found your post
So I've got about 2 reasons as to why the price didn't go up in your favor. Though I'm pretty certain that my analysis is logical, but regardless do correct me IF, I'm wrong.
The price didn’t flow to the upside in your entry because of:-
1) Divergence (White and Green lines).
Yes I added an RSI indicator. Although slightly visible, there was indication that a classical bearish divergence was at play. First the White Lines - The RSI indicated a downward movement as the previous high was at 92 and the next at 87 with the Price trending upwards. Then the Green lines constituted an even stronger divergence to the downside. So Basically, It was a classical HH(price)-LH(rsi) situation which quite obviously suggested a bearish movement and rightfully so, the price went down about 70 pips before coming back up to your marked entry zone and making a run at the Key Level 1.3300 above...which brings me to my next point.
2) Although usually the London-Open tends to break the Asian high or low - It didn't follow up to that rule that day because it was in the zone of the 1.3300 level.
The 1.3300 level is a Historic -- I repeat -- a HISTORIC Key Level. And if you notice in the grey chart, before the price went up and actually touched the key level, during the time of your marked entry it kept retracing back from the 1.3280 level (20pips below 1.3300) - A level which is deemed to be in the vicinity of the 1.3300 zone. Therefore if you consider into your analysis the indications of RSI Divergence pointing downards with the price constantly bouncing off of the 1.3280 level, you could easily interpret to validate this situation as a bearish movement however for brief a moment it may be - you can con the fakeys by their own tricks
And technically, it indeed was a bearish movement of 70pips!! So I hope these reasons gave some concrete justification to your entry And with an additional RSI indicator and an open eye at the Key levels, I'm quite certain there will be far less chance of making silly mistakes and far greater chance of building your friendship with the trend ;P
here is a fail trade..it still went up by 7 pips..but i will consider this as a fail trade. {image}
So I've got about 2 reasons as to why the price didn't go up in your favor. Though I'm pretty certain that my analysis is logical, but regardless do correct me IF, I'm wrong.
The price didn’t flow to the upside in your entry because of:-
1) Divergence (White and Green lines).
Yes I added an RSI indicator. Although slightly visible, there was indication that a classical bearish divergence was at play. First the White Lines - The RSI indicated a downward movement as the previous high was at 92 and the next at 87 with the Price trending upwards. Then the Green lines constituted an even stronger divergence to the downside. So Basically, It was a classical HH(price)-LH(rsi) situation which quite obviously suggested a bearish movement and rightfully so, the price went down about 70 pips before coming back up to your marked entry zone and making a run at the Key Level 1.3300 above...which brings me to my next point.
2) Although usually the London-Open tends to break the Asian high or low - It didn't follow up to that rule that day because it was in the zone of the 1.3300 level.
The 1.3300 level is a Historic -- I repeat -- a HISTORIC Key Level. And if you notice in the grey chart, before the price went up and actually touched the key level, during the time of your marked entry it kept retracing back from the 1.3280 level (20pips below 1.3300) - A level which is deemed to be in the vicinity of the 1.3300 zone. Therefore if you consider into your analysis the indications of RSI Divergence pointing downards with the price constantly bouncing off of the 1.3280 level, you could easily interpret to validate this situation as a bearish movement however for brief a moment it may be - you can con the fakeys by their own tricks
And technically, it indeed was a bearish movement of 70pips!! So I hope these reasons gave some concrete justification to your entry
And with an additional RSI indicator and an open eye at the Key levels, I'm quite certain there will be far less chance of making silly mistakes and far greater chance of building your friendship with the trend ;P
