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  • #301
  • May 9, 2016 10:18am May 9, 2016 10:18am
EURAUD
This one is not my favorite pair. Again a loser. I was so tempted to short this one. Maybe because of the 'shooting star' daily candle (060516), although it close bullish. Now I think it is too small in regard to the up move which preceded it. Anyway I adjusted position size as I did not 'trust' it to be a good trade. Maybe I should add a new rule: When in doubt stay out!
Attached Image (click to enlarge)
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Posting Demo charts, mirroring some of them live.
  • #302
  • May 9, 2016 10:32am May 9, 2016 10:32am
EURJPY
This was the daily before opening a position:
Attached Image (click to enlarge)
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I try to use other 'knowledge' in deciding whether or not to open a trade. Reasoning on this one:

  1. Price is in weekly support
  2. Price is making a bottom in approximately the same area for the third time
  3. Close is higher then the former bottom.
  4. Price makes a doji on the daily

I opened a position yesterday (for me sunday) evening. I can not open positions on my demo account on Sunday evening. So thats why screenshots from EA and EJ are from my live account. I do not have all the levels here because I can not draw boxes. This is the situation now:

Attached Image (click to enlarge)
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As you can see I have SL at BE. So now it's up to managing this trade.
Posting Demo charts, mirroring some of them live.
  • #303
  • May 9, 2016 10:34am May 9, 2016 10:34am
EURJPY
This was the daily before opening a position:
Attachment
I try to use other 'knowledge' in deciding whether or not to open a trade. Reasoning on this one:

  1. Price is in weekly support
  2. Price is making a bottom in approximately the same area for the third time
  3. Close is higher then the former bottom.
  4. Price makes a doji on the daily

I opened a position yesterday (for me sunday) evening. I can not open positions on my demo account on Sunday evening. So thats why screenshots from EA and EJ are from my live account. I do not have all the levels here because I can not draw boxes. This is the situation now:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 98 KB

As you can see I have SL at BE. So now it's up to managing this trade.
Posting Demo charts, mirroring some of them live.
  • #304
  • May 9, 2016 6:23pm May 9, 2016 6:23pm
Quoting forexpiet
EURAUD This one is not my favorite pair. Again a loser. I was so tempted to short this one. Maybe because of the 'shooting star' daily candle (060516), although it close bullish. Now I think it is too small in regard to the up move which preceded it. Anyway I adjusted position size as I did not 'trust' it to be a good trade. Maybe I should add a new rule: When in doubt stay out! {image}
The weekly shows bullish PA. This chart alone biases me to look for entries long on retraces.
Attached Image (click to enlarge)
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​
The daily has no convincing bearish PA that would signal something to overcome the bullish PA seen in the weekly and the daily. The shooting star as noted closed bullish. If I had to sell that shooting star I would have done so only on a break of the low and even at that at least 5-10 pips below the low. This would have at least required the market to show more bearish PA.
Attached Image (click to enlarge)
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The H4 is very weak for bearish PA and IMHO offered no convincing sell entry.
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  • #305
  • May 9, 2016 6:38pm May 9, 2016 6:38pm
Quoting forexpiet
EURJPY This was the daily before opening a position: {image} I try to use other 'knowledge' in deciding whether or not to open a trade. Reasoning on this one: Price is in weekly support Price is making a bottom in approximately the same area for the third time Close is higher then the former bottom. Price makes a doji on the daily I opened a position yesterday (for me sunday) evening. I can not open positions on my demo account on Sunday evening. So thats why screenshots from EA and EJ are from my live account. I do not have all the levels here...
The weekly BuLBC engulfed the prior week and is impressive. This is enough to suggest that price may intend to trend up or at least offer a reasonable buy opportunity.
Attached Image (click to enlarge)
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Price retraced strongly and pierced the weekly/daily BuLBC. The daily hammer in this area is a "no brainer trade". There is confluence on the weekly and daily time frames with good PA. What more could you ask for. Ohh. Yeah. It's a JPY cross.
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  • #306
  • May 9, 2016 7:22pm May 9, 2016 7:22pm
I updated the first page. I want to make clear those desiring to post should read carefully the first page. Something new: If you previously requested to post but now you are no longer posting I will remove you after about 1 month of no posts. This is because I don't really want to juice my subscriber list and also because I really want active posters interested in the thread and the method to be posting here.

New changes to first page:
This method identifies unconventional weekly/daily support and resistance with entries on the daily and H4 time frames. This allows me to check my charts and plan trades around 2200 Mountain Standard Time which is when my Oanda (http://www.forexfactory.com/brokers.php?broker=oda) daily candle closes. I use the daily/H4 much less than the weekly/daily. This is about the London open.

The basic method:

1. Start with the weekly chart ​for daily entries and daily chart for H4 entries. It is advised to always start with the weekly chart and work down.
2. Identify the most recent large bearish and bullish weekly/daily candle bodies with bodies larger than the previous 2 or 3 weekly candle bodies. (the candle body is between the open and the close and not the high and the low). There will be one weekly bullish candle and one weekly bearish candle and one daily bullish candle and one daily bearish candle. It is advised that you have separate charts for weekly/daily and daily/H4 to avoid confusion and a cluttered chart.
3. Identify the 50% level of the candle body.
4. For a bearish candle place a rectangle from the high (yes the high) of the candle to the 50% level.
5. For a bullish daily candle place a rectangle from the low (yes the low) of the candle to the 50% level.
6. After a LBC close we want to see price continue past then retrace back into the area of the rectangle.
7. Once price comes back into the rectangle we look for reversal signals within the rectangle for entries. I use Japanese candlestick theory as taught by Steve Nison and Greg Morris to identify reversal signals.

LBC= long bodied candle
BeLBC =Bearish long bodied candle
BuLBC = Bullish long bodied candle

I will post live setups and trades with a live account. No demo.

Posting Rules
1. If you want to contribute and you don't have a high impact status you will need to subscribe to me and the thread and PM me that you want to participate in the thread. I will then subscribe to you and then you will be able to post. If you stop participating I will likely remove you.
2. Study the PDF carefully and read this entire thread before you ask to post. It's not that long yet.
3. No claims of making pips are allowed unless accompanied by a chart documenting the trade. Demos are ok but you should reveal this fact.
4. Charts must be relatively indicator-free. No trade should ever be taken at the direction of an indicator.
5. Post your weekly/daily and/or daily/H4 chart with each post so everyone knows what's going on.
6. Don't ask if this method works on lower time frames and don't post lower time frame charts. I don't care.
  • #307
  • May 10, 2016 4:42am May 10, 2016 4:42am
NZDUSD; Weekly, Daily and H4 chart.

Price entering W1 BuLBC & currently at D1 BuLBC. Pending Buy Stop as per H4 PA.
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  • #308
  • May 10, 2016 4:43am May 10, 2016 4:43am
USDCAD; waiting for Daily PA to short
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  • #309
  • May 10, 2016 6:15am May 10, 2016 6:15am
I trade only daily TF, these are my open trades at the moment.
Winston, please tell me if my entry were good or wrong, i like this strategy, no stress, just few minutes per day!

Syl
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  • #310
  • May 10, 2016 10:14am May 10, 2016 10:14am
Quoting Winston Reed
{quote} The weekly shows bullish PA. This chart alone biases me to look for entries long on retraces. {image}​ The daily has no convincing bearish PA that would signal something to overcome the bullish PA seen in the weekly and the daily. The shooting star as noted closed bullish. If I had to sell that shooting star I would have done so only on a break of the low and even at that at least 5-10 pips below the low. This would have at least required the market to show more bearish PA. {image} The H4 is very weak for bearish PA and IMHO offered...
Thanks for explaining Winston. Very much appreciated!
Posting Demo charts, mirroring some of them live.
  • #311
  • May 10, 2016 3:14pm May 10, 2016 3:14pm
I have a demo trade on USDCAD. I was looking at the weekly and saw this BuLBC Weekly. Well, not quite a sell signal. But it reached what I thought to be a resistance level, denoted by the arrows:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 38 KB

So I looked at the daily and saw this 'rounding top' and at that moment a (maybe not to strong) shooting star:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 28 KB
Posting Demo charts, mirroring some of them live.
  • #312
  • May 10, 2016 4:00pm May 10, 2016 4:00pm
Quoting forexpiet
I have a demo trade on USDCAD. I was looking at the weekly and saw this BuLBC Weekly. Well, not quite a sell signal. But it reached what I thought to be a resistance level, denoted by the arrows: {image} So I looked at the daily and saw this 'rounding top' and at that moment a (maybe not to strong) shooting star: {image}
I put a pendent order short trade below the shooting star, I like it!
  • #313
  • May 10, 2016 5:50pm May 10, 2016 5:50pm
Quoting infinipipz
NZDUSD; Weekly, Daily and H4 chart. Price entering W1 BuLBC & currently at D1 BuLBC. Pending Buy Stop as per H4 PA. {image} {image} {image}
The weekly/daily didn't have any signals
Daily/H4
Attached Image (click to enlarge)
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​
H4 PA favored a buy. I stood aside as I just didn't like the time of day for the trade. However if you took it then you did well but I hope you got out already as price has retraced significantly.
Attached Image (click to enlarge)
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  • #314
  • May 10, 2016 5:58pm May 10, 2016 5:58pm
Quoting infinipipz
USDCAD; waiting for Daily PA to short {image} {image}
Weekly/daily
Attached Image (click to enlarge)
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​
Daily is shaping up to be an engulf but a rather weak one. I'll decide later if I'll take this one south.
Attached Image (click to enlarge)
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Daily/H4
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There was a dark cloud cover yesterday and as can be seen it turned out. I sat it out.
Attached Image (click to enlarge)
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  • #315
  • May 10, 2016 6:00pm May 10, 2016 6:00pm
Quoting sylbolid
I trade only daily TF, these are my open trades at the moment. Winston, please tell me if my entry were good or wrong, i like this strategy, no stress, just few minutes per day! Syl {image} {image} {image} {image} {image} {image}
​Good job Syl! You seem to have this down pretty good. I commented on EJ and EU already in previous posts.
  • #316
  • May 10, 2016 6:02pm May 10, 2016 6:02pm
Quoting forexpiet
I have a demo trade on USDCAD. I was looking at the weekly and saw this BuLBC Weekly. Well, not quite a sell signal. But it reached what I thought to be a resistance level, denoted by the arrows: {image} So I looked at the daily and saw this 'rounding top' and at that moment a (maybe not to strong) shooting star: {image}
​Not a shooting star but rather a spinning top. That's ok. What is important is your understanding of what you are doing and reducing risk.
I mentioned the H4 chart above as being a valid entry.
  • #317
  • May 10, 2016 7:14pm May 10, 2016 7:14pm
A couple of chart corrections:
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Attached Image (click to enlarge)
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  • #318
  • May 10, 2016 9:40pm May 10, 2016 9:40pm
Quoting Winston Reed
{quote} The weekly/daily didn't have any signals Daily/H4 {image} H4 PA favored a buy. I stood aside as I just didn't like the time of day for the trade. However if you took it then you did well but I hope you got out already as price has retraced significantly. {image}
Thanks Winston, yes saw that but did not take profit, just move to BE.
  • #319
  • May 11, 2016 8:41am May 11, 2016 8:41am
Daily/Daily entry. Entry at market 5/10 2200 MST.
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  • #320
  • May 11, 2016 8:42am May 11, 2016 8:42am
Daily/H4 entry at market 5/10 2200 MST
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