XAUUSD June 14 H1 setup candle
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,542
- Edited 5:29am Jun 14, 2016 4:19am | Edited 5:29am
- Joined Nov 2015 | Status: Trader | 412 Posts
1-2-3 pattern ?
Only problem is there are couples of resistance and already reached the daily ADR.
It can be go down further. +20 Pips
Entry : Broke out from consolidation after news and went under 200 EMA. same as EUR/USA pair.
Exit : Daily ADR reached & near 1st resistance. +25 pips
Only problem is there are couples of resistance and already reached the daily ADR.
It can be go down further. +20 Pips
Entry : Broke out from consolidation after news and went under 200 EMA. same as EUR/USA pair.
Exit : Daily ADR reached & near 1st resistance. +25 pips
- #69,545
- Jun 14, 2016 4:12pm Jun 14, 2016 4:12pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
EURUSD trade on H4 +39 pips {image}
very good trade!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,546
- Jun 14, 2016 4:17pm Jun 14, 2016 4:17pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
{quote} Hi Kevin, If you open a new position this morning when Tokyo or Sydney open, then your initial SL is below Friday's low. Wait for today close and see what happens. If the market turn out to be a red D1 candle but did not close below yesterday's low, you can decide if you want to stay in and move your initial SL to below yesterday low. Or you can cut loss when today close red candle. As for me, I have all my EOD positions from previous week all protected at yesterday' low. I am waiting for Sydney ASX to close and check the stock market. regards,...
A bit of struggle with H1 intraday but it finally make a push up after London session closed.
Today will be another challenging day with FOMC in the NY session.
Technically, there will recent short term resistance and will reuire strong buying support to close higher. But FOMC can cause volatility and that can be in either direction.
Tighten stops below yesterdays' low as most EOD traders would do. This also mean spike down is highly likely. We shall see the FOMC action today.
Trade Well
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,547
- Jun 14, 2016 4:29pm Jun 14, 2016 4:29pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
XAUUSD June 14 H1 setup candle {image}
That H1 setup candle was good but we saw how risky trading H1 intraday is with small stop. When we trade intraday H1 we must pay attention to market session opening and closing... fakey. Price pull back when London close but rally again in the D1 direction.
H4 had not valid setup but with that WRB, it is obvious that there in tight range consolidation ahead of FOMC.
D1 chart move stop below,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,548
- Jun 14, 2016 4:38pm Jun 14, 2016 4:38pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Stopped out. I guess it belong to following case. I read that but I didn't applied.
Emmanuel's quote.
"When WRB appears near recent support and resistance, they take extreme precaution in their trading.
When two consecutive WRBs appear, they do not chase after volatile prices especially when the WRBs are at support / resistance.
What traders do? They wait and see if the price will bounce from support then they will make their next trading decision.
You see a BEOB, that's very good. But very often, the market will set up traders instead of giving them their trade setups."
Emmanuel's quote.
"When WRB appears near recent support and resistance, they take extreme precaution in their trading.
When two consecutive WRBs appear, they do not chase after volatile prices especially when the WRBs are at support / resistance.
What traders do? They wait and see if the price will bounce from support then they will make their next trading decision.
You see a BEOB, that's very good. But very often, the market will set up traders instead of giving them their trade setups."
- #69,551
- Jun 14, 2016 10:50pm Jun 14, 2016 10:50pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Stopped out. I guess it belong to following case. I read that but I didn't applied.
here some charts will make the picture clearer:
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,552
- Jun 14, 2016 10:56pm Jun 14, 2016 10:56pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,553
- Jun 14, 2016 11:07pm Jun 14, 2016 11:07pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
GBPUSD Week 24 FOMC trade with ME/ME
Weekly ATR(52) = 295 pips
ADR(100) days = 144 pips, (use as SL for ME lot size calculation).
ME trade distance 75pips,
ME take profit +75pips plus re-entry
Risk 0.2% per ME trade.
Maximum 5 ME trades, total risk 1%.
If FOMC reaction is spike up, then I have ME add-on trades.
If FOMC reaction is down, I take profit every 75pips plus re-entry.
Weekly ATR(52) = 295 pips
ADR(100) days = 144 pips, (use as SL for ME lot size calculation).
ME trade distance 75pips,
ME take profit +75pips plus re-entry
Risk 0.2% per ME trade.
Maximum 5 ME trades, total risk 1%.
If FOMC reaction is spike up, then I have ME add-on trades.
If FOMC reaction is down, I take profit every 75pips plus re-entry.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,555
- Jun 15, 2016 12:46am Jun 15, 2016 12:46am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
{quote} Hi,Emmanuel i always have a question: if your SL=144=adr100, when ME4 or ME5 open, the SL of ME1 will be larger than 144 which mean the risk of ME1 is more than 0.2%, am i right? if that the total risk may be more than 1% when price keep going up, how can you deal with this? regards! kevin {image}
the average entry price of all open ME trades.
the dynamic cut loss based on market price volatility and is not the technical hard SL which is 550pips in this trade example.
the ADR(100) days is only used to calculate the ME trade lot size. This was introduce because many members asked me this because they trade with very small trading accounts as small as $500 dollars and the smallest possible lots size is 0.01lot. They don't look at R:R using $500 account. They can make $200 or they can lose $200 anytime. This is what they know and have accepted.
but if you have large trading account, you can use the hard SL of 550pips and do position sizing for every individual ME trade. This is the better way which I use.
you can add up all max 5 ME trades and then make a variable trade size decision.
for example if your total trade size for max 5 ME trades is 5 std lots, you do not need to trade 1.0 std lot for every ME trade.
you can distribute your trades in different sized which I do often knowing that my statistics is average 3.5 ME trades per basket.
you can open ME1 with 0.5lot, then ME2 with 0.8lot, ME3 with 1.5lot, etc... its up to you but the max is 5 std lots.
use a spreadsheet and do the calculations.
it may sound complicated but once you see the logic and how that work in live trading (demo for 2 years) you will learn and master this what some say complex money management strategy. this MM will not be your winning edge, but it will make you money faster than SE/SE. the good thing is all these can be programmed into an expert advisor which has been done.
but you all need to understand the ME/ME concept and know the multiple variations of possibilities which are available to you as the trader.
the other more important thing is how you decide on when to trade and when not to trade with this MM strategy. It is the market type which the traders must be discipline to look for and execute the trading. It is not difficult, and i repeated many times, we need to see the price action for setups and we also need to know the market volatility.
do you have your winning edge? when do you know when you have your winning edge? can anyone tell me if you know your winning edge? its not complex MM, it is something else.
if you still don't know, then you haven't got it. Keep working at it...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,556
- Jun 15, 2016 1:14am Jun 15, 2016 1:14am
Hi All,
First of all, thanks for very interesting, valuable thread and all the people who share their time and experience with other Fx traders
As I went throught this thread I was wondering: Do you use divergence on TDI in trading this method? As TDI is based on RSI divergence should be reflected also on TDI. I can see Big E wasn't watching for divergece.
First of all, thanks for very interesting, valuable thread and all the people who share their time and experience with other Fx traders
As I went throught this thread I was wondering: Do you use divergence on TDI in trading this method? As TDI is based on RSI divergence should be reflected also on TDI. I can see Big E wasn't watching for divergece.
- #69,557
- Jun 15, 2016 1:23am Jun 15, 2016 1:23am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
{quote} here some charts will make the picture clearer: {image} {image}
AUDUSD June 15 intraday comments:
LO candle is Doji ... indecision some may say.
So what is the problem?
some see PrevDay Open as resistance....
but what about that big H1 candle (WRB) seen yesterday?
but H1 PA and that He setup still valid, right?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,558
- Jun 15, 2016 1:38am Jun 15, 2016 1:38am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Hi All, First of all, thanks for very interesting, valuable thread and all the people who share their time and experience with other Fx traders
You are right that Big E did not use divergence and he did mention that.
He kept his trading to the simplest possible using PA, Supp/Res and the TDI for entry and exits.
You can use the RSI and look for divergence and also some very effective ways in how traders use the RSI.
I prefer to use MACD divergence which I traded for a few years. I find that much simpler to see the humps of the MACD. Divergence do work but you need to know it well and apply that theory correctly on our trading charts. I see many charts posted with TDI divergence but those winning trades were seen better with price action atat support and resistance PASR and nothing to do with divergence drawn incorrectly.
Read this book
RSI: The Complete Guide Post#27,110 by John Hayden
The Truth about Divergence ... read Chapter 4 Page 65
Trend Determination using the RSI (TDI) Post#26,774
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,559
- Jun 15, 2016 3:03am Jun 15, 2016 3:03am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
{quote} here some charts will make the picture clearer: {image} {image}
AUDUSD June 15 on target for exit...
can close anytime and must be before NY open in 2 hours.
take and run ... its FOMC today in the US.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett