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The SETUP and the Chuvashova Fork

  • #61
  • Edited May 16, 2017 11:20am May 15, 2017 7:03pm | Edited May 16, 2017 11:20am
Hi Wab,

Since your system is looking at HH HL, LH LL, here is a quick input from my part. To be mentioned that the idea is not mine, it is from this forum - is just that I don't remember whom launch the thread on this idea to give credit..

It works almost every time: when price is consolidating and the HH's are at the same level while the HL's are upper and upper it is expected that price will break up. This is how I made 90 pips today, and I think will make other tens of pips with the same setup.
The same applies viceversa.

I thought to share this little tip after having the discussion regarding EJ SETUP. I noticed afterwards that actually the price is topping with aligned HH's and climbing HL's, so I bought EJ. I believe it can be used complementary to your strategy, which I find very effective. However, because is not using your template and is off-topic, please let me know if you want the post removed and I shall do it.

UPDATE: was expected that price will break up. So it happened.
https://www.mql5.com/en/charts/70633...ral-markets-as


Best regards,
Dragos
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY-ProM5 break of top line.png Size: 122 KB
  • #62
  • May 16, 2017 12:02am May 16, 2017 12:02am
Is this a valid SETUP? The P fractal was formed but it was exceeded by a candle afterwards.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY-ProM15.png Size: 59 KB
  • #63
  • May 16, 2017 12:05am May 16, 2017 12:05am
Hi wab ,
Congrats and good luck with your trading system . I do use HH , HL , LL in my trading and I use mean renko . One question I have for you , is since you have used renko charts in animal farm, why are you using H4 for this . Isn't HH , HL and LL easier to spot and better defined in Renko charts . Would like to hear your thoughts on this when you get time .
  • #64
  • Edited 6:54am May 16, 2017 3:31am | Edited 6:54am
Quoting dragos_
Is this a valid SETUP? The P fractal was formed but it was exceeded by a candle afterwards. {image}
Hi dragos_,

I don't think so. The way I understand it is like this

S is higher than E when T is a maximum and lower than E when T is a minimum
U is lower han E when T is a maximum and higher than E when T is a minimum
P is lower than T and is the highest LH after T when T is a maximum and is higher than T and is the lowest HL after T when T is a minimum

Lowest/Highest P, doesn't mean it's the nest LH/HL and if the P is moving up than it's not final and might also break the T and invalidate the entire SETUP.
  • #65
  • May 16, 2017 3:58am May 16, 2017 3:58am
Hi nice idea ,i read it ,i test it as you said you like renko too but i used some indicator too so if you have any objections please let me know i will not continue ,this is your thread ,i don't want spoil it...

ausd test trade
Attached Image (click to enlarge)
Click to Enlarge Name: ausd fx fractal upload.png Size: 52 KB
Say something meaningful or Silence!!
  • #66
  • May 16, 2017 4:01am May 16, 2017 4:01am
NZD SD
Attached Image (click to enlarge)
Click to Enlarge Name: NZD USD CF.png Size: 59 KB
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  • #67
  • May 16, 2017 11:23am May 16, 2017 11:23am
On post 31 we were looking at this chart of the EURJPY.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH4 Not A SETUP.jpg Size: 224 KB


We had a potential E Line but AO suggested the market was going to go higher.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH4 H4 New E line.jpg Size: 274 KB


The potential E line was not broken and a new HL formed.

The Alligator is wide open again. So each new HL, starting with the new recent one, becomes a potential E line but it will be a while before we get too interested in a bearish SETUP reversal with the Alligator so strong.

I was busy yesterday working on some material for this board, and missed the H1 Bullish SETUP that arrived.

I have left the H4 labels on the chart and added the H1 SETUP for you to look at.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1 Bullish SETUP.jpg Size: 292 KB


Pretty nice.

To answer some other questions. Why H4 charts?

H4 moves slowly enough for me to teach with. It also lets me find H1 trades inside an H4 trend. I did do a quick M15 SETUP yesterday, but LTF have smaller profits.

Regards Renko: You can refer to Animal Farm where I did lots of HH HL LL LH Renko stuff.

As we get further into SETUP you will see why I wanted to apply my thinking to time based charts for a while. There are some things that Renko cannot handle and vice versa. It is not easy to dive down into the detail inside a Renko chart for example. Also, using a Renko Chart for live trades, as I am doing here, can take a long time; as anyone who has used Renko knows - time is not a predicable component.

So bear with me. There is a really rich vein of ore here and it takes time and work to process it all into pure gold.
  • #68
  • May 16, 2017 11:27am May 16, 2017 11:27am
Quoting classy
Hi nice idea ,i read it ,i test it as you said you like renko too but i used some indicator too so if you have any objections please let me know i will not continue ,this is your thread ,i don't want spoil it... ausd test trade {image}
Hey Classy.

I would like to keep this Renko Free. There are certain things her that will not work on Renko.
My Renko thread is Animal farm. Please visit there and we can look at Renko Charts there.

Thanks for the interest. I look forward to more from you.
  • #69
  • Edited 12:22pm May 16, 2017 11:30am | Edited 12:22pm
What about this setup? Is it safe to buy at crossing of U level?

Update: closed on profit, because the bullish trend might be over, due to lower low. Looking to sell from now
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY-ProM5.png Size: 58 KB
  • #70
  • Edited 6:30pm May 16, 2017 12:23pm | Edited 6:30pm
Bearish setup. Waiting for P to form on M15.

While waiting for P to form, I am watching M1 for a bearish SETUP.
https://www.mql5.com/en/charts/70637...ral-markets-as

UPDATE: SETU formed on M1. Waiting for bearish break of the E line on M1 in order to confirm also the P of the M1 SETUP.
Once the M1 E line is broken down, will consider the M15 P as valid.
https://www.mql5.com/en/charts/70640...ral-markets-as
Not so confident on this bearish setup though.

UPDATE: M1 E line was broken down so bearish M1 SETUP was confirmed. 11 pips in profit.
Waiting for price to break down M15 E line.
https://www.mql5.com/en/charts/70641...ral-markets-as

UPDATE: and later
https://www.mql5.com/en/charts/70648...ral-markets-as

For some reason, after seeing the U formed I am biased into selling next, although as I see it the EJ might climb up to 127 in the next days.
Any thoughts on this?
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY-ProM15 16MAY 2020.png Size: 58 KB
  • #71
  • May 16, 2017 1:09pm May 16, 2017 1:09pm
Quoting dragos_
What about this setup? Is it safe to buy at crossing of U level? Update: closed on profit, because the bullish trend might be over, due to lower low. Looking to sell from now {image}
Yes that break above U signals a buy. The E Line break earlier was the first indication of a change in trend. M5 will be quick to produce a bearish SETUP so be alert for it. If you trail a stop up behind each new LH it will protect you nicely.
  • #72
  • May 16, 2017 1:15pm May 16, 2017 1:15pm
Quoting dragos_
Bearish setup. Waiting for P to form on M15. While waiting for P to form, I am watching M1 for a bearish SETUP. https://www.mql5.com/en/charts/70637...ral-markets-as For some reason, after seeing the U formed I am biased into selling next, although as I see it the EJ might climb up to 127 in the next days. Any thoughts on this? {image}
When you are down in the LTF, first have a look back at the HTF to see which HTF SETUP is control of the larger trend. It is easy to get in on a LTF SETUP only to find out that are actually trading a HTF counter trend. Sometimes you may do that deliberately because you know what the HTF is going to do and there is room for a LTF trade to make a few pips.

HTF gives us the longer term dominant trend, another reason to Analise H4, or even higher, to get the big picture.
  • #73
  • May 16, 2017 1:25pm May 16, 2017 1:25pm
Here is an AUDUSD H4 SETUP in action.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH4 Bullish SETUP w Fib.jpg Size: 262 KB


The stop is moved to just below the last H4 HL and can be trailed up at each new HL until the trend reverses and that final HL proves to be a new E Line level. At that point a Bearish H4 SETUP will have arrived.

Alligator and AO will give us hints when that is likely.

At this point I am up 34 pips and rising.

You may note that live trades in progress are pretty rare teaching tools - seldom seen. Even the "gurus" don't offer that very often.
  • #74
  • May 16, 2017 1:27pm May 16, 2017 1:27pm
Quoting dragos_
Hi Wab, Since your system is looking at HH HL, LH LL, here is a quick input from my part. To be mentioned that the idea is not mine, it is from this forum - is just that I don't remember whom launch the thread on this idea to give credit.. It works almost every time: when price is consolidating and the HH's are at the same level while the HL's are upper and upper it is expected that price will break up. This is how I made 90 pips today, and I think will make other tens of pips with the same setup. The same applies viceversa. I thought to share this...
Hey Dragos. Thanks. That looks like a good system.

I like your M5 chart and the strategy is interesting. I will see about doing some M5 stuff with SETUP when I get a chance.

Busy day ahead for me.
  • #75
  • May 16, 2017 1:43pm May 16, 2017 1:43pm
Quoting Wab
{quote} Hey Classy. I would like to keep this Renko Free. There are certain things her that will not work on Renko. My Renko thread is Animal farm. Please visit there and we can look at Renko Charts there. Thanks for the interest. I look forward to more from you.
thanks a lot for clear .i will not post renko here and i must follow your rules.
Say something meaningful or Silence!!
  • #76
  • May 16, 2017 5:12pm May 16, 2017 5:12pm
Quoting classy
{quote} thanks a lot for clear .i will not post renko here and i must follow your rules.
Thanks classy. Stop over at Animal Farm,we do Renko there.
  • #77
  • May 16, 2017 6:03pm May 16, 2017 6:03pm
Here is an M5 trade, viewed in M1 I am trading just to show it is possible.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM1 Nesated SETUP M1 M5.jpg Size: 243 KB



The M1 SETUP is nested inside the T fractal of M5.
  • #78
  • Edited 6:31pm May 16, 2017 6:16pm | Edited 6:31pm
The M5 trade is moving along with 13.9 pips locked in.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM5 Move SL.jpg Size: 218 KB


Trail the stop fractal by fractal and you are actually following the LL LH down until a new bullish E line kicks you out.

Do we have this dialed in or what? We trade from E to shining E.
  • #79
  • May 16, 2017 6:33pm May 16, 2017 6:33pm
Now to watch the divergence form on the AO. The Alligator is strong and we are staying out of it nicely.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM5 oh yeah.jpg Size: 209 KB


A live trade is a thing of beauty.
  • #80
  • May 16, 2017 6:41pm May 16, 2017 6:41pm
Moved the SL to the new LH. 18 pips locked in now.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM5 18 pip.jpg Size: 201 KB


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