Uh huu...how sweet it is!
The last 1 to 2 hours we got the retracements back to the breakout lines. Let us see if we get another move up or if we have the beginning of a longer consolidation phase
Exception in cable, cable is currently weaker than the others. It's retracement went down to bottom trendline of the flag and unfortunately created a short signal (1.8642 10:30cet) nearly at the bottom of the movement.
Here we have the same situation we had already sometimes in the past and creating temoparily false signals. (see f.e. 5.5.-11:30cet, 3.5.-10:30, 25.4. -16:30, ...)
Cable is since longer time in long mode (ema50&200 have pos. slope and ema50 > ema200) as Nina mentioned many times before. We drop down in 1 to 2 hours about 85 pips when the short signal came.
Look back on the chart - we have that situation min. once or twice a month which gives as an false entry when we do not look at additional (discretional) market information.
In this case the ema50 / 200 have more the function of a support than an entry trigger for catfx. But that is only a discretional decission.
Mibl can you tell me please what are those lines on your chart ,they have 3 levels, midle one is green and they look as boolinger or trendbands ?
hi deepdrunk - do you mean the 3 dashed lines around the ema50?
That are only 3 marks / levels up to 100 pips around ema50 to get a better feeling about the distance from ema50. You can enter them on the levels page of the ema50. No bollinger or anything else - they are static.
Is this a correct entry point to go short on cable?
Is this a correct entry point to go short on cable? Are these the correct indicators? Is the set up correct??
Sorry Im new. Have read half this thread.
thanks for the head up. I follow for the first time today. thanks for the post. thanks NINA, THIS IS A GREAT SYSTEM TO FOLLOW.
so i guess it is called 'slope' of EMA50
my english is not so good but i think it is called slope
legal short on cable was as level 1 at 12:00cet @1.8640
For the basic configuration take ema50, ema200, HistStepMAStoch with bars set to 2.000 and set filter lelevels on +/-0.04 and aNina with bars set to 9.000 (here you must load more than 9.000 bars in the chart that it works correctly)
BTW what is that for an EA you loaded on that chart?
Hi Kirsty_FX - looks like a level 1 short on cable - first open below ema50
Depends on what you want to do and your trading background - looks like you have components of various systems - thats ok if you understand there background and logic and how they all work - however can only suggest that if you choose to trade Catfx50 - keep it simple as possible- see first posts for help -
nina step stoch
Stick to majors and level 1 & 2's signals before moving on
Trade time: 08:00cet to 18:00cet only
Higher risk if entry > 20 pips so suggest reduce contracts or position size
I paramonworktime ( Trade time: 08:00cet to 18:00cet)
Inverseind with EMA50
other stochs anina etc
Slope is not correct. Slope means the direction of the market.
That are "parallels" to the ema50 in a static distance (= ema50 + x and ema - x).