Step stoc 50 fx system - page 8
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morning everyone for those trying to understand consolidation breakouts shouldnt have had to much problem this morning understanding it unfortunately i dont trade london session i usually am asleep the old saying is you snooze you lose so now i have to wait for a good setup or i will go back to bed
Everyone has their own ideas what is considered a consolidation. What is the PIP range before you would consider it consolidating, and what other indicators would you use to tell if its consolidating, if any?
consolidations come in many packages sometimes they are 3 candles sometimes 18 like this morning see chart below when we get a strong move weather up or down and step stocs are crossed to what ever side trend is going remember this VERY IMPORTANT FACT conserning breakouts always look for the breakout in direction of trend before consolidation happens so here is another helpful clue i call an (h) pattern notice the shape of the h price goes down pulls back a little and when it breaks low of first leg you enter see another chart of h pattern almost like a 1 2 3
pivot's are gold
yet again the pivots have saved us
level 1 signal at 10:30am to close to a pivot so at this stage no go zone
also the gbp and eur seemed to be going in opposite directions
you are correct geoffro but after signal came and next candle came down 3 rd candle went threw daily pivot then closed 1 pip below at that point a limit oder should have been placed to enter long on a break of the high of that candle a few posts back i told you of a pattern called the h pattern its easier to see when its a sell but just turn the h around for longs it really is just a 1 2 3 pattern so when price broke the high of the 3 rd candle we are talking about gbp since i didnt mention it before there was plenty of room to next pivot
if you were watching price action and signals the euro 1500 candle went threw 50 ema and bounced off daily pivot and close below 50 ema for a level 2 signal both step stocs to downside next pivot 18 pips away which is acceptable remember this is an art not science so it may hit pivot which it does quite often miss it by a pip or go threw it
what does it mean when you say eur 1500 candle? I do not understand where the 1500 came from....
The 1500 Is The Time On Neuimex See First Chart Then See Second Chart For Breakdown Of Trade
there might be a gbp level1 signal if bottom step stoc closses to upside and price closes also above daily pivot there is a catch though bernie boy is speaking at the end of this candle so beware and keep stoploss under control the long candle (news) closed more than 20 pips so there was no trade also take a look at that candle notice how it bounced perfectly off pivot hmmmm?
there was a signal gbp closed over pivot like i said the interesting thing is that ninas hiso step stoc which is just the nina step stoc you know the one where you change the default to either 2000 or 9000 who knows things always change over there any way that step didnt show signal HMMMM? but hope you caught some pips today next pivot was enough distence to make money and there was a nice rush past it to the pivot beyond that one