XO_Method REVISED - page 75
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He ya we got it !
+50 pips and on the greedy account i stay in, protected @ breakeven.
KEEP THE FAITH !
He ya we got it !
+50 pips and on the greedy account i stay in, protected @ breakeven.
KEEP THE FAITH !:-)
I took the re-entry on the 5 min at 1255....good for +25 ( time for the day job...). NIce short on the Eur as well.
Best,
cl
Well it's 3 am here in Central time. Last night i did that very thing, and found the longer term to be better. Used in conjunction with the longer term time frames CCI as well i think it is superior. - Edit - I think the CCI 15 is "more aggressive". This system isn't about being aggressive. Just my thought now after "viewing" history. :-)
Short GBPUSD @ 1.9946.
Best,
clWOW Cl, how did you take this Short with an announcement lurking in the shadows? You must have made a very nice profit here? I did not trade it due to the announcement.
Thanks for doing the "homework" - glad you found the same as I did.
Best wishes.
100 pips achieved !
100 pips achieved !
Congratulations Joe. My question though is why have you taken the trade against the H4-RSi and on top of that the price bounced off the 100-EMA?? How big was your STOP?
Shaun also got sucked in there, but after i explained to him about the 100-EMA, he won't be entering into losing trades for a while.
At the point where you shorted, I still felt that the direction was LONG - only after the announcement that the direction changed.
Please share with us some of your wisdom.
Best wishes.
Big Joe's short entry
I agree with Valeo - the market was showing a long bias right up till the UK news - CBI Distributive Trades Realized - at 10:00am GMT. Immediately thereafter it switched and has been running short ever since.
To illustrate this I have attached a 1hr chart of cable. I run 3 windows of the 3PER RSI combination - 1hr, 4hr and Daily to give a clear view of possible movement opportunity. You can see from the chart that the last 4 candles have had a short bias as the RSI-2 (green)/RSI-4 (red) crossed down below RSI-8 (blue) in all windows simultaneously. That often signals a good run - especially when RSI-4 (red) is below 50% line for a short and vice versa for a long.
Thanks
Shaun
Below is the cable 1hr chart of today:
My stop was at high of day, so 35 pips.
And when i enter valeo, the rsi 4 hours was with me (love this readjusting thing).
And my wisdom is simply my (long) experience.
I just closed @ 130 pips.
After tomorrow Valeo, check your mail (my new exit strategy derived from diamond is diabolicus).
Give me, all, your positive energy for tomorrow.
See you soon.
WOW Cl, how did you take this Short with an announcement lurking in the shadows? You must have made a very nice profit here? I did not trade it due to the announcement.
Thanks for doing the "homework" - glad you found the same as I did.
Best wishes.I took that short at 9:50. I was out on the close at 9:55 for the overheating CCI. I stayed out of the choppiness until the re-entry around 1250 (not at my normal computer...i'm pretty sure that was the time). I missed the up move (barely an up move) because i thought the market had a downward bias. I missed the news entry that Suk did as well. I think i played it pretty conservatively in the end, but the quick scalp was pretty aggressive in the beginning. The choppiness a lot of the currencies exhibited told me to stay out for a while after i sold covered the first short.
Best,
cl
I'd like to come in here in response to the long entry followed by the news short. I was long in the trade and at one point about 7 pips in profit. I closed out at 2 pips profit before going short at the news. This was because:
The UK economy is a known dump at the moment. Last weeks major announcement proved that. The speculation is that the pound "cannot hold up" - personally I don't believe it - but it is what the fundamentals have been saying. In other words I find it essential to do some news research which basically entails looking at forex factory and deciding what might be the impact of the news assuming the predicted figures are something to go by - just by asking "well, what if?" I do not trade news generally, but have said, on occasion, my risk appetite does pertain towards it, like today. After last week where I lost money on the day of the big announcement and the 150 pip short where I did not properly check my news possibilities, I decided I'm not going to let that happen again. Still making a mistake with my volume today has not left me happy, but it seemed liked the "logical outcome" to me today.
Yes, the technical direction was long - but where was the momentum for the long coming up to the news? There wasn't any. 3 short candles after the breakout and none of them showing any steam in the long direction. My M15 made me take the long before the news (the tip about reducing the size of the chart in order to see the bigger picture helped me here). Considering that 100 pips were the potential reward, I thought a 7 pip stop at the open of the announcement candle was worth the risk/gamble considering the risk/reward potential of the trade. Also, I had done my homework.
Whilst I know we shouldn't trade announcements with this, however, I think we should know a little about the economy we're trading and the likely potential emotional reaction of the newstime traders, even if it's watch and see.
I think the retrace to 1.9621 (EMA8 on M5) gave perfect reentry because the announcement was likely going to go at least 100 pips overall, which I am finding the 'established direction' does frequently. So I want to get this so that I am getting in as early as possible on a sure-fire that I have chosen the "established direction" which I think is what Valeo is the master of and I am willing to learn and do whatever it takes to replicate the results he is getting.
PS I am in need of further input somewhere...so all data is appreciated.
Joe............
My prayers are with you for tomorrow and always.
Thank you for sharing your experience, it is so much appreciated.
Congratulations in achieving +131 pips. I just managed +64 which I will show below in a seperate posting.
Talk tomorrow.