XO_Method REVISED - page 55
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Thats all 3. These were from yesterday morning.
James.............
James, I will get back to you on this a.s.a.p. after the trade.
Suk...........
Suk, how about the ENTREX being hit on previous H1-candle?
Opinion please.
I am still short with 50% of my trade and am hoping that the price will touch the ENTREX a second time on the S3-Pivot.
Best wishes.
Valeo,
Would you mind commenting on this entry setup please.
I was watching the 1hr and 4hr chart before this signal formed, and had noticed that all of the RSI's seemed overheated, so I felt that an entry at this point might be a bit too risky.
( the 1hr and 4hr charts are the middle and left panel of the image )
When the signal formed on the 5m chart I jumped in immediately based on the fact that the RSI's had bounced off of each other, and that both of the CCI lines were crossing the 0 together.
I remembered the overheated RSI's on the 1hr and 4hr, plus looking at the clock I realized that we were only 10 mins from a major news announcement.
I quickly exited at +1 pip due to these warning signs.
Subsequently, the market shot up drastically, making me feel like I had made an error in my judgment.
My question is: Did I stay out for the right reasons, or am I misinterpreting the overbought condition of the RSI's?
Thanks
JamesHi James,
Thank you for posting the individual charts. I think you made the correct entry.
Secondly, when you are close to the announcement, just move your stop closer so that you do not lose too much. It seems as if in your case, you could have locked in say -5 pips just before the announcement. My friend Gerhard did exactly that and made a "killing" on the EUR.
You are getting the hang of the method, just hang in there and keep on learning from your entries and the few missed entries or early exits.
The next Post will be of benefit to you and Shaun, as you guys are privy to my research to a large extent, but the Post may be a bit later and may miss you before you go to work.
Have a great day.
Valeo,
Could you post a chart of your exit from this trade.
I entered 1 candle after you, because I waited for the 5RSI to cross down, and to be confirmed by the CCI.
But I exited at the close of the 9:15 candle, because I thought I saw divergence forming on the 5RSI. There were 3 candles that made the same low, but the RSI was rising. Did I missinterpret this signal?
JamesIn reply to your request, here is the first exit today - the other 50% is still in the short and we can talk about that tomorrow to see if my thinking behind it is correct.
My exit with 50% of my Lots, was @ 10h25 when the 2nd "divergence" on the M5 RSi-setup occurred (+71 pips). I would have been stopped out at 10h35 as my stop was -4 pips above 15-EMA, but the divergence stopped me, plus the fact that the Longer TFs were quite "oversold" and which turned out NOT to have been the case.
However, I used 50% of my Lots and followed the 8-EMA (minus 4 pips) on the 15M TFto see how far I could trade it down. At 10h45 the price came close to my stop, but carried on falling.
At 13h30 I changed my Stop to the 15-EMA (-4 pips) (Stop @ 1.9582 and therefore locked-in +89 pips) as it was getting closer to the price.
I now have a Limit set @ 1.9465 and will leave the Stop until the close of each hourly candle when I MAY adjust the Stop, until I go to bed tonight.
Best wishes.
ValeoFX - are you still using Murray Math Lines? Because mine showed 0/8 at 1.9531. I am not too familar with the Entrex because the price does not hit it too often. But it definitely was a cling then a bounce as described. "The trend is your friend - except when it bends at the end" --- today just "the trend is your friend - until there is a pierce of the Murray Math 0/8"
The lesson for me today was the H8 this morning which was the only chart I could see where I could question direction of trade. This was because althugh CCI was down, the RSI was pointed up and was overheated to south. The lesson I have learned before which gave me the short (and it is a needed one - because this can and does happen on H4 and H1)is that the RSI can revert back below 30 after coming up - it is very dynamic and this should be considered -it doesn't neccessarily signal the end or start of a move - especially when there is a zero line cross on CCI (this includes the turbo CCI on the longer timeframes (H1, H4, H8).
Cannot see it now, but H8 RSI 2 was pointing up this morning, however TCCI was a zero line cross and CCI following it.
Valeo,
Thanks for the explanations, it make me feel like I am on the right track. I am going to continue to post charts and questions.
Let me know if they get overwhelming.
I will try to keep my post to very specific charts and questions to expand my knowledge and understanding of your system.
James
ValeoFX - are you still using Murray Math Lines? Because mine showed 0/8 at 1.9531. I am not too familar with the Entrex because the price does not hit it too often. But it definitely was a cling then a bounce as described. "The trend is your friend - except when it bends at the end" --- today just "the trend is your friend - until there is a pierce of the Murray Math 0/8"
The lesson for me today was the H8 this morning which was the only chart I could see where I could question direction of trade. This was because althugh CCI was down, the RSI was pointed up and was overheated to south. The lesson I have learned before which gave me the short (and it is a needed one - because this can and does happen on H4 and H1)is that the RSI can revert back below 30 after coming up - it is very dynamic and this should be considered -it doesn't neccessarily signal the end or start of a move - especially when there is a zero line cross on CCI (this includes the turbo CCI on the longer timeframes (H1, H4, H8).
Cannot see it now, but H8 RSI 2 was pointing up this morning, however TCCI was a zero line cross and CCI following it.Very good observation, Suk. Concur with RSi-2 readings. And "NO" I do not use MM anymore. I stck to Gann-lines they are more accurate in my opinion. Might be an idea to add Gann to my H8-chart which I have not doen yet, but will do so after this Post.
Best hunting today.
Progress on yesterday's trade.............
I left my stop @ 1.9582 as per my Post #548.
Price now @ 1.9540 which gives me a total of +49 overnight and a total of +138 pips on this half of my lots traded yesterday morning.
According to my charts, we are in for another short ride, maybe towards 1.9466 which is the 78,6% Fib level. Moved Stop to lock-in +100 pips @ 1.9571 which is a stop of -31 pips.
Best wishes.
Stopped out................
Stopped out @ 09h01:42 for +100 pips.