XO_Method REVISED - page 61
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This morning's entry..................
Again, the market is teaching us "students" how to be sharper than sharp.
Here is an expanded view of my H1-chart to show you 2 identical SHORT trade-entries. One was on the 23rd and was responsible for me looking more eriously at the "volume" when in doubt. What I DO KNOW is however to OBEY the crossing of the RSi-setup and this morning was NO exception.
The only difference is that this morning the price has not broken the 25-EMA yet, but check the RSis. The direction was SHORT since 07h00!!
The 08h00 candle immediately overheated and the price climbed back up to break the 25-EMA @ 11h00. It retraced a little from a Hi of 707 to close @ 1.9689 + spread for an entry Long @ 1.9692 (the price retraced by 10 pips but by using the M5-entry, I actually managed to get in @ 1.9695 @ 11h35 with a retrace of -8 against me.
I apologise for taking up so much screen this morning, but when you see these entries (marked with large AQUA-triangles, you will forgive me.
Best wishes.
This morning's entry..................
Although I see divergence on the higher TFs for a further Long, the trade at first was SHORT due to the position of the H1 chart since midnight. What is important to note is the difference between price and the Pivot this morning. (-37 pips, which makes for a good trade).
Also, look at where the price is in relation to the 25-EMA on the H1-chart and wait for the candle to close. (I also have a Gann level @ 1.9847 which coincides very nicely with the Pivot @ 1.9832) Chances are that the price will close ABOVE the 25-EMA with an overhjeating CCi-5; all good indications that the price may continue to go Long. (Just my opinion and NOT written in stone
)
Here is the Entry on the short this morning followed by the Exit.
Wishing you well.
This morning's exit..................
I have highlited the area where we should have been very "awake" as to possible exits due to the aforementioned confluences of the Pivot; EMA and overheating CCi-5 on H1 chart.
Hope this exit makes sense to you.
Best wishes.
Due for a study...
ValeoFX I have to admit you've been going very fast with the posts...I will travel again on July 10 so I will take a print out of all the notes so far...I surpassed my psychological barrier of 100% of my account (profit) and am now well ahead of that marker.
Well done Suk.........
Good morning Suk,
First of all my heartiest congratulations for achieving your goal. Long may we be successful in exceeding our goals.
Persoannly I could not beleive my own eyes when I completed my sp[read sheet last night!! Way, way above last year June and I thank the Lord for opening my eyes.
Best wishes.
Weekly chart.......
I am attaching the weekly chart in 2 different formats: 1. The overall view so that you can get an idea of where we are in relation to the total picture and then a more detailed (read enlarged) version of the same chart to show you how the WEEKLY behaved.
I must add that this chart has brought a new dimension to my trading.
In the first (overall picture), look at where the RSis overheated. The Magenta caps are for the RSi-4 overheating and the Green caps RSi-2. The White caps are CCi-5 and that is always standard - when you see White caps on top of a candle, it is the CCi-5.
Enough said for the overall picture.
See next picture for detailed information, please.
Detailed Weekly chart...........
Notice the EMAs here are:
25-EMA @ AQUA
40-EMA @ MAGENTA
100-EMA @ RED.
Also, the Solid Yellow lines are Fibs from Monthly chart and notice how the price touched the -23,6% Fib at the end of week 28 October 2007, before continuing up to 2.1160 which is a new Hi. It then retraced to close BELOW the -23,6% level @ 2.0822 and the RSi-2 / 4 crossed and the Short was on. (this is why the RSi-s are so important!!
Interestingly enough the price did not bounce on the active leg retracement which is shown in DodgerBlue-broken lines, but in stead it bounced off the previous Hi @ 1.9511 @ 06-01-2008 and had quite a time to (very briefly) drop through that support, making a Lo. of 1.9337. (BTW, this is the level that everyone is talking about that needs to be taken out before plummeting to 1.8907 and 1.8425 which is the -50% Fib-level).
Having said that, I cannot see that happening shortly, but then who am I a mere mortal to try and forecast where this market is heading.
Should the price reach 2.0033 which is the 50% retrace of the current move @ 2.0248 it may bounce there for a desend to 1.8907 (-23,6% Fib).
What are the chances of it reaching the 50% retracement level just looking at my charts? Personally I think pretty good in a round about way judging from the RSi readings. What "concerns" me though is the "fast moving CCi-5"amd we may possibly not see that scenario unfolding - however, this is a WEEKLY chart and it may be very possible too. KEEP YOUR EYES ON THE CCi-5 FOR THIS WEEK TO COME.
One thing I would like you to study though is the price movement since 23rd March 2008 when the price were trying to break the 25 and 40-EMAs. Also, notice how the price struggled to break the 38% Fib in DodgerBlue and when it did, bounced off the Monthly Fib @ 1.9511 briefly touching the previous Lo. created on 17th February 2008.
I saw divergence on the 4th of May and 8th of June on the RSi-4 in the middle window - the DodgerBlue TL and it worked very well. Priceless information to me.
This may be "unnecessary" information to some, but I find that by looking at the weekly chart on a Daily basis (yes that is right, Daily), it gives me perspective on a wider plain.
Any additional information gleened from this chart by those of you that have been trading for much longer than I have, will be deeply appreciated.
Best wishes for July 2008; may the pips keep on rolling into your pockets.
This morning's entry..................
If you were in front of your screens @ 07h25, that entry was valid except that the CCi-5 "overheated" and retraced for a better entry when the signal came again @ 07h40. The price now @ 1.9905.
However, I wait for the 08h00 candle to close on H1 to assess the situation from a wider perspective and entered @ 1.9926 for an easyrun up to +50 pips.
Best wishes and good trading.
This morning's first entry..................
Purely based on the H1-chart's ZLR on CCI.
Entry @ 08h05 Long @ 1.9945 for an easy 20 pips, but I was greedy and got stopped out +10.
H1 CCi-5 overheated on closing and we should have shorted immediately @ 1.9961. This is a very typical situation and should be taken advantage of. The price would have taken you to -11 pips, but the reward is great.
Let me warn you, this is NOT for Newbies.
Best wishes for today (and always).