XO_Method REVISED - page 65

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suk1000k:
I have to admit I got severely caught out yesterday morning, partly because I had been travelling for 26 hours with little or no rest. Unable to establish direction, I foolishly allowed the "old trader" to rear it's ugly head and gave my account a pummeling at the start. Really need to become coachable again...

However, I "ended" the day with my best trade ever, easily recouperating my losses between 10am and 11am with it's so-called "false signals" which I eagerly took like it was my first day trading (oh dear). Salvaged by instinct and news, but I'm really still back to the drawing board with the choppy action and it's affect on my risk.

If ValeoFX you could tell us what was going off in your head yesterday morning and what probably kept you out, or may be that you took the trades the right way, it would alleviate the pain and confusion I experienced around the choppy market. There seemed to be some reasonable signals but the market was playing it's usual tricks and I was not reading it right...

My final, gruelling trade of the day however was in at 1.9781 and out at 1.9900 (net of 115 pips which I believe fellas, is the hottest result of the day here for once). I have to thank God, publicly, for that trade no doubt about it. Thank you, God. This is one of my best ever intraday trades and I am very pleased about it (including thru news), deserves an award, albeit it was dependent on announcement. See below.

First and foremost my sincerest felicitations with this excellent trade. I did not manage to get 115 pips and have studied your trade in detail to see why I dd not come up with the numbers. Having said that, you asked how I avoided the morning's "false entries", so let me tell you waht I have done and what I have NOT done and why:

1. 08h10 was first short, but I felt that the market bias was LONG, so I did not trade.

2. Short @ 10h10 not traded due to an overheating CCi.

3. Long @ 12h20 NOT traded as I felt the CCi-Turbo was encroaching the overheating level.

4. I went Long @ 12h20 @ 1.9860 and took profit @ 13h50 @ 1.9873 (+13 pips) when the price hit the Fiblevel a second time.

5. Re-entered though @ close of 14h10 candle @ 1.9872 after the RSi-2 bounced off the RSi-4 in the H1-window!! (Watch out for clues like this - the price usually accelerates after such an indication).

6. My EXIT was @ 19h10 @ 1.9956 which is a Gann-level and approaching previous High. (+84 pips)

You have also taught me a valuable lesson with this trade, Suk and I thank you for your honesty in sharing your highs and lows with us.

Best wishes.

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Apologies........

I see that you are refferring to Friday's tradefor which I apologise not having seen it earlier.

I traded a short @ 09h35 @ 1.9771 for +10 pips and then went Long @ 1.9781 @ 13h00 (based on the H1-candle and NOT the M5 candles) with an exit @ 15h29 @ 1.9930 for + 149 pips when the H1-candle overheated and hit the ENTREX-indicator at the same time. ( I had a "Diamant" @ 12h45 on the M5-TF and again @ 13h30)

Notice how the RSi-setup on H1 TF kept on climbing in spite of the price being stagnant (side-ways) and the RSi-H4 climed one notch on the 12h00 candle.

Anyway Suk, your entry was brilliant to say the least in spite of you having to "sweat it out" - well done again.

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Big Joe..............

Excellent entry Big Joe. Well done. Not to talk about that damn beautiful 320CDi.

I was a bit stumped with your chart time and Vertical line, until I realised what it was and lookedat the M15-chart.

Best wishes.

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This morning's entry..................

Here is my M5-chart entries for this morning. I think they are pretty straight forward except the entry for the long run @ 09h15 with a price @ 1.9993 but this time we had the CCI-T coming off an overshoot from the bottom and the RSi-8 bounced back from having briefly gone underneath the 50-line. Good confirmation.

Then followed the "Diamond" one candle later which confirmed our entry.

Exiting when we approached announcement time and also the ENTREX on the H1 and H4 at the same time @ 2.0108 @ just before announcement for +115 pips.

Remember NOT to use LIMITS!! Rather follow the 8-EMA rule and any other reliable levels and/or major announcements.

Best wishes.

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Second entry..........

As explained in previous Post about the second entry.

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This morning's H1-set-up

Please note how the RSi-2 bounced back from a higher level thanthe previous Low @ midnight as well as the CCi-5 doing a ZLR at the same time.

Entry at close of the H1-candle @ 08h00 when RSi-2 breakes above RSi-4.

What could be disturbing to the Newbies, the RSI-5 overheated at the close of the next H1-candle and one would have the tendency to want to close the trade. The rule is ................. follow the 8-EMA on the M5 chart until you are taken out - in this example you would have managed an extra 100 pips.

Also keep an eye on the ENTREX - it is now siting on the MR3 level @ 2.0102 so the extra spike was a bonus if you were awake and trading the 8-EMA.

Best wishes.

[BigJoe]

Thanks Valeo for your charts !

Check the new GLK (a small suv : 4,42 meters long)

Yes on the picture, this is Valeo, Suk and Me !

Aren't we beautifull ?

[suk1000k]

Big Joe, inspired by the cars, keep those 100 pips rolling in. ValeoFX, thanks very much for the in depth points made. The trades below: first short good for 19 pips profit - overheated CCI plus news. I scalped over the news I have to admit for great profits over 3 minutes in the long (about 25 pips) Then the short after the news spike. I will try to follow your advice on the 8EMA, ValeoFX. I "targeted" again 2.0025 from a slightly late short I took at 2.0054 which meant patience required to get the break of that exact level, including going in to more than 15 pips loss at one stage, but kept in by the H4, the EMAs and the expectation of a retrace. So am out and happy with a good profit for the day, although there was a lot of scope for improvement from my side today, believe me, even if it sounds like I did good. My apologies for reset RSIs. I think I'm starting to get this system. Need to work on risk management issues. Cheers all, from suk1000k in Peking.

[BigJoe]

This is why i love the Beast :

What an awesome day !

Big kisses from BEARNANKE

Yeah, the Beast follow the Dow or the Dow follow the Beast

[BigJoe]

Here we go friends :

Not a greedy day today.

On the first vertical red line : +20

On the second vertical : + 50