XO_Method REVISED - page 70
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This morning's H1-setup
Firstly, when the 07h00-candle closed this morning @ 1.9974, both the RSi-H1 and H4 (NB) had crossed down for a short. The XO was short since the 23h00 candle anyway.
Price was above the Pivot and strategic EMAs. However, I have said it so many times, that the RSi-crosses take preference!! So here once again this morning we should have entered at that close and in my next post here, I will show you the M15-entry based on precisely what we saw here this morning.
Dr. Van K. Tharp in his book tells a story of a trader who religiously followed his signals and one day his partner ignored the signal much to their company's detriment as they were large brokers.
Do not let this happen to us.
Best wishes.
After the news messed with the EUR, i looked at the GBP and noticed not a lot of movement. The setup on the 5 min for entry after the close of the 1000 candle was on ( in my opinion) and i took it. My question becomes the 1 hour wasn't looking favorably as the CCI was overheated, RSI was overheated ( but pointing down), etc.
Comments on how others looked at the trade?
Best,
cl
He ya !
Market is generous friends
Hi Valeo,
Forgot to tell that i put my cci to 35 too !
That said ! Have a nice week end
This morning's H8............
I felt it was necessary to show you the H8-chart at the outset as I guess not too many follow this discipline.
Nevertheless, note how the price closed on the 61.8% Fib retracement where the 100-EMA was also sitting.
The RSi-2 overheated which indicated a retrace and the next 2 candles were in fact retracements. Looking at the RSi-2 right this moment, it seems as if we may be in for another short, BUT having said that, the Fiblevel @ 1.9841 should be taken out first.
Study the RSi-2 vs. 4 very carefully and look at the times the 2 reached the 10%-level and bounced back up in the last 4 times that it did hit the 10%-level.
Comments please.
Cl re overheating H1 yesterday.....
Yes, that was quite nerve wracking, wasn't it? The rule is that once you are in the trade, use the 8-EMA to monitor the trade with stops at 20-ema. Should you get stopped, look for another opportunity to go in the same direction by following the CCi-5.
The H4 was THE clue!! Remember always that the H4 has 4 x H-1 candles and although you may think that the H1 overheating may stop the trade, it may just stay there for a brief period before continuing. Yesterday was NO exception. After the overheated H1, the price hovered and even retraced back to the LOW of the overheated H1, before continuing its destruction."
Yesterday gave me 4 trades. I suggest you re-analise yesterday's trade over the weekend and look in particular how the CCi-34/5 behaved. That will give you a very good idea what to look out for today and forever forward.
Best wishes to all.
Nice run --- 55 point profit
I am out of the long for 55 points. Need for some relaxation stopping me following the 8EMA (again) when I'm seeing 8-9 point dips in the trade I'm happy to keep above my 50 for now. My "target" was 100 pips today at 1.9981 I think I'm calling it a day though so as not to be greedy. One of my better trades. I got in a candle after the news announcement and waited patiently for the upside break. Thanks ValeoFX.
Take a look at where the retrace of the move happened --- H4 chart below.
My exit was at 1.9950. I could not resist staying beyond the high so far of 1.9955. Poss looking for reentry @34 now.
Hi ya !
Nice day again.
Valeo, finally i let my cci for the GY @ 14. And put my cci for GU @ 34.
H-8 chart this morning ..............
So, the 61.8% Fiblevel was strong enough together with the 100-EMA to hold the onslaught for a further short. As I mentioned, the 61,8% Fiblevel had to be taken out before we considered the short anyway.
I have just realised that between MIG and ACTIV charts there are discrepancies in as much as that the MIG chart (H8) showed clearly that the RSi-2 crossed the RSi-4 on the close of the first candle this morning @ 08h00. Clear indication that the retrace is stronger than what I expected. On the ACTIV chart the cross had not taken place yet. Something I will look at every morning from now on. Too crucial to ignore especially on the H-8.