Techinical Trading - page 3

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I am looking for another confirmation to go short onUS/JAP and target 200-300 pips, this pair is trading mid channel of the monthly trend and having trouble to contine its recovery ... GBP/JPA has the same trend but

I am not going to trade it as it has very high sawp on the sell and

I am planning to keep my position for a while so I don't want to pay too much on the sawp.... I have not taken a position yet but mostly will do this week, as I said I am just waiting more confirmation go short, or actually waiting for this pair to reach 118.25 then I will place a trade, I am just preparing you guys so you know what is the plan for this week

3 Lots ( or mini Lots on US/JAP ) each 80 pips I will let go of one of the lots, the last one I will trailstop (20 pips ).

As you noticed I have not used any indicator as a start, but later we will need some indicators to confirm our trade

 
benomatron:
Do you know if there is a way to code the SHI_Channel indicator to display the channels for multiple timeframes? For example, you would attach the inidicator to the M15 timeframe and it would draw channels for M15, H1, H4, and D1 timeframes.

edit:

looks like it is already here:

https://www.mql5.com/en/forum/173574/page37

I am sorry I don't know but try this indicator, which I use for my weekly/ monthly trades.

Simply when the price touch any side of the channel I enter a trade on the opposite direction and traget 100 pips 3 lots.

With this indicator you can change the number of hours the indicator to use, I use 7200 for my monthly trades

 

JAP pairs

I can see the start of head and shoulders on all the jap pairs, now we can see the head has already finished, if we see another shoulder next week then, it should be the start for another down move on all the JAP pairs...

This is NOT a recomendation to trade, this is an area to share ideas and learn

later on the video file ( when I have time ) I will explain why I was 100% sure that the JAP pairs were to go down, no majic tricks simply looking at the history of the JAP pairs ... and I always start from the monthly chart and go down to the 15 min.... , there are level that has to be respected and that we are 90% sure that the price will bounce on these levels.

 

Future order US/JAP

this is a future order on US/JAP , i will wait for this pair to retrace back from the bolinger bands and form the other shoulder

It does not seem that this pair wants to wait to form the other shoulder, but lets see what will happen next week, I would expect this pair to stay for a while around 117.30, if we saw the next shoulder next week then it would be great, I placed a future order in the middle ... just to see what will happen

and placed my target just before the 61.8 feb level on the current trend and the 23.6 from the previous trend.

This is not a recomendation to trade this is for education only, you can try this on a demo account ....

I will talk about other pairs when I have the chance to do that

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I moved the future order to 117.30

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its quite funny whenever I said the JAP pairs are going down, just 10 or 20 min later the pairs starts to go down, it happened like 3 times already on forex-tsd.com, I still hope this pair will rebounce from the bolinger band and go up a little to 117.30 so I can fill my future sell order ... lets see maybe how lucky I am

Note the yellow thick line down on the screen that would be the monthly trend line we will talk about it later ... but its an important level

 

Not that lucky

Bonjour,

the USJAP did bounce back from the Boilnger band and I was only few pips away from getting my order executed, but no luck.

we have now the other shoulder .... sooner than I expected and we are about to reach the target I placed, so everything went as planned excpet we have no order.

That was for the USJAP and we still have other JAP pairs that the shoulder did not form yet, maybe next week or we will find another trade on a nother pair!

I will cancel the pending order now and wait for another good chance, but that will be next week as I need to go to work now.

If you are a new trader and you have no idea what I am doing don't worry its like learning pool you think its easy but there are lots of tricks you don't learn till you see.

I hope in this thread I will come a cross some of these tricks, we already talked about head and shoulder so you should know what is H&D and I gave an example, we talked about bouncing from bolinger band which is whenever the candles reach the band sides they bounce back inside... so these are two important rules you should know by now.

Maybe for a homework try to see the Head and shoulder on AUD/JAP -- EU/JAP --NZ/JAP --GB/JAP on these pairs we did not see the second shoulder yet ... if you can post a screen shot and show what you understand as H&D it would be great....

 

Gbpjap

This email from work

it looks like we have the small head on the GBPJAP, it could be the market is moving side ways, but i will take this risk and place a small order of 0.1 lot my target just above the 50 Fib level and SL 227.80 ( I hate stop loss )

later we will talk about money menegment and stoploss and take profit ... too much to talk about

 
increase:
MiniMe thanks for your great help here, is there an indicator that picks out the head and shoulders and shows them?

No actually I learn that long time ago on a trading course, which you really dont have to take, cause it was mainly pattern on Candles the links above will tell alot, more than the course I paid for, i paid like 3000$ just to learn candle patterns .... I was afarid that I wont learn it by my self. that couse was 80% crap, and all you need to learn forex is to watch videos or trades trading... if you find a CD or course material that show you how to place trades and do live trading I would highly recomend these course but courses that talk about forex, trends, indicators ... etc is full of crap I am not saying you will not learn but its would be easier to see it on a live account or do it your self on a live demo account to learn... and thats what I am trying to do here... is to show some live trade progress, how I think and why I do it, sometimes I am right other times I am wrong...this is forex

You will notice on most of the trades I will post here I will mainly depend on the FIB levels, trend lines and my fav indicator is the Bolinger bands, see the pattern indicator on this post it will help to know the patterns but I don't use it you have to train your eyes to read the chart

https://www.mql5.com/en/forum/176382

note that candle pattern are different that trend patterns

candle patterns are here

http://www.leavittbrothers.com/education/candlestick_patterns/

but trend pattern are here

http://www.babypips.com/school/pattern_schmatterns.html

increae : the above links might be useless to you becuase you are an experianced trader, I am sorry I don't know other than these sites, and I don't know if there is an indicator to find these patterns but I use a trick which is to make the bolinger bands in different colors and I made them thicker as you can see from the chart that makes you see these patterns clearly.

 

Mouteki - trading

One of the best ways to see candles are Mouteki way of looking at it... I found the post sometimes late 2006, and I am not sure where was the orginal post, I think it on from forexfactory.com I will post only one power point file to show how easy this way of looking at candles, I don't depend on it on my trading but its a good training for the eye to see where the price is going

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I found the origional post its here

 
increase:
I made an mtf out of this RSI, it shows head and shoulders pretty good on 4hr TF with no zoom Perhaps somone could put an alert on this when the pattern forms, so you don't have to keep looking?

Amazing work from amazing member.

Thanks a lot I will try it for sure ;

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Increase can you pls make a screen show and add comment on how to use the indicators !!

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