No Name Trading System - page 2

New comment
 

6-23-2010 EURUSD analysis

Greetings members,

Please review the attached chart showing the Long-term, Medium-term, and Short-term charts that I use.

This is a situation where I am sitting idle waiting for a setup to happen before I jump in.

Long-term trend analysis: Overall inclination - Short

1) Price closed below resistance level (Short)

2) Trigger lines loosing momentum and are closing (Short)

3) Price bouncing off 34 MA (Long)

4) Zerolag MACD crossed to the down side and well above zero line (Short)

5) Cycle indicator started to loose momentum and curve down (Short)

Medium-term trend analysis: Over all inclination - Neutral

1) Price well below resistance level (Short)

2) Trigger lines strong momentum to the down side (Short)

3) Price extended far from 34 MA (Long)

4) Zerlolag MACD crossed to the up side and well below zero line (Long)

5) Cycle indicator with weak momentum and curve down (Flat)

Short-term trend analysis: Over all inclination - Neutral

1) Price at resistance level (Short)

2) Trigger lines consolidated and tight (Flat)

3) Price bouncing off 34 MA (Long)

4) ZerloLag MACD flat with consolidation (Flat)

5) Cycle indicator started to loose momentum and curve down (Short)

Possible scenarios:

1) Long-term trend to continue the impulse wave to the downside with a possible support target at 1.9667

2) Long-term trend to continue the correction wave with a possible target of 1.26037 with divergence on ZL MACD.

3) Medium-term trend to retest price level 1.23168 before continuing down (ideal for entry and could confirm scenario 1 above) for a possible target of 1.21539

4) Medium-term trend to close above 1.23168 with a potential target of 1.24538, then 1.26037.

5) Short-term trend is irrelevant at this point since Long-term and Medium-term trends are not in sync.

My instinct tells me that the EURUSD will continue its dive for a potential target of 1.9667, but we don't trade on instinct and so I will wait for my setups to happen

Please note that I am not providing recommendations to act on, I am simply sharing with you my personal opinion on what I think will happen. I could be wrong and I have been wrong in the past, so make sure to make your own analysis as well.

Cheers,

Files:
6232010-analysis.jpg  207 kb
 
ling2ari:
Thank you, you are very kind...i appreciate that...

Thank you for the kind words.

To your success,

Pip

 

No Name Trading System Template

Greetings members,

I have attached a template for the system to make it easy for you to follow the strategy. Enjoy!

Cheers,

 
ajentha:
I had downloaded your indicator, How to merge with two indicator ( MACD and Cycle GJH4 ) in the same window, projected Fibonacci support indicator and also can you give more details,When I use your mq4 indicator, my MT4 get very slow, so kindly advice and can you give clear explanation of technicaly, please

bye

Alwin

Hello Ajentha,

You should be using Triggerlines2 instead of Triggerlines and set the number bars to 300. This should speed things up.

You can use MT4 Fibonacci retracement and expansion tools to specify entry points and profit targets, respectively.

Which part of the strategy you are requesting further explanation?

Thanks,

 
Pip:
Hello Ajentha,

You should be using Triggerlines2 instead of Triggerlines and set the number bars to 300. This should speed things up.

You can use MT4 Fibonacci retracement and expansion tools to specify entry points and profit targets, respectively.

Which part of the strategy you are requesting further explanation?

Thanks,

Hi,

Triggerlines2 uses an iCustom call to an indicator called LSMA.

in

iCustom(NULL,0,"LSMA",length,0,4,i);

If you could post the LSMA indicator that you use on your first post, you may save yourself replies to " The Triggerline2 Indi doesn't show".

The difference between the two for those that want to know is that the trigger lines 2 indi applies a smoothing moving average to the lsma.

Cheers.

Ok I'm blind. Missed it on your first post already. Sorry.

 
brooky29:
Hi,

Triggerlines2 uses an iCustom call to an indicator called LSMA.

in

iCustom(NULL,0,"LSMA",length,0,4,i);

If you could post the LSMA indicator that you use on your first post, you may save yourself replies to " The Triggerline2 Indi doesn't show".

The difference between the two for those that want to know is that the trigger lines 2 indi applies a smoothing moving average to the lsma.

Cheers.

Ok I'm blind. Missed it on your first post already. Sorry.

Hi Brooky29,

You hit the nail on the head, the first version of the indicator I attempted to apply the smoothing average on the internal LSMA calculation, but didn't give the effect i was looking for, so i took a short-cut and made the external call instead. It did the trick

Cheers,

 

Thank for brook, Pip

Hi all,

Thanks lot for great explanation, I am not well known in this setting, I will try it.

Hi pip,

I like your long term strategy, So kindly explain more with example

Thanks lot for your help

I had downloaded your temp, very nice

I want how to technically find out Fibonacci entry, exit and profit

MT4 Fibonacci retracement and expansion tools to specify entry points and profit targets

thanks

bye

Alwin

 

6-24-2010 EURUSD Analysis

ajentha:
Hi all,

Thanks lot for great explanation, I am not well known in this setting, I will try it.

Hi pip,

I like your long term strategy, So kindly explain more with example

Thanks lot for your help

bye

Alwin

Hi Alwin,

Certainly! Allow me to clarify. I don't use the long-term trend in isolation, I simply use it to determine which way the market is trending in general, then I break that down to its smaller components, i.e. the medium-term trend and the short-term trend; and example of that i placed a few posts back where I analyzed the market and it wasn't telling me much to act on.

Here is the update for the market condition. It is saying a totally different thing today now that new price action took place

Long-term trend analysis: Overall inclination - Long

1) Price closed well above resistance level (Long)

2) Trigger lines regained momentum and are separating (Long)

3) Price bouncing off 34 MA (Long)

4) Zerolag MACD crossed to the down side and well above zero line but is flattening instead of curving down (Short)

5) Cycle indicator is gaining momentum and has picked up some positive slope (Long)

Medium-term trend analysis: Over all inclination - Long

1) Price well above resistance level (Long)

2) Trigger lines closed up and lost momentum to the down side (Long)

3) Price right at resistance of from 34 MA (Short)

4) Zerlolag MACD crossed to the up side and well below zero line with strong slope upwards (Long)

5) Cycle indicator curved up (Long)

Short-term trend analysis: Over all inclination - Long

1) Price bounced off support level (slow retracement setup) (Long)

2) Trigger lines gained significant momentum and are sloped upwards consolidated and tight (Long)

3) Price far from 34 MA (Short)

4) ZerloLag MACD crossed downwards and well above zero line (Short)

5) Cycle indicator is gaining momentum and has picked up some positive slope (Long)

Possible scenarios:

1) It would seem the market is still continuing the upward trend on the daily chart. First resistance level would be 1.23685, followed by 1.24538 then 1.26037, respectively.

2) There is also a possibility that the market is setting up for a divergance on the daily chart where it will reach the the first resistance level on that chart while the MACD is going down. We shall see.

Despite of the above, I am staying aside. I would like to see a better setup on the 4H time-frame (i.e. All indicators are in agreement, specially the Triggerlines)

So, as you see, what makes the markets interesting is that everyday it tells a different story; with each passing day a new clue appears that gives a hint as to which way the price will go. Yesterday it was short, today it is long. I find that just amazing.

Refer back to my strategy, I mentioned to always trade on facts and not assumptions or instinct. What I just described above are my opinions on what I view as facts. Of course others may disagree, and that is yet another dimension of the beauty of what we attempt to do

Trade well my friends.

Pip

Files:
6-24-2010_eurusd.jpg  200 kb
 

6-24-2010 EURUSD Trade

Greetings everyone,

Just opened a position

Currency pair: EURUSD

Entry time-frame: 1Hr 50% retracement, 4Hr 50% retracement

Trade type: Trend continuation on 4Hr and D1

Trade Setup: Slow retracement

Entry 1 price: 1.23261

Buy Limit Entry 1 price: 1.23061

Profit Target 1 price: 1.24653 (High of the week)

Buy Limit order profit target 1 Price: 1.24453

Stoploss: 1.22855 (low of bar before entry bar)

Risk profile open order: 1.64% of account at risk, 1:3.43 R:R ratio

Risk profile combined: 1.64% of account at risk, 1:4.55 R:R ratio

Cheers,

Files:
6242010_trade.jpg  225 kb
 

6-24-2010 Trade update

Greetings everyone,

Trade was closed with stop-loss hit at 1.22855. Total profit: -$6130.

Cheers,

123456789...11
New comment
Reason: