August 20, 2015 at 6:51 pm #1578
Another example this time EURUSD from today. In the daily chart price is above the MOR and I would say control is with the buyers. Price could be heading to the 161.8 fib level which also would be close to a level of resistance. On the 15 min chart once price is above the DOR we would be looking for a buy signal. There is a bullish engulfing bar just between the two news alerts but for me is too close to the gann 50, resistance and the USD news alert. I would personally not trade this.
The 5 minute is better for me, three bullish engulfing candles and ma crossover. Price then moves above DOR. I would wait for price to break the resistance from the 15 min chart just above the DOR. Risk around 10 pips and aiming to be out at the gann 50, resistance from 15 min or close before the news alert which ever happens first. A potential 3:1 opportunity.
What do you think?
Attachments:You must be logged in to view attached files.August 20, 2015 at 7:30 pm #1582Lewis NicolsonParticipant
Are these trades you have taking today?
I think you should make sure that the entry signals are always coinciding with the DOR, so you would only want to pull the trigger if the MA crossover happened above the DOR. Remember that we use the signal to get us in the trade, so we dont wait for the signal, and then wait for a moment to pull the trigger. We pull the trigger once the signal has happened.
So in theory an entry signal from here would be the 15min engulf (im not sure if this was the news, this is just an example of trading above DOR) because it closed above the DOR.
Attachments:You must be logged in to view attached files.August 21, 2015 at 8:48 am #1599
No not actual trades just practicing at the moment. Yes indeed good point I should be waiting until price is above the DOR before looking for the signals. Thanks.August 22, 2015 at 10:10 am #1607Rich FittonKeymaster
Loving the clarity of your charts 🙂
Good work on your analysis, just be careful to let the DOR filter out the high probability opportunities like Lewis suggests (remember to get as many of those weights as possible tipping the scales in your favour).
It’s worth keeping an eye on both 15min & 5min charts if possible, so you have the full range of potential entry signals at your fingertips.August 23, 2015 at 4:59 pm #1610
thanks for the comments. I have some custom meta trader indicators I created for mor, dor and news. You simply drag them onto a chart and they take care of themselves updating each month for mor and each day for dor with gann levels included so I don’t have to manually do this. It also gives me consistent looking charts. My news indicator reads from a file which I update at the start of the week and it draws a vertical indicator for high and medium impact news events. It makes things a bit easier for me. I would be happy to make them available to other members after a bit more testing but they seem to be working well so far.
ScottAugust 25, 2015 at 1:56 pm #1613Steve HallParticipant
I would be really interested in seeing your custom indicators, would be really grateful if you can post them. I’m struggling to mark up everything manually on the charts (from a time perspective).
- You must be logged in to reply to this topic.