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Author Topic: TA Forex Trading  (Read 16103 times)

Pennies2007

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Re: TA Forex Trading
« Reply #3510 on: August 01, 2017, 02:11:50 pm »
EZ Potential Buy Setup in Progress

This is a classic buy setup based on Primo's method. Price is basically above the MA50. What we want to see is a green candle close in the top 25% of it's range. Then we want the next candle after that to move above the highs of that candle. Also, the trigger candle (or signal candle) has to have either produced the lowest low in the last 5 candles or the candle right before it has to have produced the lowest low. The previous candle produced a double bottom so it qualifies as the lowest low. So now we wait for this candle to close and see if it closes green and in the top 25% of it's range. If the very next candle goes even 1 pip above the highs of this candle, then it's a long signal for trend continuation.  EZ 15 minute chart...


Pennies2007

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Re: TA Forex Trading
« Reply #3511 on: August 01, 2017, 02:16:24 pm »
Valid Buy signal candle in place. Now we need it to break above the previous candle high. It has to happen on this candle or the trade is invalidated.


Pennies2007

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Re: TA Forex Trading
« Reply #3512 on: August 01, 2017, 02:22:20 pm »
Only 6 minutes left. If this current candle does not break the highs of the previous candle, the trade is invalidated on the EZ 15 minute chart.

EDIT: I've got a limit order set to buy at 1.5808 but I'll cancel the order if this current candle doesn't break the highs.

6 minutes left till the candle closes.

« Last Edit: August 01, 2017, 02:25:11 pm by Pennies2007 »

Pennies2007

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Re: TA Forex Trading
« Reply #3513 on: August 01, 2017, 02:45:48 pm »
Trade invalidated...here's why...also I made notes on why the signal candle itself was valid. But there was no follow-through confirmation...


Pennies2007

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Re: TA Forex Trading
« Reply #3514 on: August 01, 2017, 05:26:55 pm »
I'm going to be working on a 2nd indicator that actually places an arrow on the chart and plays an alert plus a push notification when a valid signal bar shows up on whatever time frame you're running the indicator on. Might take a bit of time but I'll come up with something.

From there, it's feasible to work up an EA that trades on the same parameters although that's quite a bit more involved. Let's get the signal indicator first and go from there.  :-)

Pennies2007

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Re: TA Forex Trading
« Reply #3515 on: August 01, 2017, 06:35:20 pm »
And of course, EZ did bust out to the topside just like the larger time frames said it would.

EZ Daily chart...


Pennies2007

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Re: TA Forex Trading
« Reply #3516 on: August 01, 2017, 07:05:58 pm »
EZ Daily Chart

Ok gang, this last move up broke a bit above the previous candle high. The rules call that a buy opportunity, even though it will likely pull back some first.

So I'm long again at 1.5905 with TP set at 1.65.


javalin

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Re: TA Forex Trading
« Reply #3517 on: August 02, 2017, 01:00:47 am »
Thanks to Pennies bringing Steve Primo to my attention-an  aud/usd chart 15 min -it also shows the title of the you tube Strategy of Steve Primo--go find his stuff

Pennies2007

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Re: TA Forex Trading
« Reply #3518 on: August 02, 2017, 03:07:54 am »
Took 29 pips profit on the last EZ long. It's probably gonna skyrocket but I just can't make myself hold it...LOL! I'm such a wimp.

Pennies2007

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Re: TA Forex Trading
« Reply #3519 on: August 02, 2017, 04:19:55 am »
EU spike again but it's falling back fast. Took a quick short at 1.1854. It's in the final stages of the run so the rollover can pop up any day now. Longs are no longer in play at these levels.

Pennies2007

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Re: TA Forex Trading
« Reply #3520 on: August 02, 2017, 04:28:31 am »
EU Monthly Chart

Massive resistance here at that MA50 combined with the heavy resistance zone.

Pennies2007

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Re: TA Forex Trading
« Reply #3521 on: August 02, 2017, 05:03:01 am »
Took a quick 108 bucks profit on my EU short. Gonna wait now till after NFP report comes out to see what we get next.

Pennies2007

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Re: TA Forex Trading
« Reply #3522 on: August 02, 2017, 05:09:27 am »
EJ Daily Chart

Intersection of the resistance zone and the top trendline. Best place as any that I can see to drop in a small 2% short entry. Short at 131.07.


Pennies2007

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Re: TA Forex Trading
« Reply #3523 on: August 02, 2017, 12:12:52 pm »
Testing the waters here again with another EU flipper short at 1.1901.

Pennies2007

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Re: TA Forex Trading
« Reply #3524 on: August 02, 2017, 12:36:10 pm »
EZ Daily Chart

Finally got back up to that TDI Wave 4 retrace target I was looking for a while back. Small 2% short entry here at the 71.6 retrace at 1.59547.


 

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TA Forex Trading by Heavyweight
September 30, 2018, 11:48:51 pm