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Daily Chart 3-Candle

  • #461
  • Sep 28, 2018 5:32am Sep 28, 2018 5:32am
Quoting loudoniii
{quote} Thanks, Simone! By the way, which charting package do you use? It looks good. Best wishes, Paul
No problem Paul! It's cTrader. Excellent charting software.
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  • #462
  • Sep 28, 2018 8:04am Sep 28, 2018 8:04am
Here comes Gold, UC and UCHF
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  • #463
  • Sep 28, 2018 10:04am Sep 28, 2018 10:04am
For the purpose of Clarity, my first tp's were hit at the H4 Best Sell levels. I re-entered short at the H1 Best Sell for the Next H4 Best sell risking only 14pips.
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  • #464
  • Sep 28, 2018 12:03pm Sep 28, 2018 12:03pm
Quoting simoneg
@Paul A quick note on Fibs, you may find using the fib extension 190.2 as a very very helpful tool for daily and weekly targets.
Greetings Simoneg,
Please elaborate bit more on 109.2 fibs and fractals please
If you don't mind then with some charts will help ......when and if possible please

Thanks in advance
R
  • #465
  • Sep 28, 2018 12:43pm Sep 28, 2018 12:43pm
Quoting simoneg
{quote} Hahaha... Yes I have a way of finding my own "PIVOT" levels. Since PIVOT suggests turning point. I go to the Weekly chart and take the Lowest Bearish Bar HIGH of each Swing Low as the Best SELL Levels for the Week and the Highest Bullish Bar LOW as the Best BUY Levels. I also do this on the Daily and Monthly and this gives me a pretty strong idea of the S/R Levels to trade. Hope this explains it. So for example UC just hit the daily SHORT level and sold off and closed strong below a WEEKLY BUY level...meaning likely strong bearish movement...
Hi Simone - hope you are well!

One question for you, please: do you mark all three - Monthly, Weekly and Daily - Best BUY and Best SELL levels on your charts on a routine basis?

Or do you just mark the Best BUY and Best SELL levels for a couple of timeframes higher than you are trading?

That is, if you are trading the H4 chart, do you mark just the Daily and Weekly Best BUY and Best SELL levels?

If you are trading the D1 chart, do you mark the Weekly and Monthly Best BUY and Best SELL levels?

Even in my limited experimentation with them so far, I can see that these are powerful levels that price tends to respect.

Best wishes, Paul
  • #466
  • Sep 28, 2018 12:45pm Sep 28, 2018 12:45pm
Quoting rookie14
{quote} Greetings Simoneg, Please elaborate bit more on 109.2 fibs and fractals please If you don't mind then with some charts will help ......when and if possible please Thanks in advance R
No problem at all rookie14. I'll pm you shortly.
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  • #467
  • Sep 28, 2018 12:59pm Sep 28, 2018 12:59pm
Quoting loudoniii
{quote} Hi Simone - hope you are well! One question for you, please: do you mark all three - Monthly, Weekly and Daily - Best BUY and Best SELL levels on your charts on a routine basis? Or do you just mark the Best BUY and Best SELL levels for a couple of timeframes higher than you are trading? That is, if you are trading the H4 chart, do you mark just the Daily and Weekly Best BUY and Best SELL levels? If you are trading the D1 chart, do you mark the Weekly and Monthly Best BUY and Best SELL levels? Even in my limited experimentation with them...
I wish I could respond in voice....I'm driving.
I draw the Monthly and weekly levels on my H4 charts and use H4 levels to enter trades based on reactions to those bigger levels.

I quickly look at h12 and daily to see where corrections may occur.

To give an idea...UC gave H4 short setup and initial entries were on H4 so I assumed the next H4 levels to be my target. With each hourly close I go down to h1to see if there was a close below a Best Sell and add positions/entries there.

Hope I have answered your questions.
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  • #468
  • Sep 28, 2018 1:13pm Sep 28, 2018 1:13pm
Quoting simoneg
{quote} I wish I could respond in voice....I'm driving. I draw the Monthly and weekly levels on my H4 charts and use H4 levels to enter trades based on reactions to those bigger levels. I quickly look at h12 and daily to see where corrections may occur. To give an idea...UC gave H4 short setup and initial entries were on H4 so I assumed the next H4 levels to be my target. With each hourly close I go down to h1to see if there was a close below a Best Sell and add positions/entries there. Hope I have answered your questions.

That's great, thanks, Simone - that is clear.

Drive safely!

Cheers, Paul
  • #469
  • Edited 3:41pm Sep 28, 2018 1:17pm | Edited 3:41pm
If I've marked up my charts correctly, there seems to me to be a bit of a battle of the giants going on with the Swissie (USD/CHF) at the moment.

A marked upward movement stalled at the Monthly Best SELL level around 0.97730 or thereabouts.

The 4-Hour Best SELL level is now in the same area, at about 0.97772, helping create a Resistance zone.

Monthly Best BUY beckons at around 0.97883, but if price can't make it up there and close above, then the Swissie may short off for a bit.

Post Script - Right now, late Friday after market close, looks like a decisive move above the Monthly Best BUY level.

Should make for interesting trading next week ...

Let's see what Monday brings!
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  • #470
  • Sep 28, 2018 3:26pm Sep 28, 2018 3:26pm
Quoting loudoniii
If I've marked up my charts correctly, there seems to me to be a bit of a battle of the giants going on with the Swissie (USD/CHF) at the moment. A marked upward movement stalled at the Monthly Best SELL level around 0.97730 or thereabouts. The 4-Hour Best SELL level is now in the same area, at about 0.97772, helping create a Resistance zone. Monthly Best BUY beckons at around 0.97883, but if price can't make it up there and close above, looks like the Swissie may short off for a bit. Let's see what Monday brings! {image}
Nice one Paul. Yes it's still bullish even on H12.
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  • #471
  • Oct 1, 2018 2:11am Oct 1, 2018 2:11am
Looks like there are some good Short opportunities on the Euro this morning, shortly after London opening.

Possible Short entry somewhere in the range 1.16167 - 1.16278, with Stop Loss above the 4-Hour Best BUY level at 1.16374.

There is also a good chance, of course, that price won't come back to the entry level at all, but just keep going down.

We shall see.

Right now, as it happens, I am already in the opposite trade, the Swissie (USD/CHF) Long, entry at 0.9813, Stop Loss very tight at 0.9804.

Next big news - ISM - out at 14:00 GMT.
.
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  • #472
  • Oct 1, 2018 2:33am Oct 1, 2018 2:33am
Great stuff you are teaching here..THKS
  • #473
  • Edited 8:01am Oct 1, 2018 3:36am | Edited 8:01am
Interesting position on Cable (GBP/USD) at the moment, just after the 9:30 am BST news.

Price is around the Daily and 4-Hour Best SELL levels, with Weekly, Daily and 4-Hour Best BUY levels not that far above.

I guess we have to wait and see which way it chooses to go.

However, the Swissie (USD/CHF) still seems pretty bullish, so I would normally expect Cable to head in the opposite direction, given the Euro's weakness too.

Big question is how price will react to the 1.30546 Weekly Best BUY level - will it reject the level and bounce back down, or will it close over the line and continue on up?

Cable always marches to its own drum, I find, so let's just see what direction it chooses to march in!

POST SCRIPT - At 13:41 BST (12:41 GMT), in the middle of my nice Cable Short trade, a sudden +89.7 PIP blue candle appeared in less than 1 minute (see attached picture)!!! Apparently in response to an announcement at the UK Tory Party Conference about concessions made relating to Ireland, intended to ease Brexit negotiations. Prior to that my Cable Short trade was nicely positive, about 30+ Pips, so I ended up making +1 PIP profit, when it suddenly came out on the BE+1 Stop Loss level I had set for it.
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  • #474
  • Oct 1, 2018 7:58am Oct 1, 2018 7:58am
Got a good trade on gold. EU tricky at the moment. H12 Best sell being rejected but sitting below daily best sell. Longs best above 1.1618 for me. Also watching H1 two best sell levels around 1.1590-95 providing support.
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  • #475
  • Oct 1, 2018 8:46am Oct 1, 2018 8:46am
Long GU H4 REJECTED BEST SELL.
Long NU DAILY REJECTED BEST SELL.
Long EU @ 2 H1 Best Sells Being rejected for the last couple of hours.
Short UC WEEKLY BEST SELL @ 1.2818 Looking for TP around 1.2700 (Weekly fib 190.2).
Would rather wait for Swiss Franc to make at least and H4 statement right now.

Always pay close attention to the PA around the levels. Trade well.
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  • #476
  • Oct 1, 2018 8:53am Oct 1, 2018 8:53am
Quoting simoneg
Long GU H4 REJECTED BEST SELL. Long NU DAILY REJECTED BEST SELL. Long EU @ 2 H1 Best Sells Being rejected for the last couple of hours. Short UC WEEKLY BEST SELL @ 1.2818 Looking for TP around 1.2700 (Weekly fib 190.2). Would rather wait for Swiss Franc to make at least and H4 statement right now. Always pay close attention to the PA around the levels. Trade well.

Good morning, Simone - thanks a lot for these notes - they are very helpful.

As you say, the Euro is a bit funny at the moment, so I'm hoping that ISM in 8 minutes time will help clarify matters.

As I've noted before, if bankers and politicians would just stop talking in public, particularly on TV, it would make our trading a lot easier!

We have the Conservative Party Conference on today here in the UK, and a little Brexit announcement they made earlier this afternoon at 13:41 GMT caused an immediate 1-minute +89.7 PIP spike up on an otherwise short Cable (GBP/USD).
  • #477
  • Oct 1, 2018 2:00pm Oct 1, 2018 2:00pm
Quoting simoneg
All trades triggered and doing well...except EURJPY. This is one reason I do not trade EJ with my mix of pairs. Who will carry it today? Will it be EURUSD or USDJPY? Who knows.
First off Simoneg, thank you for this resource, it’s done nothing but help me further develop my fingerprint in FX trading. I’m still fairly new, and am extremely appreciative in your insight and patience with these posts.

do you mind giving bing me some further insight into why you don’t like trading the EJ? I’m just curious, Especially with the who will carry it comment?
currently I follow Xauusd and usdjpy, butbwill eventually scan a few pairs once my strat is better defIned. Hence why I ask, some insight into why you avoid certain pairs with this strategy.

Thanks again!
Ryan
  • #478
  • Edited 9:26am Oct 3, 2018 5:48am | Edited 9:26am
After a bit of an upwards correction yesterday, the Euro (EUR/USD) has shorted off from the Daily Best SELL level which I have at 1.15799.

I got in Short at 1.15809, and it's currently around 1.15609, about 20 +ve PIPs.

I've put my Stop Loss down to BE+1 and am just waiting to see what happens when New York opens in just over an hour's time.

ISM is out at 14:00 UTC, so I'm hoping for some USD +ve news to help kick the the Euro (EUR/USD) down and the Swissie (USD/CHF) up.

I'm Long the Swissie - up +31.4 PIPs so far, with Stop Loss at BE+1.

Post Script - Please note that the level I have marked as 4-Hour Best Sell level on the chart is NOT correct, my mistake. However, the Daily Best SELL level is good on my MT4 charts from Admiral Markets.
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  • #479
  • Oct 3, 2018 7:46am Oct 3, 2018 7:46am
Hi
At first , for sell, high bar#3>high bar#2>high bar#1 , is correct?
  • #480
  • Oct 3, 2018 8:11am Oct 3, 2018 8:11am
Quoting Ra.
{quote} First off Simoneg, thank you for this resource, it’s done nothing but help me further develop my fingerprint in FX trading. I’m still fairly new, and am extremely appreciative in your insight and patience with these posts. do you mind giving bing me some further insight into why you don’t like trading the EJ? I’m just curious, Especially with the who will carry it comment? currently I follow Xauusd and usdjpy, butbwill eventually scan a few pairs once my strat is better defIned. Hence why I ask, some insight into why you avoid...
Thanks Ra! I trade strongly correlated pairs and you can get mixed results trading EJ as both UJ and EU can influence its movement. So I find trading EU, XAUUSD, UC & USDCHF much easier.
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