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Mysticforex
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Everything posted by Mysticforex
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Trading from 1 Trend Line to Another, or What I Call the 2 Trendy
Mysticforex replied to Mysticforex's topic in Forex
Rather then hi jack MACPLUS's thread, EUR/USD, I am going to continue this post ( #27 ) here... http://www.traderslaboratory.com/forums/market-analysis/13388-eur-usd-4.html I don't consider the break of the TL in the following chart an entry. Price has just "Ranged thru the TL.... In the second chart, I have re drawn the TL. -
Europe has an Angel ! her name is Merkel. Spain has won the Euro Cup ! Everyone's elated. I would buy above the TL on this 5 min chart... to the previous resistance at the Red horizontal line. Stp below recent low at the time.
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Sorry for the delay in posting, I was delayed getting home from a weekend trip. GBP/CHF opened within 50 pips of the Weekly Pivot, so we would not have entered a position. It immediately went to Sunday's Daily Pivot, then down to Mon's Daily Pivot, Then up and thru the Weekly Pivot, which is @14927. For the rest of the week we will watch the Daily Pivot, with the exception of Friday which is NFP.
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Sort of like 5th ave in NYC . . . One Way, Downtown.
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Trading from 1 Trend Line to Another, or What I Call the 2 Trendy
Mysticforex replied to Mysticforex's topic in Forex
------------------------------------------------------------------------------------------------------------------------------------ Opened and closed, I missed it. -
Looking to short the EURO ??? This would be a good place to get in ( yellow box ). Stop just above the Daily Pivot.
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Former resistance becomes new support.
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The weekly Pivots are usually hit early in the week. This weeks has already been hit. For the next 4 weeks I will plot the WP on Sun Evening when the Market opens (EST). If price opens on, or within 30 pips of the pivot, there is no trade. If price is more then 50 pips from the WP, I will place an entry order toward the WP from 30 pips out. If price moves away from the WP, I will change the entry oder to 50 pips out, once price is100 or more pips away. TP will always be the WP, S/L will always be 30 pips. After 4 weeks you should be getting the idea of it and we will start looking for ways to use the Daily Pivots.
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Trading from 1 Trend Line to Another, or What I Call the 2 Trendy
Mysticforex replied to Mysticforex's topic in Forex
The E/U setup from last week is basicly unchanged... -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
That's weird the way it quoted... I didn't do that intentionally . -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Hi Joe, Welcome to Traderslaboratory ! Hope you find what you ned here. -
-------------------------------------------------------------------------------------------------------------------------------------- very Nice.
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This is the GBP/CHF. A cross know for long times of consolidation , followed by times of extreme volatility. I have it zoomed way out in order to get as much time as possible displayed. Looking closely, you will see Orange dashes, and blue dashes. The Orange are the Weekly Pivot Points, and the Blue are the Daily Pivot points. We are going to start with the Weekly Pivots, The Daily Pivots ( Blue ) will be covered at a later date. We have managed to display 73 weeks of data here. Of 73 weeks, only twice has price not hit the WP, ( Weekly Pivot ) , indicated by the arrows. That's a pretty high percentage, over 90% ( if I recall, the last time someone I know ran the nubers it was 92.7 % ). In the following posts, we will talk about how this knowledge can be used to our benefit. Here's the Chart:
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Trading from 1 Trend Line to Another, or What I Call the 2 Trendy
Mysticforex replied to Mysticforex's topic in Forex
EUR/USD . . The lower 5 min TL . . . to the upper 1 hr TL.. S/L would be in the 12450 area. -
We are at a key area of resistance on the gbp/chf...
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NZD/USD. I would buy a test of 7800 using a tight stop.
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EUR/AUD getting closer but not ripe yet. The current candle closes in 50 min... Here's a chart on a different template I use. This one has a faster stoch, 50 sma,and 20sma. This template might provide an earlier entry, but it is something I just started working with. It's based on Steve Bigalow book, "High Profit Candlestick Patterns" Steve is a stock trader and money manager.
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USD/CAD has gone well above the 200SMA, Broke a previous high in fact. So that is off the table for now.
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2 Pairs worth watching into tomorrow. EUR/AUD and USD/CAD on the 1 hour chart. Both are trading below the 200 SMA but moving toward it, the stoch is moving up on both as well. If we get into overbought on these, we will be looking to sell on the stoch coming out of overbought with a nice bearish candle. You can also view this as a bounce down off the 200 SMA. I will be watching these and post if/when I see them open. Here's the charts:
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If we see a break of 12750 during the week, a test of 12900 is next.