Quote:
Originally Posted by Benjimang
G'day everyone!
Ok, Like I mentioned yesterday, we have an EMA cross on the Daily for GBP/JPY. I've been waiting for hours to enter though, as stochs were high when the new candle formed and RSI(5) values have been up over 80 on most of the lower timeframes and RSI(14) has been up around the 70 mark as well. A few hours have passed since my Daily stepped, and I know that there are those of you out there who are now several hours past the stepping. Good news is that stochs have hit rock bottom on 15 min and 30 min charts and RSI(5) has rebounded off the 20 mark. I would be looking to go long at the next upward crossing on a timeframe higher than 15 mins.
-Benjimang
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Hi Benjimang. Just a follow up to my last question to make sure that I fully understand how you trade this method. Seems like you put less emphasis on BB and CCI. You wait for the daily cross, the rationale I expect is that that is the start of the new daily trend. You then take the next set up on the lower time frames so for a long you are looking for the oversold levels on RSI and stoch. If I have got this do you then take repeated signals in the direction of the daily or do you wait for the next daily cross and then again take the first lower time frame cross after that. As I work through your trades is it usually the 30 min timeframe that is your entry signal - thx