If fiber cant break 2900, then my bearish bias remains.
Just saw the eurchf setup, i missed it too but that’s ok, we will catch others. What other pairs do you focus on T9? I focus on fiber, cable, swissy, euraud and gpbaud. I dont like yen crosses.
I mainly trade EURUSD GBPUSD EURGBP USDCAD USDCHF and starting to like NZDUSD, occasionally GBPJPY but only if something sticks out, I agree yens can be a bit of a rollercoaster, longs today against yen would have been nice though, just noticed where it bounced on 140.410 D1 PVSL, must pay more attention. Currently short on USD/CAD, April 1st D1 triggered. Fibre looking a bit bullish today but still holding below resistance IMO, daily and weekly bearish outside bars still make me think shorts, 2880/90 looks like the key level on weekly. NFP tomorrow so will look in again after weekend. Any pips this week ST, I’ve not seen much myself worth trading?
No trades for me this week. I saw a potential long on euraud that played out nicely today but i was in a meeting at work and did not set my limit order. Patience pays though, no rush, there will be tons of setups.
BTW that usdcad setup was beautiful, you should be making good pips on that trade, congrats!
Got out of usdcad at 1:1, would be nice to have some factual results on the best TP level using this method, quick visual backtest shows 1:1 or 1.5:1 gives the best results on fractal SH/SL assuming SL is 10 pips above/below pivot bar, might be a job for a rainy day. Been reviewing potential trades last week and think I missed a few due to not paying attention to SR and trendlines on higher time-frames especially the monthly picture. My thoughts on next week:
audusd: tight end of a wedge formation on monthly, seem to be coming down off the upper resistance so looking for shorts.
eurgbp: monthly bull flag, coming down off upper resistance, but recent bounce off 8400 level, watching with bias on shorts.
eurusd: coming up off bull flag support and 12700 SR level, watching with bias on longs.
gbpusd: monthly ranging on key 15330 level, watching no bias.
usdcad: wedge on monthly, short bias.
usdchf: ranging with resistance rejected, shorts if 9340 broken.
nzdusd: uptrend, longs (might take break of that pinbar with 8470 as target.
euraud: looks like a reversal taking place with HH and HL forming on monthly but might just be a temp retrace, wouldn’t like to call this one on daily and above.
Just my thoughts for the coming week, let me know what you think ST if you get time to have a look, otherwise good luck next week. Good call not to short fibre last week BTW.
Nice analysis.
On the eurusd weekly there is also bullish stochastic divergence which possibly could solidify our long bias. Also railroad track candlestick pattern for the past 2 weeks:
Levels i’m watching:
eurusd 4h
usdchf 4h
euraud 4h
euraud has a bullish engulfing pattern on weekly chart, let’s see if the lows will hold.
gbpaud 4h
T9 could you see the nice long entries we missed on the euraud and gbpaud last week? Price hit support level we were watching, then retraced to 11% level. Excellent risk/reward with very little drawdown…and POW! Even though to be honest, I was planning on taking both at the PVSL’s high instead of the 11% level based on the price action, so drawdown would’ve been 20-30pips, but still excellent RR.
Hello ST, yep longs on euraud would have been difficult to call looking at dailies but clues were there on monthly and the fact the 27th March low held, would have been a legitimate trade off the 27th March daily and would have been safe with a 10 pip SL under the PVSL, hindsight trades always work :). The euraud HH and HL on the monthly would also have given weight to those longs. One thing I notice is when price “stretches” a long way from the 7 period ema and forms a pivot swing it’s also worth noticing, I’m using a 7 and 30 period ema on dailies to give me a good indication of the strength of the trend and going to pay attention to those higher time-frames, bit obvious but easily overlooked. I’m not happy calling eurusd until the 13050 level holds or breaks, that 25th March D1 PVSH might still be good and just gapped lower so I’ll be watching. With some of those pairs so highly correlated do you normally play the best looking?
Yup, i play the best looking, and if all of them look good, i put limit orders in for all (it’s rare that all gets filled though)
Hi there guys! I just came across this thread today and I found the method interesting for me to test!
Im still reading through it and getting used to the indicators and how to read the pivots the way its detailed here.
I just wanted to know how is the method working these days. I realized that, in the last couple of days, only BankDaPips, T944 and Swallowtail are posting here. Have you guys been trading this system for a while? Is it still working good? Any advices for the new commer here?
Thank you!
Hello GB, welcome to the thread, I’d recommend reading through a couple of times at least, to get an idea of the concepts. If you do a quick backtest on most pairs you can see how it could be profitable, I’m trading D1 using the basic rules here and finding it very interesting, hopefully we can help eachother and get some pips, ST has been around a while on this so I’d have a look at his posts.
Long on GBUSD AT 15244, lets see.
Thank you T944!
I also would like to trade it on the D1 Tf…
I have the Forex Tester Software here and, if the rules are those still, I might be able to “foward back-test” the system!
Thinking of short at 0445 D1 audusd, long 2948 D1 eurusd
Audusd stopped at BE, gbpusd +44, stop at BE
Welcome gbraid! You may have noticed that Bank’s use of this system have evolved while she was active on the thread, so you may want to go through the thread thoroughly and ask any questions you may have.
We all use this system in different ways. I use it on 4hr charts coupled with s&r. T9 focuses on setups using daily charts. The system does an excellent job of giving an ideal entry point during key swings, and at times offer some huge risk/reward ratios.
Nice work T9! I’m here still sitting on my hands. Patience will pay.
gpbusd holding +74 at mo with stop at breakeven, would like to see resistance at 53620 broken, going to see how it looks after tomorrow with 56730 the ultimate goal on this trade. 2 daily inside bars forming so a breakout may be coming.
Great stuff!
Have a long order for euraud that got filled @ 2442. 30 pip SL.
Got stopped out. Honestly thought that level would hold but it didnt
Just wondering ST, did you take that on H4, for what it’s worth my chart shows a PVSL which failed to break long at 8pm, the 12am PVSH broke short however so I would have been looking for shorts at 2485, hope you don’t mind and please correct me if I’ve missed something. Spent some time backtesting a couple of pairs over a 12 month period and found some interesting results just using fractals (will do just pivots another time). Just my observations but once you get a strong break of the fractal high/low this SR area will nearly always give you some pips, even my recent short audusd trade could have been closed for a 20 pip gain before heading north which leads me to think a quick move to breakeven might be a better way to play this. Not sure if you’ve looked at james16 but this is something he does when trading a large account, recommend his stuff BTW. Another observation was 2:1 TP target gave better results than most, over a 12 month period on two pairs 2:1 TP gave a better return than 1:1 but once you reach for 4:1 or higher things start to get less profitable. Anyway just my thoughts and no scientific proof. USD still looking weak to me at the mo so looking to trade with that bias, still in the GBPUSD trade with some pips locked in and have a couple of longs EURUSD EURCHF waiting to trigger.