Sorry my friends, I’m late to answer because there is a problem with my computer (probably a virus). I can not log into bb.
My pleasure, please check your pm.
Hello Fabio, daily trading is very suitable for traders who follow the trend. But it depends on the character of these traders. There are traders who want to make a profit in the short term, although the results a little bit, but there are traders who are able to overcome his emotions, and patiently waiting for a big payoff in a few weeks. Actually all traders want to make a profit as much as possible in a short time, but they face the fact that the forex market does not keep trending, and because of lack of patience, much less for forcing open a position in the wrong place and this is what makes their accounts up and down and over time will run out.
From my experience so far, I can see that there is a specific code, for any particular trader, who, though not to know each other, they will move in the same direction after seeing this code appears in the chart. This code usually appears on all major pairs and are most often pair GBPUSD, EURUSD and USDJPY. After learning of this code, you’ll be laughing all day pleasure.
Happy trading
Hello my friend, we actually use supertrend and CCI as indicators directions, and you as bus drivers will drive your vehicles in accordance with the direction shown by the indicators. So if the indicator says you have to go north, and there are passengers who ask you (as a bus driver) to get through the road that was directing the bus to the south, then after realizing this mistake, You as the bus driver will drive the bus back to the north.
In the chart above, prices are moving up when a valid signal pointing down, so we just have to wait a bit and sell from the right place. (in this case 1.6270). I got 80 pips from this case.
If the indicator has given direction then you must immediately focus on price movements, rather than keeping an eye on indicators. Indicator to follow the price, and not vice versa.
Happy trading
Hallo Joe100,
About your computer, most of the time is n is not a virus but worms…
you should take Malwarebytes it is very effective (free on web)
And one born to thank you enough for all information you bring to us…
Tank You very mutch:)
sorry for english (Is Google traduction fault)
Hey joe, on what pairs does your 27 pip SL 100 pip TP apply?
I had another question about how you use CCI. Looking at EU on the 30 M, supertrend changed red. In the meantime CCI wen from yellow, to red, to white, to red, back to yellow.
Lets say I entered on the first red and it changed to yellow. Is that a signal to get out?
Joe was this a good entry per your method?
I entered EU at 1.4303 when I saw that the candles had retraced to the supertrend after the first change of color and another ema down arrow appeared and CCI was still red.
Once it was +27 I moved my SL to BE as per your directions. The red lines you see below pivot and above SR 2 are my SL & TP. Instead of +100 I have my TP at +90 because +100 is below sr2. Here is the gif of the trade:
P.S. What is the setting to have my ema arrows displayed as arrows instead of, “e”
I took that trade too but I got in at 1.4301…then I set a trailing stop of 27 pips cause I didn’t want to miss the moment to b/e if I wasn’t at the computer. Price did jump down while I was getting ready for work and the trailing stop stopped me out at +56 pips before continuing down…still happy with it tho
Your “e” may be your monitor using a different character set? I’ll look at my indicator when I get home for lunch in a couple of hours if you don’t get it corrected before then.
I’m still in it. Have already set SL postive at +50. Wouldn’t ya know, price went 2 pips shy of my TP and price started going back up some, right now I’m hovering around +60 to +70. And people wonder why traders start to think the brokers are f’ing with them, lol.
As far as the character set, that may be. I used a similar indicator and the same thing happened. I’m using IBFX, so maybe that is it. I’m hoping it is something I can change with indicator settings though.
…well got my +90 pips. I was worried about it bouncing off of SR2 and it blew right past it lol. Could’ve had +100 easy.
Hi Joe,
Couple of questions…
-
you wrote about “this double top pattern” but isn’t it a head & shoulders? Or are you referring the double top part to the “shoulders” and not the head?
-
an few posts prior to this one, you wrote that the indicator was old fashioned by still very accurate…which indicator do you mean since there are about 7 of them on that screen shot?..lol
Also to recap the 2 methods…(please correct indicator setting as I’m just going by memory while typing this and it’s difficult to go back through the whole thread again…sorry :o)
Method 1: EURUSD & GBPUSD 30 min timeframe
Method 2: USDJPY 1Hr timeframe
[U]Look for Longs when[/U]:
- price is at the bottom of the screen…after double bottoms or (inverted) head & shoulder patterns, and price is at/around the pivot point
-RSI(14) is above 50
-CCI (34/170 for 30m or 9/45 for 1H ?) is green
-Supertrend is green
-green ema crossover arrow (3&1 for 30m, 4&8 for 1H?)
in whichever order they finally all agree to place order
[U]Look for Shorts when[/U]:
- price is at the top of the screen…after double tops or head & shoulder patterns and price is at/around the pivot point
-RSI(14) is below 50
-CCI(34/170 for 30m or 9/45 for 1H ?) is red
-Supertrend is red
-red ema crossover arrow (3&1 for 30m, 4&8 for 1H?)
in whichever order they finally all agree to place order
For EURUSD & GBPUSD 30 min t/f set stop at 27 pips, t/p at 100 pips or R1/R2 for longs, S1/S2 shorts (whichever is closest to 100 pips)?
For USDJPY 1H t/f set stop at 30 pips, t/p 50 pips or R1/R2 for longs, S1/S2 shorts (whichever is closest to 50 pips?)
Move stop to b/e after 27 pips.
Thanks
Nope…I use IBFX too and it’s fine. I checked the code and it’s also fine (should show a parameter of 233/234 for the up/down setindexarrow commands) so it’s gotta be something in your windows pc font symbol set/configuration…nothing to do with the platform/broker.
Hi Joe100,
I’ve been reading the thread and I’m very interested, could you pm me the indicators please?
Thanks…
Hello Phoenix, congratulations on your first green babypips as a result of your hard work and your willingness to move forward and mastering this indicator.
I want to remind you to make a weekly target of each pair. For example, you make target for EURUSD 150 pips, GBPUSD 150 pips, USDJPY 150 pips so you will trade more focused and trying to meet your weekly target with the best result.
Happy trading
Hello Sweet, thank you for your interest in studying this indicator. I will try to answer your questions one by one.
1.My point is after the head and shoulders then prices will tend to lead down.
2. All of them are old fashioned and after I add my experience, I finally could get a good signal (at least for myself).
For answers to other questions please re-read all thread, while it’s not too long. LOL
Actually the main purpose of this thread is,
First, providing practical guidance on how to open and close the transaction.
Second,an additional instructions to quickly react (entry) in certain circumstances, because it is an unwritten code among some traders that the trend will soon change direction and we must quickly act without having to wait for the color change of indicators. Yes, to act immediately ( to open position) in accordance with the code so that we not only gets tails.
The best example is in the EURUSD pair where our friend Phoenix has just got green babypips. Please check these 2 different charts, before indicators change color, I was sold from 1.4345 and then managed to get a total of 135 pips ( twice open position )
I will be teaching this advanced technique when you consistently generate green BabyPips based on indicator instructions.
Happy trading
Maybe it’s a language translation issue…so when you say thanks for interest in this indicator… do you mean method? cause there’s more than one indicator here…the method is using the various indicators in some way…lol
Then either head & shoulders or double tops/bottoms…so basically any sort of reversal chart pattern like triangles, flags, wedges etc will work too?
Yes I planned to go back thru the thread to get the settings, but was just looking for an indication from you that I had the gist (the central idea or the essence) of your method(s) correct since you’ve intertwined them throughout the thread…although you’ve not mentioned much about your scalping method except for showing the 2nd CCI indicator on chart showing another method…would you mind elaborating on that?
Thanks anyways.
Why did you short there? No, super trend change? No red CCI?
Was it because MR1 was broken?
He did say this was an “advanced” method where we do not wait for the color change because of some “unwritten code” among traders…which he will teach us sometime down the road once we get consistent with the current method.
I was thinking maybe it has to do with divergences between price and an oscillator? In those charts, price made a higher high, but stochs didn’t which is indicative of price about to fall…anyone else care to wager…lol
Yes, friends,
I’m too waiting with a lot of interest (and a bit of impatience) for the “unwritten code”, because this would be also the solution to my problems, as explained by Joe while answering my previous…
The Phoenix: completely agree with you. This entry is quite mysterious. And all my EA’s would have been fooled by it! Actually the breakout of MR1 is quite questionable here. It was broken out top-to-down two bars below, then broken-up again bottom-up by the previous, in a move quite spectacular (I’m not an expert of candlesticks, but the last green bar looked really [B]very[/B] bullish), and therefore to me, looking it “real-time”, and not in backtesting, would have rather suggested a “failed breakout”. There is a double-high some bars before, and this is maybe the setup. Then, the entry relates to the mechanism of “bars going back till the middle of the signal” that Joe reported somewhere back in the thread, and perhaps at this point he sets a stop-sell order…
Sweet: good idea looking for other possible patterns/indicators. A nice idea I got from Kaufman, and I would like to do sometimes, when I have time, is to collect, via a script, several (many!) good setups in the past (e.g.: trades that would have reached a 100 pips TP [I]before[/I] hitting something like a 50 pips SL level), and once you have this “collection” you start looking for possible patterns… Thanks to Joe, here we have one of these nice examples. Good hint the stochastic.
From my last testing it results that another possible way of trading the system, as sometimes the TP is failed by a few pips (and this confuses computers VERY MUCH, LOL), is to adopt, as a trailing stop, the supertrend itself. Unfortunately, also applying a filter not to enter trades when supertrend is flat, this doesn’t help very much… So, as already said: beyond the system/method there is the [B]man[/B], who clearly has [B]a lot of[/B] experience, probably intuition, and maybe… some aces in the hole (like the “unwritten code”).
Bye
Fabio