candidate pair for short GBP USD
On a one and 4 hour , both time frames bounced off that resistance level. And everything fell into place.
Looking to go SHORT on EURUSD once the current candle closes. The Stoch on 4HR TF just moved out of the overbought zone and RSI is just below 45.
Hey r2, shouldn’t you wait for the stoch to cross before entering?
I would wait until the daily closes , then make a move and most likely i would go short.
Yes @ragz. That’s what I plan to do. Haven’t entered yet. Still waiting on the Stoch to move below 80.
@tonyro44 - agree 100%
Yep you got it r2theb2thec , sounds like a plan.
About to enter GBPUSD short.
Well the markets in USA are closed until Monday for the holidays . See you after and be good to your self.
Is there any performance check in relation to this method?
Hi guys,
I am interested in developing swing trading techniques… The system in this thread seems to favour this kind of trading… come someone show me a link detailing how to set it up.
Thanks.
A link would be fine.
@littlema, @bmkinyua - I strongly recommend going over the thread from the beginning. @PhilipPirrip(owner of this thread) has shared in detail the conditions that need to be met before entering the trade using this system. You will also be able to see multiple examples of trades that were entered using the system.
Best of luck!
Hey r2, did u ever get in for the EUR USD? I kind of jumped the gun and got killed.
Hey @ragzs, I haven’t entered yet, because I have been burned by entering into trades pre-maturely.
Even if the Stoch might have hinted to move below 80, I still wouldn’t have entered, because the RSI was above 50. PhilipPirrip has added the importance of the RSI somewhere in the middle of the thread which has been very helpful to increase the number of profitable trades substantially.
I feel that there are quite a few signals on a weekly/monthly basis using this system if you are trading multiple pairs, so I would recommend you pick and choose trades which have higher success probability based on the number of confluences.
These are just my thoughts and would still want you to explore on your own or get more info from Philip himself as I am only a few months old in the FX industry.
Best of luck!
Right now EUR/USD is showing upward momentum , trying to reach 1.1060 and beon. Now should reverse in that area i will go short for a few pips.
I dont want to change the strategy at all, but I also use a 200 ema to confirm trend.
On a buy signal if the 20 ema and 50 ema is still above the 200 ema then it is safe to buy, and opposite for a sell.
Hope this helps a little on confirming.
The 100 and 200 emas are great for figuring out trend bias, using them in conjugation with other emas are very good.
What a way to end the year Yohec, great going congratulations on that trade .