Hi Philip,
the EUR\USD already triggered(short) for the second time according <<The Philip’s strategy>> (I gave this name).
In addition, I would like to propose,for examination,an other filter in order to avoid the range trend.
We should watch at weekly chart to find out the bottom and the top of range move at the last weeks.
Thanks in advance
It could work that filter, let me know.
Now good luck with the second entry. I personally prefer looking for fresh ones, but second entries do work.
Sometimes it intersects Stochastic indicator before the end of the four hours candle, and at the end of the candle is in the middle.
The question is: Do you get into at the moment of the intersection so as not to lose the opportunity?
ATTENTION
I think that we have a chance to close to GBP-USD “and the entry of the first” | 4H chart | (3+GMT)
Concerning GBP-USD
According to what I read, wait at the intersection area 80 +, I personally will not enter
what do you mean?
<<wait at the intersection area 80 +>>
Stochastic lines cross above the 80 level, and also close 4h candle after the intersection of Stochastic
Closed mine! Thanks for the call tho
hi, shouldn’t we enter a short on AUDUSD right now?
the red vertical lines are possible entry point. any opinions ?
Thanks!
No, recent pages added the RSI filter. An RSI above 50 filters out this trade.
You’re welcome.
The deal has not achieved the goals for me until this moment
Hey Philip,
In the HipChat text the following was stated:
Short Entry
Now you only enter long is if RSI is higher than 40 during the moment of entry. If RSI is lower than that you are more likely to be trading a failed pattern. If the RSI is lower than 33.3, you are going to meet a failed pattern no doubt and the EMAs will definetely crossover in the opposite direction.
Long Entry
Now you only enter the short if RSI is below 60. If its higher than that, you are likely to face a failed pattern. If its higher than 66.6, it is in fact a failed pattern
RSI was 74 when you trade it the short and it will lead to a failed pattern without a doubt.
That would make the AUDUSD a valid trade. As during the point of entry RSI was below 60.
An RSI above 50 filters out this trade OR above 60 ?
what did you mean Philip? Once the signal occurs, we still need to look at RSI?
For the instance, the short entry signal occurs, if the RSI is below 50 then the short entry is valid? if the RSI is above 50, then we could not enter a short trade ?
the long entry signal occurs, if the RSI is above 50 then the long entry is valid? if the RSI is below 50 then we could not enter a long trade even the pattern is correct ?
Also check out page 102 #1016
Thank you Mish. I remember reading that, but I was only applying it to the weekly charts previously.
Morning all,
Spent the last few days reading this thread from start to finish. Many thanks to Philippirrip for starting the thread and sharing what looks to be a very good system or strategy.
So I’m trying to ‘confirm’ my understanding of the system and I have looked at a number of pairs that may be consideration for trading. They are:
AUDCAD- short crossover just occurred; stochs in OS position so we wait for stochs to go back up to OB and turn back down.
USDCHF - all conditions met; should be able to go short.
GBPAUD - crossover to the upside occurred; stochs in OB position so we wait for stochs to go back down to OS and turn back up.
EURCHF - long crossover took place; stochs now in OS position and getting ready to go back up.
EURNZD - crossover to the upside occurred; stochs heaing down to OS position, buy when turn to upside takes place.
Would love to hear from the experts if my analysis is correct.
David
Good work. Of course there are other trades that you didn’t mention such as EURJPY and EURGBP.
Another advice I can give is to always avoid that are manipulated by their governments, such as the Chinese Yuan for instance. At any moment the Chinese central bank can blow up your account by announcing they have appreciated or depreciated their currency. Of course that is to their benefit, but it may work against you.
The same applies to Swiss Franc, so you should steer away from it.
Then I also discussed an RSI signal. When a buy signal is complete you need to determine which range the RSI is in:
Above 60: A strong up trend.
Between 50 and 60: an intermediate uptrend.
Between 40 and 50: a weak uptrend.
Between 33.3 and 40: sideways trend that could break in either direction.
Below 33.3: The pattern will probably fail.
For a short signal:
Below 40: a very strong bearish trend.
Between 40 and 50: an intermediate bearish trend.
Between 50 and 60: a weak bearish trend.
Between 60 and 66.6: a weak bullish trend.
Above 66.6: The bearish pattern will probably fail.
A final piece of advice is to look at currencies against the bulk of other currencies rather than individual pair.
For example: Which currency is giving a buy signal against ALL other currencies? Which one is giving a sell signal against ALL signals? Then put those pairs on your watchlist and arrange them in order of their RSI ranges we discussed above.
Another useful idea, is that you want (as much as possible) to buy and sell all the currencies you trade, so that you can avoid a loss and win the difference between risk and reward.
For example, let’s say you decided to buy GBPAUD. Now rather than take all your lot size on that trade alone and risk losing, take only half. Then the other half buy AUDJPY which is giving a buy signal. The rational of that is if GBPAUD goes down, AUDJPY will go up. And if AUDJPY goes down, GBPAUD goes up and you would always win the difference between risk and reward.
Now the problem is if AUD goes above GBP, but JPY goes above AUD so you lose both trades (but the probability of losing both trades is lower than losing GBPAUD alone or AUDJPY alone.) So you need to look for a pair where you can buy JPY. In this case you can sell NZDJPY for instance.
So rather than 0.1 lots on GBPAUD long. You go 0.33 lots long GBPAUD, 0.33 long AUDJPY and 0.33 short NZDJPY.
I hope this isn’t too complicated.
Dear Philip,
We are looking forward to see your watching list with couples,for this week.
Thanks in advance