Oh right so ema20 is above ema50 and stochastic was at 89.25 meaning overbought? But RSI showed 66.79 so i have to wait for it to go below 50 before putting in a market sell?
edit* oops sry philip my bad saw it wrongly yea… ema50 is above ema20… Uh i actually posted another question to confirm some doubts but the admins have not let it post yet…
Morning all,
did anyone take that long trade on the GBPAUD? I did. RSI between 50 and 60. Stochs heading up.
David
I would like to clarify the conditions of placing the buy and sell order… Please let me know if I’ve misunderstood
Conditions for Buy entry
No I’m confused now. I thought the 20 EMA was below the 50 EMA in the picture.
I am in this trade at the moment. There is some [B]very strong [/B]resistance at the 2.000 level. If that level breaks, we could be in for a strong move up.
Meads797,
agreed re the resistance. that’s where I had my TP. Target was just hit.
David
Afternoon guys,
I have a question that’s unrelated to this thread.
Just looked at my charts at 1600hrs/4pm (time zone R; I’m in Jamaica). 4pm or 9pm GMT is when my platform/broker starts a new trading ‘day’. So on the daily chart its when that candle for the day opens.
I’ve always heard of these ‘gap up’ and ‘gap down’ movements and, of course, I saw some significant gaps appearing on all the NZD pairs, in one direction or the other. Now I always thought this would normally occur at the start of the trading week. Never saw it before during the week. Can anyone provide me with a simple explanation? Did some announcement take place in a country?
Thanks
David
Yeah the RBNZ lowered their interest rates.
Hello!
I have a question about the fibs.
I am currently in the gbpaud trade.
Timeframe is H4.
Do i have to put the 100 fibline at the high just after the ema cross?Pic1. Or the high after the signal occurs?Pic2.
Hi Philip,
I am new to Forex and opened a demo account a month ago and have been concentrating on using the engulfing candle system but with very mixed results. I came across your strategy and really like it as its set out with solid rules which instill confidence before taking a trade although I have to learn more discipline and not chase a trade and rather wait until all your criteria are met. Wanted to say thanks for taking the time to share your system and also your post on How to Decide on Which Pair to Choose which was great. Do you ever post a summery of your thoughts on what pairs you will be trading for the week ahead.
Yes, you seem to have entered late though.
Ok. Thanks for that clarification.
Anyone else tracking AUD/JPY???
Any other entry opportunities out there?
Hi Lama,
I am tracking it. Only that there doesn’t seem to be a defined trend on the 4H chart. On the daily, the general trend is up, but it looks to be ranging. I could be wrong. Either way, once all the indicators come together, I’m jumping in.
GBPCHF has crossed upwards and is already in OB area.
AUDCAD waiting for it to reach OB and come back down before going short.
David
Hi Vasilis1961,
It’s a pair to watch. That long setup has just started. Still has a while to go as the pair is still in the OB position. A few more days of watching, in my opinion.
David
I’m looking at USD/CHF on a short
The Stoch signaled 3 bars ago (4hr chart), but the RSI was to high.
Now the RSI is below 50 and stoch is still decreasing…
Not if I should take it or not… seems like all the signals need to hit on the same bar???
No it doesn’t work like that Lama. If the RSI was too high you look for another opportunity.
Hello Philip!
Yes i know i was late.But my question was about the fibs.
Can you please tell me if i put the fibs correct in my first or second picture?
Thanks
because of you i didnt close a stupid desperate move i made on DAX the other day… now it turned around and gave me profit instead simply because i thrusted the system it still didnt give me an exit signal but im just glad that im out now with a profit!.. (was down -450 euro total and now out with a +56 euro)
so THANKS ALOT 
