Re: Forex Trading - Season 15 by Nobody: 4:38pm On Jul 02, 2015 |
This is what I see on gold but I could be wrong. Could head for 1028 if it breaks the support by year end.
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Re: Forex Trading - Season 15 by pitanyomi: 4:39pm On Jul 02, 2015 |
Certainly wasn't....i felt the wrath of that word on the street ![undecided](https://www.nairaland.com/faces/undecided.png) naijababe:
Word on the street is that it will be brilliant for the dollar |
Re: Forex Trading - Season 15 by Nobody: 4:41pm On Jul 02, 2015 |
pitanyomi: Certainly wasn't....i felt the wrath of that word on the street ![undecided](https://www.nairaland.com/faces/undecided.png) You bought the dollar? Eyaaa!!! I don't trade the news, was just hoping it would something to GJ ni |
Re: Forex Trading - Season 15 by leopower(m): 4:46pm On Jul 02, 2015 |
naijababe: Whoever is holding GJ should release it now ![angry](https://www.nairaland.com/faces/angry.png) aunty, its a good decision u made for holding ur GBP/JPY sell. the sell will be massive next week based on weekly & daily chart....... i will sell at a better price next week. |
Re: Forex Trading - Season 15 by raycolz84: 4:47pm On Jul 02, 2015 |
naijababe: Whoever is holding GJ should release it now ![angry](https://www.nairaland.com/faces/angry.png) Mama I done close shope for the week Dis past week get as e be Hope next week would be better |
Re: Forex Trading - Season 15 by JAkpayen(m): 5:01pm On Jul 02, 2015 |
naijababe: This is what I see on gold but I could be wrong. Could head for 1028 if it breaks the support by year end. Then I'll place a pending sell @ 1200 and go to sleep. ![shocked](https://www.nairaland.com/faces/shocked.gif) 1 Like |
Re: Forex Trading - Season 15 by Nobody: 5:03pm On Jul 02, 2015 |
leopower:
aunty, its a good decision u made for holding ur GBP/JPY sell. the sell will be massive next week based on weekly & daily chart....... i will sell at a better price next week. I know, it is consolidating under the 20 SMA on the daily and that is why I am still holding it JAkpayen:
Then I'll place a pending sell @ 1200 and go to sleep. ![shocked](https://www.nairaland.com/faces/shocked.gif) I just might do the same o ![grin](https://www.nairaland.com/faces/grin.png) |
Re: Forex Trading - Season 15 by JAkpayen(m): 5:19pm On Jul 02, 2015 |
naijababe:
I know, it is consolidating under the 20 SMA on the daily and that is why I am still holding it
I just might do the same o ![grin](https://www.nairaland.com/faces/grin.png) That GJ will likely do 800 pips downward. I am placing a pending sell @ 192.5 and 137 for EJ ![](/faces/huh.png) |
Re: Forex Trading - Season 15 by Nobody: 5:35pm On Jul 02, 2015 |
JAkpayen:
That GJ will likely do 800 pips downward. I am placing a pending sell @ 192.5 and 137 for EJ ![](/faces/huh.png) Final destination should be that yellow line, hopefully I will be patient enough.
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Re: Forex Trading - Season 15 by jendy36(m): 6:18pm On Jul 02, 2015 |
jendy36: Ga buy stop
2.0450
SL and tp...Traders discretion
Nothing is guaranteed
Who enjoyed this with me...+90 |
Re: Forex Trading - Season 15 by JAkpayen(m): 6:24pm On Jul 02, 2015 |
BACK IN TIME: So you still use this trading systemNaijababe’s trading system
To fully understand this system, there are key assumptions that I have made which must be taken into account. The assumptions are necessary because that the system is generic to all the instruments that I trade. Key assumptions: Although the market is now functional 24hrs of the day, key trading hours for each sessions is about 7.5hrs as shown below: Frankfurt : 7am – 3.30pm London : 8am – 4.30pm New York: 2.30pm – 9:15pm Tokyo: 12:45am – 6:30am Note that these times are all based on UK time and are when active/live trading takes place, you can of course place trades out of these hours trading but non-forex instruments will attract a premium so i.e. higher spread. Lunch periods are periods of trading lethargy, therefore 1 hour is subtracted from the total active hours of each session
Instruments traded consistently traded with the system are as follows:
£/$ €/$ German XetraDax -30 Japan (Nikkei) -225 DJIA (Dow) US Crude Gold Silver I used it in the last 3 months or so for these instruments and it worked well
Indicators: 10 EMA 35 EMA 135 EMA
The user of the system is familiar with candlesticks patterns
THE SET UP: The chosen EMA are based on my personal tweaks to get a particular result, I use three to mimic to the fan principle and in an uptrend, I expect prices to hang on to the 10 EMA and to depart far away from it in very strong trends but return to it at some point (i.e. retracements). I have used stochastics in the past with the system at settings 11, 3, 3 and Bollinger bands at default settings but I removed them when I noticed that they clog my charts and I don’t see patterns as clearly and on time. My favoured trading TF is the 4h TF but I draw the horizontal supports and resistances on the daily chart and trendlines on the weeklies. When I have access to a chart, I pick my entries and exits on the 30min TF but when I don’t, I use pending orders based on Fibonacci retracements for entries and a predefined level for exits. I usually place two orders; one at 61.8% level and the second at 50%. The requirement is for me to trade in the direction of the long term trend but given that ‘supposed’ reversals which effectively are retracements will occur in the shorter TF, I use the shorter TF in assessing entry points especially when prices have departed far away from the 10 EMA in the 4H TF. As previously mentioned, the EMAs are chosen to get certain results which are explained below On the weekly chart: 10 EMA – Prices applied to last 10 trading weeks (approx. 3 months) 35 EMA – Prices applied to last 35 trading weeks (approx. 9 months) 135 EMA – Prices applied to last 135 trading weeks (approx. 34 months) Note how the emas are related by a factor of approximately 3, I know it’s not exact but trial & error shows that these settings work best for my purposes On the daily chart: 10 EMA – Prices applied to last 10 trading days (2 weeks or half month) 35 EMA – Prices applied to last 35 trading days (7 weeks or 2 months) 135 EMA – Prices applied to last 135 trading days (27 weeks or 7months) This time, the emas’ price actions are related by a factor of four, each should act as a very good dynamic resistance and support on the chart.
On the 4H TF: 10 EMA – Prices applied to last 40hrs (effectively 5 days based on 7.5hr per trading day/session) 35 EMA – Prices applied to last 140 hours (19 days or 1 month) 135 EMA – Prices applied to last 520 hours (72 days or 4 months) Again the emas’ price actions are related by a factor of four
THE SYSTEM TRADE SET-UP Starting with the weekly chart as shown, we draw our trend lines and also use this screen to determine what direction trade will be taken. This is the weekly chart of the £/$
The last candle shown on this chart is for the week beginning the 24th Oct (where arrow is pointing), the candle prior to the last one clearly shows that the £ is bullish so we will be looking for longs, i.e. we have identified the direction of our trades from the long term chart. If you look at this chart properly, you’ll see that you can draw an ascending triangle on this chart – a bullish pattern.
On to the daily chart now with our horizontal support and resistances drawn:
The double arrow shows the trading days from 24 – 28 Oct, now if you had not looked at the weekly chart, you might make the decision to go short since the candle 24th was a doji and it was followed by a spinning top, but the inspection of weekly chart makes of aware that the spinning top is potentially a pause and the rally to upside could be to continue. For those who would prefer to trade strictly on daily charts, you’d have entered at the close of 23 0r 24 daily candles around 15950 area with about 70 pips SL and TP to 16200 (you’d be risking 70pips for 250 pips – a very good risk reward indeed)
For the trader who prefers the 4H TF, you’d potentially have a better entry and therefore a better risk reward ratio
Recall that I said previously that your emas act as dynamic support and resistance, you’ll see that candle that the arrow is pointing at clearly broke and close below the 10 ema, so we’ll expect the a little more extension to the downside, the next candle however, sat nicely on the 35 and I’d place my long trade here. In this case I use a rule of thumb of 50 pips as my SL and same TP as before, note the better entry at 15900, giving a risk reward of 6:1 (fabulous indeed) and this is why I prefer the 4H TF entries. If you are the more conservative trader , you may choose to wait for a bullish signal before you enter.
This system can be applied to the day trading as well as follows: Select your preferred trading time frame Multiply this TF by a factor of 5 ( this is where you draw your horizontal support and resistances) Multiply the second TF by factor of 5 to get your long term trend
For example if your preference is the 1hr tf, your support and resistance would be drawn on the 4hr tf since a 5 hrtf is not the norm and your trendlines will be drawn on the daily chart
I hope this system is clear, open to answer questions on areas that are not clear.
May the pips be with us all
Naijababe
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Re: Forex Trading - Season 15 by Nobody: 6:36pm On Jul 02, 2015 |
JAkpayen: BACK IN TIME: So you still use this trading system
Super simplified. Just the 20 SMA, and I plot the high/low of last completed weekly/monthly candles taking my positions on the breakouts and rejections ![grin](https://www.nairaland.com/faces/grin.png) . That was quite a dig, I am surprised that did not disappear with the tsunami |
Re: Forex Trading - Season 15 by JAkpayen(m): 6:51pm On Jul 02, 2015 |
naijababe:
Super simplified. Just the 20 SMA, and I plot the high/low of last completed weekly/monthly candles taking my positions on the breakouts and rejections .
That was quite a dig, I am surprised that did not disappear with the tsunami I still have it in my archive ![grin](https://www.nairaland.com/faces/grin.png)
Do you still remember this pix...........BACK IN TIME: Odiaero show-off of "$890K" & "$720K" balance
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Re: Forex Trading - Season 15 by Shevychen2: 6:56pm On Jul 02, 2015 |
Out of that trade with 85 pips..Another decent week goes by. ![smiley](https://www.nairaland.com/faces/smiley.png) Anyone thinking of holding trades over the weekend should be careful of Greece referendum o |
Re: Forex Trading - Season 15 by Shevychen2: 7:01pm On Jul 02, 2015 |
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Re: Forex Trading - Season 15 by Nobody: 7:01pm On Jul 02, 2015 |
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Re: Forex Trading - Season 15 by Nobody: 7:02pm On Jul 02, 2015 |
Shevychen2: Out of that trade with 85 pips..Another decent week goes by. ![smiley](https://www.nairaland.com/faces/smiley.png)
Anyone thinking of holding trades over the weekend should be careful of Greece referendum o IF not for money management matter, I for risk EU buy tomorrow. The Greeks will accept the bailout. |
Re: Forex Trading - Season 15 by jendy36(m): 7:06pm On Jul 02, 2015 |
Nzdjpy and nzdusd looking ripe for buy
An inverted harmer on nj yesterday and a pin bar possibly forming today.
NU pin bar forming |
Re: Forex Trading - Season 15 by JAkpayen(m): 7:19pm On Jul 02, 2015 |
naijababe:
IF not for money management matter, I for risk EU buy tomorrow. The Greeks will accept the bailout. You just took the word outta my mouth!!!!Shevychen2: Out of that trade with 85 pips..Another decent week goes by. ![smiley](https://www.nairaland.com/faces/smiley.png) Anyone thinking of holding trades over the weekend should be careful of Greece referendum o We are all speculators here. I expect EU to rise to 1.14 by mid-July before crashing down. ![cool](https://www.nairaland.com/faces/cool.png) |
Re: Forex Trading - Season 15 by jendy36(m): 9:31pm On Jul 02, 2015 |
I see uj bearish tomorrow, but might be bullish next week. .AU is gonna be bullish... it rejected the support level on daily, thus forming a double bottom.
GU possibly going north tomorrow.
Nothing is guaranteed! |
Re: Forex Trading - Season 15 by pippimp(m): 9:31pm On Jul 02, 2015 |
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Re: Forex Trading - Season 15 by jendy36(m): 9:53pm On Jul 02, 2015 |
pippimp:
Seriously!!! with all the abuse you de constantly shower on my head. Now see what you've done; you made me break my code of no more comments on FTA. ![grin](https://www.nairaland.com/faces/grin.png) Sorry bro for breaking your code....At least, you kept to your words after 1year and 9months+ of no post on nairaLand. Wish I could be such disciplined on Forex, waiting for best setup to enter a trade as you just found a reason to comment. |
Re: Forex Trading - Season 15 by Nobody: 10:02pm On Jul 02, 2015 |
pippimp:
Seriously!!! with all the abuse you de constantly shower on my head. Now see what you've done; you made me break my code of no more comments on FTA. ![grin](https://www.nairaland.com/faces/grin.png) Mourinho, us that you for real ? |
Re: Forex Trading - Season 15 by jendy36(m): 10:22pm On Jul 02, 2015 |
pippimp:
Seriously!!! with all the abuse you de constantly shower on my head. Now see what you've done; you made me break my code of no more comments on FTA. ![grin](https://www.nairaland.com/faces/grin.png) If I'm not mistaken, who naijababe referred to as a common conman was odiaero, and she simply said she misses you. She learnt a lot from you! |
Re: Forex Trading - Season 15 by jpmorgan003: 10:27pm On Jul 02, 2015 |
pippimp:
Seriously!!! with all the abuse you de constantly shower on my head. Now see what you've done; you made me break my code of no more comments on FTA. ![grin](https://www.nairaland.com/faces/grin.png) Long time indeed. |
Re: Forex Trading - Season 15 by pippimp(m): 11:01pm On Jul 02, 2015 |
naijababe:
Mourinho, us that you for real ? yup. in the flesh, so to speak. How's trading? |
Re: Forex Trading - Season 15 by docus: 12:04am On Jul 03, 2015 |
jendy36: I see uj bearish tomorrow, but might be bullish next week. .AU is gonna be bullish... it rejected the support level on daily, thus forming a double bottom.
GU possibly going north tomorrow.
Nothing is guaranteed! careful on AU. that support may broke next week. |
Re: Forex Trading - Season 15 by drbashfx(m): 4:02am On Jul 03, 2015 |
Buy limit on Gold
Buy @ 1166
S.l @ 1162
Trade visible on myfxbook |
Re: Forex Trading - Season 15 by Kirinwa: 6:57am On Jul 03, 2015 |
My Alert remains valid. TP adjusted to 2.2000
(1400 pips) |
Re: Forex Trading - Season 15 by seyejohn94: 7:34am On Jul 03, 2015 |
seyejohn94:
Everything is unraveling small small... Watching 1167.4 on gold....
On d longer term expecting a massive breakout on my monthly chart.... Once dis occur.... Mehn... Itz to ride d trend for months....
Gold shud b d safe haven for the weekend.... Bough gold @market price 1167.4... Holding it ova the weekend if it doesn't deliver @ least 100pips or hit my stp loss... 1 Like |
Re: Forex Trading - Season 15 by AK284(m): 7:50am On Jul 03, 2015 |
Kirinwa: My Alert remains valid. TP adjusted to 2.2000
(1400 pips) Thank God i have been released! yes my brother which alert be that oooo? |
Re: Forex Trading - Season 15 by AK284(m): 8:05am On Jul 03, 2015 |
seyejohn94:
Gold shud b d safe haven for the weekend.... Bough gold @market price 1167.4... Holding it ova the weekend if it doesn't deliver @ least 100pips or hit my stp loss... Says seyejohn94 abi?check 2015:06:29 jare |