What am I doing? I'm waiting for the trade to come to me! What are you doing?
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Hi Sidney, I hope all is well.
I know you like silver. Based on the charts, I think XAG prepping for a massive move up..... just say'n :)
PB
SG, The more I look at the strategy that the author puts forth the more excited I get. His strategy throws out everything I thought I learned. I cleaned up my charts so that they're super simple just as he as described and I'm reviewing the 5 min charts of many FX pairs. His KISS principle "Keep It Simple to be Successful" is absolutely brilliant!
Well based on the 4HR chart I would say that EUR probably isn't done yet. That was an unprecedented drop on May 4th
That's awesome SG, I can't wait to start comparing notes. My eyes are on the look out for those setups now and when they occur in the longer time frame charts pay day is big. Have a great weekend SG and thanks for hosting such an great board!
PB
Hi Guys, what an amazing E/U day eh? The "3's a crowd" setup in the 5 min chart this morning sure didn't disappoint.
I haven't really defined my exit point, when the account show's green I guess. The idea behind the 4's a crowd setup, or as the book says "three's a crowd' is to determine the trend. Once a retail trader has a firm grip of the trend, he/she can be sure to only trade with that trend. As a beginner trader I have screwed myself more times than I can count by trying to be smart and trading against the trend. Today's signal in the 1min eu, if it works as expected, should keep me from trading against the trend and losing a boatload of money in the process. Or at least that's the idea. Theoretically a trader could enter and exit trades simply by the 4's a crowd setup, I guess you could call them medium term swing trades. Of course there's a lot of jiggy in between that is pure hard cash if played right.
no the green dotted line was the line I made based on the tight convergence of the 50,100 and 200SMA's in the 1min.
no the green dotted line was the line I made based on the tight convergence of the 50,100 and 200SMA's in the 1min.
I really think this has legs SG. In the book Attacking Currency Trends the author explains that a lot of retail traders make money in non-trending markets but lose a lot of money in trending markets. This is exactly the opposite of what you would think but he has evidence to prove it and so do I. LOL This "4's a crowd" setup is telling me to attack the eu trend by going short and to be extremely careful with my long entries at this point. I would really like to have an MT4 indicator that can superimpose my 15min SMA's onto my 1min chart.
the price of EU met resistance at the 15min, 50SMA
all mine are applied to close
I'm just looking at the absolute low. Here's the 15min chart of EJ. You can see how it bounced hard off of the red, 200SMA in the 15min chart. Is this how the pros trade?
Having that line automagically drawn on my 1min chart could be a powerful confidence building tool for trading the 1min don't you think?
The last "tight" 4's a crowd where all fout converge in the 1min was on the 16th at about 20:15. At 8:48 this morning the price did bounce hard off of the, you guessed it, 15min 200SMA.
Hi Javalin, I don't have PM privileges so I can't reply to yours. The short answer to your question is yes but please PM your email address and we can communicate that way if you want.
PB
I think it would be extremely handy. Here's my analysis of EU from this morning. I entered a short trade early this morning because the price, 50sma, 100sma and 200sma all converged in the 1min chart. I call it "4's a crowd" which is based on a book I'm reading entitled Attacking Currency Trends. The author only uses the 100&200SMA's and calls it three's a crowd. Around 9:30 you can see that the price bounced hard off of the 15min 200SMA. He talks about this concept of reversals at SMA's of larger time-frames. Anyway, having these longer timeframe MA's drawn for me automagically would have been very helpful for this sort of price-action strategy. The four's a crowd setup really proved itself to me this morning. BTW, the last 4's a crowd price action setup in the 1min chart occurred way back on Sunday, many many positive pips ago. Now let's see if this is truly the top of a larger downtrend. A 5min double top appears to be forming as I write this so now it's time for me to sit back and see what happens.
GM pennies and board!
I'm looking for a multi-time frame trendline indicator and I'm wondering if you or anyone else has seen such a beast for MT4.
I want to know when price action dances around specific trendlines in higher interval charts. For example, when viewing the 1 min chart, I would like a horizontal line automatically drawn (and redrawn) at specific intervals based the higher timeframe chart. This morning, EU bounced off the 200MA in the 15min chart, passed the 100MA in the 15MIN chart and is now testing the 50MA in the 15min chart. I would really like to have these lines drawn on my 1min chart. Any thoughts?
If it does hold support, 1.44 has some nice price action history, 1.45 isn't out of the question either. What do you think?
I think today is national "send your broker to Bermuda day" lol
the waters are choppy today
oh fun, it's working again
Oanda MT4 just stopped again.... sigh
yup, see my next message
there's no need to by those FX, eBay has as many as you want for about 3 buck each! LOL I have one in my wallet and use it to explain what ultimately happens with fiat currency.
ya gotta go with the flow. The divergence in the TDI 1H chart is unmistakable. I'm being very careful with my shorts and I'm watching for a break in that upper channel trend line.
History reloaded fine without a restart for me, Oh well... while MT4 was down I decided to sit up and take in some nourishment.
Whew... I'm glad it's just not me. I use Oanda MT4 charting, which is amazing, but place my trades in Oanda's own app.
GM Pennies and board, I'm playing with your nifty TDI indicator in EU this morning. To me the TDI trend looks like it's all systems GO and ready for blast off across multi frames. What do you think?
Oh man that would be awesome, thanks! email on it's way
pennies, where can I get a hold of the Magic Fibo that you speak of? I'd like to give it a test drive.
Excellent write-up pennies, TY! BTW, I'm lov'n the SHI_channel_true indicator you mentioned a couple days ago. I smoked EU today, the combination of SG's rainbow setup, smoothed HA's and SHI_channel_true really kept my brain on track. Awesome!
PS- now I gotta play with the magic fibo thingy!
I set my stop-loss to break even, let's see what happens.
By my drawings it looks like EU is at the top of both the 15 and 30 minute channels.
That is one amazing trend-indicating chart SG! As if the rainbow wasn't enough, the smoothed HA is the icing on the cake. I picked up my SHA here: http://megatrendfx.com/clearchart-heikin-ashi-smoothed Is there another that you prefer?
I tip my hat to you, Pennies and all the innovative members of this board! This is THE FX place to be!
Pennies, the pin bar that bounced off the 100MA in the daily chart yesterday is a clue as well.