Forex Watchlist

[Sejake]

GBP maybe sumtin like this ???

[durgesh147]

A probable good short trade .... catching the end of wave 5 with Decision Point WPT and STF divergence...

[Sejake]

Maybe time for GBP to resume it's uptrend???

[Sejake]

:) :) :)
USDJPY shorts showing up on scanner this morning.....not convinced yet that it's going to hold at the 0.786 retracement. Will be watching as well for the Butterfly (wave 1 or A) as alternate sell scenario......

[dctommy]

A probable good short trade .... catching the end of wave 5 with Decision Point WPT and STF divergence...


This is a good example of divergence.....note how the STF has confirmed
divergence at or prior to the setup bar....unlike some posts where we see the trader "anticipates" divergence and takes the trade.

I do not find the cherry picked anticipated divergence trade posts realistic or very useful. :(

This one however is an excellent example.


dctommy

[Sejake]

Well it took a little patience with this one.
Obviously there was no reversal at previously posted 1orA WPT as price just blew through that level. Next obvious level was the 1.618, which also corresponded well with a manual wave 5 WPT target. RED reversal bars at the 1.618 extension (wave 5 WPT) and that seemed like a good entry to me.
I don't use oscillators so not sure about the divergence part.
Target @ 1orA WPT is approximately 11 R.

Not a recommendation just my thoughts.....

[tombtrader]

This flew up thru the DP at your first sell. Is there a DP anywhere around this current level to lean on?

[Sejake]

That was first possible sell...not sell. At the 1orA WPT price blew through,no consolidation, all green bars straight up right through which = continuation to the next level.
The next level after 1.272 or the 1orA WPT is the 1.618 extension. This is the next level I was looking at for possible reversal sign.
As far as a DP to lean on?? im guessing you mean a WPT. Their was an automatic wave 5 count at the 1.618 extension and I had been working off a manual wave five up WPT as shown in the other post that was right at 1.618 level.
So basically that was the pivot I was looking for with red reversal bar at WPT and 1.618 fibo.

Hope that helps.....

[tombtrader]

I found 2 Decision Points at this area.

[Sejake]

We are coming up to a daily USDJPY DP trade with divergance and such...

[Sejake]

Tombtrader, I'm not sure about anyone else but I can't make out a thing on your pic. Just FYI.


Too bad the pics have to be so small and scrunched up all the time....hard to make out most of them IMO.

[rosdaboss]

So we get better looking pictures, try uploading them on www.imageshack.us I think the reason why pictures look bad on here is due to attachment limitations. I guess to conserve bandwidth.

[Steve Griffiths]

Hi,

Please see this post http://www.mtptrader.com/showthread.php?p=436#post436 for how to attach charts to messages......

Thanks

Steve

[Sejake]

Well USDJPY stopped out for +1 although it dipped about 40-50 pips at the time....On to the next trade...:)

[Sejake]

audusd in an interesting spot here.....

[Sejake]

Nice little 5 min DP USDCAN trade this morning.....still in with half position.....stop just above .78 retrace, see if minor downtrend will hold....

[Sejake]

5 min eurusd dp trade.....

[Sejake]

AUD not activated.....trigger bar made higher high prior to being triggered.

[Sejake]

Eurusd DP trade stopped.....-1R.

[Sejake]

Still holding partial position USDCAN DP short trade......stop now moved to just above .78 retrace of most recent leg down to lock in a few extra pips should the trend reverse.

[Sejake]

USDCAN stopped out overnight at .78 retrace locking in about 15 pips on second portion of trade.

[Sejake]

But or me the most important point is how this was on a longer term Forex Chart. Trends in
currencies tend to unfold over longer periods than with other markets, so it is useless trying
to trade FOREX on a 5min chart as there is far too much noise. It is much better (and
easier) to trade on longer time frames, like 60min, 240min and 480min. The swings are so
much smoother and easier to deal with on these longer time frames…..

Hi Steve, just read your report this morning and I'm not trying to argue or make a big thing about this but to say it's useless trading forex on a 5 minute chart doesn't make sense to me. Lot's of people do just this. Of course its not for everyone and there are certainly ways to capture trend moves while watching a 5 minute time frame.
I've used MTP to trade shorter term charts with success (usually 15 min). Keep in mind there are usually more trades that don't work out, (it's a good thing I don't need to be right on every trade!) but as you always point out, position size is key by keeping the risk small compared to reward. I do agree that MTP should not be used on 3-5 minute forex charts because the markets just don't trade the same as the 3-5 minute emini's.
Here are some recent examples various 15 min charts.

Regards, Sean

[Steve Griffiths]

Hi Sejake,

Yes, you are one of the better traders that know what you are doing, so have no problems seeing when a chart can and cannot be traded, but I have to make guidelines that the masses can follow, and generally Forex is better on the longer time frame.

But of course, for good advanced traders, (like yourself) then please feel free to traed how you wish.

Yes some great trades here - so well done.

Steve

[Angel]

Hi Sejake,

Congratulation, it's always so nice to see others traders making profits in the market :D

1) Considering the fact that you trade on shorter time frame, Do you use a specific order plateform like Ninja Trader ?

2) Do you use Metatrader4 for feeding MTP ?

3) Are you really happy of your Forex broker about order executions and spreads ?

Thanks,

Have a good trading day all,

Angel

[Sejake]

Hi Angel, I should have mentioned that I didn't trade those charts. They were found via history scanner as examples to illustrate what I was trying to say.
By the way I'm not strictly a short term trader, I like to trade the pattern irregardless of the time frame, as long as it looks good at the time. I do prefer the longer term trades. PS I'm currently short EurUsd from the TS3 a few days ago. Please note that Steve's example should be followed as I probably have a higher risk tolerance than most.

To answer your questions,
-Yes I use MT4 as a data source and trading platform for my longer term trades.
I also use Oanda for shorter term trades as the spreads are tight and it's really easy to adjust limit/stop orders (drag and drop).
Both have good and bad points same as any broker I'm sure.

Happy Trades, :)

Sejake

[vyt]

Steve ,

Please can You comment Aud/Usd Daily chart , since the last bar is blue and ABC under way could we consider Long from the high of the last day ?
Thank You .

[Steve Griffiths]

Hi,

Yes that was a small loss, as the AUDUSD continued lower again today ? Always a tricky entry as the entry bar as so small, so always a possibility of a quick failure.

Good to have the short trade in the GBPUSD as outlined in the daily report to make up for this small loss though .........

Thanks

Steve

[Steve Griffiths]

Hi Everybody,

Nice to see the 480min EURUSD reach the minor DP level........ this was the trade I emntioned in the daily report a few days ago :)

Steve

[vyt]

Thank You , Steve , no losses on AUD/USD the high of previous day was not triggered , my point was since MTP EOD does not give trade setup found on the last bar but ABC gives us minor ABC , could we consider it as a valid setup ? Looks similar to the GOLD pattern in your 23rd January report .

[Steve Griffiths]

Hi Vyt,

This is more of an "advanced trade", so I would only suggest it for users who are happy with advanced analysis.........

Steve

[Biggo]

This tread has gone very quiet :confused:
There were some great posters & I miss all their insight,s. I hope they are all doing well in their trading & it would be great to hear from them;)
I see a few potential trade set-ups on 4 hr charts to watch for Monday

usd/cad 4hr
eur/aud 4 hr
aud/jpy 4hr

Cheers

[Steve Griffiths]

Hi Guys,

Nice to see the GBPEUR 240min Ts3 reach its first porfit target :)

Steve

[Eddo]

This tread has gone very quiet :confused:
There were some great posters & I miss all their insight,s. I hope they are all doing well in their trading & it would be great to hear from them;)
I see a few potential trade set-ups on 4 hr charts to watch for Monday

usd/cad 4hr
eur/aud 4 hr
aud/jpy 4hr

Cheers

I'am still here and still trading Biggo - got a bit fed up with loads of non MTP people filling up my Message box with silly questions - if people don't believe what we post thats up to them - I don't give a monkeys !!!!!!

Been having some great trades on 4 hr Forex charts using the DP setups which I am finding absolutely magic - and was interested to see you seem to be doing the same. Chris

[Biggo]

Been having some great trades on 4 hr Forex charts using the DP setups which I am finding absolutely magic - and was interested to see you seem to be doing the same. Chris

Hi Chris

Great to hear from you. Yes the DP trades have been working really well recently I have had some good fx trades with them too..:D

Biggo

[mitch]

Hi guys. Great to hear that the DP trades work equally as well for FX. I use EOD so unfortunately don't have access to them yet. Can't wait to try them out...Really hoping that EOD 6 release (which will have DP included) is not too far away, Any news Steve??;)

[chrisg]

Hi Mitch

You can use the DP on EOD it is the Wave1orA point. You can not scan for it, you have to do it manually. Also if you read the reports that Steve sends out, he talked a little about it on March 15. Hope this helps.

chris:)

[Eddo]

Hi guys. Great to hear that the DP trades work equally as well for FX. I use EOD so unfortunately don't have access to them yet. Can't wait to try them out...Really hoping that EOD 6 release (which will have DP included) is not too far away, Any news Steve??;)

Hi there - you can get DP on EOD - just use the Wave 1 or A (two clicks) and you will get them - works very well and I think is what the RT DP came from - Chris

[rrs]

Hi Mitch,

As Chris said, you can use the Wave 1orA WPT to get results that are very similar to DP trades. Here is an example of a 4hrly chart of AUDUSD pair. As a commodity currency, AUD is at a historically very important and interesting level. I will be watching very closely the Sydney opening.

Rama.

[rrs]

Potential EURJPY TS4 Trade on 4hr chart.

Rama.

[rrs]

Potential AUDJPY TS4 trade on 4hr chart.

Rama.

[mitch]

Hi there - you can get DP on EOD - just use the Wave 1 or A (two clicks) and you will get them - works very well and I think is what the RT DP came from - Chris
Hi guys. Yes, I was aware that DP is effectively Wave1orA and do use it in my assessment/analysis routines of charts, however it will be just great and more efficient to be able to use the 'one click' set up.

Mitch

[rrs]

Far eastern forex markets have just opened, and across the board JPY is strong.

EUR, AUD and USD -- all of them gapped down against JPY when the trading started in the far east.

I was unable to enter AUDJPY and EURJPY T4 trades as a result of this gap down.

Let us see how these pairs behave over the course of this week.

Rama.

[pegasus5]

Hello everyone...I usually post on Real-Time US E-Mini thread, though I have been known to dabble in Forex. Here is a EURJPY 480 min that shows very nice TS3 setup. Though the opening gapped below optimal price entry, I am patiently waiting to make a limit sell @ 155.20 with 155.86 stop.

Cheers,
David

[rrs]

Hello everyone...I usually post on Real-Time US E-Mini thread, though I have been known to dabble in Forex. Here is a EURJPY 480 min that shows very nice TS3 setup. Though the opening gapped below optimal price entry, I am patiently waiting to make a limit sell @ 155.20 with 155.86 stop.

Cheers,
David

Hi David,

I am hoping to enter this trade setup if there is a retracement to the entry trigger level. Let us see what happens.

With best wishes,

Rama.

[pegasus5]

It's a shame when a good looking setup doesn't work as planned. I did get may entry @ 155.20..but also got my exit (stop) @ 155.86. One (1) contract, so small -1R loss. That's the game..small losses..BIG gains...The next one will be the Big Kahuna :)

David

[d-day]

Hi David,

I am hoping to enter this trade setup if there is a retracement to the entry trigger level. Let us see what happens.

With best wishes,

Rama.

Interesting. I don't trade forex too ofen. Ususally I trade currency futures if I do anything at all with forex, and then it is usually to catch a longer term trend (days and weeks as opposed to hours). But when trading short term MTP set-ups, I never enter on a retrace. My experience has been that the best MTP trades never retrace back to the entry, except soemtimes to tes it as resistance/support.

Have you forex folks found that entering on a retrace back past the entry stop to work more often than not?

[rrs]

Interesting. I don't trade forex too ofen. Ususally I trade currency futures if I do anything at all with forex, and then it is usually to catch a longer term trend (days and weeks as opposed to hours). But when trading short term MTP set-ups, I never enter on a retrace. My experience has been that the best MTP trades never retrace back to the entry, except soemtimes to tes it as resistance/support.

Have you forex folks found that entering on a retrace back past the entry stop to work more often than not?

Hi David,

Many thanks for your comments and question.

You make an excellent point about the best MTP trade setups (TS 1,2,3 & 4) never having to retrace back to the WPTs. In addition to the WPTs being high probability areas of support or resistance where price often reverses, the other major factor that contributes to the success of these trade setups is Price Momentum. Without sufficient Price Momentum in the right direction trade setups often falter and eventually fail. (I record and analyse every single trade I take and try to learn form the success or failure of these trades. One of the valuable lessons I learned from this excercise is the important contribution Price Momentum makes to the success of a MTP trade setup).

EURJPY TS4 trade setup (240min chart) that failed last night illustrates the other aspect of this important point -- Price Momentum in the "wrong " direction contributing to the failure of a high probability area of resistance. This, of course, is an age old question in technical analysis -- which area of support or resistance is going to hold and successfully reverse / turn the price action in the opposite direction? In my humble opinion, MTP, particularly with the addition of the Decision Points, is the best software tool I have seen in prospectively identifying these high probability areas of support and resistance with a remarkable degree of accuracy and success. As one of the most experienced MTP traders, you know and use this particular feature of MTP every day! The only reason I mention this point here is for the benefit of new / prospective customers.

I have seen the price "revisiting" the WPT area after triggering the trade, particularly when trading stocks. In doing so the price often makes a double bottom or double top.

I will try to capture the screens when I come across them and post them here. It is a pity that I never archived some of the screen captures from my early days of MTP use. Since these two are well known price patterns, I never really bothered to archive these screen captures. Now that you mention it, the occurence of these two patterns at WPTs, particularly in forex trading, may be worth capturing and archiving for further study.

Rama.

[rrs]

Worth watching this evolving potential TS3 trade setup on the 4hr chart of USDJPY.

Rama.

[rrs]

It's a shame when a good looking setup doesn't work as planned. I did get may entry @ 155.20..but also got my exit (stop) @ 155.86. One (1) contract, so small -1R loss. That's the game..small losses..BIG gains...The next one will be the Big Kahuna :)

David

Hi David,

I hope this is the Big Kahuna you have been waiting for! -- even though the setup does not show the "ideal" pattern of reversal at the WPT. Let us see how this one evolves!

EURJPY 4hr chart - TS4 setup

Rama.

[ClaphamTrader]

Worth watching this evolving potential TS3 trade setup on the 4hr chart of USDJPY.

Rama.

Short TS3 Entry at 117.71 triggered on current 240 min bar
StopLoss 118.03
Target Min Wave C = 115.88

Nice looking symetrical pattern and Red STF.:)

Let's see if the Yen will play ball this time as lost -1R on a TS1 in this time frame triggered Friday.

However, pulling back now close to StopLoss at 117.92:(

If it does break down this will be a nice RR though.

Anyine take this one?

[mitch]

High CT. I have a pending sell order placed for this pair however at 117.58 (Stop @118.03) so have not triggered yet. Not sure why but I do no get a red sell bar @ 117.71 (Could be diff data feed as I source from InterbankFx.) However, if it does trigger and goes to 1st WPT (min C ) the RR is a nice 4:1. Here's hoping:D
M

[pegasus5]

Good Morning CT, Rama, D-Day..I took the USDJPY TS3 setup @ 117.71 w/118.03 stop...Let's see how see fairs over the next few days with this one...

David

[ClaphamTrader]

[quote=ClaphamTrader;7749]....
However, pulling back now close to StopLoss at 117.92:(

If it does break down this will be a nice RR though.
...[quote]
After a few hairy hours hovering just below the StopLoss, we've finally started motoring downwards!:D

Mitch, you Sell Order should have been triggered by now as well.

[mitch]

[quote=ClaphamTrader;7749]....
However, pulling back now close to StopLoss at 117.92:(

If it does break down this will be a nice RR though.
...[quote]
After a few hairy hours hovering just below the StopLoss, we've finally started motoring downwards!:D

Mitch, you Sell Order should have been triggered by now as well.

Gents, were off and running!!

Mitch

[mitch]

Advanced ABC short triggered on eurchf 240m @ 1.6112 (Stop 1.6142) MinC WPT @ 1.6027 (RR 3:1)

Mitch

[rrs]

Here are the screen shots of TS3 (240 Min Chart) trades that I missed today (due to other commitments I was unable to watch the markets today). Both the trades involved the Canadian dollar against the US dollar -- USDCAD in the spot forex market and its equivalent in the futures market (CDM07 -- June contract of the Canadian dollar traded at CME).

Rama.

[Eddo]

No doubt every mother and its dog is looking at this potenital short - I have it as an 8 hr DP with a TS3 confirmation plus its sitting there as a Daily TS1 (right at the Typ Wpt) - so it looks to me just about as perfect as it could be ......... so we wait :)

[Biggo]

No doubt every mother and its dog is looking at this potenital short - I have it as an 8 hr DP with a TS3 confirmation plus its sitting there as a Daily TS1 (right at the Typ Wpt) - so it looks to me just about as perfect as it could be ......... so we wait :)

Hi Chris
Thanks for the heads up.
Many of the yen crosses seem to have potential set-ups on the way GBP/JPY attached

Cheers

[jswin]

No doubt every mother and its dog is looking at this potenital short - I have it as an 8 hr DP with a TS3 confirmation plus its sitting there as a Daily TS1 (right at the Typ Wpt) - so it looks to me just about as perfect as it could be ......... so we wait :)

I see that the divergence on this trade is the opposite of what we usually look for. In this case the oscillator has made a higher high and price (currently) a lower high, rather than the oscillator making a lower high and price making a higher high (for a short). Could Chris, or another experienced member, please explain whether this is still significant?

[rrs]

Hi Chris
Thanks for the heads up.
Many of the yen crosses seem to have potential set-ups on the way GBP/JPY attached

Cheers

Hi Biggo,

This is a trade setup with great potential for telling us about the future direction of this pair in the near term -- given the fact that news from the UK in the past day or two indicates that the inflation rate is up and as a result the Bank of England may increase the interest rate soon. This is in contrast to Bank of Japan's decision to leave their rate unchanged at 0.5%. This combination is going to encourage even more carry trade -- selling the Yen and buying more GBP.

An early warning of strengthening GBP will be a failure of this setup. Often, failure of trade setups carry equally important message. Let us see what happens. Thanks for your alert on this trade. I have put it on my watch list.

Rama.

[rrs]

I see that the divergence on this trade is the opposite of what we usually look for. In this case the oscillator has made a higher high and price (currently) a lower high, rather than the oscillator making a lower high and price making a higher high (for a short). Could Chris, or another experienced member, please explain whether this is still significant?

Hi,

Very good observation and an excellent question.

Here is an explanation from an article on hidden divergence written by Barbara Star in Stocks and Commodities magazine:

Hidden divergences are the opposite of classic divergences. Classic divergence looks for lower low prices accompanied by higher indicator values at price bottoms and higher high prices accompanied by lower indicator values at price tops. Hidden divergences, on the other hand, seek higher price lows accompanied by lower indicator values during up moves and lower price highs accompanied by higher indicator values during down moves. Most hidden divergences signal continuation moves in the direction of the prevailing trend.

I hope this explanation is helpful.

Rama.

[jswin]

Hi,

Very good observation and an excellent question.

Here is an explanation from an article on hidden divergence written by Barbara Star in Stocks and Commodities magazine:

Hidden divergences are the opposite of classic divergences. Classic divergence looks for lower low prices accompanied by higher indicator values at price bottoms and higher high prices accompanied by lower indicator values at price tops. Hidden divergences, on the other hand, seek higher price lows accompanied by lower indicator values during up moves and lower price highs accompanied by higher indicator values during down moves. Most hidden divergences signal continuation moves in the direction of the prevailing trend.

I hope this explanation is helpful.

Rama.

Great, thanks Rama. I had not heard of hidden divergence before but, after looking at the chart, I suspected it represented potential continuation rather than reversal - but as Chris had pointed out, in that particular example, there were other factors involved such as, I believe, a TS1 on the daily. Time will tell.
Thanks for the explanation :)

[Sejake]

Interesting posts today...nice. Just along the GBPJPY lines some really interesting fib clusters/symetry and timing signalling a reversal may be near.
To early to tell on a daily basis but interesting none the less.

[Biggo]

HI Sejake

Good too hear from you, I miss your posts. Thanks for the analysis on the gbp/jpy.

Waiting for the next 4 hour bar to finish but looks like an entry might not be far away

Cheers

Biggo:)

[Sejake]

Hey Big, it's been awhile....

I think you may be right about the entry and am hoping it holds as i've entered short. It's hard to see because of the WPT but there are a few red bars in the WPT.

Cheers

[mitch]

Hi all.

I too have been watching the sterling/yen chart closely and keenly awaiting the signals. As Biggo mentioned, there are a some interesting potential set ups on a number of the yen crosses. Also, keep an eye on the daily Kiwi/USD chart as a very nice looking ABC appears to be unfolding. Apologies, but I can't attach any charts as I am writing this from my work PC (no MTP:( )

Cheers
Mitch

[Biggo]

Hi all.

I too have been watching the sterling/yen chart closely and keenly awaiting the signals. As Biggo mentioned, there are a some interesting potential set ups on a number of the yen crosses. Also, keep an eye on the daily Kiwi/USD chart as a very nice looking ABC appears to be unfolding. Apologies, but I can't attach any charts as I am writing this from my work PC (no MTP:( )

Cheers
Mitch


Hi Mitch

Yes there seem to be some nice ABCs setting up. See what happens when europe opens...

Cheers

[Sejake]

Well last nights 1 hr entry didn't work out....stopped at +5.......
Still holding up well on daily near .62 fibo.
If .62 doesn't hold will be watching .786 for next possible retrace entry.
Very short term double top (5 min) now watching that as well.

Anyone else have any comments on GBPJPY??

[Biggo]

Anyone else have any comments on GBPJPY??


Hi Sejake

I didnt like the look of the set-up on the 240 so skipped it 2+2 rule.
I then went up to 360 min & set up looked better but went to bed without putting in an order. Have just got up & the 360 now has had 2 inside bars since set-up.
There is now a valid set-up on 480 min (attached) but its looking marginal.
The general look of the structure still looks good to me but maybe we will have to wait for a set-up on the Daily.

Cheers

Biggo

[Sejake]

Hey Biggo, I'm not holding my breath on this one.....look at weekly looks like it's just starting its fifth wave up from a TS2 setup.....
Though if we do get a valid shorter term setup I'm not adverse to trying it out.....

Thanks

[Biggo]

Hi all.

I too have been watching the sterling/yen chart closely and keenly awaiting the signals. As Biggo mentioned, there are a some interesting potential set ups on a number of the yen crosses. Also, keep an eye on the daily Kiwi/USD chart as a very nice looking ABC appears to be unfolding. Apologies, but I can't attach any charts as I am writing this from my work PC (no MTP:( )

Cheers
Mitch

Hi Mitch

I was checking out the kiwi that you mentioned as it is my local currency & I should take more interest in it:o
Early Days yet but could be setting up a potential DP trade on the Daily also, what do you think?

Cheers

Biggo

[mitch]

Hi Biggo.

I can't see the charts at moment (I'm at work), but looking at your screenshot I think it's a distinct possibility. Can you have a look at the STF.....any sign of divergence in the trend?

The yen crosses are really teasing at the moment. Most of them have nice looking structures (mainly daily), but market appears to still have other ideas. As our mentor & guru Steve would point out, don't try and anticipate the market...wait for it to show it's hand....... as eventually it will and be ready to pounce.

Have a good day everyone.

Mitch

ps. I had a quick look at the charts this a.m. before leaving for work and seem to recall EURCHF (was 4h or daily) looked interesting. Worth keeping an eye on.

[jswin]

Hi Mitch

I was checking out the kiwi that you mentioned as it is my local currency & I should take more interest in it:o
Early Days yet but could be setting up a potential DP trade on the Daily also, what do you think?

Cheers

Biggo

Hey guys, good spot. Very clear expanding triangle throwing more bearishness into the mix.

[Flavio Cirio]

Potential TS4 trade on daily Swiss Franc ? or a DP trade anyway ?


Flavio Cirio

[Sejake]

Daily EURJPY......

[rrs]

This TS4 trade (240 min) on EURJPY just triggered.

Rama.

[Flavio Cirio]

So Far, Promising Trade On Yen 60 Min Chart.

Any Comments ?

[Tony Beckwith]

Rama (and others)

Please note this is not a valid TS4 set-up (prior trend not long enough), however it is a valid DP set-up (with bearish STF divergence)...

Just clarifying...!

Tony.

[Tony Beckwith]

referring to the EURJPY set-up, not the JPY...

[rrs]

Rama (and others)

Please note this is not a valid TS4 set-up (prior trend not long enough), however it is a valid DP set-up (with bearish STF divergence)...

Just clarifying...!

Tony.

Hi Tony,

Thanks for your comment. As you point out and as the attached screen capture shows, this is a valid bearish divergence trade.

My aim at the time of posting that note was to quickly alert other members to this evolving setup by mentioning the currency pair, time frame, and the identifying marker (TS4) on the chart. I was going post this followup, explanatory note pointing out several interesting points about this chart:

1) as you point out, this is a bearish divergence trade rather than a typical TS4 setup

2) This DP area also happens to coincide with the area of 21-day daily cycle top area where there is a high probability that pair will start a down move. (The existence of cycles in the currency markets is well established -- or, at least proven to exist "beyond resonable doubt". This was pointed out recently in a discussion on EURJPY by a respectable, professional forex trader in his blog. In complying with Steve's recent request on posting links to other web sites, I will not post a link to the blog's web site)

3) This chart also illustrates an another important point: as the second screen capture shows, the DP trade with bearish divergence that immediately preceeded the current one failed to reach its opposing target DP. This is a pattern of failure that I have often observed and it happens to be often associated with strong price momentum in the opposite direction -- in this case the failed DP bearish divergence occuring in the presence of strong upward price momentum -- a counter trend trade.

4) If fib retracement lines are overlaid on the prevoius down swing it highlights the coincidence of some important price levels (I happen to observe them on the TradeStation chart) on the current upswing

Let us see what happens to this trade.

Once again, thanks for your comments.

Rama.

[rrs]

Followup note on this trade (USDJPY 240min DP Short): I closed this short position today when it reached the opposing target DP (156.05).

Rama.

[Biggo]

Followup note on this trade (USDJPY 240min DP Short): I closed this short position today when it reached the opposing target DP (156.05).

Rama.


Hi Rama

Nice trade.. I entered DP trade on kiwi dollar yesterday as antisipated last week let see how it goes ;)

[rrs]

Hi Rama

Nice trade.. I entered DP trade on kiwi dollar yesterday as antisipated last week let see how it goes ;)

Hi Biggo,

Thanks for your comments. The kiwi dollar trade you mention is a great trade. I missed entering this trade because of other commitments. I am hoping to post some short term trades involving currency pairs that have great daily range and liquidity during the Asian session -- like the GBPJPY. Since I live on the West Coast of US, it will be very convenient for me to initiate trades during the Asian session. There is quite a lot of really useful information on daily trading ranges and liquidity in Kathy Lien's book on currency market. I am currently testing some MTP trade setups during this session and post the results if they are promising.

Good luck with your trade.

Rama.

[mitch]

Hi Rama

Nice trade.. I entered DP trade on kiwi dollar yesterday as antisipated last week let see how it goes ;)

Nice going Biggo....it's good to see that our analysis last week proved fruitful. Also, I got on (short) to a number of the yen crosses (eurjpy, gbp/jpy etc) yesterday which I mentioned in my post last week....so far so good.

Did you get on any of these?

Mitch

[martinrcox]

Hi Rama

Nice trade.. I entered DP trade on kiwi dollar yesterday as antisipated last week let see how it goes ;)

Hi Biggo,

I was watching the NZD / USD trade but I did not find any negative divergence in the daily timeframe. I think that you will find that you have your STF setting at 5 which I am pretty sure means that you are showing the STF for the weekly chart on your daily chart. I may not be 100% right so you might want to check with Steve

Here is the daily chart with the STF setting at 1 which I understand is for the daily chart interval

[Biggo]

Nice going Biggo....it's good to see that our analysis last week proved fruitful. Also, I got on (short) to a number of the yen crosses (eurjpy, gbp/jpy etc) yesterday which I mentioned in my post last week....so far so good.

Did you get on any of these?

Mitch


Hi Mitch

I am short GBP/JPY . I only took one cross with the yen, will see how it goes..

Cheers

Biggo

[Biggo]

Hi Biggo,

I was watching the NZD / USD trade but I did not find any negative divergence in the daily timeframe. I think that you will find that you have your STF setting at 5 which I am pretty sure means that you are showing the STF for the weekly chart on your daily chart. I may not be 100% right so you might want to check with Steve

Here is the daily chart with the STF setting at 1 which I understand is for the daily chart interval

Hi Martin

I must appologise I have my STF set up incorrectly :o :o Thanks for pointing out my error.
I have moved my stop to BE + 1 & see how it goes.

Cheers

Biggo

[martinrcox]

Hi Martin

I must appologise I have my STF set up incorrectly :o :o Thanks for pointing out my error.
I have moved my stop to BE + 1 & see how it goes.

Cheers

Biggo

Dear Biggo,

Glad to be of help. I don't know whether you trade EUR / SEK but here is a daily DP trade which has reversed off the DP level with a red reversal bar and negative divergence. We will have to wait and see tomorrow if it is triggered. Quite often I will look at the 4hr chart to see if I can get an earlier entry with negative divergence at a DP level in that timeframe but there is no clear pattern showing in this timeframe

[Sejake]

Some nice trades there you guys......I've also been using daily STF setting of 5 since I wasn't sure, although I did play around with the settings a bit.
Have I just missed it in the documentation somewhere which settings are for which time frame?

[martinrcox]

Some nice trades there you guys......I've also been using daily STF setting of 5 since I wasn't sure, although I did play around with the settings a bit.
Have I just missed it in the documentation somewhere which settings are for which time frame?

Hi Sejake,

I think that you will find that if you want to take a trade (for example like a TS3) and you want to make sure that it is in the direction of the larger degree trend which would be the next timescale up from the one that you are looking to trade the setting should be at 5. But as I mentioned for DP trades which are based upon the STF for the timeframe that you are looking at the setting should be 1

Like I said before I am pretty sure that this is correct but Steve is obviously the expert

[Steve Griffiths]

Hi Guys,

with the new MTPSTFv2, the "higher time frame" is automatically taken care of in the STF colour, so no need to change from the default values.

So colour for trend, and peaks for divergence - that easy :)

I hope this helps ?

Steve

[jswin]

Hi Guys,

with the new MTPSTFv2, the "higher time frame" is automatically taken care of in the STF colour, so no need to change from the default values.

So colour for trend, and peaks for divergence - that easy :)

I hope this helps ?

Steve

Sorry Steve, I've forgotten, is that for EOD and RT versions?

[Sejake]

Thanks for the help Martin, Steve.

Appreciated.

[mitch]

Hi Guys,

with the new MTPSTFv2, the "higher time frame" is automatically taken care of in the STF colour, so no need to change from the default values.

So colour for trend, and peaks for divergence - that easy :)

I hope this helps ?

Steve

Steve, just picking up on jswin's question, I use EOD (without ESignal). Does current version/release of EOD run STFv2, and if so, what should I set as default as like Sejake, at various times I have changed the values and want to be sure I have set up correct.

Many thanks
Mitch

[rrs]

AUD may offer some interesting setups during the week ahead.

Weekly chart: highlightss two important points - 1) AUD has just brokrn through the trading range established way back in 2004.

2) AUD is now approaching the overhead resistance in the form of a DP that is situated in the 0.8155 to 0.8337 area.

Daily chart: Current price is above the last DP and the cycle indicator (marked by a blue circle) appears to indicate that the currency may be ready to move downwards, but there is no definite confirmation of this possibility in this time frame.

240 Min and 60 Min chart: Resistance at the current DP appears to be holding the currency from moving upward in both time frames. In the 60 min chart the cycle indicator has confirmed the start of the down move, even though the currency gapped up on the open in the Far Eastern markets this evening.

If the early signs of weakness in AUD that have appeared in the lower time frames (240 and 60 min) intensify in the next few days, I will looking for potential short DP trade setups. Let us see what happens.

[rrs]

60 min chart of AUD

[rrs]

Release of strong economic numbers today from Australia and consequently the possibility of further interest rate increases to cool the economy appears to be driving the AUD towards the next DP level seen on the weekly chart -- 0.8155 to 0.8337.

Let us see if AUD can reach these historically high levels.

Rama.

[rrs]

Potential EURUSD DP Trades in the making on daily and 240 min charts.

Rama.

[Sejake]

**EURJPY Watchlist**

After finally breaking the .786 fibo, EurJpy is now at the area of short term 1 or A (DP) target/ possible reversal.
Watching for reversal bars in 1 or A WPT. If EJ stays strong, next set of targets are the area of larger term 1 or A.

[pegasus5]

Steve,

In today's Daily Report you highlight EURUSD DP with STF Divergence with a Blue (buy) bar at support. Perfect setup!

Ok, if you look at the same chart (see below) I DID NOT get the Blue (buy) bar where you highlight it occured as I was considering entering this trade. While anticipating a Blue bar, price rocketed upwards and I missed this trade. Very frustrating I must admit.

There must be differences with E-Signal and TradeStation algos, as I've seen this occur quite often between platforms...Perhaps I should switch?

[Sejake]

Hourly EURJPY....

[Sejake]

gbpjpy 5 min DP trade... not recomendation...entertainment purposes only.....

[rrs]

**EURJPY Watchlist**

After finally breaking the .786 fibo, EurJpy is now at the area of short term 1 or A (DP) target/ possible reversal.
Watching for reversal bars in 1 or A WPT. If EJ stays strong, next set of targets are the area of larger term 1 or A.

Hi Sejake,

Thanks for posting this alert on a potential DP trade.

Red reversal bar, one of the three signs that suggest the possibility of price reversal at this DP, has just formed. I am waiting for:

1) negative / bearish oscillator divergence and preferably

2) cycle top -- for the current cycle

to form to complete my high probability trade setup -- particularly since the current upward price momentum appears to be strong.

Let us see what happens.

Regards,

Rama.

[Sejake]

Hey Rama, seems to be working well so far, GBPJPY as well. +42 so far, so worst case is stop at B/E now.

g/l

[Sejake]

Daily USDJPY TS3 sell on radar.....only at min WPT though not typical.

[Sejake]

EURJPY @ next possible resistance lvl.......

[Sejake]

4 hr view........

[rrs]

AUDUSD 240 min Trade just triggered.

Rama

[rrs]

Potential Sell Trade in the making on daily USDJPY chart.

Rama.

[rrs]

AUDUSD 240 min Trade just triggered.

Rama

This trade has just reached the Typical WPT of wave 5.

Rama.

[rrs]

Potential Sell Trade in the making on daily USDJPY chart.

Rama.

Red reversal bar has appeared. Waiting for this TS3 trade to trigger.

Risk / Reward at minimum wave C profit target is 5.8 : 1

Let us see how this trade evolves.

Rama.

[Sejake]

Daily EURUSD right at 0.272 extension / AB=CD, STF divergence etc.....

[marketwaves]

Aud/Usd

4/20/07 ..................................

[Sejake]

Wow, very quiet here.......

Targeting longer term 1 or A on GBP....4 hr chart...

Shorter term 30 min entry triggered last night and has since bounced off shorter term 1 or A WPT....

Good Trades......

[Sejake]

Keeping the recent Daily TS2 in mind as well.......R/R was not quite 2:1 at time.

[Sejake]

EURGBP TS3 working well today........

[mitch]

Wow, very quiet here.......

Targeting longer term 1 or A on GBP....4 hr chart...

Shorter term 30 min entry triggered last night and has since bounced off shorter term 1 or A WPT....

Good Trades......

Hi Sean. Good to hear from a fellow forex trader... this thread has been quiet for awhile. Just curious, who do you use for your forex data feed?

Mitch

[Sejake]

Well so much for up GBP at the moment.....second 1/2 stopped overnight at +5.


Mitch, data is from MT4....browse through some of the forums here in the forex section. I think data is covered in a couple of them.

Good Trades. Sejake

[mitch]

Well so much for up GBP at the moment.....second 1/2 stopped overnight at +5.


Mitch, data is from MT4....browse through some of the forums here in the forex section. I think data is covered in a couple of them.

Good Trades. Sejake

I also use MT4 (data from InterbankFx who are also broker). Their data seems ok but a bit concerned with the way their spreads seem to move around. Have you used them? If so, would appreciate your feedback or any recommendations?

Cheers,
M

[Sejake]

Mitch, sent you a email....check above.

[Sejake]

Could be the mother of all divergence trades.......

[Sejake]

Or........

[Eckbert]

Hi , anybody trading the EURUSD? Is this a potential setup , with initial target around the 1,37? Time will tell.

Eckbert

[Sejake]

Very nice 1 hr EURUSD trade last night.....

[Sejake]

EurGbp 4 hr TS2 working well tonight.....now just over 100% initial risk line...

[Sejake]

Anyone else holding AUD 4hr from Friday?? or GBP TS3 that triggered?
Dailies look good for some more upside.
AUDUSD just kissing 2-3 profit box now......

[mitch]

Anyone else holding AUD 4hr from Friday?? or GBP TS3 that triggered?
Dailies look good for some more upside.
AUDUSD just kissing 2-3 profit box now......

Hi Sean. I am in the ozzie/usd trade (got in @ .8358) and holding. Agree that bigger charts support upside potential.......as always, market will have final say. Which gbp ts3 are you referring to:confused: ?

Mitch

[Sejake]

Hey Mitch, I think it was Friday but R/R was only 1.8:1 at min WPT. Sorry it is actually a TS1 not TS3.
Would have been a nice trade though sittin at just over 100 pipperz now.

[Sejake]

Choices, choices....well closed AUD long in 2-3 profit zone, due to conflicting signals. Have been triggered short on 4 hr GBP TS3.
G/L to me :) ....and anyone else triggered.

[mitch]

Choices, choices....well closed AUD long in 2-3 profit zone, due to conflicting signals. Have been triggered short on 4 hr GBP TS3.
G/L to me :) ....and anyone else triggered.

Hi Sean. Ditto on both. I also took profit (+98pips) on my ozzie position last night (my time) and went short on the 4 hour gbpusd TS3. Latter position is looking wonky as we speak:( ....

Mitch

[Sejake]

hmmm, well that didn't work out as planned...:(
Well on to the next trade.....let's see what the day brings....

[martinrcox]

It appears that the dollar is strengthening (for today anyway). I do not normally look at the 8 hour timeframe but spotted what looked like a set up appearing on the NZD USD daily chart. When I went to check on the 4 hour chart there was no negative divergence with the prior high so I thought that I would try 8 hour and here you go

Big divergence and lovely symmetrical swings with a red bar right at the DP level.

The only down side is that the support trend line is not that far away and to achieve an R/R of more than 2 and to reach the opposing DP level it would have to break through that line. The other strategy that I sometimes adopt (in situations like this where the R/R is too low at the support line) is to wait for it to trigger and see if you can get in at a better price afterwards which gives an R/R of more than 2 at the support line

You might also want to check out EUR USD which is right at the DP level and there is negative divergence on the weekly chart and at the moment a red bar is in the process of forming. But early days given that it will not trigger before next week if it remains a valid set up until then

[mitch]

Hi Martin. Thanks for the analysis/assessment. Just one thing...can you please clarify " support trend line"? I initially thought you were referring to opposing DP (ie Wave 1A) however the rest of your summary infers otherwise.

Thanks
Mitch

It appears that the dollar is strengthening (for today anyway). I do not normally look at the 8 hour timeframe but spotted what looked like a set up appearing on the NZD USD daily chart. When I went to check on the 4 hour chart there was no negative divergence with the prior high so I thought that I would try 8 hour and here you go

Big divergence and lovely symmetrical swings with a red bar right at the DP level.

The only down side is that the support trend line is not that far away and to achieve an R/R of more than 2 and to reach the opposing DP level it would have to break through that line. The other strategy that I sometimes adopt (in situations like this where the R/R is too low at the support line) is to wait for it to trigger and see if you can get in at a better price afterwards which gives an R/R of more than 2 at the support line

You might also want to check out EUR USD which is right at the DP level and there is negative divergence on the weekly chart and at the moment a red bar is in the process of forming. But early days given that it will not trigger before next week if it remains a valid set up until then

[martinrcox]

Hi Martin. Thanks for the analysis/assessment. Just one thing...can you please clarify " support trend line"? I initially thought you were referring to opposing DP (ie Wave 1A) however the rest of your summary infers otherwise.

Thanks
Mitch

Dear Mitch

If you look at the attached daily chart for NZD USD you will see that over the last couple of months each time the price has fallen down to the diagonal line that I have drawn it has bounced and risen from there. This shows that there is support at this trend line and I take this into account when evaluating my potential set ups. You will be amazed if you look at a few different pairs how often they trade for extended periods in a channel alternating between support and resistance levels.

I hope that this helps


Martin

[martinrcox]

I spotted this TS1 forming a few days ago for daily AUD / NZD. Alas there was no blue bar at the time that it triggered and then I switch on my computer and find that the grey bar of the low has turned into a blue bar overnight (they must have made some adjustments to the data overnight).

Anyway the moral of this story is that if there is a great pattern (which this was) you can normally find another time frame to enter the trade. I was looking at other timeframes this morning and found (as you can see) that on an 8hr timeframe there was a TS3 that would have got you into this trade following all the MTP guidelines even though there was no blue bar on the daily chart

[Sejake]

Interesting spot for GBP...routing for a breach of Trendline....

[ClaphamTrader]

Looks like trendline provided support for the pullback.
120min DP Buy triggered at 2.0257 earlier today
StopLoss at 20202
with initial Target at 20400 - nearly +3R

I'm LONG and currently trade working at +30-40 pips :D
Let's hope we can get a bit higher.

[Sejake]

Hey good work on the long...
I closed this morning for about 6 R before heading out to :( work...


That previous low and being at the round number 2.0200ish had the makings for a bounce...I had no time to check for setups though....

G/L

Sejake

[Sejake]

Just taking a look at USDJPY 1 hr.
DP trade could be in the works....also at major ABC support and minor ABC typ WPT support....

could also be wve 4 of 5 down though so not convinced yet.
About 50 pips away from Daily .786 retrace....(through the .618...

Sejake

[Sejake]

USDJPY 1 hr DP trade working well....currently up 3ish R, near +100 pips.
TS1 sell now on scanner for this pair.....I think maybe some more upside though...watchin the ATR stop.

Sejake

[Sejake]

EurGbp 4 hr TS3 from yesterday, starting to work.
Stop now at B/E.

Sejake

[Sejake]

Good Weekend to all.....GBPUSD's in an interesting spot here.
Looks like it could be near time to resume the downtrend on the daily.
4 hr TS3 in the works as well....

Sejake

[Sejake]

EURGBP 4hr update....

Closed this morning for +6 R.

[Sejake]

GBPUSD update......has been sitting around +80 -90 pips all day at 2-3 profit zone.
Stop set to B/E...

Sejake

[ClaphamTrader]

GBPUSD update......has been sitting around +80 -90 pips all day at 2-3 profit zone.
Stop set to B/E...

Sejake
Nice Calls Sejake.
GBP hit my limit at 20455 on the way up, but I missed the Short signal this morning.
Took a DP Long on USDJPY which is about 100 pips up or over 2R.
Keeping Stops tight before Tuesday's FOMC where I think USD will weaken further, so looking for good Short Signals.

Good luck,

[Sejake]

Hey, just took a look at that USDJPY DP Trade from this morning....very nice!
I've had data issues all day..so I've been out of the loop for today.
You could be right about the USD @FOMC....should be interesting.

Sejake

[rrs]

Potential Auto DP short trade in EURJPY - 240 min chart. One more hour left before Red reversal bar closes. Worth watching this potential trade that detected by Ninja Trader's Market Analyzer.

Rama.

[rrs]

Potential Auto DP short trade in EURJPY - 240 min chart. One more hour left before Red reversal bar closes. Worth watching this potential trade that detected by Ninja Trader's Market Analyzer.

Rama.

The potential trade setup was not confirmed by the 8 PM (PST) bar when it closed.

Rama.

[Steve Griffiths]

Hi Everybody,

Nice to see the Daily CHFUSD reached the DP target......... :)

Steve

[Sejake]

Took this 1 hr TS4 last night....seems to be working well so far...(just missed my stop during the night)...lucky!
Stop @ B/E, just in case...pop up.

Sejake

[dctommy]

Potential Auto DP short trade in EURJPY - 240 min chart. One more hour left before Red reversal bar closes. Worth watching this potential trade that detected by Ninja Trader's Market Analyzer.

Rama.


Rama:

How were you able to get Ninja Trader setup to display 240 min charts?

I use Gain as a datafeed (free to NT). I have not had much luck as when I
load them...no historical data....hence no bars on the charts.

Your input is appreciated. :D


Thanks,

dctommy :)

[Sejake]

DCTOMMY, I just sent you a PM...


Sejake

[rrs]

Rama:

How were you able to get Ninja Trader setup to display 240 min charts?

I use Gain as a datafeed (free to NT). I have not had much luck as when I
load them...no historical data....hence no bars on the charts.

Your input is appreciated. :D


Thanks,

dctommy :)

Hi dctommy,

I don't know how Gain manage their data servers. It very much depends on if they store their historical data in their data servers and allow their users to access them. Some brokers do not provide historical data.

I subscribe to eSignal's Forex feed. It is a data on demand service -- meaning whenever your charting program requests data, the eSignal data servers provide them to your charting program. I find the eSignal's forex data to be good quality and it comes from a pool of major banks that trade in the interbank market.

Rama.

[Steve Griffiths]

Hi Guys

Here is a TS8 FOREX chart on the 240min GBPUSD....

A nice TS3 sell that has almost reached the first projected profit target for a potential +5.7R gain........

Steve

[Sejake]

Wow...what a great GBP trade yesterday.....
Lets see how this USDCHF 4hr works out...

Sejake

[Sejake]

Since the forum is quiet.....

Manual Forex Tade of the day still in progress:

EURCHF: initial 1 hr DP...

Entry - 5 min chart, blue buy bar at 1 hr DP level....

Currently floating +20-30 pips (2.5 R), stop at B/E.

May or may not work but at this point it's a free trade.....

Sejake

[Sejake]

Yesterday's DP Manual Trade:

EURJPY initial 1hr DP

Entry was on 15 min chart.....blue buy bar at DP level.
Target was the .382 retracement level of the previous leg down (typical wave 4 target).


Sejake

[Sejake]

Since the forum is quiet.....

Manual Forex Tade of the day still in progress:

EURCHF: initial 1 hr DP...

Entry - 5 min chart, blue buy bar at 1 hr DP level....

Currently floating +20-30 pips (2.5 R), stop at B/E.

May or may not work but at this point it's a free trade.....

Sejake


EURCHF target met at .62%retrace for approx +10R (+117 pips)

USDCHF 4 hr - stopped...... for -1.

Canoe time.....good weekend all.....

[mitch]

Great picks Sean. Have you been doing many of these man DP trades on the very short time frames (eg 5 min) and how are you finding them as in general I find that forex is too volatile on < 60 min charts. Appreciate your feedback?

Mitch

EURCHF target met at .62%retrace for approx +10R (+117 pips)

USDCHF 4 hr - stopped...... for -1.

Canoe time.....good weekend all.....

[Sejake]

Hey Mitch...I don't really consider these 5 minute timeframe trades.
Both were found on hourly charts (sometimes 4hr charts) by manually checking for DP's from previous pivots, so hourly DP trades IMO.
Todays entry was off of the 5 min, yesterdays 15 min, but at the hourly DP level.
My thinking is the DP should hold if there's going to be any bounce from it so if I can pinpoint my entry a bit more by scaling down the timeframe at the DP it will lower my initial risk. Sometimes it works, sometimes not, but usually makes for a bigger bang for the buck.

Hope that makes sense...

PS. I find alot of DP's by scanning with the ABC button....alot of times these pick up near the same level as a DP.

Sean

[mitch]

Hi Sean. Makes perfect sense. By using the lowest timeframe poss you can optimise (in R/R terms) entry point. I am also finding scanning ABCs as the best source of potential man DPs. Thanks for your feedback.
Continued good trading.
Cheers Mich

Hey Mitch...I don't really consider these 5 minute timeframe trades.
Both were found on hourly charts (sometimes 4hr charts) by manually checking for DP's from previous pivots, so hourly DP trades IMO.
Todays entry was off of the 5 min, yesterdays 15 min, but at the hourly DP level.
My thinking is the DP should hold if there's going to be any bounce from it so if I can pinpoint my entry a bit more by scaling down the timeframe at the DP it will lower my initial risk. Sometimes it works, sometimes not, but usually makes for a bigger bang for the buck.

Hope that makes sense...

PS. I find alot of DP's by scanning with the ABC button....alot of times these pick up near the same level as a DP.

Sean

[Biggo]

Hi Sejake


Some strange movements in currencies today.
I am long cad/aud & it has been progressing slowly until today when a huge move to Typ Wave 3 level

Cheers

Phil:)

[Sejake]

Biggo, sorry I missed your post.....WOW!! What a great move....chart says it all....incredible!

Well done on a great trade!


Sean

[Sejake]

EURJPY 30 min TS4 triggered.....stop set at B/E at 100% line....so free trade, who knows..

Sejake

[Sejake]

Well the trade was right.....unfortunately I was stopped at B/E (the reversal point!) overnight!.....another fish that got away! :eek:

Sejake

[rrs]

Potential EURUSD TS3 Sell trade -- 240 min.

Rama.

[Sejake]

Hey RSS, I'm showing a bunch of TS3's in the works...USDJPY, GBP , EUR etc...should be interesting....

[rrs]

Hey RSS, I'm showing a bunch of TS3's in the works...USDJPY, GBP , EUR etc...should be interesting....

Hi Sean,

Thanks for your message. It certainly would be interesting to see what happens to these setups during the course of next few weeks, as the rise in volatility in the forex world related to subprime crisis declines.

Rama.

[Sejake]

Well that was an interesting end to the week....can't wait for SUndaY open!


Have a good weekend Rama...and anyone else in FX land...

[rrs]

Well that was an interesting end to the week....can't wait for SUndaY open!


Have a good weekend Rama...and anyone else in FX land...

Hi Sean,

Yes, Sunday opening is going to be very interesting. Have a great weekend.

Rama.

[Sejake]

Anyone else partake in this EJ DP trade? Could be at a make or break point at the .62 fibo....longer time frame looks like more down....shorter looks corrective...decisions decisions...

[Biggo]

Anyone else partake in this EJ DP trade? Could be at a make or break point at the .62 fibo....longer time frame looks like more down....shorter looks corrective...decisions decisions...


Hi Sejake

Not in this,:( wish I was;)
Awesome the way the DP nailed the top on the smaller timeframe chart. You seem to becoming a master at these trades Sejake. congratulations.

By my chart if your still in it using the ATR to trail your stop your already in an 7+R trade

Cheers

Phil:)

[Sejake]

Hey BIGGO, thanks... This one's working well for sure. Still in. I've adjusted for spreads so actually only 4.5ish R to the ATR at the moment.

Sejake

[mitch]

Nice work Sean.

Spotted a couple of nice TS3's scanning ABC's last night (Aus time) and was wondering if you took any? I currently have shorts running on 4hr kiwiusd, aususd and audjpy. All are 'free' trades at moment and moving nicely so see how we go:rolleyes: . Sorry unable to provide screenshots as I am posting from work PC (no mtp:( )

mitch

[Sejake]

Hey Mitch, just sat down at puter to find my EURUSD TS3 (order placed last night) was triggered.
Nice work on the Kiwi and Aussie trades Mitch :) I missed those, must have been overnight for me.

G/L

[Sejake]

Ok, closed Eur TS3 for about +2 R. Maybe just chickened out of it, still doesn't look that bad...:)
Entered TS2 GBPUSD 30 min short...manual analysis entered at .786 retrace as waves were a bit funky for WPT's....

Sejake

[Sejake]

EurJpy follow up....closed at .50 retrace of larger leg up...

[Sejake]

GBP TS2 closed at WVE 5 target....

[mitch]

Great work Sean. You're running hot with your picks at the moment. Keep 'em coming.
Mitch

[Biggo]

Ditto to Mitch,s comments

Great work Sejake thanks for sharing your work

Phil:D

[Sejake]

Hey thanks for the kind words....bad trades a few weeks ago good this week, cyclical trading as steve says....

Last night I reversed off of the wave 5 target...didn't notice the TS2 (4hr) until this morning. Will target 4 hr TS2 targets.....

Sean

[mitch]

Hi Sean. I am in the gbp4h Ts2 you mentioned in your prev post (currently sitting in the 2-3 blue zone). I also got triggered long on a TS3 GBPCHF 4h I found scanning ABC's (currently +97pips:D ).
Cheers, Mitch

[rrs]

TS1 Sell in Euro currency futures contract - 1 Hr chart.

[rrs]

This is the 60 min chart of EURUSD (spot forex market). The currency is facing a DP (resistance zone) that had been tested several times in the past. It will be interesting to see what kind of decision the EURUSD will make at this DP (resistance zone between 1.3722 and 1.3692). Certainly worth watching the price action during the Asian and European hours today.

[rrs]

TS1 Sell in Euro currency futures contract - 1 Hr chart.

Stopped out for a loss of -1R on this (1Hr) TS1 Sell in Euro Futures. Still worth watching this contract as it approaches the DP clusters just above the current price level.

[Sejake]

Nice little 30 min EJ DP trade still in progress.....

[mitch]

Hey Sean. I see you're now using the Ninja platform ? Does it take the Interbankfx Mt4 data or did you have to subscribe to a diff data provider? How have you found using NT (compared to EOD)?

Mitch

[Sejake]

Hey Mitch, I'm using the Gain data/opentick/zen-fire just to test and get used to NT, but am in the process of converting my Forex.com account to NT so I can trade right from the NT platform. Forex.com/Gain also supply esignal so I can use that as a feed for NT.
That's my tentative plan anyway...

As far as NT...still not sure. The Market Analyzer and trading from the chart are very nice, but I do miss having some of the EOD features handy.
I will play with it this week before deciding for sure.

Have a good W/E!

Sean

[tar001]

how did this trade end up? did it reach the price target?:D



Nice little 30 min EJ DP trade still in progress.....

[Sejake]

EJ 3o min Trade result....

[Sejake]

4 hr manual Advanced DP Trade....just triggered.

[Sejake]

Daily TS3's in the works for NZD and AUD. NZD looking a little weaker than Aud during previous rally may have better downside?

Sejake

[Biggo]

Daily TS3's in the works for NZD and AUD. NZD looking a little weaker than Aud during previous rally may have better downside?

Sejake

Hi Sejake

Looking at NZD set-up with you..
Potential DP setting up on 60 min as well.. Nice STF divergence just at DP no coloured reversal bar yet...

Cheers

Phil:)

[matobe]

Daily TS3's in the works for NZD and AUD. NZD looking a little weaker than Aud during previous rally may have better downside?

Sejake

Plz check Nzd/Jpy too...........it seem like a sell setup like nzd/usd with a min risk reward ratio 17 time..........hope the setup is a valid setup and it was the huge profits if this setup unfold like what mtp says when there was a valid trade setup..........by the way the nzdusd chart still not yet hit the trigger for sell but the setup still there with a new revesal bar on daily forming a long leg doji..........it very nice candle for revesal bar at wpt typical.

[Sejake]

Thanks Biggo for the heads up on the 60 min...

Both NZDUSD and NZDJPY exceeded the high of reversal bar so waiting for the next daily setup...lets see what the week brings....

[matobe]

Thanks Biggo for the heads up on the 60 min...

Both NZDUSD and NZDJPY exceeded the high of reversal bar so waiting for the next daily setup...lets see what the week brings....

At last the setup trigger by yesterday revesal bar, hope this rally will unfold as wave 3 0r C, but it can be unfold as DP wave too....... hope you caught the setup and ride the wave until the end.........for me this TS3 setup is the best risk reward ratio compare tu gbp/usd, both pair risk reward offered more than 10x initial risk........may the wave be with us.......:D :D :D

[Sejake]

Yep I got in....small stop out at the Auto DP, but back in for the manual DP and trailing with ATR on the hourly...will be watching daily as well....

[matobe]

nzj have reach the typical wave c and start forming a revesal bar, so watch up for this pair to make a revesal from this point.......if you are an active trader you can see a 5 wave minor count inside this wave c and it stop at the min wave 5 minor overlap with typical wave c with risk reward ratio 12. So let see if this pair will reverse tommorom if there was a revesal bar.

[rrs]

Here is a potential trade in EURJPY pair. The price is currently at a DP level. IF the pair closes above 164.34, it may attempt to reach 167.42 (DP) level seen on the daily chart. This can then be managed as a Trend Continuation Trade.

If it fails to trade above 164.34 with further weakening of the uptrend, as indicated by the STF, the pair will most likely head for the support level at 162.45. Certainly worth watching.

Rama.

[rrs]

Here is a potential trade in EURJPY pair. The price is currently at a DP level. IF the pair closes above 164.34, it may attempt to reach 167.42 (DP) level seen on the daily chart. This can then be managed as a Trend Continuation Trade.

If it fails to trade above 164.34 with further weakening of the uptrend, as indicated by the STF, the pair will most likely head for the support level at 162.45. Certainly worth watching.

Rama.

Same trade idea, same pair. But, in a different time frame (240 Min) with a potential Auto DP Trade.

Rama.

[rrs]

Same trade idea, same pair. But, in a different time frame (240 Min) with a potential Auto DP Trade.

Rama.

Follow up:

The potential trade setup in the 4-hr time frame never completed -- the upward price action simply invalidated the potential trade setup.

I am attaching the updated hourly chart of EURJPY to this message.

Rama.

[Steve Griffiths]

Hi Guys,

Interesting position on the GBPUSD on the daily charts,

Steve

[Eddo]

Hi Guys,

Interesting position on the GBPUSD on the daily charts,

Steve

Yes Steve I agree - indeed I have an If done Order on the books already to short at 2.304 with a stop at yesterday's high - now we sit and wait eh :)

[matobe]

Hi Guys,

Interesting position on the GBPUSD on the daily charts,

Steve

I caught the setup too but no as abc ts4 setup like yours because the previous bar close above min wave c like you said the 50% lessway in the mtp manual part 2 and it's mean the setup is a valid setup but if you used DP button trade setup it shows prefect stoper with STF divergence at the time as you can see at the point where gbpusd stop at the top of the day. So which setup do you think is the valid trade setup.

TQ.

[d-day]

DP Monthly sells are setting up on the EURUSD, AUDUSD.

DP Monthly buys are setting up on the DX (US Dollar index futures) and the CADUSD.

So now that even Greenspan seems to have thrown in the towel on the buck, it may be that the buck stops here (stops the decline, that is). I'm nibbling from the long side but I have my stops in the market.

[matobe]

I think there was a ts4 setup for eurjpy d1, can anyone can confirm this setup is a valid trade setup for short eurjpy.

[matobe]

Guys Look up for usdchf daily chart maybe this is DP trade setup or manual wave 5 has been unfold and another dp setup or wave 5 manual count is cadjpy daily chart........both daily bar is forming a revesal bar at the wtp box.......i hope this setup will unfold by today and tommorow we can go long for usdchf and short for cadjpy.......