Actually, all I use to trade this system is to use pending trades at DP to enter once STO closes below 20 or above 80 and set a 2:1 Reward:Risk (approximately... usually it's more between 1 and 2) as parameters. I don't worry too much about whether it crosses above 20 or below 80 or not because crossing Daily pivot usually leads to those happening from my experience.nanningbob wrote:Well it is going up. That is what I like about pending trades, if a set up doesnt work right away or never, you are out.harry wrote:thanks bob...nanningbob wrote:
Gold bar means it is ranging red bar means possible sell back into a DT. Notice how I marked my chart.
1. Price touches the 60 MA showing this DT move has ended for now.
2. Red lines are the previous high/low which establish the range area.
3. First attempt to break 240 line fails and even though it broke the high support line it still did not break out of the range area. (area between 240 and 60 are range areas.
4. Price breaks back down back inside the range area creating a lower low in the candle highs. This could signal a move back into a DT so a good entry point is a sell at the DO. Red bar confirms price is higher than the 80 bar on the 1H chart. Since the DO is over 90 pips away from the bottom range line and the red range bars S/R are around a 150 pips this qualifies as a good range sell trade.
5. A second sell is at the 135.50 line just below the bottom red range. This is a good place to reenter the DT.
6. This area is a good place to buy into a new UT. You can do this if price doesnt move on the sell and the euro crosses up past the usd on the 10.6 info page either the 4H or Daily info chart.
OR if price doesnt break the lower range bar and you want to try a buy back up into the range area off of a green 1H bar. A good entrance back into the buy would be 134.00 line at the bottom of the range area. This also would give you more than 50% trade of a range trade.
I am playing the sell to cross the pivot line and my first TP near the 134.00 line. A second sell will be just below the 133.50 as going into a DT is possible. This scenario may happen if the eur and usd dont cross on the 4H or Daily CSS chart. Watch the angles of the CSS chart on the info page. euro is angling up and usd is flat.
This is how you use the info from your chart with the info from the 10.6 info trade to confirm the possible direction of a move. CSS shows usd with more strength but is flat and euro strengthening. If this continues you have a not very powerful sell more likely a range trade.
If euro crosses usd then you have a strong signal to buy into the growing strength of euro and weakening of the usd.
If euro quits angling up and usd continues angling up then another DT begins.
That is a complete 10.6 analysis for eur/usd.
i have placed sell pending at DO
lets see what happens...
Harry
Also, I select maybe about 8-10 trending pairs using the CSS and only take trend trades instead of trying to look at all the pairs. Sure I may miss some, but this increases my win ratio and prevents me from taking all kinds of weird trades that are like triangular hedges of each other..
10.6 trades don't really appeal to me because the stop placement is often tricky. The cookie cutter 4H trend trade works brilliantly and it is very simple to execute most of the time.
Just my 2 pips.
