Gann Ribbon 10.7 System

[slowkey]

Going through the pairs this AM looking for life.

I have a wait on this one. These kind of charts will not be considered for counter trend trading just as an example. EURNZD in a strong trend. I will enter on the trend if I have a good setup. You can see the day candle signaling a counter trend day.

eurnzdmm30 wait.png

Dangerous highly volatile pair to play around with but a great one to trade in a trend.

[slowkey]

So what am I trading this am. CADJPY. It would have been a better entry earlier this am. However at 0830 US eastern time zone the GDP came out for Canada and was very positive. It is a free trade with stop moved to .62 and trade at .79 presently. If I get past the R3 than TP at 94.00. I think it will. This is a hyperbolic move and although CAD has been on a strong uptrend I would look for a retrace before entering a multi-day trade.

cadjpymm15 3 31 2014.png

Edit
So while I did a quick shower it went backwards triggering my stop for just a 2 pip gain but I have things to do today and could not sit there. Free trade though.

[slowkey]

If you look at the daily I have some reason of concern but the Stochastic gives some hope.

cadjpymdaily 3 31.png

Can you see that top on the crimson line on the four hour ribbon.

cadjpymh4.png

Cool

[slowkey]

I am watching JPY weakness and USD weakness VS AUD strength. This is quiet time in the market until the Asian open or an invasion. :

[slowkey]

Looking at time with the ribbons. So you are out at the hour or 4 hour but this is the hour. This uptrend does not seem to much different at this birds eye view. Although it is very rough looking. Now if you look back in time either the hour or 30 minute has given support. However when price has broken thorough the 30 minute it was only in one or two places that the 30 minute narrowed.

audjpymh1 top 4.png

Now lets move down to the 30 minute for a different view. Price and the Ribbons are flattening out some.

audjpymm30 top 1.png

Now the 15 minutes. As you can see a lot has happened here. Price has crossed 3 ribbons. The 5 minute shadow ribbon is close and doing the same thing with the cross over of the 15 and 30 minutes.

audjpymm15 top 2.png

Now pealing off the 15 minute look at the 30 minute and it is getting ready to cross. The hour is really curving towards the same direction as price. All of this discovered by going down the time period and observing price and ribbon behavior. The 30 minute seems to be a key area of support in trends. It can be breached in weaker trends however it seems to be a very important ribbon to observe.

audjpymm15 top 3.png

[slowkey]

Range trading on the 30 or 15 minute? Notice how several ribbon laws can be observed in the the circle.

audusdmm30 range 1.png

Now on the 15 minute we can observe something different. Ordered pair crossing up by price and trend support by the 5 minute time period. Farther to the right you can see a move down into the lake below supported by the 5 minute this time acting as strong resistance. It seems in a range trading the 5 minute shadow ribbon may give us some good guidance. The 15 and 30 minute time periods become more like the central tendency of Price. Although exploring the 15 minute further may give us further insights into a possible role for the 15 minute in relation to the 5 minute shadow ribbon in range trading.

audusdmm15 range 2.png

[slowkey]

I have been looking for this example and found it on the CSS. This is a Bullish hyperbolic move based on sudden and deep NZD weakness rather than AUD strength. AUD stays right around the Center line. This means there is a sell off of NZD on NZD pairs and as you check the other pairs this is true. NZD is being dumped.

audnzdmm30 neat css.png

[slowkey]

So here is a trade I went to sleep with after I moved the stop to make it a free trade. Here is the initial chart an hour or so into it. I am taking this one on the 15 minute.

euraudmm15 reemption trade.png

So I have an ordered pairs trade with price crossing down over the pairs with the trend however the faster edge is on the top of each of these time periods meaning probably more rejection. The 5 minute seems to be giving resistance and preventing total rejection. Looking at the 10.6 info template using the 60 minute and down for intraday trading the AUD still looks stronger than the EUR. However I am up against the round number and the pivot too. So I think it will get by this spot but it will take some time.

euraudmm15 reemption trade 3.png

I have moved my stop to the middle of the Blue 30 minute time period. This will be a successful trade if it gets hit but I would like to clear the green hourly.

euraudmm15 reemption trade 4.png

I added the volume indicator you see on the chart. Sometimes in a nerve racking situation it is helpful to see the up and down ticks. You also start to get the feeling that this volume thing means a whole lot on a forex chart.

[slowkey]

Talking about stops. You never lack for a sound location for the stop. It can be the top of the last retrace like below or an edge. It can be in the middle of the time period using the edge to protect it. I also think differently about S/R. I think of the edges as rejection areas whether they be support or resistance. I think of the pivots and round numbers as traditional S/R. The Green time period has been penetrated below. It could be in here a while. About 60 pips into the trade at this point.

euraudmm15 stops.png

A TP put on at the round number 1.4850

Now time to forget about this for a while. It will sort itself out in time. Hit stop or stall maybe if it does not go down to round number.

[slowkey]

So a Birds eye view of EURAUD looks like this on the 1 hour. You can see that there was a nice trend that leveled out into a range.

euraudmh1 sumary 1.png

Now looking at it from the 30 minute it can be seen that price did penetrate the hourly ribbon eventually. However I was out today and decided to take a profit around 1.4897 on my Iphone app. That was for 184 pips because I had two positions of both 2 pips each. It was about a 50 pip move minus spread.

euraudmh1 sumary 2.png

Now on the 15 minute you can see a lot more noise but at the same time it can be seen as I postulated in an earlier post the 5 min time period could act as resistance or support for a range trade.

euraudmh1 sumary 3.png