stevehopwoodforex.com
https://www.stevehopwoodforex.com/phpBB3/
Print view

How to Trade 10.x Like a Boss
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=2505		 Page 10 of 39
Author:  zentauro67 [ Thu Jun 13, 2013 3:51 pm ]
Post subject:  Re: How to Trade 10.x Like a Boss
cmeade2 wrote:I think we are all in agreement that Jem has outlined a great strategy to use the H1 CSS to trade 10.4.

I'm not sure if this is the right forum, but I wanted to point out that you can use the same charts to identify 10.4 CT trades where the pair retraces from the trend.

I have attached an example for the EurNzd showing an H1 chart.

Last night the CSS bar flipped green consistent with the 10.4 direction, and this would have triggered a long trade according to Jem's guidelines.

This morning, however, the CSS bar flipped red. At the same time, the RSI(2) for the H4 and H1 were both pinned low.

I have found that this is a great set up for a CT short. The key element is that both of the RSI2's have to be pinned. Obviously, the opposite for a long trade.

Any comments?

cmeade2

whoops! The H1 and H4 labels for the RSI2 are reversed in the figure below!
Both RSI2 pinned could be interpreted as a confirmation of momentum. In fact, css has gone from red to green without transition. Momentum is always profitable for quick trades, no matter the direction. The problem with CT is always the SL. If you can afford a tight one with at least 2:1 RR go ahead!
Author:  cmeade2 [ Thu Jun 13, 2013 3:57 pm ]
Post subject:  Re: How to Trade 10.x Like a Boss
Actually I see the H1 and H4 RSI(2) as a valuable tool to assess the significance of a CSS color change. Typically, if it its a 10.4 trade one will be pinned high and the other low. You are right that both in same direction is an indicator of momentum and so the CSS color change is a confirmation of that situation. The questionable cases are when they are not together or in any strong direction. In that case, it's best to ignore the color change.
zentauro67 wrote:
cmeade2 wrote:I think we are all in agreement that Jem has outlined a great strategy to use the H1 CSS to trade 10.4.

I'm not sure if this is the right forum, but I wanted to point out that you can use the same charts to identify 10.4 CT trades where the pair retraces from the trend.

I have attached an example for the EurNzd showing an H1 chart.

Last night the CSS bar flipped green consistent with the 10.4 direction, and this would have triggered a long trade according to Jem's guidelines.

This morning, however, the CSS bar flipped red. At the same time, the RSI(2) for the H4 and H1 were both pinned low.

I have found that this is a great set up for a CT short. The key element is that both of the RSI2's have to be pinned. Obviously, the opposite for a long trade.

Any comments?

cmeade2

whoops! The H1 and H4 labels for the RSI2 are reversed in the figure below!
Both RSI2 pinned could be interpreted as a confirmation of momentum. In fact, css has gone from red to green without transition. Momentum is always profitable for quick trades, no matter the direction. The problem with CT is always the SL. If you can afford a tight one with at least 2:1 RR go ahead!
Author:  zentauro67 [ Thu Jun 13, 2013 4:53 pm ]
Post subject:  Re: How to Trade 10.x Like a Boss
Very interesting stuff. It worths it a deeper research. I´m not sure what is the correct reading for entries, but I have noticed that the cross of the faster RSI2 (1H) on the slower (4h) gives very good exits.
Author:  Gertje [ Thu Jun 13, 2013 5:14 pm ]
Post subject:  Re: How to Trade 10.x Like a Boss
cmeade2 wrote:I think we are all in agreement that Jem has outlined a great strategy to use the H1 CSS to trade 10.4.

I'm not sure if this is the right forum, but I wanted to point out that you can use the same charts to identify 10.4 CT trades where the pair retraces from the trend.

I have attached an example for the EurNzd showing an H1 chart.

Last night the CSS bar flipped green consistent with the 10.4 direction, and this would have triggered a long trade according to Jem's guidelines.

This morning, however, the CSS bar flipped red. At the same time, the RSI(2) for the H4 and H1 were both pinned low.

I have found that this is a great set up for a CT short. The key element is that both of the RSI2's have to be pinned. Obviously, the opposite for a long trade.

Any comments?

cmeade2

whoops! The H1 and H4 labels for the RSI2 are reversed in the figure below!
Looking at the shape of the both RSI indi's, I believe you have labelled them wrong, your H1 = H4 and vice versa.

Good obsevation though, worth investigating.
.
Author:  cmeade2 [ Thu Jun 13, 2013 6:23 pm ]
Post subject:  Re: How to Trade 10.x Like a Boss
Right I noted that at the end of the message. Sorry!
Gertje wrote:
cmeade2 wrote:I think we are all in agreement that Jem has outlined a great strategy to use the H1 CSS to trade 10.4.

I'm not sure if this is the right forum, but I wanted to point out that you can use the same charts to identify 10.4 CT trades where the pair retraces from the trend.

I have attached an example for the EurNzd showing an H1 chart.

Last night the CSS bar flipped green consistent with the 10.4 direction, and this would have triggered a long trade according to Jem's guidelines.

This morning, however, the CSS bar flipped red. At the same time, the RSI(2) for the H4 and H1 were both pinned low.

I have found that this is a great set up for a CT short. The key element is that both of the RSI2's have to be pinned. Obviously, the opposite for a long trade.

Any comments?

cmeade2

whoops! The H1 and H4 labels for the RSI2 are reversed in the figure below!
Looking at the shape of the both RSI indi's, I believe you have labelled them wrong, your H1 = H4 and vice versa.

Good obsevation though, worth investigating.
.
Author:  cmeade2 [ Thu Jun 13, 2013 7:40 pm ]
Post subject:  Re: How to Trade 10.x Like a Boss
This approach of using the H1 CSS together with pinned levels of the H4 and H1 RSI(2) worked great last week when the Jpy exploded and the USD imploded.

Here is an example of the USD/JPY.

Notably this was NOT a 10.4 trade.

Similar setup on the Eur/Usd
Author:  Jemook [ Fri Jun 14, 2013 12:39 am ]
Post subject:  Re: How to Trade 10.x Like a Boss
I see quite a few setups this morning. Lots of pinned RSI2xTMA's. I opened a few trades this morning:
opentrades.png
As others are saying it looks like pairs are in a reversal at the moment so I'm trying not to look at higher TF and 'have an opinion'. If I'm wrong about these I'll shut them for a small loss.

J
Author:  cmeade2 [ Fri Jun 14, 2013 12:49 am ]
Post subject:  Re: How to Trade 10.x Like a Boss
Jem

The problem is that we are about 12 hours off. Your day is beginning and mine is ending and vice versa.

What you are seeing is the great 10.4 setups after the huge CT while you were asleep!

all the best

cmeade2
Jemook wrote:I see quite a few setups this morning. Lots of pinned RSI2xTMA's. I opened a few trades this morning:
opentrades.png
As others are saying it looks like pairs are in a reversal at the moment so I'm trying not to look at higher TF and 'have an opinion'. If I'm wrong about these I'll shut them for a small loss.

J
Author:  Jemook [ Fri Jun 14, 2013 12:54 am ]
Post subject:  Re: How to Trade 10.x Like a Boss
Hey cm.. I still put trades in before I go to sleep (start of NY session) if they look like a decent setup but I put my stops really far away. There's scripts now which will auto close if CSS H1 colour changes so no excuses!! :D

J
Author:  cmeade2 [ Fri Jun 14, 2013 1:05 am ]
Post subject:  Re: How to Trade 10.x Like a Boss
Jem

That's a difference between you and me. The way I sleep well is to not worry about trades. At the moment, I can see that the Gbp/Aud long is totally in your framework. But I will go to bed soon, so I will let it pass.

Another problem that I have is that I enter my trades through the java portal of Oanda, so I can't use scripts/EA's etc.

again all the best

cmeade2
Jemook wrote:Hey cm.. I still put trades in before I go to sleep (start of NY session) if they look like a decent setup but I put my stops really far away. There's scripts now which will auto close if CSS H1 colour changes so no excuses!! :D

J
All times are UTC Page 10 of 39

Powered by phpBB® Forum Software © phpBB Limited