Having identified support and resistance lines using the weekly and daily charts. I have identified the current price has broken the weekly support line and is in an overall bullish trend. The indicators however are a little confused both showing a slowing of momentum and a possible decline in price. Having check the 4 hr and 1hr charts the MACD and squeeze...
It's been a while since I published anything. This is a new strategy that I maybe using along with my current strategy which is proving to be successful. However it is always good to have an extra tool in the tool box.
I'm looking at the AUD/CAD; using simple trend analysis I can see that from October 2020 this pair has been in a overall bullish trend with plenty...
I'm new to Elliot waves; I've never really used them before.
I thought I'd see if my application of the Elliot wave theory was correct. Having used my correct strategy (Squeeze, Momentum Volume and Weis Wave indicators) I already knew I was going to go long with this currency pair. Although there appears to be much resistance and I suspect there will be a...
Having seen a long downwards trend, are seeing the start of a reversal; the start or a bullish trend?
Well, having used several indicators I would argue we are seeing signs the current trend is beginning to tire. The Squeeze indicators certainly indicates this, as does the MACD and Weis Wave Volume indicators. Both showing positive growth. In regards to...
I've adapted my current Squeeze and MACD method which has proved to be highly effective so far by using real time trades to see whether the strategy works.
(By real real time trades I mean using the strategy and waiting to see how the market responds, not actually placing an actual trade.)
I've adapted this method to see if I can "clean up" and false trades and...
Using Squeeze momentum and MACD indicators I have found a potential entry for GBP/CHF.
Please find the 2 targets highlighted using the two blue rows. I feel this uptrend will continue for some time to come.
Having looked for a second approach to trading. I'm considering using a Wave strategy. Although this isn't complete (I'm awaiting confirmation by MACD crossover) I feel this will make a good secondary strategy when my primary strategy is not applicable.
I will use Fibonacci to set targets, and my stop loss will be half of the body size of the previous candle;...
I'm very new to Elliot wave, and Elliot wave analysis. However using this method I'm expecting (after confirmation) a price uptrend.
I've already indicated my my stop loss and and target prices in blue. I've included a MACD indicator which shows that a prices are continuing to decline. I will wait for a cross over before placing any trade.
The purpose of...
This is an adapted version of previous strategies; which I have found to be more effective, particularly with the current situation.
I'm using a wave strategy to find suitable entries. The wave strategy is where I look for change between a downtrend and uptrend. This is indicated in yellow on the chart; using the Fibonacchi tool, I set myself profit and stop...
I used the chart to help build up a portfolio of trades, which I recoded in my trade log, to help analyse whether by current strategy works. I'm going to continue with this work with more currency pairs until I build enough data to properly analyse my strategy and see what needs tweaking.
January seems to be a poor month for most foxex pairs. However I did manage to find 3 suitable entries. Only one trade was successful.
trade 1 (successful)
target = 0.5260
stop loss =0.5224
stop loss =0.5283
target = 0.5325
entry = 0.5291
stop loss = 0.5286
target = 0.5320
entry = 0.597
Target is 2 x the size of the candle (this strategy already appears to be more successful) = 973.8
entry is 1/3 of the size of the candle =958.2
stop order = 956.8
Target = 999.4
stop order = 975.2
Target = 988.2
entry = 979.2
stop order =973.5
Although the targets are smaller, they are easier to accumulate over the time...
Entry = 1002.2
Stop Order =994.1
Target (4%) = 1040.4
The reason why I placed such a high target was that the trend was so bullish, 3% was already achieved by the succeeding candlestick, I therefore increased my target by an extra 1%.
I also indicated other suitable entries. Platinum is certainly an area I will take a great deal of interest in.
I've identified 3 possible trades. The most recent trade began on Jan 13th, I will use this trade to test my mindset to see whether my entry was correct. Whereas my previous charts were used to identify entries.
I will record this trade in my trade log and successful or not will be highlighted in my log and help build an analysis of my current strategy.
I have adapted my strategy slightly here.
This time my stop order is only 5 pips below my opening candlestick. My target is still rather conservative at 1%, but this will allow me to accumulate trades later and increase the overall profit from this original trade.
Stop order = 1539.3