ftse (and other) 20ema crossover and test

[StephenMcCreedy]

if possible can you post a chart of that

 

[StephenMcCreedy]

i've taken this 20ema test as it coincides with prev support, now presumed resistance. let's see what comes of it.

 

[StephenMcCreedy]

and stopped. as you can see from the chart above i've added 50,100 and 200ema and add the colour zones to them. it is a powerful way of seeing the direction of the market. it also helps me stay out of 'the chop' when they are all over the place.

 

[Splitlink]

if possible can you post a chart of that

The stop was too close for four hours. I'm out, of course! The trade is still valid, IMO, for a longer term view. After your opening bar, there has been nothing else today, that I can see.

 

[StephenMcCreedy]

thanks for posting that. i can see the thinking behind it. it didn't work this time but the deep plunge below this line when the ftse was at 5150 would have done well. it looks like the downside is going to keep coming for a bit longer. good luck for the next one.

 

[Splitlink]

Now there is a pin forming on the hourly and a possible breakout. I shall not be here for that, though, and, as I am notoriously unfortunate with my stops when I am not watching the computer, I shall pass!

 

[StephenMcCreedy]

here is a chart for anyone following. is this what you mean splitlink?

 

[neil]

I assume you mean Jacko, unfortunately it seems he was a bit of a fraud and has since disappeared with a lot of money. I didnt follow his methods but I have heard that it was all hype and didnt really work well in practice.

NO - I meant "Jankone"

http://www.forexfactory.com/showthread.php?t=163972

5 Minute Trading period thread (He also slips in the odd 15 minute chart)

 

[StephenMcCreedy]

thanks neil, i've had a look. it seems similar in many ways. the addition of rsi divergence is a nice touch.

if the guy has a consistent entry strat and good money management he's got a chance. like all of us.

i think the entry signal is almost academic and i bet most only test as 50/50 but i think they stop you over trading and digging yourself a hole betting against the market over and over again.

 

[StephenMcCreedy]

here was a nice one that would have got you the 12 points, maybe more if the market goes higher. either way it gave you a chance to be in the money and trade out at a profit.

 

[ChowClown]

I am just trading GBP/USD currently off the 5min and will be testing the addition of the ema(20) around entry. I use fibs too for entries and exits. 2 trades exited at targets so far today, with a 3rd currently underway.

Entries tie in with ema crossover and test with additional confirmation info from PA around the inner fib levels. I use the CII indy just for divergence purposes. Most of this was taken from FF threads.

 

[StephenMcCreedy]

thanks simon, here is a nice eur/usd entry from today which was good for a fair few points. these definitely work best when you can 'filter' the entry. really one before 10am and then one with any afternoon news or us open.

 

[StephenMcCreedy]

sorry here is the chart with my highlighting.

 

[Splitlink]

I'm not known on this site for being one of the great forecasters and now you know why! Glad I left that one.

But I will predict something. If I go to work leaving a trade open with a stop on it, that stop will get triggered and then the trade will reverse.

 

[ChowClown]

hrly chart prep for tomorrows GBP/USD 5min setups - hrly tgts down around 5220-5250 if short bias persists overnight.

 

[Splitlink]

My 4 hourly pattern does not, now, look like it is going to recover. The two OOH bars are lower and the 24 average momentum is flattening. Footsie looks bearish, to me, this morning.

 

[StephenMcCreedy]

thanks simon i'm going to use that today and see how it looks. i follow a ftse guy who uses the 61.8% as you do to find the extension with great results. i'm yet to find it easy to spot but it works well when you get it down to an art.

 

[ChowClown]

thanks simon i'm going to use that today and see how it looks. i follow a ftse guy who uses the 61.8% as you do to find the extension with great results. i'm yet to find it easy to spot but it works well when you get it down to an art.

Data lifting GBP for now, so long bias on the 5min setups through London.

Edit: 09:40 - another decisive rejection off a 4hr 61.8 level I still have in play, so back to short bias again on the 5mins, resuming the longer term down trend perhaps. The 4hr extension targets are around 5200-5235.

Good trading all.

 

[Splitlink]

I have entered a short here at 5373. I should have short higher but I waited too long.

 

[StephenMcCreedy]

this is the chart of the ig daily crude for today. yes the 20ema would have given a nice entry point.

i don't think the 20ema is magic or anything but it offers a nice entry point with good rrr when a market starts to trend.

as said many time consistent entry and good rrr is all you need to make a go of this game.

cable, crude, eu/usd, ftse, wide moving stocks like rio, all work well with this.

i keep meaning to find the time to buy another screen to put 4-6 instruments on set up with say the last 100 5 min bars and the 20ema. it'd make it easier to spot the trades and stop me from looking to hard on the ftse when there is nothing happening.