July 7th EUR/USD
July 7th breakout of U.S. low.
A = 17:30 high 1.2646
B = 19:25 low 1.2612
C = 21:40 high 1.2634
U.S. Low = 1.2612
FE 100 = 1.2599
FE 127 = 1.2590
FE 161.8 = 1.2578 (Target) Hit 04:15
Hit at/near target at 04:15, after many hours of consolidation.
July 7th breakout of Asian Low
This actually turned out to be the finish of the previous extension, hitting the 236.2 fib.
A = 06:20 high 1.2601
B = 07:35 low 1.2567
C = 07:50 high 1.2590
Asian Low = 1.2567
FE 100 = 1.2556 (hit)
FE 127 = 1.2536
FE 161.8 = 1.2511 (target) not reached
This trade opportunity either has take profit at/near the FE 100 or break-even (moved stop-loss).
July 7th breakout of Asian high.
A = 12:15 low 1.2562
B = 13:40 high 1.2610
C = 13:50 low 1.2595
Asian High = 1.2624
FE 100 = 1.2643 (Target)
FE 127 = 1.2655
FE 161.8 = 1.2673
Entry Offered = 14:35 opening candle price of 1.2629 + spread = 1.2632
Stop-loss just below 14:20 pivot 1.2613 – cushion = 1.2611
Risk = 21 pips
Reward = 11 pips
This is a pass due to poor of risk/reward ratio.
Extension did hit the FE 100 during 14:50 candle.
Thanks in advance.
The Ichimoku Indicator Alternative Ichimoku â€“ Setup, Examples of Usage - MQL4 Articles
Also in MT4 terminal, MetaEditor or go to: MQL4 Code Base: custom indicators for MT4
Should have most indicators. Otherwise google. Sometimes, it's in the formula or directs one to web site.
July 8th EUR/USD BReakout of Asian High
We need to look at the 15-min chart, using the Heiken Ashi candles to ascertain the ABC swings.
A = 10:20 low 1.2642
B = 12:00 high 1.2677
C = 12:15 low 1.2655
Asian High = 1.2687
FE 100 = 1.2690
FE 127 = 1.2699 (hit)
FE 161.8 = 1.2712 (target)
Large distance between Point B and Asian high, 13 pips including spread.
Stop-loss = just below 13:10 candle low of 1.2675 + cushion = 1.2673
Entry = 13:35 1.2688 + spread = 1.2691
Take Profit Target = 1.2712 - spread and cushion = 1.2708
Risk = 18 pips
Reward = 17 pips
Once extension moves pass the FE 100, we move the stop-loss (S/L) to at least break-even or just below the FE 100.
In this case S/L was moved just below the FE 100 at 1.2688.
Extension only reached the FE 127, but failed to confirm above. This means it failed to close a 5-min candle above that price level. If it did, we would move our stop-loss to just below that FE 127 price.
End result is a small loss of 3 pips, if trade taken.
The pair eventually hit the FE 161.8, but after a large retrace to below Point C, which would have stopped us out.
To set our retrace fibs to make sure Point C is correctly plotted:
Low = 10:20 1.2642
High = 12:00 1.2655
This was Point A to Point B.
You'll see on the 5-min, a slight probe below our Point C price used (1.2655). We stayed with 1.2655 as Point C because that is the 61.8% retrace price of A-B.
The freedom bars simply show 4 time frames in red or blue denoting down or up trend.
This technique is based on Fibonacci ratios, using thrust from breakout of previous session (mainly breakout of Asian).
Having too many technical indicators on your charts is not a good idea.
July 9th EUR/USD BReakout of Asian Low
July 9th Breakout of Asian Low
A = 06:45 high 1.2722
B = 07:40 low 1.2687
C = 08:20 high 1.2708
Asian Low = 1.2674
Entry SELL 09:05 = 1.2667
Stop-Loss Options (add spread):
- Just above 09:50 pivot 1.2686, which was also the FE 61.8 + spread and cushion= 1.2690 (Risk = 23 pips)
- Just above 08:40 pivot 1.2694 + spread and cushion = 1.2698 (Risk = 32 pips)
- Just above Point C 1.2708 + spread and cushion = 1.2712 (Risk = 45 pips)
Take Profit Targets (add spread)
FE 100 = 1.2672
FE 127 = 1.2662
FE 161.8 = 1.2649 + spread and cushion = 1.2653 (target) hit
Risk = 23
Reward = 14
This was a Move-In-Progress or Extension-In-Progress. Distance of B from Asian low lost 13 pips.
If one trades this breakout based on a 15/15 pip strategy, it was a winner if took profit at +14 pips. The ABCD technique and projections guided on exit.
The 2nd ABC:
A =08:20 high 1.2708
B = 09:00 low 1.2661
C = 11:25 high 1.2683
FE 100 = 1.2636
FE 127 = 1.2623
FE 161.8 = 1.2607 (hit)
Cheers and have a good weekend.
July 12th Breakout of Asian Low
July 12th Breakout of Asian Low
Attached chart is 5-min, swings easier to see/understand on 15-min.
A = 05:55 high 1.2605
B = 07:30 low 1.2565
C = 08:40 high 1.2589 (61.8% retrace of A-B)
Asian Low = 1.2565 (same as B)
FE 100 = 1.2549 (hit)
FE 127 = 1.2538
FE 161.8 = 1.2524 (target)
00:10 high 1.2645
02:00 low 1.2587
If Fibo Fan pulled on 15-min chart, and then flipped to 5-min, we can see resistance points provided by 78.6% fib.
It was choppy on the way down, with extension only reaching the FE 100. As each pivot formed on the 5-min, we can move our stop-loss. Therefore, since we targeted the FE 161.8, this trade was break-even or a small loss.
This was a Move-In-Progress, extension from larger ABC:
A = 00:10 high 1.2645
B = 02:00 low 1.2587
C = 04:10 high 1.2609
FE 100 = 1.2550 (hit)
July 13th Breakout of Asian High
EUR/USD 5-min Chart:
A = 09:00 low 1.2530
B = 10:05 high 1.2595
C = 12:30 low 1.2564
Asian High = 1.2614
FE 100 = 1.2629
FE 127 = 1.2647
FE 161.8 = 1.2669 (hit)
Since Point B was quite a distance from the Asian High (19 pips + spread), and target is the FE 100 (based on our rules), we did not like the risk/reward of this trade scenario.
Fortunately it pivoted again after breach of Asian High.
A = 12:30 low 1.2564
B = 13:10 high 1.2634
C = 13:20 low 1.2623
FE 100 = 1.2693 (target)
FE 127 = 1.2711
FE 161.8 = 1.2736 (hit)
Entry 13:40 open 1.2636 + spread = 1.2639
Below Point C of 1.2623 - cushion = 1.2621
Below Asian High
Below first ABC's FE 61.8 fib
Risk = 18 pips
Reward = 53 pips
Will post chart next time, as can't seem to get it to work at the moment.
Last edited by fxbaja; 07-14-2010 at 06:46 AM. Reason: add chart
July 14th Breakout of Asian High
After EUR/USD breakout on July 13th, pair went into consolidation for nearly 3 sessions.
We used the 15-min chart to ascertain the ABC swings. The quick probe (candle wick) at 13:10 to 1.2682 was probably not recognized by most broker's trading platform.
Therefore, we utilized Point C as per below, which was established twice.
A = 14:40 low 1.2658
B = 20:35 high 1.2737
C = 07:15 low 1.2690
Asian high = 1.2734
FE 100 = 1.2770 (hit)
Entry = 15:05 at 1.2749 + spread = 1.2752 as breakout candle on 5-min chart quite large (fast).
Stop-loss options include:
- Just below Asian High of 1.2734
- Just below 1-min pivot of 1.2725
- Just below Point C pivot of 1.2702
- Just below 23.6% retrace fib of A-B price 1.2718
- Just below 38.2% retrace fib of A-B price 1.2707
If 1-min pivot was used for S/L. The loss of pips due to large breakout candle resulted in our entry rule dismissing this trade due to poor risk/reward. Risk = 27 pips Reward = 17 pips
Alternatively, if S/L was based on Asian high: Risk = 19 pips Reward = 17 pips.
This plot was unusual, and probably not covered before in this thread.
There was also a tighter ABC pull. See the 5-min chart and plot most recent swings before breakout. The target would have been the FE 161.8 price of 1.2757. Its Point B (1.2716) was very far (18 pips) from Asian high.
Another reason we did not like the tighter pull was due to highs above the Point C, which were established during the same session.
Last edited by fxbaja; 07-16-2010 at 08:55 PM.
July 15th Breakout of Asina High
EUR/USD 15-min Chart.
A = July 14th 07:15 low 1.2690
B = July 14th 15:45 high 1.2777
C = July 15th 00:45 low 1.2708 (78.2% retrace of A-B)
Asian High = 1.2763 (notice Point B is higher)
Entry 1.2789 (open of 08:50 candle)
FE 100 = 1.2795
FE 127 = 1.2818
FE 161.8 = 1.2849
- just below 5-min pivot 1.2762 (almost same as Asian High)
Due to low reward, based on entry rule, must target more than the FE 100, or pass on this trade using this entry rule.
The use of a higher Point B negated the better reward offered with entry on breach of Asian High. This is the price we pay for being more conservative, as extension could have retreated/bounced off of that price level.
A 15/15 pip strategy was a winner.
Note: again we omit that quick probe to 1.2682 (for Point C).
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