thank you friend for your timeeconome wrote: ↑Sat Dec 01, 2018 9:01 amSorry to hear that. The entries are good from here but need confirmation and huge patience and courage.
Will post settings to give you as previous image. Or you change to fast 3EMA (1) medium 5SMA (0) and slow 8SMA (0) all set to close price (0)
That will give you exact same as earlier diagrams.
Not sure if i'm a good guy or not but am appreciating your work would like to help but right now swamped under.Please keep up the great work.econome wrote: ↑Sat Dec 01, 2018 8:36 am**ECONOME TRADING NOTES***
Multi-Info remained faithful to the SHORT trade this week.
As I said last weekend, sell on pullbacks (marked now ORANGE on the graph)
I also mentioned the very clear resistance at 1.2850-1.2870 (marked now YELLOW on the graph)
The 88.6 ad 50 confluence marked WHITE on the graph were totally faithful.
Cautiously and without the support of the multiinfo (big mistake), suggested possible buys on the 32.8/14.6 proved difficult (marked LIME) but there were pips available.
Also direction would not be clear unless there are two daily closes below 1.2727 - not yet reached. Now reaching break point, so a strong close below is good enough for me to look at new short entry levels.
Fib time (AQUAMARINE) was pretty good at predicting reversals within 1-2 bars.
Still eyeing 1.2660 and 1.2610, but momentum has been slowing so need to re-assess the wave count - multiinfo now at 88.6 SHORT!
Tasks: well read the thread if you want to help - it's still much needed - and also become more successful in trading.
Other tasks for econome: Revisit wave count. Seems we're still in corrective and waiting for that big downward impulse to carry through the next swing.
Stall is due to Brexit stalemate.
As said last week, direction was not going to be easy, but staying faithful to the multi-info and using the sell on pullbacks idea was by far the best option rather than buying into the market. Multi-info of course confirmed.
PS Where did all the good guys go?
I published loads for you to test and try...maybe need to migrate this to another forum...
Javier, how are my arrows named after you my friend, they seem VERY faithful on the M5 and M15...
Here are M15 entries most of from last week, in line with the analysis and developments.
Some general rules:
= Seeking full alignment as explained in the earlier post with text labels.
= Don't trade outside of UK 7.45am (and preferably 8am) and around 4pm UK time. Watch out every day for big news and generally avoid being in a trade during.
= Check the colour, but also the most recent direction on the indicator oscillators, TEMA slope and EMA angle. The direction should be that of the trade, or take caution.
= The bottom three indicators can each take 4 values (up or down). Anything less than a 7/12 pointing in the right direction is a no no, and preferably 8 or more is preferred. It is preferred that at least 1 is fully aligned, or 3,23 absolute minimum.
= On the chart, a big red/green arrow is 100% essential at the close of the candle, or a few candles before in rarest of cases.
= Trade in the direction of the multi-info, in general, take it as a huge warning against you if you are trading against the multi-info
= Trade either at the close of a candle, OR wait for a retrace of 30-40% of that candle to lower your risk.
= Place stop either below entry candle, or maximum of 2 further lows prior, or 1 point+spread below the LSMA.
= Aim for 1-2.5 risk reward.
Incredible work bro and loving this thread. Subscribed.
I’ll share with you where all this began most recently - the inception of the GBPUSD short - actually where it happened from and where I started taking the trades before developing this system.
Then I will show you exactly and precisely where we are right now.
The first two or three charts will show where this began and how it has been evolving.
Then I will show you a 4 hour chart of last few days
You should see straight away that the simplest trade is now a break of the “inside formation” to the downside, through my aqua trendline on the mobile MT4 chart.
So if too scared to enter short now , where there is a 20 pips hole towards the break of the inside formation, marked by a red rectangle, an interesting trade is to wait for that break on say, the H1, then see if it retraces up to that line, and look for selling off it, eg on the M15, and a close again below it.
Now this all depends on the market’s interpretation of a “no deal” Brexit. But I have already mentioned downside targets, and it will take a lot to change the multi-info. That doesn’t rule out a change in sentiment. However, from what I can see, all indications - literally - seem to point towards this major swing break lower.
Time will soon tell, but I can’t see an alternative at the moment, and the multi-info is pretty adamant that the traders are short.
See attachment at bottom of post
The evolution of the medium term trade
Where we are last couple of days.
Scenario 1 is straightforward short, or wait for the break lower and look for retrace on H1 and enter short as described above. We actually in an inside pattern of the blue box in purple box inside pattern. So we are in a fractal set of inside patterns or in other words a triangle has formed. These normally end moves but in this case it’s at the end of an XYZ complex correction by the look of it, and this is actually wave 2 end and the start of the big wave 3 idea down that got me starting this thread. Sell now with a tight stop at 1.2750 (yesterday NYC close + 2 pips).
Scenario 2 is another march uphill before more selling. This is how we’ve seen things play in recent days. The red box remains important. This is less likely according to multi-info, but reasonable given recent action. Sell at 1.2765-80 and 1.2800-15 this time.
Scenario 3, the market likes the no deal Brexit idea and punches up strongly, in which case for us, there is not trade because the multi-info doesn’t support this scenario. Momentum closes (big fast candles with close above) above the top red box that stop everyone who is short term short out would be this scenario. This will trigger a huge re-assessment of the market as well. And my focus will attend to DAX and Euro in this scenario.
In every case market has to show a clear and typical reversal pattern or candle at least on the M15 chart otherwise risk selling into a buyers momentum move then licking wounds.
I favour scenario 1 which is the straightforward continuation of the short in GBP.
On the mobile chart, for reference, the 5 candle average true range is around 50 pips and in an uptrend. So 50-150 pips in the day is very easily achievable. A trade for 60-75 pips for 22-25 risk is what to aim for.
Fridays for me are no trade days, so I will short tomorrow or even now, and leave Friday to be Friday most likely unless there is serious big momentum tomorrow, in which case I would sell a big retrace of tomorrow if tomorrow is indeed strong and short.
Finally, take a look at the short setup today on the M5. The 3 dojis that and failure to break new highs sealed it for me. Note the breakout of the aqua box as well. But the most interesting thing and this is true of most of the day is how the 8 simple moving average acted as perfect guidance - a close below stay short, a close above stay long. Great momentum indicator. I don’t use it, but a 9 or 13 EMA would probably act in the same way.
Econome view: short cable atm. Based on multi-info.
Careful analysis of the M15 chart shows that it offered very weak trades with the 8SMA and 20 SMA holding with vigorous strength most of the time on M5. However in every case of a reversal setup on M15, a short was offered at 50% of the reversal candle, allowing a stop above the high, and a 50% extension below for 1:2 risk reward.
The idea to sell at 1.2800-1.2810 worked but only for around 25-35 pips.
I will do a more thorough set of learned lessons today, because it was a day that offered such strong upside force, but against the multi-info. It could be that multi-info gives oversold at a certain threshold and should be looking for the contrarian trade even more.
The first red box was a failed trade and offered only a loss to the short. The rest offered entry at or around 40-50% retrace of the reversal candle and then a 50-60% extension below it.
Careful management of these allow around 1:2 risk reward. But it’s really not ideal. I like to try to find 1:3, 1:5 or 1:8.
I will need time to look through the more detailed signals from the oscillator setups as I was not at desk today. But I will post for sure.