AZB Price Action
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Thread: AZB Price Action

  1. #1
    Hello everybody

    I am starting this thread mainly in order to talk about my really simple yet powerful trading system that uses PA together with only a single EMA and a normal Stochastic indior for guie. The second idea behind building this thread would be to monitor my personal trades and get the others' suggestions to enhance it. . So this thread behaves like an interactive journal so I encourage everyone to join the conversation about this particular method and of course I welcome any suggestions relating to this particular system and will value your participation.

    The key tools utilized in this system is a 70 EMA (shut ) and a stochastic (8,2,4) which mainly enable us to ascertain the trend management (using EMA) and OB - OS state of the market.

    EMA 70 (shut ) is utilized to identify the main trend direction but also a sign line for us to enter or depart our positions. Stochastic is used to confirm if the market is in OB or OS state to either shut a position or to add another place at the direction of the market trend.

    However the principal tool that we'll use mainly is PA.. You need to know only few basic candlestick patterns that have weight such as , bullish bearish engulfing cloud, hanging man, hammer, morning star and evening star formation.

    Of course as we're handling stochastic, other definitions such as divergences and OB OS conditions will be discussed and you need to know the basic things about them because they help a lot by means of deciding to close or open positions.

    These patterns repeat over and over in every market and you might find them in every time period but we know the greater the time frame the more burden these patterns will have... therefore we utilize H1 timeframe to be not so long term like daily rather than so whipsaw mode like 5M... therefore we'll stay with the center nonetheless effective time period. Now:

    Tools:

    1- EMA 70 (shut )
    two - Stochastic (8,2,4)

    Rules:

    1- We input a position (either long or short) when a candle closes over or below the EMA 70... so we go long if market is below EMA and then a candle closes over EMA 70 and vice versa for using a candle shut below EMA to go short.

    2- we put SL directly below the low of the candle which closed over EMA (for long positions) and large disperse of the candle which closed below EMA (for short positions).

    3- In the subject of placing TP I rather behave random i.e it is determined by the strength of the trend and I'll continue to keep the positions open until a significant PA seems on chart or finally a candle closes at the other side of the EMA. Because this component requires some illuions we'll discuss it more later.

    4- The principal benefit of this system is that it's patience behind it and waiting for big results not heading for 50 - 60 pips profits. The basic to acquire such results is adding to positions based current market trend and using PA (as entering signal) and stochastic (as guide). I'll elaborate it .

    Cheers

  2. #2
    I had a concealed bearish signal, however I remain cautious with shorts, we're still above the 70 ema, and definite lower highs and lower lows have not been clearly defined for my liking.

    Concerning relative strength CHF and JPY were feeble, GBP more powerful ( recovery from yesterday? ) .

    I will watch and see if 1.40 was a final barrier or if another attempt is made to go higher, possibly to 1.4280.

    Joyful trading now.


    Michael

  3. #3
    Quote Originally Posted by ;
    Great setup and 3 buy rankings since yesterday with total 260 profits.

    I shut my rankings due to serious classical bearish divergence on stoch but price could rise more of course... but I try not to be greedy.

    Since the overall bias is still clearly bullish, I will be waiting for another option to enter long on after a retrace.
    Arezab,
    That first buy was stoch. overbought. Did you think the price action made it worth the risk? Thank you

  4. #4
    Quote Originally Posted by ;
    ,
    That first buy was with stoch. overbought. Did you believe the price action made it worth the risk? Thank you
    yes of course. Stoch is a guide not the principal trigger.

    It occurs I enter a buy position even when stoch is all the way up and remains there for a couple of hours. That is the indiion that market is very likely to continue it is route... it shows the market is going with fantastic force behind it. Of course it takes some time to be able to read the market correctly.

    Besides every place gets it's own sl predied on PA signal and candle low and high... so no worries about it getting stopped out since the loss will be minimal.

  5. #5
    Quote Originally Posted by ;
    yes of course. Stoch is a guide not the trigger to enter a position.

    It occurs that I put in a buy place even when stoch is all of the way up and remains there for two or three hours. That is the sign that market is very likely to continue it is path... it shows the market is going with great force for this. Of course it takes some time to be able to read the market correctly.

    Besides each place gets it's own sl predied on PA sign and candle low and high... so no worries about it getting stopped out because the loss will be minimal.
    Thanks az,
    I've a thread using some similar ideas as yours but with distinct trade activate. I will follow your thread and find that your egy interesting.

  6. #6
    Quote Originally Posted by ;
    Thanks az,
    I've a thread with some similar thoughts as yours but with different trade activate. I will follow your thread and find that your egy very intriguing.
    Good to hear this. Do you head to send the link to your thread?

  7. #7
    Https://www.forexsoutheast.asia/fore...timeframe.html

    I'm trying another entrance method now clarified in article #49 of that thread.

  8. #8
    I noticed you have not said anything regarding protecting a trade which has moved into a fantastic profit by going SL to BE. Are there any occasions you would do this. Thanks

  9. #9
    Quote Originally Posted by ;
    I noticed that you have not mentioned anything regarding protecting a trade which has moved into a good profit by moving SL to BE. Are there any events. Thanks
    Yes of course I do this. I shield my rankings by dragging sl when they are currently 80 - more or 100 pips in profit. However, I do not use trailing stop or things. I rather drag sl around to B/E and keep it there and wait patiently until I see market breaches a major s/r level and tests it one or two times in the opposite side so that it proves me market will most likely remain beyond that s/r level... when that happens I move sl below that line (in case of a bullish market and vice versa to get a bearish market) and protected more green pips rather than keeping them on just zero.

  10. #10
    I like adding to winning positions with limited risks.


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