FOREX PRO Weekly May 14-18, 2012

[Triantus Shango]

you can download it from the MT4 library. but it's useless. i just got curious when i stumbled upon that hurst cycles site and tested the indicator but it doesn't add anything more than the other TIs already show.

Hi Triantus, yesterday you posted a link to the sentient trader site. I read something, and they mention "JM HURST". In your chart i saw also the custom indicator hurst difference. Do you know how it works? Please share with us.

 

[Triantus Shango]

damn but i should have watched the JPY crosses. i usually do. but today, when i don't, they all jump off a cliff. what a missed trade.

 

[papao]

you can download it from the MT4 library. but it's useless. i just got curious when i stumbled upon that hurst cycles site and tested the indicator but it doesn't add anything more than the other TIs already show.

thank you, i had already downloaded it, and i was wondering if it were worth to spend time with it. Now i have the answer (no!)

 

[PONKO2010]

Hello Mr. Morten,
It is ok to wait EURUSD touch 1.2620 area or 1.2520 area to take advantage and open a buy position with TP´s at 1.2818 and maybe 1.29110 and then open a Sell pos. at that levels??
Thanks a lot for your help, training and coaching every day.
Best
Regards
Carlos

 

[adman]

Sive, is it permissible to enter a trade (either long or short) right at the open of the 23-hour session at 5 p.m. Central Time? For example, the new session's daily pivot point (the pivot point the floor traders use, such as John Person's Pivot Points) may be 30 pips (tics) higher than the last session's close and the new session opens exactly where the last session ended. That means the open is 30 points below the pivot point. I believe the statistics show that the daily pivot point is reached about 70 percent of the trading days. Those are pretty good odds to enter long. By the same token, if the last session ended, say, 30 points higher than the new session's daily pivot point, the odds are good to enter short & profit from the currency falling back to the PP. On the other hand, you firly believe that one should only enter long on support and enter short on resistance. What is your view about entering a position right at the open?

 

[Sive Morten]

Hello Mr. Morten,
It is ok to wait EURUSD touch 1.2620 area or 1.2520 area to take advantage and open a buy position with TP´s at 1.2818 and maybe 1.29110 and then open a Sell pos. at that levels??
Thanks a lot for your help, training and coaching every day.
Best
Regards
Carlos

Hi Carlos,
You have to get something more, than just a level to enter. You should have a context that will justify your long enter. I dare to suggest that you will have the possibility to enter long only if you trade on hourly and lower time frames. Only these trends will have an opportunity to turn north.
Or you have to get some Directional or Harmonic pattern to enter long. It will be quite unwelcome to enter without any patterns or some context on your side. Your entry should be reaction on price action but not prediciton of it.
Still, when you have such strong momentum on daily time frame, may be better just to wait a possibility enter short?

Sive, is it permissible to enter a trade (either long or short) right at the open of the 23-hour session at 5 p.m. Central Time? For example, the new session's daily pivot point (the pivot point the floor traders use, such as John Person's Pivot Points) may be 30 pips (tics) higher than the last session's close and the new session opens exactly where the last session ended. That means the open is 30 points below the pivot point. I believe the statistics show that the daily pivot point is reached about 70 percent of the trading days. Those are pretty good odds to enter long. By the same token, if the last session ended, say, 30 points higher than the new session's daily pivot point, the odds are good to enter short & profit from the currency falling back to the PP. On the other hand, you firly believe that one should only enter long on support and enter short on resistance. What is your view about entering a position right at the open?

Hi Adman
Hm, interesting and logical idea. Personally I do not trade daily pivots and can't say will it be so or not. this idea is healthy but demand testing. If it wil be indeed so, then this could become good trading system.
Major risk still is strong trends. When market in strong trend it very often abandons daily pivots and sometimes even weekly. But probably it could be counted-in by wise money management.
If you will dive with this ivestigation - keep us on course. IT might be interesting.

 

[seedof]

Adman
i've also tried that strategy you've described before in fact i used it to win 4th place in a broker contest however it does fails sometimes as Sive said so money management comes in.
also another advice i'll give is instead of entering just where the market open and expectin retracement to daily pivot try and see if any daily pivot midpoint is very close to the opening then put your order there and stop loss after it.
i also must add that my broker is +2GMT.

 

[Triantus Shango]

guys, i sent an email to sentient trader support because their live charts page was broken. i just got a response acknowledging the site had some problems and they gave me a new URL. here: http://www.sentienttrader.com/resources/live-analysis-workspace/

it all displays fine now.