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stretch 5/19


was hoping to get short ym at its 2.618, where r2 was lying too but the 10am news spoiled the action for me...the 1.618 on ym looks like it worked out ok but without the 10am news help it would have been a sore loser (it was 20 sthg pts under water before the 10am news hit). The fact that r1 was below that 1.618 and got broken made me pass on the 1.618 short and wait for the 2.618 that never materialized.
thanks for the response...

by RLs you mean previous bar low?

so your machine took one short around 10:20am according to your chart ? where the red arrow is (i guess there are 4 in your chart, the one i am refering to would be the 3rd one)

let me see if i understand what you are saying....when you are at a critical level your yellow line (1 ema) determines your entry time...short/long when it moves down/up...what is the blue line? you don't look at the corss between yellow and blue at all?...seems very interesting the way you look for your entry so trying to understand it

one final comment...at 6:20am or so on your chart the yellow line moved down slightly and the price action seemed fairly close to the 1.61 level (probably within 8-10 pts of it, can't tell exactly)...did your machine take a short there too ? it seems market continued going higher after that and made two HHs on your chart one at 6:35ish and the other one at 6:55ish (where you have your two first red arrows)...

thanks again for your time

Originally posted by grednfer

Its a WIP, so its still pretty dumb....
But it is automated at this point.

This is the 133T chart (no Human time frames allowed)
Its trading the 1EMA off the RLs...so 1 closure below and it goes short...or above it goes long. I mispoke before...10 tick stop, not 15.

If you look at the action.....you could've bought the previous close twice and made the 60 points per.....Thats actually an old school bull strategy..."buy the previous close"......works in an uptrend.

This one yielded 220 points today.
thanks for the chart silverharp...i looked at the euro and yesterday evening it came very close to its 1.618 which would have yielded great returns...did not look at it much during the day today but it seemed r2, just above the 1.61 level, was the real barrier...

do you look at usdcad sopt or futures?
RL=Retracement Level.....that is when the system retraces to a previous point......this type of trading is Retracement trading as opposed to momentum trading...they are opposites. Retracement trading is kinda dangerous, as you're usually stepping in front of momentum.

I'm just combining the two because I hate having to hope for a reversal at the retracement level.

Right now, Yes its just the 1EMA crossing above or below the RLs that creates the event(to trade). I'm trying to keep it simple as possible. The blue line is the 10 and its just for reference.
thanks grendfer