FX:EURUSD   Euro Fx/U.S. Dollar
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This is a strategy made from a simple Hourly pivot indicator. See what you think! I'll be using it again next week : )
Rui Pacheco
2 years ago
Hi Chris

after all, I didn't grasp your entry point decision. How and why did you choose yuour entry points? I see it was a great trade, but how did get it beforehand?
(Sorry for my english...)
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Zentrades PRO
2 years ago
@Rui Pacheco The green and red dots are calculated based on previous highs and lows. They are key levels of support and resistance. They are "pivot points" So if price moves into one of them it could be a good place to go short or long
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Zentrades PRO
2 years ago
Thank you Chris Moody
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Rui Pacheco
2 years ago
Hi Chris
I think I understand the «philosophy» of pivot points. But my point is: why have you gone short on the 15-4-23 18:00 candle, and you have gone long on the 15-4-24 3:00 candle?
I think that you had obtained more indications from the StochRSI and from the candle's type or shape. Am I wrong?
Best regards
Rui
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Zentrades PRO Rui Pacheco
2 years ago
Hey so here's how it works, if I go long with 10,000 units, and then go short 20,000 units, I effectively "reverse" my position so now I am actually just short 10,000. You see I could go long 10,000 units, then do close position and then go and sell 10,000 units to make myself short. But its faster to just go straight from buying 10,000 to selling 20,000 and that will erase your 10,000 long units and add 10,000 short units… make sense? I do that because its really sucks up all the money there is to be made, if the market is playing nicely : ) Usually if there is a big move up there will be some sort of similar move down usually at least 50% retracement.
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Zentrades PRO Rui Pacheco
2 years ago
And yes I do use the RSI for a buy or sell signal, but usually if the price is moving into red dots it means its getting to be a good shorting opportunity and if its moving into the green dots its getting to be time for long. What really does the work is the consistent implementation of a 10 pip stop loss on every order, and always trailing the stop if it means I only make five pips then fine, but always trail the stop consistently and rigorously.
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Zentrades PRO Rui Pacheco
2 years ago
Also keep in mind timeframes. IF price is whacking the red dots or green dots, and its right around london open or US open then thats usually a better time to take a trade
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Rui Pacheco
2 years ago
Thank you very much indeed Chris.

I'm getting free classes from you!
By
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Zentrades PRO Rui Pacheco
2 years ago
IT's a whole new world my friend.
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