Hello everyone! Last week was another solid one in the room!
Members:
Pure Price Action Series – CLICK HERE to access
Pipsqueaks article additions – CLICK HERE to access
We would like to give a big thank you to all of you that have been filling out the Survey on how we are doing. We have received a lot of great feedback and will be taking all of your comments/suggestions into consideration. We have started compiling a list of those suggestions and will be working hard to revamp the site, layout, services, etc to accommodate all of you! Obviously this will take time, so look forward to many changes/upgrades coming in the near future!
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Updates from Survey Suggestions:
Many of you have asked what EAs are the best for auto-trading and the best we have found without interaction is the Foltron set and forget templates labeled New in your File Pack. We will cover more about them in detail, but we wanted to address the question since it has been asked multiple times from different members. You can view the myfxbook results at:
Charlie’s trading recipe for success was released last week. In this post, Charlie shares with you his favorite strategies, EAs for signals, EAs for autotrading, timeframes, and more. Hopefully this will help to give a good layout for those members that are new to trading, Slick Trade or those that have not found success with their trading yet.
The additional spread signals for Nadex have been released as demo signals for members to try out this upcoming month. These have the same instructions as the DAX spread signals and are for assets Natural Gas and Gold.
Charlie is currently working on a new price action series requested from multiple members in the room. The projected release date for this is May 2017.
There will be more we will be looking at this upcoming month, but are taking the time to thoroughly address each suggestion sent.
UNDERSTANDING THE P&A
Setup is from the Poppin’ Picaso strategy
Short/Sell vs Buy/Long – In the forex market, think of money as a commodity, you are buying a currency hoping that its value will increase, and if you are selling you are betting that it will decrease
TP Levels – A take–profit order (T/P) is an order used by currency traders specifying the exact rate or number of pips from the current price point where to close out their current position for a profit. The rate deemed to be the level where the trader wants to take a profit is sometimes referred to as the “take–profit point”.
What should my SL be? This is something that you will need to decide on. Just as I give you TP levels based on previous Support and Resistance, you will want to examine the screenshot or your charting platform and determine what SL you prefer based on those Support and Resistance levels.
Support & Resistance Levels – These are simply price levels or a range of prices that an asset doesn’t often go over (resistance) or go under (support).
Trail Stop – Click the link to learn what a trailing stop is
Semafor – This indicator appears as a green or red dot or sun symbol
100 hma and 14 hma – The hma is the hull moving average indicator. It is purple and turquoise for the 100 length and purple and green for the 14 length
200 sma – The sma refers to the Simple Moving Average with the length of 200. It appears white in the Poppin’ Picaso setup
Oscillator – The oscillator is the OsMa indicator in the second to lowest quadrant of the Poppin’ Picaso setup
RSI – The RSI appears in the lowest quadrant and refers to the Relative Strength Index
Last week’s results from the P&A were:
GBPUSD hit TP level 1
AUDUSD hit all 3 TP levels
EURUSD hit all 3 TP levels
USDCHF hit all 3 TP levels
Prediction & Analysis for the upcoming week is as follows:
***As always…remember to move your SL as TPs are hit and even if TP3 is hit…continue to trail stop to achieve maximum profit potential***
We use the Poppin Picaso strategy for the weekly P&A. Based on the indicators at week end and general price action, we use the previous support and resistance levels to determine TP levels.
GBPUSD – short/sell
TP1 – 1.291120
TP2 – 1.287543
TP3 – 1.283762
We ended the week with:
Semafor – sell sun
100 hma and 14 hma – price is above
200 sma – price has a ways to move toward
Oscillator – flipped to the downside
RSI – neutral
AUDUSD – long/buy
TP1 – 0.749432
TP2 – 0.750432
TP3 – 0.751465
We ended the week with:
Semafor – sell dot
100 hma and 14 hma – price is above
200 sma – price has a ways to move toward
Oscillator – flipped to the upside
RSI – neutral
EURUSD – short/sell
TP1 – 1.088161
TP2 – 1.085967
TP3 – 1.084031
We ended the week with:
Semafor – sell dot
100 hma and 14 hma – price is above
200 sma – has a ways to move toward
Oscillator – exhausted to the upside
RSI – neutral
USDCHF – long/buy
TP1 – 0.995469
TP2 – 0.996687
TP3 – 0.998012
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is above
200 sma – downtrend
Oscillator – flipped to upside
RSI – neutral
See you Monday and cheers my friends 🙂
HOW ARE WE DOING?
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