Hey there 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:
This week we spent a lot of time looking at the layout of the website and how content is presented. We have a good plan of attack to make things easier to follow and share with you Charlie’s recipe for success, which will include the 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.
We received some suggestions about newbies not understanding some of the terminology and abbreviations being used, so we have begun going through the website and adding links to the posts associated with specific terminology to assist with this.
We are currently testing the addition of more spread signals as most Nadex members said they preferred the risk to reward associated with them.
We are also currently testing the Nadex ITM binary trades to try and improve the number of trades reaching their WOs for each month.
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 levels 1 and 2
AUDUSD hit all 3 TP levels
EURUSD hit TP level 1
USDCHF hit TP level 1
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 – 1.245629
TP2 – 1.243557
TP3 – 1.241343
We ended the week with:
Semafor – sell sun
100 hma and 14 hma – price is below
200 sma – price has a ways to move toward
Oscillator – flipped to the downside
RSI – is sloped downward
AUDUSD – buy/long
TP1 – 0.763825
TP2 – 0.765215
TP3 – 0.766649
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is above
200 sma – slight upward slope
Oscillator – flipped to the upside
RSI – exited and reentered the 30 line
EURUSD – short/sell
TP1 – 1.077803
TP2 – 1.076186
TP3 – 1.074459
We ended the week with:
Semafor – sell dot
100 hma and 14 hma – price is below the 14 and above the 100
200 sma – price has a ways to move toward
Oscillator – is neutral
RSI – is sloped downward
Price is consolidating and appears that it may have formed a double top price action setup
USDCHF – long/buy
TP1 – 0.992077
TP2 – 0.993475
TP3 – 0.994970
We ended the week with:
Semafor – buy dot
100 hma and 14 hma – price is above 14 and below 100
200 sma – price has a ways to move
Oscillator – is neutral
RSI – is sloped upward
Price is consolidating and appears that it may have formed a double bottom price action setup
See you Monday and cheers my friends 🙂
HOW ARE WE DOING?
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