Hello everyone! Last week was another solid one in the room!
Members:
Pure Price Action Series – CLICK HERE to access
NEW ~ Price Action Candlestick Patterns 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!
If you have not filled out the survey yet, please do so to help us to continually to improve all of your experiences here – CLICK HERE
Updates from Survey Suggestions:
Charlie released presentation #1 last week of the new price action series requested from multiple members in the room. CLICK HERE
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:
http://www.myfxbook.com/members/SlickTrade/foltron-set-forget-2/2055506
http://www.myfxbook.com/members/SlickTrade/foltron-set-forget/2040905
http://www.myfxbook.com/members/SlickTrade/mt4-live-foltron-set-forget/2102804
https://www.myfxbook.com/portfolio/mt4-live-foltron-set-forget/2108175
Charlie’s trading recipe for success was released 5 weeks ago. 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 were released 4 weeks ago as demo signals for members to try out. These have the same instructions as the DAX spread signals and are for assets Natural Gas and Gold.
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 all 3 TP levels
AUDUSD hit TP levels 1 and 2
EURUSD hit TP levels 1 and 2
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 – long/buy
TP1 – 1.281592
TP2 – 1.283438
TP3 – 1.285285
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is above
200 sma – price has a ways to move toward
Oscillator – exhausted to the downside
RSI – exited and at the 70 line
AUDUSD – long/buy
TP1 – 0.745051
TP2 – 0.746468
TP3 – 0.747885
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is above
200 sma – neutral
Oscillator – flipped to upside
RSI – neutral
EURUSD – short/sell
TP1 – 1.114681
TP2 – 1.112210
TP3 – 1.109811
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is above 14 and below 100
200 sma – price just crossed below
Oscillator – exhausted to the downside
RSI – close to 30 line
USDCHF – long/buy
TP1 – 0.976517
TP2 – 0.978609
TP3 – 0.980825
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is below 14 and above 100
200 sma – downward slope possibly leveling out for consolidation period
Oscillator – neutral
RSI – neutral
See you Monday and cheers my friends 🙂
HOW ARE WE DOING?
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