Saturday, April 9, 2011

Big week for the Euro

Huge breakout for the Euro this week and meantrades caught the trade a day early; not bragging just observing it is oftent he case that when the signals issue they cause a little pain before the fireworks. Am growing into this notion rather slowly--instant gratification being an achilles heel of mine.




There was almost nothing going on any other chart. GBPUSD missed long and short signals almost daily--even on contracted ORB settings.


Regardless, the EURO ended up +250 pips for the week and still long with profits already booked.

2 comments:

alright said...

Hello. I just discovered your blog and hope you don't mind me asking a few questions as I'm very intrigued with your meantrades system. I've tried to set up my charts the same as yours but there's a key point missing in your instructions: the range bar value you're using. Also I'm confused about the direction you draw the fibo. As for the entry my understanding is that you wait for one the levels (161, 261 and 423) to be hit or so and then wait for a reversal bar to enter. The SL I suppose is above the high/low, but what about the target? And do you trail once the price moves in your favour, and maybe move the stop to b/e? If yes when? Sorry for nagging you but I'm sick of systems based on lagging indicators and am looking for something reliably based on PA. I would really appreciate if you could help.

peglegtrading said...

Hi,

Thanks for your questions.

The constant range bars are on 20 pips settings.

The point of entry is when the heiken ashi bars cross through the outer keltner band, touch the fib extension levels, then reverse. I do not trail trades. First exit is when price touches the opposite keltner band (or if you prefer to wait for the first opposite moving heiken ashi bar after touching the keltner). I usually take half off at this point. The second half I will move to break even and let bounce around in hopes of a huge breakout. This position is held until an opposing signal is reached.