Momentum and fibs Journal
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Thread: Momentum and fibs Journal

  1. #1
    Hi,

    The egy I use for finding the daily/weekly trend is your momentum egy bu Auslanco.

    Tools:

    daily auto fibs on previous evening candle.
    Ema 50,100,200
    Daily Gann Hi Low
    autopivots
    5 sma low,high and near
    Daily open lineup.

    Here are the indiors and template.


    Usually if price has closed above 5 sma high on the previous day, and mom1 on another day indies a down, it should retrace to 5 sma high or to 5 sma close. If you assess the auto fibs on the previous day, that should be a retrace to 38.2 prior to any upmove. This isn't carved on stone as I have seen on several events it doesn't do this too.
    However, using the G7 indior we may use the currency power to exchange the 15 second fibs egy as clarified by WJQ on'my fibonacci egy' thread.

    I'll be posting my trades with this journal using the aforementioned technique of G7 and fibs from next week.

    As stated earlier, through momentum egy we could observe the daily and weekly trend and trade the 15 minute from the direction of the daily. Trading pairs: all of the very low spread pairs esp eur/jpy and Aud/jpy, Gbp/usd eur/usd.

    Anyway, more will be clarified with charts from monday. Please read through WJQ's ribbon to acquire a image.
    https://www.forexforum.co.za/attachm...407006919.1###
    https://www.forexforum.co.za/attachm...1128035934.ex4
    https://www.forexforum.co.za/attachm...1472247453.mq4
    https://www.forexforum.co.za/attachm...4605410678.mq4
    https://www.forexforum.co.za/attachm...1753095599.tpl
    https://www.forexforum.co.za/attachm...1667709777.ex4
    https://www.forexforum.co.za/attachm...8172239202.mq4

  2. #2
    TOday's daily momentum for GBP shows all down that means a sell day until 5 sma shut on daily at least. Which is near the weekly pivot 1.5119. Now to look for a setup. Stocks right now are turning up. I have sold one lot and I will wait for the down fractal on a quarter hour and wait for stocks to turn down as well to sell again. Monthly R1 is currently at 5273. I dont think it will reach there but these lines are just like a magnet that draws price to them. We already have a triple or double top on 4h. I'm waiting for a fantastic price to sell again.

    THe price is bullish. This transaction is counter tendency to 5 sma near retracement. I will look up in a set up for buy after the retracement.
    Similar setup with audusd too.

    Good trading to all.


  3. #3
    The market on eurjpy and audjpy hit profit and the buy setup after that was fantastic on both these currency pairs. Hope it was good for everybody.
    Regards

  4. #4
    GBP hit TP close R1 to get 18 pips. Sold again in 1.5273 to get a 1st goal of 5198 and next at 5143.

  5. #5
    Gbpusd didn't reach my targets. All trades struck breakeven 3.

    Today's momentum is mixed so no trades just scalps.

  6. #6
    On a quarter hour, audusd is looking great for a sell and eurjpy audjpy. I'll wait for stocks and Indices confirmation to enter.

  7. #7
    There was no convincing break of yearly R1 on GU which may bring more weakness in this pair. I'll wait for confirmation on promoting GU again. USD and Yen is placing itself to be more powerful for daily.

  8. #8
    This is the chart as clarified.

  9. #9
    Hi StringFX,

    I was reading about the momentum charts you've posted before in the thread.Could you pls clarify me further how can you check market / buy day for a currency pair.Also,What time do you check prior to london opens?

    Let me know do you still use this method.thanks.

    Regards
    Kumar

  10. #10
    Vinodh,

    assess the template at 00:00 gmt. If you have all the momentum of this day (which is 1 (most significant ),10 14 showing up a curve, then it is a bullish moment. Check the fibo daily which is the daily fibs drawn on the previous day's candle. Don't trade if the price is in between daily brief which is 38.2 or daily long which is 61.8. Await price to close above or below these amounts. If all the momentum is showing up afterward buy above 61.8 to 10 pips under daily goal 1 to the fibs. If momentum 1 two are showing up and next one is either down or flat. then buy from 61.8 to daily high -5 pips. Be mindful of any weekly resitance on how as price tends to reverse from these levels. You're able to integrate wjq's method with this as it provides a particular management as the daily fad. As soon as you reach goal for daily. Stop trading since the forecast is just for one day.

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