Greetings to all my fellow currency traders.

[moneyrunner]

Thanks Pierre

Hope to hear from you you soon with more pearls of wisdom....

[julianj]

Thanks Pierre, your information was very helpful and interesting.

regards

Julian

[moneyrunner]

Hi Pierre
Been reading threw your post on your chart set up and have a question/s as Im a little confused. Once you have your 4 hr chart with the week indicated in horizontal lines (ctrl Y) do you fib that area for the previous week? Or do you fib the weekly chart and wait for the 50% "activity" area?
Thanks

[Vyacheslav Kravchenko]

All the Best from Australia, Melbourne
Russian in Australia, sounds not true?
I am not young and trading enough years to trade profitably or terminate, but I am still trading.
All traders of all ages from early 1920th wanted to trade witn something in which they could be sure - with benchmark:
Benchmark coud be MA200 (Mark and others),S/R, simple horizontal line on chart (Montesuma's line for his gold)
All Invented Indexes, include USD and other currencies Indexes. Iven COT report they want to move to Index.(besides on MT4)
With trading more then 1 day this is Pivot Points and later came Fibonacci numbers. For benchmark inside day trading - ask brokers or we could discuss in next time
Why Pivot Points start so important?
To give real mathimatical picture of arithmetical statistical independent from any influence, picture of movement prices from day to day - steps to heaven, to money and so on
I have separate chart, where I put all my indicators, which for me is benchmark:
All Pivot Points (D W M), Strenth Meater on pairs separate and all together to compare
If you take 4H chart even with D PP, and make it very tite, you will see what is Pivot Point, in good hands this is better then Moving Average.
Strenth Meater - I have about 3 of them and stopped on one, which gives chart of movement of strenth of one pare currencies or all together.
AND DON'T FORGET FOR PIT most important open price - I mark line every morning for all 24 jours, the same PP
All the Best.
If will be any questions, I will be happy to give answer
V Kravchenko
If wiil be any mistakes, I promice in next life i will learn English language 40 years earlier

[Pierre]

Hi Vyacheslav
I will see what I can do so that Mark can load a couple of charts on the blog for you to see better.
Regards
Pierre

[PabloOnFX]

Hi Pierre,

many thanks for you detailed contribution, I look forward to learning from your techniques.

Could you confirm or correct the "rules" that I've attempted to summarised below please?

1. Trade Alert = Price enters previous Weeks Fib 50- 61.8% levels
2. Confluence exists from either the Daily, Weekly and Monthly 55/200 EMA's and Weekly Pivot
3. Entry Point = Asian Breakout (M1 Method)

I could guess but I have a couple of questions too:

• In my Rule1 - I'm not sure if you allow up to 76.4% Fib levels etc?
• I understand Marks M2 method (EMA's and BB's), do you use these explicitly to filter the direction of the trade or do you employ other readings i.e. how do you read the Trend? If I understand the M1 Method correctly, you can trade against the Daily Trend as long as the distance to the next key EMA S&R is large enough for a good RR.
• What do you look for with the Weekly Pivot to give confluence?

Thanks once again,
Pablo

[PVJBUS]

Thanks for your kind words .

I will start again at Marc tutorials

[Pierre]

Morning Pablo
Your rules:
1) Trade alert correct
2) Confluence of Macdee/Pivots/or any other indicator showing that price might react here correct.
3) Entry on M1 Asian session: I don’t know about this one. I personally don’t trade the M1 method. What I do is to wait for my price to get to – let’s call it my trade area (50% to 76.4% area). When price gets to these areas I go down to a 1 hour chart. Now you wait. The best indicator that people stopped using because it’s so simple is a trend line people. Price gets to my 50 % Fib wait for that trend line break – price goes on and gets to my 61.8 only now it breaks my trend line on 1 hour – then it’s here where you get in. I know it’s difficult when you can’t be in front of the computer but that how I do it.
You’re Questions:
1) Yes I allow up to 76.4 Fibs.
2) Trend: That’s always the difficult one. You must remember Marc does his analysis from a daily chart. So if the 34 is above the 55 EMA the markets main trend is long. However on the 4 hour the 34 ema is under the 55 ema then the current direction on the 4 hour chart is down. So you need to decide what timeframe you will use as your main home chart. So this is what I do – I changed my 34 ema to a blue colour and my 55 ema to a brown. Blue for sky and brown for earth. Always look if the sky is where its suppose to be – if it is then the market is long if it’s not then the market is short. What I also do is when my direction is up on a 4 hour but down on a daily I move away from my 4 hour chart and only trade then from the daily chart. On the daily chart I use monthly Fibs. You want to trade with the main trend, so if the 4 hour is different from your daily trend (direction given by the 34/55 ema on the daily) then move to the daily chart and stay there and trade from it till the direction on the 4 hour changes back again to the main trend – then only can you move back to trading from the 4 hour chart. Hope it makes sense. Remember this is my way – you need to find your way – something that’s suits your trading stile.
3) Yes you can go against the main trend – but remember what I said before – if you trade with the main trend you will always find something that’s between your entry price and your stop e.g. Ema`s. Remeber i trade the m2 method – if you whant more deatailed information on the m1 method – then its better to ask Marc.
4) Weekly pivots and what gives confluence with it are ema`s fibs, Bollinger bands previous support and resistance levels (highs and lows). Remember the more things you see a the entry point the better. Pivots can also be used for targets. Say I get a weekly 50% Fib pullback entry and there is a weekly pivot point somewhere between my entry price and main profit take area – then this area might be a problem and might stop price before it gets to my main profit take area.
Now i need a cup of tea !!
Hope this will help
Regards
Pierre

[Pierre]

Hi Moneyrunner
I will ask Mark today to post a chart for all the members to see and to get an idea how my charts look.
Regards
Pierre

[The Berr]

Hi Pierre and all you other guys out there. Thanks for sharing your thoughts and strategies. I think it is fair to say we all have to find the way that suits our own lifestyles and I am not yet ready to commit my life to staring a screen, but enjoy the four trades. I did all the usual crap, like buying robots - quite a few - and since my second year have just about recovered the losses sustained by listening to Marc and using his Blog as a main guideline for the day. I do tend to stick to GBP and Eur trades since I cant afford to be in everything, but this seems a great place to learn. Lets hope we all make it past year three.