Price Exhaustion
Submitted by User on November 17, 2008 - 07:40.
Hi Guys,
First off, great site going Edward I really respect your work.
I'm going to share with you my strategy which I use to give signals on my site.
- You want to start on the 1 hour charts and look for price exhaustion candles.
- You then confirm it with 15 mins
- Check if it correlates with other pairs.
Enter the trade.
Sincerely,
Navin
www.forexwatchers.com
Dear Navin;
Can you describe, this is the exhaustion Bar or Candle ? Because in a screenshoot i saw a bar charts; according an examples Bar the first blue arrow is a Pin Bar & 2nd blue arrow is a Pinocchio bar (James16 Trading System), but if we change the charts into Candlestick we can found the Bearish Shooting Star in a 1st Blue Arrow & the 2nd Blue arrow is a Morning Star Formation Candle.
So according these, Candle or Bar, what the rules for Entry & Exit, & where the StopLoss & Target Profit we must put ?
Thanks Navin.
Regards;
Manus168
Hi Navin,
Thanks for sharing this strategy with us.
Regards,
ARSALAN
Hi Manus168,
Can you please tell me what is James16 trading system?
Regards,
ARSALAN
ARSALAN,
James16 method can be found here
http://www.forexfactory.com/showthread.php?t=2331
also check http://www.james16group.us
Are price exhaustion candles have a open & close price almost the same?
Ermmmmm if it is in candlestick term, then it sounds like Shooting Star and Hammer you are talking about. Indeed, shooting star and hammer are one of the strongest reversal signal.
Juz to add another one. If 2 candlestick/barchart having the same "HIGH/LOW" with both going different direction. it is a highest chances of reversal. =)
Hey sorry for the delay guys,
I've been uploading the strategy on Youtube and stuff under the name forexwatchers.
Basically for stops, I'd put the stop 10 pips above/below the tip of the exhaustion candle and for limits I exit each lot at the upcoming support/resistance level. For best results use MACD divergence to get near 80% accuracy on your trades. I hope webinars for this stuff for free on my site www.forexwatchers.com
Go on youtube and watch some of my videos and get an Idea on the trading style.
Hope that helps.
Thanks for your interest.
- Navin
Ok guys sorry for the late response. The video is up.
You guys can take a look at it and see more details on it.
If you have any questions you can always post it here and I'll reply.
Strategy Video: http://www.youtube.com/watch?v=T1PcP2ykSJo
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