Trade setup 2014 Week 25 USDCHF
Hi all,
This week something different. The USDCHF
I'm in the middle of developing a nice little indicator which takes all the stress out of trading.
It's the Fib and Order block indicator.
Combine this with the weekly dealer range indicator:
http://fxgears.com/forum/index.php/topic,320.0.html and you can see some solid setups come to fruition.
To demonstrate the possibilities, USDCHF is up on the chopping block.
Screenshot 1 you can see the indicator at work. It's drawing the order block and a nice little red/green arrow. The arrow is drawn at 6 GMT the day you should enter the trade.
Pay attention to the weekly dealer range level it bounced off from, and the weekly level on the day you should trade. Pretty neat huh
Next screenshot is the 5 MIN on the day you should take the trade, with the daily CBDR indi.
You can see the MS break and back into a OTE zone, right on the CDR midpoint and daily open (5GMT).
You had like 1 hour to enter at 0.8994.
Last screenshot is the take profit.
Have a look at how the FOMC meeting presented another great entry point. However I was looking at the charts during that timeframe and the spread was > 20 pips @ Oanda during that time. So it would have been hard to get a good price if you're not working with a commission based broker.
Needless to say the 200% extension came in the next day @ 15GMT
Stop loss was 10 pips above the fib 0%, or around 25 pips. Take profit would be around 80 pips, so definitely a 3:1 trade.
I also attach the AUDUSD, same principle. The entry after MS break on the 5MIN came in during 14GMT (late NYO Kill Zone), take profit next day @ 15GMT at the TP 2 level (161 extension).
You can see the order block rectangle is a different kind of blue. The dark blue rectangle is the 4H order block the other one the 1H order block.
No worries though, the indi detects it automatically for you