ceometromedia:
[img]http://3.bp..com/-F2W9iuiEAUo/VfhdkBlpClI/AAAAAAAGlOI/OMrXj_mI8A4/s1600/2.jpg[/img]
The guy was seen actually using his bare hands. My goodness! Another photo after the cut..
[img]http://2.bp..com/-TZG1dE5xvDM/Vfhdl8EM2XI/AAAAAAAGlOQ/aHCcsgDnUag/s1600/1.jpg[/img]

http://www.metronaija.com/2015/09/photos-man-touches-high-tension-wires.html

Eurozone, Greece reach agreement on bailout

naijababe:


IF not for money management matter, I for risk EU buy tomorrow. The Greeks will accept the bailout.

Shevychen2:
Out of that trade with 85 pips..Another decent week goes by.
Anyone thinking of holding trades over the weekend should be careful of Greece referendum o

We are all speculators here. I expect EU to rise to 1.14 by mid-July before crashing down.

naijababe:


Super simplified. Just the 20 SMA, and I plot the high/low of last completed weekly/monthly candles taking my positions on the breakouts and rejections .


That was quite a dig, I am surprised that did not disappear with the tsunami

I still have it in my archive

Do you still remember this pix...........BACK IN TIME: Odiaero show-off of "$890K" & "$720K" balance

Naijababe’s trading system

To fully understand this system, there are key assumptions that I have made which must be taken into account. The assumptions are necessary because that the system is generic to all the instruments that I trade.
Key assumptions:
Although the market is now functional 24hrs of the day, key trading hours for each sessions is about 7.5hrs as shown below:
Frankfurt : 7am – 3.30pm
London : 8am – 4.30pm
New York: 2.30pm – 9:15pm
Tokyo: 12:45am – 6:30am
Note that these times are all based on UK time and are when active/live trading takes place, you can of course place trades out of these hours trading but non-forex instruments will attract a premium so i.e. higher spread.
Lunch periods are periods of trading lethargy, therefore 1 hour is subtracted from the total active hours of each session

Instruments traded consistently traded with the system are as follows:

£/$
€/$
German XetraDax -30
Japan (Nikkei) -225
DJIA (Dow)
US Crude
Gold
Silver I used it in the last 3 months or so for these instruments and it worked well

Indicators:
10 EMA
35 EMA
135 EMA

The user of the system is familiar with candlesticks patterns


THE SET UP:
The chosen EMA are based on my personal tweaks to get a particular result, I use three to mimic to the fan principle and in an uptrend, I expect prices to hang on to the 10 EMA and to depart far away from it in very strong trends but return to it at some point (i.e. retracements). I have used stochastics in the past with the system at settings 11, 3, 3 and Bollinger bands at default settings but I removed them when I noticed that they clog my charts and I don’t see patterns as clearly and on time.
My favoured trading TF is the 4h TF but I draw the horizontal supports and resistances on the daily chart and trendlines on the weeklies. When I have access to a chart, I pick my entries and exits on the 30min TF but when I don’t, I use pending orders based on Fibonacci retracements for entries and a predefined level for exits. I usually place two orders; one at 61.8% level and the second at 50%.
The requirement is for me to trade in the direction of the long term trend but given that ‘supposed’ reversals which effectively are retracements will occur in the shorter TF, I use the shorter TF in assessing entry points especially when prices have departed far away from the 10 EMA in the 4H TF.
As previously mentioned, the EMAs are chosen to get certain results which are explained below
On the weekly chart:
10 EMA – Prices applied to last 10 trading weeks (approx. 3 months)
35 EMA – Prices applied to last 35 trading weeks (approx. 9 months)
135 EMA – Prices applied to last 135 trading weeks (approx. 34 months)
Note how the emas are related by a factor of approximately 3, I know it’s not exact but trial & error shows that these settings work best for my purposes
On the daily chart:
10 EMA – Prices applied to last 10 trading days (2 weeks or half month)
35 EMA – Prices applied to last 35 trading days (7 weeks or 2 months)
135 EMA – Prices applied to last 135 trading days (27 weeks or 7months)
This time, the emas’ price actions are related by a factor of four, each should act as a very good dynamic resistance and support on the chart.


On the 4H TF:
10 EMA – Prices applied to last 40hrs (effectively 5 days based on 7.5hr per trading day/session)
35 EMA – Prices applied to last 140 hours (19 days or 1 month)
135 EMA – Prices applied to last 520 hours (72 days or 4 months)
Again the emas’ price actions are related by a factor of four

THE SYSTEM TRADE SET-UP
Starting with the weekly chart as shown, we draw our trend lines and also use this screen to determine what direction trade will be taken. This is the weekly chart of the £/$


The last candle shown on this chart is for the week beginning the 24th Oct (where arrow is pointing), the candle prior to the last one clearly shows that the £ is bullish so we will be looking for longs, i.e. we have identified the direction of our trades from the long term chart. If you look at this chart properly, you’ll see that you can draw an ascending triangle on this chart – a bullish pattern.



On to the daily chart now with our horizontal support and resistances drawn:


The double arrow shows the trading days from 24 – 28 Oct, now if you had not looked at the weekly chart, you might make the decision to go short since the candle 24th was a doji and it was followed by a spinning top, but the inspection of weekly chart makes of aware that the spinning top is potentially a pause and the rally to upside could be to continue.
For those who would prefer to trade strictly on daily charts, you’d have entered at the close of 23 0r 24 daily candles around 15950 area with about 70 pips SL and TP to 16200 (you’d be risking 70pips for 250 pips – a very good risk reward indeed)





For the trader who prefers the 4H TF, you’d potentially have a better entry and therefore a better risk reward ratio



Recall that I said previously that your emas act as dynamic support and resistance, you’ll see that candle that the arrow is pointing at clearly broke and close below the 10 ema, so we’ll expect the a little more extension to the downside, the next candle however, sat nicely on the 35 and I’d place my long trade here. In this case I use a rule of thumb of 50 pips as my SL and same TP as before, note the better entry at 15900, giving a risk reward of 6:1 (fabulous indeed) and this is why I prefer the 4H TF entries. If you are the more conservative trader , you may choose to wait for a bullish signal before you enter.

This system can be applied to the day trading as well as follows:
Select your preferred trading time frame
Multiply this TF by a factor of 5 ( this is where you draw your horizontal support and resistances)
Multiply the second TF by factor of 5 to get your long term trend

For example if your preference is the 1hr tf, your support and resistance would be drawn on the 4hr tf since a 5 hrtf is not the norm and your trendlines will be drawn on the daily chart

I hope this system is clear, open to answer questions on areas that are not clear.

May the pips be with us all

Naijababe

naijababe:


I know, it is consolidating under the 20 SMA on the daily and that is why I am still holding it



I just might do the same o

That GJ will likely do 800 pips downward. I am placing a pending sell @ 192.5 and 137 for EJ

naijababe:
This is what I see on gold but I could be wrong. Could head for 1028 if it breaks the support by year end.

Then I'll place a pending sell @ 1200 and go to sleep.

azubyky:

Currently we yet to come up with an exact price due to the fact that some process are still ongoing, however I need information on the question u raised. I understand Dangote control the market but I will like to know the current distribution price per 50kg Bag, the minimum purchase quantity and the commision. I will appreciate if you can give this information base on your experience becuase this what will help me design an effective and efficient price mechnism.

abuayman:
May Allah make it easy for them up there.
With temperature at more than 400 degree calcium, cople with fasting, though not compulsory for them again in this time of hardship. Mehn that's to tell yhu that Naija own na beans at just 36-37 dc.
Alhamdulillah

400° "calcium" And the whole place didn't roast. The highest observed there is 44° Celsius. Some northern part especially Yobe experience high temperature almost at this level during hot season.

TheShootist:
Longed EA here @1.4655 stop below the last swing low.

jamace:
GBP/AUD
SELL @ 2.0200O
TP @ 1.97000
SL @2.02500

Lets go there!

SunnyJ2:
business gurus, what business can I start with empty pocket? No insult please!

jamace:
GBP/AUD
SELL @ 1.98000
TP @ 1.95000
SL @ 1.99000
Trade may take 2 days or more to reach TP. So, be patient.

drsteroid:
I will advice u go see an eye doctor for a comprehensive eye test,diagnosis and treatment...Thank u

naijababe:
Not that i am complaining o but wetin dey happen to the euro?

ECB's Coeure says short-term rate below zero doesn't pose policy problem

Jalive:
BUY USDCAD @ 1.19930
TAKE PROFIT @ 1.21300
STOP LOSS @ 1.19389