SwingPoint Candle trading

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SwingPoint Candle trading

Postby hungarian » Wed Sep 08, 2010 11:18 am

Definition of a SwingPoint Candle:

Low swing point: one candle makes a low, the second candle makes a lower low (SwingPoint Candle), and the third candle makes a higher low (Confirmation candle).

High swing point: one candle makes a high, the second candle makes a higher high (SwingPoint Candle), and the third candle makes a lower high (Confirmation candle).

Today we saw the highest probability set up on the 30M EUR/USD chart.
1.PNG

A SwingPoint Candle was confirmed by the Confirmation candle that closed at 9 am GMT. After that you should wait for a pullback that goes down to about halfway on the body of the Confirmation candle. When price is coming back, a long position could be opened at 1.2671 indicated by the blue horizontal line. SL is 2 or 3 pips below the SwingPoint Candle. TP is double of the maximum allowed drawdown which usually comes to a point near a pivot or R/S.
The strongest SwingPoint setup occurs near or on Bollinger Bands.

CandlePro gave us excellent double confirmation signal on the 15M candles at 8.30 am
1a.PNG

and one more even stronger double signal at 8.45.
1b.PNG
hungarian
 
Posts: 5
Joined: Mon Aug 09, 2010 9:07 am

Re: SwingPoint Candle trading

Postby Fenrir » Wed Sep 08, 2010 11:47 am

Nice and simple. It looks just like the strategy that I use to confirm some of my trades. :D

What do you think of the M15 EU, AU and GU candles that opened @ 3:30, 3:45 and 4:00 GMT?
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Fenrir
 
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Joined: Mon Jun 07, 2010 8:54 am

Re: SwingPoint Candle trading

Postby hungarian » Fri Sep 10, 2010 5:32 am

This morning there was another perfect setup for this strategy.
The 2 CP signals (54% and 94% strength on 15M) beautifully confirmed the high probability trade. The 30M signal (100%) at 3.30 showed that we were on the right track.
Notice also, how the 16% signal is filtered out because it goes against the short term trend and is over the 13 EMA.
1.PNG

For more about using EMAs see this post viewtopic.php?f=6&t=238 by ukfitness.
hungarian
 
Posts: 5
Joined: Mon Aug 09, 2010 9:07 am


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