A "new" simple system based on MA

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Post# 1,021
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Mar 18, 2013 8:00pm

WDays ● Online
Joined Oct 2012 | 165 Posts | Status: Member

Hey, it's been a while since I've posted here.

I am not sure if somebody suggested this before, but why not use haiken ashi candles instead of regular ones on such a small tf (m1-m5)? Candle patterns don't mean much on these tfs, and since we want to trade what we see, instilling a bias with a japanese candle pattern would be disastrous, no? Also HA allow us to stay longer in a trade.

If it has been answered already I am sorry for restating it.

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Post# 1,022
Quote
Mar 18, 2013 10:09pm

dragonspeak
Joined Apr 2011 | 130 Posts | Status: Dragon

Hi WDays

Yes, there are people that trade HA on small TF. It's up to you to use it or use normal candles. Try it and if that works for you then you are one step closer to success

Regards,
Dragon

Quoting WDays

Hey, it's been a while since I've posted here.

I am not sure if somebody suggested this before, but why not use haiken ashi candles instead of regular ones on such a small tf (m1-m5)? Candle patterns don't mean much on these tfs, and since we want to trade what we see, instilling a bias with a japanese candle pattern would be disastrous, no? Also HA allow us to stay longer in a trade.

If it has been answered already I am sorry for restating it.

Post# 1,023
Quote
Mar 29, 2013 7:52am

hmaoui
Joined May 2007 | 417 Posts | Status: Member

Hello WDays,

Happy to see you again. Your idea sounds great to me if you like HA candles. The most important thing is to keep the philosophy of the system the same it was at the begining. This could be an interesting solution if you want to use HA to stay longer on the second half of your position. Personnally I dont use it but why not if it is to improve the exit. Another member told me about the Fib ratios ! This should be a good tool too ! But please, never forget that what you have to really improve in this business is not your timing (even if it is very important of course), but this is your exit. You can use Fib ratios to get extensions that are at the same level than a support/resistance for example. And you can use the HA candles to give you a better idea of the trend continuation/reversing. My only advice is really to focus an A+ setups, and try to keep them riding as long as you can thanks to personnal tools if you like, such as HA candles or Fib extensions. Convergence is a good sign : if you have HA candles which change of color at a resistance/support level or a Fib extension, it may improve your exit level. But keep in mind that the most important is to focus on A+ setup to enter and not other tools that should tell you best when to enter. These sort of tools have to be used to improve the exits to make more money at the end of the month.

Quoting WDays

Hey, it's been a while since I've posted here.

I am not sure if somebody suggested this before, but why not use haiken ashi candles instead of regular ones on such a small tf (m1-m5)? Candle patterns don't mean much on these tfs, and since we want to trade what we see, instilling a bias with a japanese candle pattern would be disastrous, no? Also HA allow us to stay longer in a trade.

If it has been answered already I am sorry for restating it.

Post# 1,024
Quote
Mar 29, 2013 2:40pm

WDays ● Online
Joined Oct 2012 | 165 Posts | Status: Member

Quoting hmaoui

Hello WDays,

Happy to see you again. Your idea sounds great to me if you like HA candles. The most important thing is to keep the philosophy of the system the same it was at the begining. This could be an interesting solution if you want to use HA to stay longer on the second half of your position. Personnally I dont use it but why not if it is to improve the exit. Another member told me about the Fib ratios ! This should be a good tool too ! But please, never forget that what you have to really improve in this business is not your timing (even...

The thing about fibos is that they work mostly on bigger TFs, I've rarely seen them work well when it comes to m1/m5...

On a side note, if you don't mind I'd like to state a few things, regarding my trading method...

The more I think about it, the more I personally find this system better suited for a bigger TF (and by that I mean 5-15/15-60), even though you have had a lot of success on m1 judging from your screenshots. I stopped trading m1 some time ago, because I got tired of trying to trade noise. I use daily supports, resistances and pivot point and a 11;3;3 stochastic. I no longer utilize stochastic as a OB/OS tool, but rather a tool to measure momentum. I also use a higher TF stoch to confirm. Regarding my SL, I don't place it too tight because I lost 100 pips (on demo) because my stop wasn't good... So I use the last swing high/low technique.

And last I use a currency strength meter to pick the pairs that I trade, because it allows me to pair the weakest and strongest currency, thus allowing me to avoid trading rangebound pairs. I use pair correlations to add to my position, instead of pullbacks (only my 1st entry is on a pullback), because I don't feel comfortable when I use pullbacks to re-enter when I'm close to certain levels.

I hope to have contributed, I am definitely not saying your system needs any betterment, I just feel more comfortable when trading this way.

Post# 1,025
Quote
Apr 16, 2013 12:09pm

dragonspeak
Joined Apr 2011 | 130 Posts | Status: Dragon

Hello

Today's trade gave me -2%

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Regards,
Dragon

Post# 1,026
Quote
May 1, 2013 11:40am

dragonspeak
Joined Apr 2011 | 130 Posts | Status: Dragon

Hello

Today's trade gaves me +4%

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Regards,
Dragon

Post# 1,027
Quote
May 8, 2013 9:35am

hmaoui
Joined May 2007 | 417 Posts | Status: Member

You are right ! I think I told members to begin with a longer TF than the 1mn. Because trading 1mn TF requires very good skills and high discipline so it is not easy to begin with scalping. Looking at Daily/1h/15mn or 1h/15mn/5mn coud be something interesting. The system is reliable enough to work on all TF.
About SL, having a tight SL give you a chance to get a very high Payoff Ratio which is the most important on the long term to earn money. BUT, of course if you trade on higher TF or on very volatile pairs you have to adapt it to the market. 7 pips on 1mn on €/$ is good but sometimes the volatility increases and you have to get a larger SL. Look at your market and the context : do your job !
About Stochastics, you can change the parameters if you want it is not a pb. If you feel comfortable that's ok. But I dont think that it gives you an advantage.
The most important is to keep the philosophy of the system the same as the original, and select A+ setups.

Quoting WDays

{quote} The thing about fibos is that they work mostly on bigger TFs, I've rarely seen them work well when it comes to m1/m5... On a side note, if you don't mind I'd like to state a few things, regarding my trading method... The more I think about it, the more I personally find this system better suited for a bigger TF (and by that I mean 5-15/15-60), even though you have had a lot of success on m1 judging from your screenshots. I stopped trading m1 some time ago, because I got tired of trying to trade noise. I use daily supports, resistances and...