Interesting GBP/USD MA Crossover system 178 replies
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DislikedI'm hoping to catch the second leg of this new H4 trend. The daily shows a refresh or big pull-back and that could be the beginning of a reversal, if the new highs end up lower than the previous highs, but for now it is bullish and may it continue that way. The weekly is alsobullish and looks promising. {image}{image}{image}Ignored
Disliked{quote} Of course, you may be right, as so often but I am not as optimistic about this as you are: W - bias up, that's correct but the last three candles (up) faced lots of resistance - hardly moving up at all D - bias up, but if I can see it correctly (and you may have different candles) each of the last three candles had a lower high H4 - bias up, but price has been in a range for the last 6 candles - why do you expect a sudden upward move after that? {image}Ignored
Disliked{quote} Hi Josi Thanks for your detailed comments. At first glance it seems I should have placed my buy stop order further up, beyond the area of H4 consolidation. However, as I have said previously, this thread is about learning to use the MAs better, so let me have a think about what you have said.Ignored
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Choose the entry level carefully so that, where possible, a lengthy pullback leaves me behind and does not trigger the trade. Most charts show a sequence of a leg and a refresh. The legs are often of a similar length (like on my screen, literally between 5 and 7 cm from tip to toe), so it's possible to anticipate the next one. I need to stay alert to this - it caught me out today. {image}Ignored
Disliked{quote} Don't beat yourself up over it - to my mind this could easily have gone the other way on another day (even now it is testing yesterday's low and could still turn); your analysis was valid and as there was no lower low one had to expect a test of yesterday's high. 1. What you call "legs are often of a similar length" is also called MMO (measured move objective) 2. It isn't necessarily "possible to anticipate" this, if newsflow changes, price direction may change. 3. I think - looking only at H4 - the obvious thing to see was the lower high...Ignored
Disliked{quote}Comments, josi, or anyone, actually - seeing things through other people's eyes is always useful, {image}{image}Ignored
Disliked{quote} USDCAD sell W - price is testing EMA21 right now, so technically bias is still up D - bias d, low of the last three candles higher, no real sell signal (from my point of view) H4 - price range has been narrowing for last 7 candles On the plus side: price retested yesterday's high and was rejected. Probably not very useful - but for me this means no sell (yet).Ignored
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Why does it worry you that the lows of the last three D1 candles are higher (mine aren't but the question remains valid)? Also, what concerns you about the price range of the h4 candles narrowing? You also said that there is no sell yet. What would need to change for there to be a valid sell?Ignored
Disliked{quote} To cut it short: if consecutive candles have countertrend lows or highs, I see that as a sign of weakening momentum (actually you also take this into account when you use TLs to indicate retracements and the breaks of thereof). Therefore I wait for a candle which confirms that the bias is still valid. Only then would I consider to trade in that direction. Add to that the fact that W is still technically up, and I would be extra careful.Ignored
Disliked{quote} Clear explanation, thank you. So in this example of a trade I am in (AUDJPY H4) the pullback consisted of a series of consecutive counter-trend candles, so you would have stayed out, is that correct? And based on your candle-by-candle analysis, when would you have considered it safe to enter (let's assume for now you would have considered it a valid trade)? {image}Ignored
DislikedThe candles in that consolidation zone were not consecutively bearish (as commented by josi yesterday). {image}Ignored