Well said Rob, worked very well this morning with the gbp as mentioned in my previous post on 2 retracements to the 62 EMA to the "T" before bouncing back up...
Quoting robbookerDislikedThere were people using moving average crossovers for trading before I was born. There were also people using support and resistance (Read Tech Analysis of Stock Trends, it's simply fantastic), oscillators, and just about everything else. I most certainly made the 5/13/62 more popular, but there were people before me using moving averages and there have been people using them afterwards, and some of made some awesome improvements on the intital system that I wrote about. I am happy to hear that it's working for some, in any form - before me, after me, from me.
I did chose the 62 because it's a fib ratio number.Ignored
Quoting jammymarkDislikedHope you guys saw the retracement this morning twice to the EMA 62, @1.8960...+40 pips before 10am confidence and PMI, then +85 pips after, total gain with no take profit, +125 pips, with a stop @1.8940, now thats great probability and risk/reward...Ignored
Quoting rchapmandDislikedThis is the system I use and I have had wonderful results with it. You can use any time frame just pick one that you like I trade off the 5min charts but that might not be for you. Try the 15min or the 30min.
This systems works really well I can't believe more people are not trading it. Then again it is too simple and people like to make things hard. I follow the KISS(keep it simple stupid) principle.
I've been adding at least 25% to my account balance on a daily basis with it.
I use trend lines for my projections and CCI set at 5 to tell me when the momentum is getting weak.
Trade when both 5 and 13 cross 62. When the market is trending price will retrace back to the 62 MA before going again in the direction before the retrace. A classic is the GPB/USD, price has now retraced back up to the 62 MA on the daily charts. I call these trades the Johnny come lately, for all those who miss it before.
It works well with news as well I don't care about the news as long as I'm trading off of a longer time frame. The price just likes to bounce from the 62MA. But if you are new to trading I would advise you to close your trades before the news, don't worry about the missed pips you would get them again later when the market settles down.
Hope this helps you and happy trading.Ignored
Quoting jammymarkDislikedHope you guys saw the retracement this morning twice to the EMA 62, @1.8960...+40 pips before 10am confidence and PMI, then +85 pips after, total gain with no take profit, +125 pips, with a stop @1.8940, now thats great probability and risk/reward...Ignored
Quoting accreteDislikedplot the typical Vegas extensions off the 55 as on the 240m chart (Vegas 4hr) ON A 30 Minute Chart.... then take the intersection of the 13/55 and mark that with a vertical line. Now if 13 crosses up, mark off each of the locations of the intersection of the vertical line and the extensions. If you visually back test you will see these are areas frequented by stalls or consolidation.
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Quoting twinchellDislikedDon't believe everything you read on the internet.Ignored
Quoting robbookerDislikedThere were people using moving average crossovers for trading before I was born. There were also people using support and resistance (Read Tech Analysis of Stock Trends, it's simply fantastic), oscillators, and just about everything else. I most certainly made the 5/13/62 more popular, but there were people before me using moving averages and there have been people using them afterwards, and some of made some awesome improvements on the intital system that I wrote about. I am happy to hear that it's working for some, in any form - before me, after me, from me.
I did chose the 62 because it's a fib ratio number.Ignored
Quoting sergei.moDislikedHi. What to do if my trading platform doesn't provide Vegas extensions?Ignored
Quoting wallymDislikedHi Pips,
Anyone still using this 5/13/62 method? Would love to hear any experience (good or bad) on trading it. Thanks!
Cheers!Ignored
Quoting WHTennDislikedIt is a great system...many people are using it. Do you have the system or are you just inquiring about it?
Have a profitable 2007!Ignored