DislikedDo you think you could post some charts of your entries and why you took them? I would like to see.Ignored
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DislikedDo you think you could post some charts of your entries and why you took them? I would like to see.Ignored
DislikedSure thing...attached is an hourly EUR/USD from Friday. I took the short signal from the very large inverted hammer (note TM is blue). The TM turned red afterwards (when it changed it only served to tell me to stay in the trade). I set the short at 1.40736, my first stop was set at 1.40171 (actually the FIRST stop was at the high of the previous candle) and again at 1.39210. I stepped away from my computer for a few hours, when I returned the EUR/USD had just formed a bullish inverted candle (very nice one). The decision was too easy, I didn't use...Ignored
DislikedDo you only trade the H1 chart?
I ask because I'm wondering if that would be a better idea for me. I'm trying out trendmagic because I'd like to learn a method that when I get up at 6 AM I can find 1-2 trade and stay in till 11 Am for the bigger parts of the US session.Ignored
DislikedNormally I trade the 5 minute. This particular day the news that hit caused volatile movement. The 5M chart became too erratic to attempt a trade, so I switched to the hourly. At that point I was not concerned with TM, the very large bearish candle SCREAMED short entry (get a copy of Bill Williams book trading Chaos 2nd edition). The angulation formed from the alligators mouth had my mouth watering! Again the TM had NOT given a short signal, the hammer and alligator did! The TM changed color later and made me feel better about riding the wave and...Ignored
DislikedMy 2cents. Try this on higher timeframes and you can cut out all the noise such as economic news. However your money management and your account size should permit that.Ignored
DislikedTrading it on a higher TF also requires patience which is a very difficult skill to master (speaking from experience). But yes, you are right. TM is very well suited for trend following.Ignored
Dislikedwell said i prefer to enter, set stops and close the trading terminal. i check my trades twice a day and get back to my real life...
i guess you need to give the trade a few days for it to bloom/start growing. otherwise, you might start doubting your trade in the initial few days...Ignored
DislikedYes, that is definitely the case for me. Recently I've started doing a lot more work on identifying and quantifying longer term trends. The fiber is especially well-suited for trend trading, as is obvious from the last few years of price data (leaving aside the QE spikes in Dec 08 and March 09). I still like intraday trading because that's just who I am but I am seriously considering opening up another account for trend trading.
BTW, I've also read Covel's book. It's not what you would expect from a book focused on trading, but is good at making...Ignored
DislikedWell, I had a bit better luck today. 2 Trades, -39 short Loss, +48 Long win.Ignored
DislikedNot to preach or anything but I would remind you of what Indrek said a couple of posts back - enter with a solid stop loss, or, if the risk is too big, don't take the trade at all. That 39 pip loss could've been a 20 pip loss.Ignored
DislikedWhile reading through the whole thread and trying out the TM and BBMACD indicators on H4 and Daily time frames, I was wondering why no one mentioned trying this system on these timeframes and there it was on the last post this system looks very powerful on an eyeball backtest, however the repainting issue keeps coming back on this thread too... i would recommend everyone to demo forward test this to gain more comfort.
Just finished reading Michael covel's trend following and this systems seems to be in sync with the book and trend following.
My...Ignored
DislikedAs per the TM and BB there was a potential short on the EU at 20:30, which is 3:30 in the afternoon here.
I saw it but ignored it because of the time of day.
Would anyone else who is trading this method have taken it, and why?Ignored
DislikedHi
Are you trading today? My 1st positinon is bad on EURUSD -20 pipIgnored
DislikedGot up at 6 am 11:00, looks like EU has a lot of volatility on the 5M anyone know why?Ignored
DislikedChina hiked rates. AUD/CAD and EUR/USD going crazy right now. Not recommended to enter for a while!Ignored