- Joined May 2008 | Status: dynamic | 2,412 Posts
Invincibility lies in the defence, the possibility of victory in the attack
Daily directional setup (5 days simple setup) 3 replies
How to use the 123 strategy effectively 1,681 replies
EMA crossover (ema 14 & 34) 4 replies
EMA's and MA's confiming small time correctoin ema's crossing 1 reply
DislikedGood Work Aiyah, Keep it up
and it's better to the point to the trade at it's time
excellent
I cant daytrade now cuz I'vnt the time, I only trade the dailies
I hope my dayrading days comes againIgnored
DislikedVery interesting system.I am always a big fan of Moving Averages.However i am little confused about your stops.What exactly is the T/P and S/L rule? When do we close our trade?
Thanks a bunchIgnored
DislikedDetermining where to stop losses is to me a rather creative endevour.
I say this humbly, experience has allowed me to bend and twist my own stoploss policy and very often breaking it, and I got away with it most of the time losing less and sometimes getting away with breakeven or a few pips even when I am wrong about market direction. These are instances where i capitalise on the random nature of the market which is present at times many times.
But for the sake of this thread, I shall attempt to put forward a more strctured stoploss policy.
There are 3 lines of defence, and when one of this occurs, I will be on alert.
1. Price drops to the lowest level of the previous 3 bars.
2. Price drops to the previous peak or valley.
3. My P/L shows a -30 pips figure.
Consider getting out whether you are in profit or not when you experience the following :
1. Price never move much after 1 to 2 hrs of waiting.
2. You see 3-5 consecutive bars of higher lows when in effect you are short. ( opposite apply for long )
3. Moving averages start to go flat instead of sloping in either direction.
4. Your gut feeling says get out.
5. Your wife complains you are not spending enough time with her. (Girlfriends and children too)
6. When you are hungry. ( Hungry people make poor decisions, eat first )
mtIgnored
DislikedWhen I started reading this thread, the first questions I was asking, too, were about sl and tp. I have to say your second set of answers is just fabulous!
Excuse me, but I have to walk my dog now... USD/JPY isn't moving anyway, no use monitoring it anymore.
Thanks!
6Ignored
DislikedWell thought out system, Aiyahmarklah
i'll give it a try, since its more than just: buy if Xma crosses Yma, and sell if ... u know. So for how long do you stay in such a trade and how much time do you have to watch it?
I could spend one to four hours in the early european session, if i dont have to watch it the whole time, but u can just send me back to the H4 & daily trendlines if it wont work out
regardsIgnored
DislikedYeah you are most welcomed, those are of my personal experiences.
Yep, don't neglect your dog as well.
As I took a break today and went out to get in touch with nature, I saw a Great Dane in a petshop and i love it !!
but my apartment is too small....Ignored