Going forward I am going to trade this system on both the four hour (TE shown here) and the daily charts (different broker) to see if one is generally more reliable than the other. I am going to take 2R profits on the four hour charts and I am going to let trades run on the daily charts via the indicators. There are some nice advantages to end of day trading that I miss
Spoof's Trading Made Simple(r) Journal
- #622
- Edited 11:43am Aug 15, 2019 11:31am | Edited 11:43am
That downward spike made my day..... {image}
What would be really sweet is a small pullback and then re-entry trade on its way for maybe a total of 6-7R 
Ah...we can only dream.
Emotion - it steals your money.
- #631
- Edited 2:56pm Aug 16, 2019 2:01pm | Edited 2:56pm
END of TRADING WEEK
Well. Another crappy sideways week for the pairs I trade. I managed to catch a breakout of the EURUSD and GBPUSD which are both currently in profit. We will see what they do next week. This week closed out with 3.5R in losses with 2.5R in open profits. Blah week.
So what I am noticing is that this system is absolute crap in ranging markets - surprise surprise
The oscillator can keep us out of some of the chop which is handy, but we still get signals to enter and we are still in the sideways range. We could widen the stops to beyond the range which my help if the signal doesn't follow through right away and price eventually goes our way but that technique comes with a reduce reward potential. I have been toying around in the back ground about combining some of my earlier trading methods with this system and basically trading only with an established trend. This will also open up a few more pairs to be able to watch since not all pairs will be in a nice trending condition.
This system gives many counter trend signals that fail in addition to getting caught in ranges so if I can add the confluence of an established trend behind the trades I may be able to save some losses. Essentially the trades would be catching the continuations after the pullbacks in a larger trend instead of trading the pullback itself hoping that it is either a reversal or lasts long enough to get a 2R win - which is basically what is happening now. There is a reason the saying, "the trend is your friend" was coined and after this non-trending month I am paying the price for ignoring it.
I am going focus on only trading in the direction of an established trend and I will share the method I use to objectively establish a trend later on after some forward testing. If there is a way to better avoid this sideways stuff I'm all about sorting it out. I give back too much money when trading in these non-trending conditions.
Happy National Rum Day
Have a good weekend.
Well. Another crappy sideways week for the pairs I trade. I managed to catch a breakout of the EURUSD and GBPUSD which are both currently in profit. We will see what they do next week. This week closed out with 3.5R in losses with 2.5R in open profits. Blah week.
So what I am noticing is that this system is absolute crap in ranging markets - surprise surprise
The oscillator can keep us out of some of the chop which is handy, but we still get signals to enter and we are still in the sideways range. We could widen the stops to beyond the range which my help if the signal doesn't follow through right away and price eventually goes our way but that technique comes with a reduce reward potential. I have been toying around in the back ground about combining some of my earlier trading methods with this system and basically trading only with an established trend. This will also open up a few more pairs to be able to watch since not all pairs will be in a nice trending condition.This system gives many counter trend signals that fail in addition to getting caught in ranges so if I can add the confluence of an established trend behind the trades I may be able to save some losses. Essentially the trades would be catching the continuations after the pullbacks in a larger trend instead of trading the pullback itself hoping that it is either a reversal or lasts long enough to get a 2R win - which is basically what is happening now. There is a reason the saying, "the trend is your friend" was coined and after this non-trending month I am paying the price for ignoring it.
I am going focus on only trading in the direction of an established trend and I will share the method I use to objectively establish a trend later on after some forward testing. If there is a way to better avoid this sideways stuff I'm all about sorting it out. I give back too much money when trading in these non-trending conditions.
Happy National Rum Day
Have a good weekend.
Emotion - it steals your money.
- #634
- Aug 17, 2019 5:51pm Aug 17, 2019 5:51pm
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts
END of TRADING WEEK Well. Another crappy sideways week for the pairs I trade. I managed to catch a breakout of the EURUSD and GBPUSD which are both currently in profit. We will see what they do next week. This week closed out with 3.5R in losses with 2.5R in open profits. Blah week. So what I am noticing is that this system is absolute crap in ranging markets - surprise surprise
Cheers,
Yomi.
Time always comes before price
[quote=TheSpoof;12446964]END of TRADING WEEK Well. Another crappy sideways week for the pairs I trade. I managed to catch a breakout of the EURUSD and GBPUSD which are both currently in profit. We will see what they do next week. This week closed out with 3.5R in losses with 2.5R in open profits. Blah week. So what I am noticing is that this system is absolute crap in ranging markets - surprise surprise The oscillator can keep us out of some of the chop which is handy, but we still get signals to enter and we are still in the sideways range. We could widen the stops to beyond the range which my help if the signal doesn't follow through right away and price eventually goes our way but that technique comes with a reduce reward potential. I have been toying around in the back ground about combining some of my earlier trading methods with this system and basically trading only with an established trend. This will also open up a few more pairs to be able to watch since not all pairs will be in a nice trending condition. This system gives many counter trend signals that fail in addition to getting caught in ranges so if I can add the confluence of an established trend behind the trades I may be able to save some losses...
I would like to suggest the 30 ema shift 2. Which is the 5 ema on the daily. Price below= DT, price above = UT.
The oscillator can keep us out of some of the chop which is handy, but we still get signals to enter and we are still in the sideways range. We could widen the stops to beyond the range which my help if the signal doesn't follow through right away and price eventually goes our way but that technique comes with a reduce reward potential. I have been toying around in the back ground about combining some of my earlier trading methods with this system and basically trading only with an established trend. This will also open up a few more pairs to be able to watch since not all pairs will be in a nice trending condition. This system gives many counter trend signals that fail in addition to getting caught in ranges so if I can add the confluence of an established trend behind the trades I may be able to save some losses...I would like to suggest the 30 ema shift 2. Which is the 5 ema on the daily. Price below= DT, price above = UT.
Trade what "Is", not what "If".
- #639
- Aug 18, 2019 3:11am Aug 18, 2019 3:11am
- Joined Apr 2019 | Status: Trader | 1,996 Posts
...END of TRADING WEEK Well. Another crappy sideways week for the pairs I trade. I managed to catch a breakout of the EURUSD and GBPUSD which are both currently in profit. We will see what they do next week. This week closed out with 3.5R in losses with 2.5R in open profits. Blah week. So what I am noticing is that this system is absolute crap in ranging markets - surprise surprise
I am sharing my live account last week's results using this system. Good positive results and I have to admit that the loss I had on EG was because I did not follow the system correctly. I will continue learning and using the same system next week. Thanks to all members here for sharing their knowledge and special thank to TS for the videos and improving this system. {image}
Was your AUDJPY trade form the very beginning of the week?
Emotion - it steals your money.