the third position that I took was a buy and it went for SL.i set TP 7 and SL 6 ,if I set SL to 10 it would not be negative .however I set tp and SL 1/1 rate. let's see what will happen
We will see. I went into the negative today. I will post the pictures of my setups i took and maybe we can work out what happened it took my gains from the week into minus. I will make it back.
HI All, sorry I have been busy las couple of days. I had a couple of bad trades on Wednesday and it took me balance for the week into the negative, however I changed couple of things yesterday and made 2 good trades fo the total of 18.6 pips. Actually there was couple of changes, first one I changed the EMAs to 20 50 and 100 EMA (I used to use 20 100 and 200), I feel like the 20 and 50 ema give me a better trend view of the pairs. the 2nd change was more on the psychological side of things. I was a lot more patient and waited for the trade to form. I now wait for the 5 minute to finish it's pullback usually to the space between the 20 and 50 ema (area of value) and when I can see that the pullback might be ending I go to the m1 to see if the rainbow and all the conditions are met for the trend to continue on the lower time frame i.e break of the last low, break of the TL or S/R. Also, when I use this type of entry I can hold the trade a lot longer on the m1 as I know that the 5 minute will either retest the last low or it'll go past it. If I think it will I maximise on the trade, in other words I close the first half of the position move the SL to BE and then I let the other half go to the next point of reference, it might be a pivot point or another major S/R.
Hi Mortezakh, over this weekend I was backtesting it a lot and I noticed that CCI -100 or +100 when entering the trade would keep you out of the false signals and whipsaws a lot. I also started using the 20, 50 and 100 EMA as it gives a better view of the current trend. 20 100 200 EMA were given an outlook for a larger timeframes and now I see it better (maybe it's only me) the trend on the 5 minute. Also, i am changing my stop loss to 10 pips now, 20 pip on the m1 time frame is just too much I can see if the price is going to go up more than 10/12 pips on the m1 it is usually a deeper pullback on the 5 minute or even a trend chane on the larger time frame. Anyway, I did that in the last few trades and it worked out pretty well. It's a shame that I lost those 2 big trades, I ended up positive for the week, I will be updating the forum next week. Below is what I finished on last week. If it wasn't for the 2 big losses it would be a nice trading week.
13 trades in total. 10 Winners and 3 Losers. Ratio is 77%. Pretty good I guess.
Also, just to add to the previous message. I look on 2 Higher time frames. I start with the 30 minute timeframe to check the EMA, then I switch to 5 minute to see if they are also lined up and then I make a trading decision on the m1. checking the 30 minute charts allow me to filter out the best pairs to trade. Thanks.
Also, just to add to the previous message. I look on 2 Higher time frames. I start with the 30 minute timeframe to check the EMA, then I switch to 5 minute to see if they are also lined up and then I make a trading decision on the m1. checking the 30 minute charts allow me to filter out the best pairs to trade. Thanks.
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please post this week result, this is the most waiting thread for me in ff
{quote} please post this week result, this is the most waiting thread for me in ff
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Hi FXmir, I will post my results either later on today or tomorrow. I was experimenting with few changes this week so my results are a mixed bag. I will also describe what changes I am making, they are just minor ones.
Hi FxMir, as promised I am putting my results in for the last week. I ended up negative, but like I mentioned I was testing few things last week, hence the reason why I ended up negative. I'd rather test things in live account rather than in demo as emotions always play big part in my trading. I will be testing my new rules next week as well and I will post my new rules as soon as I will end up positive for the week with new rules. I am currently doing a lot of backtesting and trying to work through different scenarios. Just to give you a quick snapshot on what I am working on it, please see the below:
1. 30 minute chart - 20 50 and 100 EMA all in line or price just crossed 100 EMA (up or Down) but already below 20 and 50 EMA (20 and 50 ema in line, up or down) - I use this for trend recognition on the 30 minute time frame. I used to wait for all the EMAs to be in line on the 30 minute, however the trend usually already developed on the 5 minute and I was getting late into the game. 2nd rule of the 30 minute chart is to look at the CCI (I will go into it later in the thread).
2. 5 minute chart. Usually when 20 and 50 ema is in line on the 30 minute chart the 20 50 and 100 EMAs is already lined up on the 5 minute chart. This is when I look for the pullback to finish on the 5 minute. ( I also use CCI for it ). Again I will get in to it as soon as I get the rules in place in all different scenarios.
3. 1 minute chart. When 5 minute is finishing the pullback it means that 1 minute rainbow is usually lined up in a different direction. I look for the 1 minute chart to go in the 5 minute direction. Usually what happens is when 1 minute crossed the purple rainbow WVMAs it goes in hand with the 5 minute finished pullback. I also use 1 minute CCI to time my entry, but like I said I am working on the exact rules. Once I get that figured out I will post them in here.
In the meantime please see the results for the last week. I got nothing to hide, i am working on the strategy as we speak, but I got a huge faith in it.
Hi Mortezakh, over this weekend I was backtesting it a lot and I noticed that CCI -100 or +100 when entering the trade would keep you out of the false signals and whipsaws a lot. I also started using the 20, 50 and 100 EMA as it gives a better view of the current trend. 20 100 200 EMA were given an outlook for a larger timeframes and now I see it better (maybe it's only me) the trend on the 5 minute. Also, i am changing my stop loss to 10 pips now, 20 pip on the m1 time frame is just too much I can see if the price is going to go up more than 10/12...
I traded the GBP today also, with 3 wins 0 losses. It was another signal later on both EUR and GBP, but i didn't take it. I was busy with something else. Results for today: 6 wins/0 losses, 50 pips, 12 % gain on the acct., $1,200. I think is not bad for two hours of trading. {image} {image}
{quote} Nice system. I don't understand your trades though. Look at your 2 lots trade for the price of 1.5581 at 16:42. It closed at 1.5591 at 16:47. My IBFX price was never there. So how did this happen? Maybe I overlooked something? Different broker?
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This looks really nice but im having a hard time to download and set it up on my computer. Can anyone give me a specific instruction, please?
got to make it back now
will post the final results at the end of today.
