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The switch from hourly to daily...and the psychological ramifications...

  • #61
  • Oct 21, 2006 12:39am Oct 21, 2006 12:39am
Quoting TheGreatMilenko
Or the usd/jpy decline WASN'T supported by the 21 sma.What you have to remember is the value of any moving average is there on your chart because of where price has BEEN.Price does not follow a moving average or stop because of it.MAS tell you where price has been NOT where it is going.
I agree with you about the smaller ma's. However, I use the 200ema and 50ema on my charts and IMO, they offer an excellent 'moving' support and resistence level. I have found that if the 200ema is trending down for example, price will likely bounce off the bottom side and visa-vesa on an uptrend. If and when price does break through the 200, it will likely come back for a retest before moving on. No, it doesn't always happen. Nothing in Forex 'always' happens but it happens often enough to take into consideration.
It's true that an MA follows price action and is controlled by what price does and not the other way around. There is nothing magic about it other than the fact that it is a reference point that a lot of other traders look at and respond to..... just like fib levels, pivot points, trend lines, etc.

just my opinion,
david
  • #62
  • Oct 21, 2006 10:37am Oct 21, 2006 10:37am
Just passing through enjoying the posts.
Now i might be from another planet in how i look at life and my relationships with those i rub elbows with but here goes:

At first i visited FF because i was in dire need of education to set me on the path to pip-profits. Nearly a year into my stay here at the factory i can say, with the ideas gleaned from tens of thousands of posts i've read that two things have taken place. 1) I have gained knowledge and pips. 2) I have gained friendships.

On my later comment, when i am making my millions, my plan is not to abandon FF, though since my lifestyle will be a bit different (my wife and i are planning on moving back into an RV in a couple years when the nest is empty, as we were living in an RV before the kids came). That said, i fully intend to reciprocate and share the tid bits that brought my freedom and continue to cultivate the great netQuaintences/Friendships that i've found here.

: ) Thom
Have a great weekend
  • #63
  • Oct 21, 2006 2:05pm Oct 21, 2006 2:05pm
Quoting accrete
That said, i fully intend to reciprocate and share the tid bits that brought my freedom and continue to cultivate the great netQuaintences/Friendships that i've found here.
Not me. I plan on sitting around, making stacks of cash, and getting my toes licked by beautiful women.
Mr. Trend
  • #64
  • Oct 21, 2006 8:22pm Oct 21, 2006 8:22pm
Quoting Mr Trend
Not me. I plan on sitting around, making stacks of cash, and getting my toes licked by beautiful women.
Well if you wish to be successful in your later comment, you will also run into that word i used in my post "reciprocate". Usually any "beautiful woman" that hangs around fully expects to have her toes licked too. . . so get that foot bath ready.

grin.
Thom
  • #65
  • Oct 21, 2006 8:41pm Oct 21, 2006 8:41pm
I have to agree with you on using DAILY charts....

My last trade I got over 125 pips on cable, and the trade before that I got 110 pips.

I love using the daily because you can really focus on the BIGGER picture. I only use 2 indicators for my trading, and just basic instinct for the market. But as we all know we will never ever beat the market, we just have to ride with the markets to make any kind of money.

I am going to try a new system I have discovered along with the daily using a 1H and M30, but for times when I need to just trade.

But all in all, daily is awsome.......
"We are the superior beings, we obey no one!"
  • #66
  • Oct 22, 2006 9:21pm Oct 22, 2006 9:21pm
Wondering...what two indicators and settings do you use?

Quoting bigballer
I have to agree with you on using DAILY charts....

I only use 2 indicators for my trading, and just basic instinct for the market. But as we all know we will never ever beat the market, we just have to ride with the markets to make any kind of money.

I am going to try a new system I have discovered along with the daily using a 1H and M30, but for times when I need to just trade.

But all in all, daily is awsome.......
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #67
  • Oct 22, 2006 10:17pm Oct 22, 2006 10:17pm
Quoting Mr Trend
Not me. I plan on sitting around, making stacks of cash, and getting my toes licked by beautiful women.
Toes, eh? each to his own. They will need to brush their teeth with Dr. Scholl's toothpaste to prevent any unfortunate oral infections.
  • #68
  • Oct 27, 2006 12:50am Oct 27, 2006 12:50am
Quoting bigballer
I have to agree with you on using DAILY charts....

My last trade I got over 125 pips on cable, and the trade before that I got 110 pips.

I love using the daily because you can really focus on the BIGGER picture. I only use 2 indicators for my trading, and just basic instinct for the market. But as we all know we will never ever beat the market, we just have to ride with the markets to make any kind of money.

I am going to try a new system I have discovered along with the daily using a 1H and M30, but for times when I need to just trade.

But all in all, daily is awsome.......
bigballer,

I agree with your approach to trading...

How did you go with your test of Firebird?
  • #69
  • Oct 27, 2006 2:09am Oct 27, 2006 2:09am
Quoting Mr Trend
As some of you know, I've started to turn the corner of consistent profitability. It's been a long haul. One of the things that I've asked myself, particularly lately, is how can I get rid of the addiction or need to trade?

So when I identified this, I instantly figured out what has been the big reason for me to sabotage myself for the past year -- I've been a slave to the charts!

So I've switched to daily charts now, utilizing my same system. I went from 1 hour, to 4 hour, and now daily. I really like daily charts. I don't feel like I am all nervous to have to look at the charts. Or wanting to get out early and not follow my plan.

I just thought I'd post this and see if anyone has had the same revelations that I have lately.

One of the things I worry about is that I won't be able to make as much money switching to a daily chart, but I've done my math, and I don't think it matters much. It's all relative!

Thoughts?
I have been thinking the same thing also which is why this thread interests me. It seems it is harder to turn a tank than a VW. Turn the corner? I haven't even found the corner to turn yet.
"Its not where your at, but where your coming from"
  • #70
  • Oct 27, 2006 2:36am Oct 27, 2006 2:36am
Quoting athalon7
I have been thinking the same thing also which is why this thread interests me. It seems it is harder to turn a tank than a VW. Turn the corner? I haven't even found the corner to turn yet.
I have to say though, once you turn that tank, it is far more powerful than said VW. Analolgies aside, I personally use the 4hr charts, but these to me are merely "more focused" daily charts with more intricate and precise price points that are useful to my trading technique than I could garner using a daily chart. That being said, oh ho ho no I would never consider going below the 4hr time frame. I too know the fulfillment of switching to a higher time-frame, and although it happens to be 4hr for me, I'm glad that daily is what works for you Mr. Trend, et all. As Bagovino stated in another thread, the holy grail is really just that one system that works for you and makes everything click, no more, no less. I hope everyone is able to take after Mr. Trend's lead and find their own holy grail, whatever time frame it happens to be.
  • #71
  • Edited 3:10am Oct 27, 2006 2:47am | Edited 3:10am
Quote
I have to say though, once you turn that tank, it is far more powerful than said VW
Thats my point exactly. It's a good thing.
"Its not where your at, but where your coming from"
  • #72
  • Oct 27, 2006 3:34am Oct 27, 2006 3:34am
I was a daytrader too, wiped out my account a good number of times, during the learning period of 5 months.

Ever since I shifted to 4 hour charts I have been making consistent profits, even perfected a system for trend analysis and it works so wonderfully that I am in love with it.

As everyone always says, trend is friend, just ride the trend, never bother to predict targets and stuff, just ride.

Wherever the market strength in a trend weakens get off the ride and look for a fresh ride later.

Longer timeframes are always the best, shield you against market noise.
  • #73
  • Oct 27, 2006 6:52am Oct 27, 2006 6:52am
I wnt from M1 then M15 then H4 then D1. I'm back to H1 ema cross system. It page me on a cross alert. I take decision then only. No taking new trade on friday. The pager is off at night. I use an indicator alert to take me out of trade when trend reverse automaticaly. I wake up and profit already made... Stress level is low.

Thank you FF members. Everything i learned come from you guys... My system is now really profitable.. Will let you know guys when i quit my day job.... LOL but seriously.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #74
  • Oct 27, 2006 7:25am Oct 27, 2006 7:25am
If i am not mistaken, u use Sidus 1hr method. Wanna share more ??




Quoting GreatYves
I wnt from M1 then M15 then H4 then D1. I'm back to H1 ema cross system. It page me on a cross alert. I take decision then only. No taking new trade on friday. The pager is off at night. I use an indicator alert to take me out of trade when trend reverse automaticaly. I wake up and profit already made... Stress level is low.

Thank you FF members. Everything i learned come from you guys... My system is now really profitable.. Will let you know guys when i quit my day job.... LOL but seriously.
The future depends on what we do in the present.
  • #75
  • Oct 27, 2006 1:41pm Oct 27, 2006 1:41pm
Quoting Gee Seven
Wondering...what two indicators and settings do you use?
Ok,

Here what I use:

DAILY CHART ONLY!!!!!!

Stochastics -

K: 5 D: 3 Slowing: 3
Price Field: Close/Close
MA method: Linear Weighted

You will find this indicator under the "Indicators" dropdown, DONT use the Custom Indicators one.......

ADX -

Period: 8
Apply to: Close



Ok for the signals, if the 2 Stochastics lines CROSS each other somewhere near or above the 80 line or the somewhere or below the 20 line, then you can expect a possible reversal, whether it be a big or small one.

Now what I have found to avoid a false or PRE entry reversal before it really happens, what I do is pay attention to the ADX and watch the MAIN line indicator. This LINE is not the +DI or -DI lines, it is the MAIN one with the first set of numbers on the indicator.

What I do is once the Stochs crossed, I watch to see if the ADX line has hit the 50.000 mark or above, and once it has then we are close to a reversal. Now what I have also noticed is that that LINE number can continue to move up before the actual reversal happens and wait for that LINE to start to SLOPE down, once that happens, then I enter into the trade and go the opposite dirrection.

For exiting, well that depends on you, and what you think the market might do, blah blah blah, but I simple keep a close watch on the Stochs for the NEXT cross of the 2 lines to get out. Now you can always say set a TP for half position and ride the rest, whatever.

But this is one strategy I am using to make money!

You can also overlap a MACD for overall trend which I do anyways, it helps to see if you need to get out early or not, sometimes.........I hate LAGGING indicators even though these are all LAGGING, but you got to use with what has been given you!!!!!

thanks
"We are the superior beings, we obey no one!"
  • #76
  • Oct 27, 2006 1:46pm Oct 27, 2006 1:46pm
Quoting jacko
bigballer,

I agree with your approach to trading...

How did you go with your test of Firebird?
Firebird is good, the one the is being tested in the Elite section is the best, but you need a BIG account for this to make you money so you dont get MARGIN CALLS...................

I think you need atleast a 50K size account to be able to handle that EA
"We are the superior beings, we obey no one!"
  • #77
  • Oct 27, 2006 4:55pm Oct 27, 2006 4:55pm
Quoting compro99
If i am not mistaken, u use Sidus 1hr method. Wanna share more ??
As you guessed... I tried a lot of systems. Lot's of EA without success .I recently tried Mouteki method but was left on my appetite. I've check Bagovino, 5/12EMA cross is good but just need a better filter then RSI 21 alone. Sidus filtering method is better. I go In manually on the the EMA/Tunnel Cross and get Out mecanically on the EMA 5/12 cross. No SL no TP. 50:1 at Oanda. I take off on Friday. (Should have stayed in today... Exits are very hard to choose).

Will chose new trade on Sunday night. GBPUSD seems to be overbought now.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #78
  • Oct 27, 2006 5:20pm Oct 27, 2006 5:20pm
Quoting GreatYves
As you guessed... I tried a lot of systems. Lot's of EA without success .I recently tried Mouteki method but was left on my appetite. I've check Bagovino, 5/12EMA cross is good but just need a better filter then RSI 21 alone. Sidus filtering method is better. I go In manually on the the EMA/Tunnel Cross and get Out mecanically on the EMA 5/12 cross. No SL no TP. 50:1 at Oanda. I take off on Friday. (Should have stayed in today... Exits are very hard to choose).

Will chose new trade on Sunday night. GBPUSD seems to be overbought now.

I think the Sidus Method with the 18 and 28 red lines for entry is a safe trade. I just tried an EA and over night lost me a lot of pips. Would prefer an EA if it makes less trades but safer trades.
  • #79
  • Oct 28, 2006 4:22am Oct 28, 2006 4:22am
I have used less than 7 cents to trade, using the junglelion method on 4 hour charts to achieve current levels of more than $100 in little less than 45 days.

Its pretty simple, locate a trend then ride it for 100 to 400 pips however long it lasts, and when the trend reverses close the trade and re-enter on the return signal, for another 100 to 400 pips on the way back.

So far I have never had a bad entry, though some trades did not last as long as expected, but then I never believe in levels or targets, just ride the wave.

I never believe gbp/usd would reach 1.9200 or 1.8100 or any other level, just ride what you see on the 4 hour and daily charts.

My personal experience is that once you start expecting a level, you believe a mild retracement will change the trend and exit a good long trade, and run into losses, never do that, if you enter on a 4 hour chart then close based on the 4 hour chart only.

If you enter based on a daily chart then close based on daily chart only, you will earn far far more than expectations.
  • #80
  • Last Post: Oct 28, 2006 7:53am Oct 28, 2006 7:53am
Quoting bigballer
Firebird is good, the one the is being tested in the Elite section is the best, but you need a BIG account for this to make you money so you dont get MARGIN CALLS...................

I think you need atleast a 50K size account to be able to handle that EA
Thanks bigballer,

$50K not a problem, Any idea of the performance rates etc,

Has anyone done an assessment of the Firebird on a "live trading" basis.

I will read up on it this weekend.

Thanks
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