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Magic 100

  • #361
  • Apr 22, 2020 4:16am Apr 22, 2020 4:16am
GBP is killing me..
  • #362
  • Edited 7:04am Apr 22, 2020 6:12am | Edited 7:04am
Quoting rickntc
GBP is killing me..
Maybe you could post some screen captures to demonstrate?

I do not see a problem on GBPUSD H4 looking for sell setups. I see two reatrecement bars, but price did not fall below the low to trigger new sells.
Also, H4 has been going down for quite a long time before it crossed below EMA100. So, it is not surprising that it will go into a rally.

Note that if H4 looks like it is going into a rally, check smaller time frames to see where price is trading ABOVE EMA100 and then trade the rally on those smaller time frames. You are not required to be locked to a single timeframe; do a little experimenting.
EDIT: Edited the screen capture text.
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To free Gazans of Hamas, use whatever it takes.
  • #363
  • Apr 22, 2020 6:18am Apr 22, 2020 6:18am
Three Trades, all SL hit. Two had an initial move in the right direction but the market didn't want it to follow through:

GBPAUD - overall H1 bars looked like it was trending down.

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AUDNZD - thought i was getting in on the trend above 100EMA, but in hindsight, may have been a choppy market with previous trend exhausted through the MA crossover the last few days.

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AUDCAD - looked like it was trending on H1,H4,D1. Moved in the right direction initially and then went choppy

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Would be keen if anyone has any comments on these trades..
  • #364
  • Apr 22, 2020 7:40am Apr 22, 2020 7:40am
Quoting mooju
Three Trades, all SL hit. Two had an initial move in the right direction but the market didn't want it to follow through: GBPAUD - overall H1 bars looked like it was trending down. {image} AUDNZD - thought i was getting in on the trend above 100EMA, but in hindsight, may have been a choppy market with previous trend exhausted through the MA crossover the last few days. {image} AUDCAD - looked like it was trending on H1,H4,D1. Moved in the right direction initially and then went choppy {image} Would be keen if anyone has any comments on these trades.....
That was just a money management issue. I will assume that you decided to place the SL and reward of either 2R or 3R and just let the trade run its course. Personally, when the trade reached 1R, I would have moved SL to BE. R was about 35 pips and was exceeded. When 1 R has been reached, I prefer to be stopped out at BE and then if price comes back for another attempt, re-enter rather than going down by a full R. But everyone has to devise his own trade management system.
To free Gazans of Hamas, use whatever it takes.
  • #365
  • Apr 22, 2020 7:59am Apr 22, 2020 7:59am
Quoting DrDave
{quote} That was just a money management issue. I will assume that you decided to place the SL and reward of either 2R or 3R and just let the trade run its course. Personally, when the trade reached 1R, I would have moved SL to BE. R was about 35 pips and was exceeded. When 1 R has been reached, I prefer to be stopped out at BE and then if price comes back for another attempt, re-enter rather than going down by a full R. But everyone has to devise his own trade management system.
Thanks for the comments - glad to know it wasn't so much the entry for those two trades - It makes sense if I get to 1R to move to BE. That wasn't in my plan for today. I'll make sure to revise how I approach situations like this in the future.
  • #366
  • Apr 22, 2020 8:04am Apr 22, 2020 8:04am
Quoting DrDave
{quote} Maybe you could post some screen captures to demonstrate? I do not see a problem on GBPUSD H4 looking for sell setups. I see two reatrecement bars, but price did not fall below the low to trigger new sells. Also, H4 has been going down for quite a long time before it crossed below EMA100. So, it is not surprising that it will go into a rally. Note that if H4 looks like it is going into a rally, check smaller time frames to see where price is trading ABOVE EMA100 and then trade the rally on those smaller time frames. You are not required...
I really have some problem with the market today, especially with GBP and CAD. All my trades were about these 2 currencies, and all hit SL

Here is my GBPUSD
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  • #367
  • Apr 22, 2020 8:13am Apr 22, 2020 8:13am
Quoting rickntc
{quote} I really have some problem with the market today, especially with GBP and CAD. All my trades were about these 2 currencies, and all hit SL Here is my GBPUSD {image} {image}
For your 2nd one , the M60, look to the bars on the left of your entry bar. I see 4-5 SMALL RANGE bars lined up horizontally taking a nap. Do you see a trend there for the last 4-5 hours??? I do not, so I would be looking at lower time frames, at a different pair, or simply walking away and doing something else.
To free Gazans of Hamas, use whatever it takes.
  • #368
  • Apr 22, 2020 8:20am Apr 22, 2020 8:20am
Quoting DrDave
{quote} For your 2nd one , the M60, look to the bars on the left of your entry bar. I see 4-5 SMALL RANGE bars lined up horizontally taking a nap. Do you see a trend there for the last 4-5 hours??? I do not, so I would be looking at lower time frames, at a different pair, or simply walking away and doing something else.
Hmm.. Thank you DrDave. So I guess my USDCAD below also has the same problem?

From the fundamental perspective, can also explain to me why oil price is still free falling yet CAD is gaining ground? Am I missing something here?
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  • #369
  • Apr 22, 2020 8:26am Apr 22, 2020 8:26am
Quoting Klausi
Thanks Minotawr for this KISS Method. Realy liking it. Heres a little contribution maybe its usefull for some, if not ignore it. All credits go to forex station.com for their amazing work. Its a tool for easily spotting trending pairs with in our case the 100 EMA. Standardsettings show you the 8 hardest trending pairs up or down. {file}{image} Have fun!
Hi Klausi
Any idea how this is calculated. I built my own using the diff between 2 moving average points divided by the amount the price should have moved using atr*the number of hours(period) being used.
Source would be the ultimate if not any info or just point me to where I could find it would be great.
This is an important piece in the trading puzzle for me.
Thanks
  • #370
  • Apr 22, 2020 8:30am Apr 22, 2020 8:30am
Quoting rickntc
{quote} I really have some problem with the market today, especially with GBP and CAD. All my trades were about these 2 currencies, and all hit SL Here is my GBPUSD {image} {image}
On your M240, I don't see a sell entry trigger if you are using the low of UP bars. The only way you could have triggered a sell was to have used the low of the DOWN bar that closed after the up bar. If that is in your entry plan, then nothing you can do about the results because there will be instances where there is no follow through, like here, and you will be stopped out.

Also, if you want to add some technical analysis, look how many bars this M240 has been in a downtrend, and look how it has done a 1-2-3 down-up-down (not so distinct with regular price bars, but it is there.). It is highly unlikely that it would continue down much more with those two things in place.
To free Gazans of Hamas, use whatever it takes.
  • #371
  • Apr 22, 2020 8:32am Apr 22, 2020 8:32am
Quoting fdosanchez
Too bad this thread is dying, with how beautiful it looked, there is no interactivity, anyway another thread getting sicker
Most just die away slowly.
  • #372
  • Apr 22, 2020 9:36am Apr 22, 2020 9:36am
Quoting Spikehunter
{quote} Most just die away slowly.

I hope you are wrong. Currently 20 traders are viewing so some interest continues. But you are right (fdosanchez) I think it can be 'beautiful.'

Perhaps not complex enough to generate many questions (which is surely a good thing). Easy to apply to your own trading.
  • #373
  • Apr 22, 2020 9:52am Apr 22, 2020 9:52am
Quoting Spikehunter
{quote} Most just die away slowly.
And yet, 12 pages on, we're still here, with some good quality content added recently by DrDave. You are always welcome to move on, though.
Timing Direction Strength
  • #374
  • Apr 22, 2020 9:53am Apr 22, 2020 9:53am
Quoting larryxx
I really wonder why folks project their frustrations and negetivity on other people's hard work and initiative. I am pretty sure if you took some time to read through the thread, you will see where the OP mentioned taking a week off, it shows people dont read, they jump into conclusions and just throw negetive energy around!! This is one of the simplest strategy here, go back and do some homework!

Amen!
  • #375
  • Apr 22, 2020 9:54am Apr 22, 2020 9:54am
and thanks to Dr Dave for helpful commentary on the forum.
  • #376
  • Apr 22, 2020 10:01am Apr 22, 2020 10:01am
FWIW, EURAUD short. Hoping for another go at today's low. Anyone else in?
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Timing Direction Strength
  • #377
  • Apr 22, 2020 10:15am Apr 22, 2020 10:15am
Can we just talk about trading?
people come here to help each other trade and earn money
whoever doesn’t want to earn money, pls leave
  • #378
  • Apr 22, 2020 10:24am Apr 22, 2020 10:24am
Quoting finessence
{quote} And yet, 12 pages on, we're still here, with some good quality content added recently by DrDave. You are always welcome to move on, though.
Sorry didn't mean to be nasty just my experience over the years. There's not much to it, classic retracement, and I have built a previous EA which did exactly this strategy, slightly different MA settings. The problem is that it will work well in heavy trending moves but will be catastrophic in sideways events,
You best chance is to develop some filters and for it to be hugely successful, which I hope you are.
I wish you well and I will be looking in occasionally.
  • #379
  • Apr 22, 2020 10:49am Apr 22, 2020 10:49am
Quoting Spikehunter
{quote} Sorry didn't mean to be nasty just my experience over the years. There's not much to it, classic retracement, and I have built a previous EA which did exactly this strategy, slightly different MA settings. The problem is that it will work well in heavy trending moves but will be catastrophic in sideways events, You best chance is to develop some filters and for it to be hugely successful, which I hope you are. I wish you well and I will be looking in occasionally.
No offence taken, Spikehunter, but please don't even mention an EA for this simple method. It is the trader's job to be able to navigate between trending and non trending conditions. There's a lot of discretion involved, and that's why it's best traded manually, imho. Best of luck to you, stay safe.
Timing Direction Strength
  • #380
  • Apr 22, 2020 11:00am Apr 22, 2020 11:00am
Quoting finessence
FWIW, EURAUD short. Hoping for another go at today's low. Anyone else in? {image}
AUDNZD and gold trying to push higher (AUD positive), USDCAD trying to move lower (often moves in the same direction as EURAUD). It's all about the support now, and that last push...
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Timing Direction Strength
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