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  • #441
  • Apr 23, 2020 9:30am Apr 23, 2020 9:30am
Trade on gold I just got out of. Thought I'd share!!

Arrow is entry 'x' is exit.
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  • #442
  • Apr 23, 2020 9:32am Apr 23, 2020 9:32am
Quoting ingo3344
ATR plus sma {image}
Nice, I haven't been looking at longer tf but this is a great spot. I will look at the shorter tf's to get a feel for where next. With a comp bias around 50, it is wide open.

Thanks for the heads up.
  • #443
  • Apr 23, 2020 9:43am Apr 23, 2020 9:43am
Quoting SidneyMagal
If a pair takes out the ADR in one direction, its not too far from the 200ema, and still matches criteria, is it safe to say its going to keep running or should we avoid trading pairs that have run that far? Quite a lot of what id been looking at seems to have taken out the ADR already
For me the CompRSI is king and I wouldn't want to trade short against a CompRSI > 65 or long if it was <35. So I would look elsewhere for a trade if trading back to the ADR would contravene that. You can probably find plenty of examples where it would have been ok but the risk is undoubtedly greater.
  • #444
  • Apr 23, 2020 9:51am Apr 23, 2020 9:51am
Last post today promise..

Fantastic rip on the Dow Jones.. Entered on the retest of the daily hi. Red arrow entry red X exit
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  • #445
  • Apr 23, 2020 9:53am Apr 23, 2020 9:53am
Quoting SidneyMagal
If a pair takes out the ADR in one direction, its not too far from the 200ema, and still matches criteria, is it safe to say its going to keep running or should we avoid trading pairs that have run that far? Quite a lot of what id been looking at seems to have taken out the ADR already
Generally I'd advise that, once an instrument has completed ADR, the opportunities are going to be more limited. There will be occasions where it is trending so strongly (usually based on fundamental/news factors) that it can keep going for a while, but that's the exception rather than the norm.

One good rule of thumb for if it's going to continue is when it breaks ADR, goes back and tests it, and then starts moving again. But be aware that these are by definition riskier trades.

Hope this helps.
  • #446
  • Apr 23, 2020 10:09am Apr 23, 2020 10:09am
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I was a bit late getting in to this one but I got long after it had re-tested Yesterday's High. Exit was due to price beginning to close on wrong side of channel repeatedly.
  • #447
  • Apr 23, 2020 10:18am Apr 23, 2020 10:18am
Quoting LauraT
{quote} Hi there - thanks for the kind words Those are valid entry points, yes. Trades like that aren't invalidated until the channel fully crosses the SMA, so your stop loss at the SMA would be a bit tight. I wouldn't advise trading EURGBP on 1m timeframe though. The ADR is far too low to make it viable. Getting out of the trade has to come down to your own judgement, based on what you want to achieve from the trade. Either exiting at a logical horizontal line or aiming for a certain number of pips or monetary gain. I will be writing about...
I see... Thank for the advice..
Hehe.. Learnt one more lesson on the Adr value.

By the way, does the mt4 mobile able to implement similar indicators such as the Adr and trendstrengh and MTF?
  • #448
  • Apr 23, 2020 11:03am Apr 23, 2020 11:03am
Quoting jackwei94
{quote} I see... Thank for the advice.. Hehe.. Learnt one more lesson on the Adr value. By the way, does the mt4 mobile able to implement similar indicators such as the Adr and trendstrengh and MTF?
I'm not too sure about MT4 Mobile as never used it. I'm guessing the answer is no but I really don't know.
  • #449
  • Apr 23, 2020 11:06am Apr 23, 2020 11:06am
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A little tip for you.

Notice the bars I've highlighted in orange. These are the first bars that close on the opposite of the channel compared to recent previous bars. The first one signals an up move and the second one signals a down move.

This can be useful for trade management as it can be an early warning that direction is changing.

Hope this helps.
  • #450
  • Apr 23, 2020 11:21am Apr 23, 2020 11:21am
more and more is coming, thanks laura
  • #451
  • Apr 23, 2020 11:23am Apr 23, 2020 11:23am
Quoting LauraT
{image} A little tip for you. Notice the bars I've highlighted in orange. These are the first bars that close on the opposite of the channel compared to recent previous bars. The first one signals an up move and the second one signals a down move. This can be useful for trade management as it can be an early warning that direction is changing. Hope this helps.
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Scalped a little from the Dow based on this principle.
  • #452
  • Apr 23, 2020 11:35am Apr 23, 2020 11:35am
Quoting LauraT
{quote} It happens. Couple of things though, firstly try to get slightly better entry prices than you did. On those higher timeframes, managing to get in a little further up the channel can make a big difference. Secondly, as you identified, the trade is still valid despite you being stopped out. It would require the channel to fully get above the SMA to invalidate your trade. Trading longer timeframes will allow for bigger gains than are likely on the lower timeframes but the losses will be bigger too. I think I'm correct in recalling that your...

Thanks, your feedback is greatly appreciated.... 130 pip gain is unfortunately gone by now (USD/CAD brought me today a -125 pip loser ). Luckily this is DEMO and these are goods learnings, two lessons for now:

A) Setting the stop too short => start using a panic SL instead
B) Chasing price too much => might need to test the alert EA to get entries based on opportunities OR increase monitoring frequency

Going to incorporate those lessons in my trading, will come back stronger!

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  • #453
  • Apr 23, 2020 11:39am Apr 23, 2020 11:39am
Quoting LauraT
{image} A little tip for you. Notice the bars I've highlighted in orange. These are the first bars that close on the opposite of the channel compared to recent previous bars. The first one signals an up move and the second one signals a down move. This can be useful for trade management as it can be an early warning that direction is changing. Hope this helps.
Do you take this signal also to step out of a trade when you are not in profit (or do you solely focus on the EMA channel to cross the SMA to prove you wrong)?

Thanks for the tip!
  • #454
  • Apr 23, 2020 11:44am Apr 23, 2020 11:44am
Quoting LauraT
{image} I know people find losing trades useful to see too, so here's one Yesterday I showed some examples of winning trades with poor entries. This is an entry I was fine with but it turned out to be a loser. Just goes to show, we should not measure how well we executed a trade based on the final outcome. With losses in general, embrace them, accept them, they happen. The quicker you can move on to finding the next opportunity the better. That's not to say we don't learn from our trades though. I always carry out a daily review of my entries...
Thanks for showing this example as well. Especially the losing trades are good to reflect on (was it my mistake or was it the market edge), isn't it part of Mark Douglas? Did read his book 4 years ago.
  • #455
  • Apr 23, 2020 11:44am Apr 23, 2020 11:44am
I have been watching this system and I like it better than anything I have tried before, and as we know that is a lot of pain and much heart ache, I will start with Eur/Jpy as it usually does the morning bounce/move, this could be Monday ..

Thank you LauraT.
  • #456
  • Apr 23, 2020 11:45am Apr 23, 2020 11:45am
Quoting FlyingCat
{quote} Thanks, your feedback is greatly appreciated.... 130 pip gain is unfortunately gone by now (USD/CAD brought me today a -125 pip loser ). Luckily this is DEMO and these are goods learnings, two lessons for now: A) Setting the stop too short => start using a panic SL instead B) Chasing price too much => might need to test the alert EA to get entries based on opportunities OR increase monitoring frequency Going to incorporate those lessons in my trading, will come back stronger! {image}
Hi,

As with your previous trade, the issues are the same two. Your trade is still valid as channel is still above SMA but your entry wasn't great. Tighter entries (closer to SMA) will help you, as will being realistic about stop placement if trading a 4H chart.

Or, perhaps try looking at a 1H chart as an experiment. Try a 'set and forget' trade based on that timeframe and see how it feels.

Good luck
  • #457
  • Apr 23, 2020 11:49am Apr 23, 2020 11:49am
Quoting LauraT
{quote} Hi, As with your previous trade, the issues are the same two. Your trade is still valid as channel is still above SMA but your entry wasn't great. Tighter entries (closer to SMA) will help you, as will being realistic about stop placement if trading a 4H chart. Or, perhaps try looking at a 1H chart as an experiment. Try a 'set and forget' trade based on that timeframe and see how it feels. Good luck
Noted, H1 might be good experiment as well, thanks!
  • #458
  • Apr 23, 2020 11:50am Apr 23, 2020 11:50am
Quoting FlyingCat
{quote} Do you take this signal also to step out of a trade when you are not in profit (or do you solely focus on the EMA channel to cross the SMA to prove you wrong)? Thanks for the tip!
It can also be used to make a price-action based exit, yes. It really depends on the individual trade.

I always start with the question "where will price have to go to prove me wrong" - on some trades that will involve the channel crossing the SMA, on some it will be related to ADR or yesterday's high/low and on others it will be price closing on wrong side of channel as per example.

Sorry, I know that was an 'it depends' type of answer but... it does depend
  • #459
  • Apr 23, 2020 11:52am Apr 23, 2020 11:52am
Quoting LauraT
{image} A little tip for you. Notice the bars I've highlighted in orange. These are the first bars that close on the opposite of the channel compared to recent previous bars. The first one signals an up move and the second one signals a down move. This can be useful for trade management as it can be an early warning that direction is changing. Hope this helps.
That is a mega tip

Quoting LauraT
{quote} It can also be used to make a price-action based exit, yes. It really depends on the individual trade. I always start with the question "where will price have to go to prove me wrong" - on some trades that will involve the channel crossing the SMA, on some it will be related to ADR or yesterday's high/low and on others it will be price closing on wrong side of channel as per example. Sorry, I know that was an 'it depends' type of answer but... it does depend

So if price crossed the yesterday's high and comes.back to it, suppose you wait for a rejection and them make a channel buy. Would be the case where yesterday's high could prove you wrong if price closes below it/ or channel.goes below it?


Thanks
MTN
  • #460
  • Apr 23, 2020 12:10pm Apr 23, 2020 12:10pm
Quoting Marcelomtn
{quote} So if price crossed the yesterday's high and comes.back to it, suppose you wait for a rejection and them make a channel buy. Would be the case where yesterday's high could prove you wrong if price closes below it/ or channel.goes below it? Thanks
Yes, exactly
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