{quote} Would it not be best to just close the buy trade? You have the sell the trade which will negate some of the loss of the other trade. Overall you will still be in a loss but only slightly. What do you think?
Guppy's Multi-Moving Average (GMMA)
- #681
- Sep 8, 2022 7:14am Sep 8, 2022 7:14am
- Joined Feb 2019 | Status: Trader | 1,021 Posts
{quote} yes. i did close the buy trade after the first bullish candle close. the sell trade is negating the loss...
It can be painful killing trades that have gone wrong but in my experience it is usually the right thing to do. Close your eyes and hit that button! But ... the Guppy LT EMAs provide an extra layer of information that really helps. I have found I am much more willing to leave a trade that I am worried about because of the Guppy lines and in most cases the trade does pull back into line and follow the trend.
- #683
- Sep 8, 2022 10:58am Sep 8, 2022 10:58am
- Joined Feb 2019 | Status: Trader | 1,021 Posts
{quote} With all the advice you were given you couldn't go wrong!
after booking loss for my mistake..... i took a flag trade re-entry and all my loss was recovered.
as you rightly said, the LT guppies decide the trend.
- #684
- Sep 8, 2022 11:15am Sep 8, 2022 11:15am
- Joined Feb 2019 | Status: Trader | 1,021 Posts
--- look at my re-entry candle.
1) first pullback, continuation pattern..
2) previous support breached at the close of the candle ( blue zig zag circles )...
3) perfect flag pattern....
4) LT guppies well spaced.....
---- as the chart and the PA goes you need to modify your trades.
------ some basic knowledge of technical analysis is required.....
-------- last but not least, you need to identify the entry candle in real time, back testing and historical charts dont matter.
1) first pullback, continuation pattern..
2) previous support breached at the close of the candle ( blue zig zag circles )...
3) perfect flag pattern....
4) LT guppies well spaced.....
---- as the chart and the PA goes you need to modify your trades.
------ some basic knowledge of technical analysis is required.....
-------- last but not least, you need to identify the entry candle in real time, back testing and historical charts dont matter.
- #687
- Sep 14, 2022 10:38pm Sep 14, 2022 10:38pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts
An attempt to combine price action and guppy system....
added MTF ZIGZAG( D!) and RSI 50 to the H1 charts.
First entry : 1) daily zigzag printed ( magenta circles). price reversed from there with a big upper wick.
2) following that there are 3 consequitive bearish candles. the third candle closed below the previous support ( previous magenta circles )
3) the 10 ema channel red indicating downtrend.
so entered at the close of that candle.
Second entry : 1) all lt guppies change in bearish color ( no crossover)
2) candle closing beyond channel..
entry at the close of candle.
SL at swing high for both entries...
RSI 50 changed color confirming beasish trend.
SL trailed to following swing high and target at previous swing low.
looks like my trailing SL will be triggered ( with significant profit ) but the guppies and rsi 50 are telling me that this is a pullback in the downtrend. so even if the trailing SL is triggered, will wait for re-entry as per our guppy rules.
edit : trailing sl was hit as i was typing this post
First entry : 1) daily zigzag printed ( magenta circles). price reversed from there with a big upper wick.
2) following that there are 3 consequitive bearish candles. the third candle closed below the previous support ( previous magenta circles )
3) the 10 ema channel red indicating downtrend.
so entered at the close of that candle.
Second entry : 1) all lt guppies change in bearish color ( no crossover)
2) candle closing beyond channel..
entry at the close of candle.
SL at swing high for both entries...
RSI 50 changed color confirming beasish trend.
SL trailed to following swing high and target at previous swing low.
looks like my trailing SL will be triggered ( with significant profit ) but the guppies and rsi 50 are telling me that this is a pullback in the downtrend. so even if the trailing SL is triggered, will wait for re-entry as per our guppy rules.
edit : trailing sl was hit as i was typing this post
- #692
- Edited Sep 16, 2022 6:06am Sep 15, 2022 5:09pm | Edited Sep 16, 2022 6:06am
- Joined Feb 2019 | Status: Trader | 1,021 Posts
will wait for re-entry as per our guppy rules.
re entry 3 :1) hourly zag zag printed on chart
2) doji
re-entry on low of doji.
re entry 4 : as per our guppy rules.
SL for both entries at swing high.....
target mainiained at previous swing low ( TP 1)
At present :
price very close to TP 1.
will shift my SL to upper 10 ema channel.
so both trades in profit.
- #693
- Sep 15, 2022 5:17pm Sep 15, 2022 5:17pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts
note : 1) all candles closing below channel : strong downtrend
2) previous support ( blue zig zag H1 ) decisively broken when candle closed below that.
3) rsi 50< rsi12< rsi6.
all suggesting a strong downtrend.
2) previous support ( blue zig zag H1 ) decisively broken when candle closed below that.
3) rsi 50< rsi12< rsi6.
all suggesting a strong downtrend.
- #694
- Sep 15, 2022 5:28pm Sep 15, 2022 5:28pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts
NZDJPY H1, looks a decent entry for the rules in this thread? {image}
1) your entry should be at the close of last but one candle as per rules.
2) your SL should be at the swing high.
a late entry does not mean a wrong entry.... but the risk reward ratio changes drastically.
- #695
- Sep 15, 2022 5:38pm Sep 15, 2022 5:38pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts
I believe these meet the rules... {image} {image} {image}
all your entries are too late.
1) lt guppy cluster
2) candle close beyond 10 ema channel
3) rsi6 and rsi 12 cross and both above/below 50
that is our entry candle.
in a strong trend, a late entry will not matter but your initial stoploss is not the swing high/low.... it has to be the other end of the ema channel.
- #696
- Sep 15, 2022 5:48pm Sep 15, 2022 5:48pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts
TP 1 triggered when i was replying here...
will trail SL of second lot on ema channel.
- #697
- Sep 16, 2022 12:16am Sep 16, 2022 12:16am
{quote} welcome sir, 1) your entry should be at the close of last but one candle as per rules. 2) your SL should be at the swing high. a late entry does not mean a wrong entry.... but the risk reward ratio changes drastically.
{quote} sorry sir, all your entries are too late. 1) lt guppy cluster 2) candle close beyond 10 ema channel 3) rsi6 and rsi 12 cross and both above/below 50 that is our entry candle. in a strong trend, a late entry will not matter but your initial stoploss is not the swing high/low.... it has to be the other end of the ema channel.
Can you please explain in more detail, you have left me confused. I understand that my entry was late for XPD/USD by an hour, and 5mins early on GPB/JPY, the AUD/JPY image shows the time I took the screen capture or am I not seeing something you are seeing.
Guppy cluster?
All the candles are beyond the 10EMA and the RSI 6 is above/below RSI 12, do you not agree?
- #700
- Sep 16, 2022 10:51pm Sep 16, 2022 10:51pm
- Joined Feb 2019 | Status: Trader | 1,021 Posts
{quote} Thank you for your comments. Can you please explain in more detail, you have left me confused. I understand that my entry was late for XPD/USD by an hour, and 5mins early on GPB/JPY, the AUD/JPY image shows the time I took the screen capture or am I not seeing something you are seeing. Guppy cluster? All the candles are beyond the 10EMA and the RSI 6 is above/below RSI 12, do you not agree?
the fibo from low of entry candle to previous swing high for targets.
even if your entry is late, the fibo remains the same,
late entry does not mean wrong entry, only that the SL at previous swing becomes too much as far as risk reward ratio is concerned . so i suggest to have your initial stoploss at the opposite end of the channel.