DislikedJust realised - its Thanksgiving weekend in the USA. Markets will be very slow.Ignored
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{quote} MMO: you tend to have a first trend move (1-2), then a retracement (2-3), then a second trend move (3-4): 1-2 and 3-4 tend to be of the same/similar length Fakeout: as you enter with buy stop or sell stop, your trades get filled once an imaginary line is crossed. Oftentimes price tests a new low/high only to return to a range etc. Later on it will move against you: Do you wait for your SL to be hit or do you get out of the trade early once you realize there may not be a follow through?
) see them right again. But as my stops tend to be fairly large, I will reduce risk as described earlier by closing 25% of my lot size at about halfway into loss and maybe another 25% after that, depending on what I think is happening. Then, if price does come back I can use what remains of my trade to pull back some profits to cover what I have closed. That's the theory. As I said previously, I don't know if this is best practice (probably not) but it has some clear benefits for me, mainly the psychological one of reducing the fear of losing an entire trade in one big hit.What do you do in such situations?
This pair chosen randomly for an "enter on every crossover" experiment. I have a crossover arrow indicator that I use for convenience. I set it on Shift -1, so it helps me pick up the EMA crossover as that bar closes, which is 1 bar earlier than the usual crossover indicators.
The results are surprisingly good, as with the previous such experiment I did. Can't be right, but I think it is. Does that mean that with all our brain power and safety checks, we aren't doing any better than following the arrows blindly? I use an EA to move the stop to B/E at 50 pips and set the TP to 100 pips. I think a lot of the success of what is shown here is helped by these parameters.
The results are surprisingly good, as with the previous such experiment I did. Can't be right, but I think it is. Does that mean that with all our brain power and safety checks, we aren't doing any better than following the arrows blindly? I use an EA to move the stop to B/E at 50 pips and set the TP to 100 pips. I think a lot of the success of what is shown here is helped by these parameters.
{quote} When in doubt, I am out...
With my stops at recent swing points the logic is that if price goes beyond that recent high or low that a trade in that direction is no longer valid. So that would be the only logical time to close, if I am not mistaken. My strategy of reducing risk along the way is psychological rather than objective, as I know I have a weakness with taking losses, and hence it is entirely logical
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I'm in this GBPJPY trade now (the USDCAD one has still not triggered). This is a useful example of the emergency exit procedure I use - I deleted 25% of the lot size a while back, and was going to close down more but when I looked again, it had recovered. It also shows that by placing the stop at a previous swing point, a logical place, it gives extra protection than if it's just a set number of pips away. In this case that previous swing point was rather weak, not really a swing, so I went a bit further down, not quite to the next swing low, but...
{quote} In the example we discussed (your system, USDCADH4) my SL would have been above the last LH but the situation being what I think it was I would have been out the moment the upward candle closed above EMA8 (because for me that establishes a HL; with reentry always being possible, if the situation changes fundamentally) {image}
I have been asked about the MA crossover signal that I use. You need to get it from the source website because you have to copy three folders and drop them into your MQL4 folder, not the indicators folder. The instructions are on the website https://www.earnforex.com/metatrader...ossover-alert/
I have also posted a screenshot of the settings I use.
{quote} Thanks, josi, a useful insight. I have been asked about the MA crossover signal that I use. You need to get it from the source website because you have to copy three folders and drop them into your MQL4 folder, not the indicators folder. The instructions are on the website https://www.earnforex.com/metatrader...ossover-alert/ I have also posted a screenshot of the settings I use. {image}
.This morning I placed three different arrow signals on some 1-minute charts so I could speed up my observations. They all behave differently. Two of them sometimes disappear AFTER the current candle has closed if the EMAs go back up/down on the next candle. So what we see on the charts during backtesting is only those signals that did not disappear, in other words, the ones that worked. The third one seems to behave predictably and dependably, but I still need to watch it a bit more before I make a decision about using it.
So apologies again for misleading you. I should have known better.
- #59
- Nov 29, 2022 11:42am Nov 29, 2022 11:42am
Hi, What do you think abut this setup? A think it was perfect. Unfortunatly I missed itt. Hope next time I will be next to my computer. I have a full time job so it is not so easy to be next to my computer evrey 4 hours. {image}
It does look good, although I think you are using Heiken Ashi candles, so it's difficult for me to assess it without also looking at my own charts. As we are trading "naked MAs" could you remove the other indicators you are using when you post here? The purpose of this thread is to improve our skills using just MAs on their own.
I didn't enter this because the daily chart shows a clear uptrend and I didn't want to be caught going short when price might actually be long on the next higher time frame. As things turned out, from the entry level price dropped 53 pips so I would have been stopped out at breakeven by the EA I have running on a VPS that is set to move to B/E at 50 pips. It will be interesting to watch this and see how far down it does go.
- #60
- Edited 12:29pm Nov 29, 2022 12:10pm | Edited 12:29pm
I'm enjoying trading with just the MAs, no indicators. I feel free of clutter and confusion and it seems to be helping. Yesterday I made 0.66% profit, so it was an OK day, but today, if a trade I still have running can move the last 10 or so pips to the target, I will bank 3.4% growth on account balance for the day [DONE 
]. I'm very happy with that!
I've known for a long time that this is the way I should be trading, but I keep being pulled towards other systems, or adding things to the EMAs to try to improve them. This public forum is helping me stay focussed, thank you for that quality control you are providing!
]. I'm very happy with that!I've known for a long time that this is the way I should be trading, but I keep being pulled towards other systems, or adding things to the EMAs to try to improve them. This public forum is helping me stay focussed, thank you for that quality control you are providing!