What do you guys think about EMA and SMA (Simple MA)? Which MAs do u use? Which is better?
MA Crossover System that works for me
I am working on USDCAD - I have a sell stop order hanging below price and don't want to chase price. I think it has been josi telling us that we need to look at individual candle behaviour - they are all trending higher on H4 right now, so we need to wait until we get a clear sign of a resumption.
D1 has closed below the 100 EMA and the EMAs have crossed down, so that's good. On H4 I have removed the daily EMAs - I prefer a clean chart - but I left the pink signal arrow showing where the EMA crossdown is, that much is useful and still leaves a clean chart.
D1 has closed below the 100 EMA and the EMAs have crossed down, so that's good. On H4 I have removed the daily EMAs - I prefer a clean chart - but I left the pink signal arrow showing where the EMA crossdown is, that much is useful and still leaves a clean chart.
I have also been working to improve how I trade breakouts. I am doing this by marking up where consolidation zones are and then being careful about where I place my entry and stop. In this case I left the daily EMAs (in dull colours) in place to show how they help highlight where consolidation or sideways movement is taking place.
A concern here is that I am short USDCAD and long NZDCAD. It doesn't mean that this is wrong, but for CAD to be going up on one and down on the other means USD and NZD must be moving strongly enough to override. I will have to stay alert in case one of these switches over.
A concern here is that I am short USDCAD and long NZDCAD. It doesn't mean that this is wrong, but for CAD to be going up on one and down on the other means USD and NZD must be moving strongly enough to override. I will have to stay alert in case one of these switches over.
{quote} Had my eye on EU as well but learning from some of the other posts here made me realize that its near to a level of resistance in the market presently. Would you guys wait to see if it breaks before thinking of entering? {image}
I have also been working to improve how I trade breakouts. I am doing this by marking up where consolidation zones are and then being careful about where I place my entry and stop. In this case I left the daily EMAs (in dull colours) in place to show how they help highlight where consolidation or sideways movement is taking place. A concern here is that I am short USDCAD and long NZDCAD. It doesn't mean that this is wrong, but for CAD to be going up on one and down on the other means USD and NZD must be moving strongly enough to override. I will...
Based on your experiences how would you set your sl and tp if entered at this price? I know a couple of posts back you mentioned having a 100pip tp, would you also do something similar here? This is 1:1.5 ratio
- #316
- Edited 10:51am Jan 17, 2023 10:37am | Edited 10:51am
{quote} HiAlistairC another question, so I've been demoing the strategy to get a feel of it, they say practice makes perfect. I don't know if that applies to forex though
In this USDCAD example there isn't much to the left on the H4 chart, so you have an arbitrary target to go for. So I would look at the daily chart and there is an opportunity sitting neatly about 150 pips down. Assuming you entered on H4 on the short dotted line, the long dotted line is almost exactly 150 pips down. That's a logical target based on structure. I might reduce that slightly just to be on the safe side.
- #318
- Jan 17, 2023 10:59am Jan 17, 2023 10:59am
{quote} Thanks, so I know we are trading primarily without indicators, I've started just glancing at my stochastic indicator (old habits) and realized that not only was it reaching a level of support but it was also overbought on the daily. So with that in mind I was expecting a possible retracement and it just tanked at that level. {image}
Another comment - I used to place S/R levels on my charts, much as yours does now, but as I gained experience I realised that all you need is to look left at the level where you plan to place a trade. If it's clear where the trade is headed, then it's clear - place that trade. Certainly, drop a line on the chart and move it up and down a bit to help you see more clearly what you need to see, but you don't need more than that. So my other challenge is for you to remove those S/R lines and take another step towards cleaner charts.
And finally ... can you guess what's coming next?
{quote} I challenge you to remove the Stochastic indicator! Take off those training wheels! So my other challenge is for you to remove those S/R lines and take another step towards cleaner charts. And finally ... can you guess what's coming next?
I'm going out on a limb guessing this right here in the right hand corner...
If not that then my second guess would be to move away from tradingview and primarily using mt4 to see pure price action..
