I'm watching EurNzd for possible long position.
MA Crossover System that works for me
- #497
- Feb 18, 2023 9:28am Feb 18, 2023 9:28am
- Joined Feb 2019 | Status: Trader | 1,019 Posts
What we need is an early warning system that allows us to stop trading under those conditions before much damage has been done. I am working on that and will post my thoughts another time, but if anyone has comments on this post and tricks to catch consolidation phases quickly, please share them. {image}
in fact i love these consolidation phases because usually the pice explodes after such phases in one or the other direction. it is easier to catch such trends and are almost always high probablity and low risk high reward trades.
the descending triangle pattern is the best pattern to trade and i am always on a lookout for it.( CADCHF, NZD JPY, DJ30 on your charts).
wait for a breakout of this pattern, wait for a pullback, and trade the continuation pattern.
this is what you said in the first post and the chart above is to just remind you your own words.
"This chart summarises my strategy. I wait for a new trend to form, as defined by the EMA crossover, then wait for a pullback to (or close to) the EMAs, which I have now discovered is similar to what Phillip teaches, and then enter a trade. I almost always use stop orders so that if a pullback turns into a reversal, there is less chance of that trade being taken out as price continues the 'wrong' way. "
- #498
- Feb 18, 2023 9:54am Feb 18, 2023 9:54am
- Joined Feb 2019 | Status: Trader | 1,019 Posts
This is exactly the reason why so many people mess their charts up with tons of indicators (so nothing new here). They want to filter out - what they regard as - noise in order to trade the (clear) moves.
i nowadays dont even need too analise the charts nor i need candlesticks/patterns.
just a look at the chart and i enter the trade sometimes not even waiting for the candle to close.
the best and most profitable trades are on the first pullback.
sorry Alistair. feel free to delete this post as it is not related to your trading system. and sorry josi, i do not mean to offend anyone.
- #500
- Feb 18, 2023 10:01am Feb 18, 2023 10:01am
{quote} you very well know that i trade the guppy system. (and it means a ton of emas ) i nowadays dont even need too analise the charts nor i need candlesticks/patterns. just a look at the chart and i enter the trade sometimes not even waiting for the candle to close. the best and most profitable trades are on the first pullback. {image} sorry Alistair. feel free to delete this post as it is not related to your trading system. and sorry josi, i do not mean to offend anyone.