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Great GBP/USD Strategy for Swing Trades

  • #621
  • May 11, 2007 3:27am May 11, 2007 3:27am
Quoting elmer
looking into my IBFX 4H chart your entry is two candles late, am I missing something?
Elmer, I realised really it is a late entry, and I closed with 9 pips profit already and seeing price moving opposite now. Thanks.
  • #622
  • May 11, 2007 4:20am May 11, 2007 4:20am
Quoting elmer
looking into my IBFX 4H chart your entry is two candles late, am I missing something?

I trade with alpari. The price I entered with current bar is nearly same as what price I would have entered 2 bars ago. So I thought it was a pullback. How to see the difference from a pullback and reversal?
  • #623
  • May 11, 2007 7:24am May 11, 2007 7:24am
Quoting MegaPips
I trade with alpari. The price I entered with current bar is nearly same as what price I would have entered 2 bars ago. So I thought it was a pullback. How to see the difference from a pullback and reversal?
actually the chunky bar was the one where the second cross occured.. some 140 pips :-) I got that one :-) demo :-/... I did it exactly as you suggested and also Vynner mentioned that,. as the 13 touched the 50 i was in.. and was lucky with all those news.

The pullback/reverse... I think that is why the 50 pip stoploss is there... according to the system rules you should have let the trade run until it would be stopped by the S/L or it may also decide to drop down and start giving you pips... the 50S/L gives enough space for any "games" of the price at the begining before it decides , if it has not decided during the crosses
elm
  • #624
  • May 11, 2007 8:12am May 11, 2007 8:12am
Quoting elmer
actually the chunky bar was the one where the second cross occured.. some 140 pips :-) I got that one :-) demo :-/... I did it exactly as you suggested and also Vynner mentioned that,. as the 13 touched the 50 i was in.. and was lucky with all those news.

The pullback/reverse... I think that is why the 50 pip stoploss is there... according to the system rules you should have let the trade run until it would be stopped by the S/L or it may also decide to drop down and start giving you pips... the 50S/L gives enough space for any "games" of the price at the begining before it decides , if it has not decided during the crosses
elm
Yes I was a bit confused to jump in when 13 -50 was about to touch, so I decided to enter in pullback, but not many pips. Will keep inform any other crosses. Regards.
  • #625
  • May 11, 2007 5:21pm May 11, 2007 5:21pm
I was trading gbp/jpy last night. The system gave an entry at 237.37, at least on Alpari UK. What I've noticed with this system and gbp/jpy is that price tends to pull back before it goes down. So I have a couple of suggestions:

1. Wait till 13 ema crosses 50 ema completely (new candles opens)
2. Once the cross occurs and new candle opens, use 5-30 min TFs to enter your trade. Don't just jump in right away.

Last night I got an entry at 237.54, which is not perfect, but a little better. Currency pair made a low at 236.43, but I stuck to the rules and ended up exiting pretty much at break even. In the future I will exit 1/3 or 1/2 of my position at 50 or 100 pips profit. Those are my observations. Good luck

martini
  • #626
  • May 12, 2007 4:53am May 12, 2007 4:53am
Quoting martini5470
I was trading gbp/jpy last night. The system gave an entry at 237.37, at least on Alpari UK. What I've noticed with this system and gbp/jpy is that price tends to pull back before it goes down. So I have a couple of suggestions:

1. Wait till 13 ema crosses 50 ema completely (new candles opens)
2. Once the cross occurs and new candle opens, use 5-30 min TFs to enter your trade. Don't just jump in right away.

Last night I got an entry at 237.54, which is not perfect, but a little better. Currency pair made a low at 236.43, but I stuck to the rules and ended up exiting pretty much at break even. In the future I will exit 1/3 or 1/2 of my position at 50 or 100 pips profit. Those are my observations. Good luck

martini


Thanks martini, in my opinion, 4 Hour chart is already late in a trend. If you look at the 4H chart, the signal (final cross) occured at the near end of the trend. The real downtrend began on 10. 05. 2007 at 8.00am GMT (4 Hour Chart). So, if this 13-50 cross occurs at the middle or very end of a trend????? Also, I think, this method is ok for a very very long trend, and otherwise entry points has to be very carefully selected. I believe if you are trading on a big frame, no need to lose unless you are very very late on a trend according to that timeframe. Any suggestions???
  • #627
  • May 12, 2007 11:33am May 12, 2007 11:33am
Quoting MegaPips
Thanks martini, in my opinion, 4 Hour chart is already late in a trend. If you look at the 4H chart, the signal (final cross) occured at the near end of the trend. The real downtrend began on 10. 05. 2007 at 8.00am GMT (4 Hour Chart). So, if this 13-50 cross occurs at the middle or very end of a trend????? Also, I think, this method is ok for a very very long trend, and otherwise entry points has to be very carefully selected. I believe if you are trading on a big frame, no need to lose unless you are very very late on a trend according to that timeframe. Any suggestions???
Thanks for your feedback. I wish we could find a good way to filter the trades and enter right when the new trend is forming, but unfortunately system doesn't really work on lower TFs as it is. The only way I see it working is if we can identify the trend on 4h chart -> 5 ema crosses and 13 ema is approximately 2 candles from crossing. Then we could go back to 1h chart and see if the cross of 13 ema has occurred and look for entry.

In GBP/JPY example:

4H CHART 5.10.2007 // 12:00H
Candle was in a downtrend and 5 ema had crossed. 13 ema was approaching 50 ema. This is where we go back to 1h chart.

1H CHART 5.10.2007 // 18:00H
The entry is at 238.68 once both 5ema and 13 ema have crossed completely.

Any suggestions?
  • #628
  • May 12, 2007 12:35pm May 12, 2007 12:35pm
Quoting martini5470
Thanks for your feedback. I wish we could find a good way to filter the trades and enter right when the new trend is forming, but unfortunately system doesn't really work on lower TFs as it is. The only way I see it working is if we can identify the trend on 4h chart -> 5 ema crosses and 13 ema is approximately 2 candles from crossing. Then we could go back to 1h chart and see if the cross of 13 ema has occurred and look for entry.

In GBP/JPY example:

4H CHART 5.10.2007 // 12:00H
Candle was in a downtrend and 5 ema had crossed. 13 ema was approaching 50 ema. This is where we go back to 1h chart.

1H CHART 5.10.2007 // 18:00H
The entry is at 238.68 once both 5ema and 13 ema have crossed completely.

Any suggestions?



That is much much better to consider. This way, one thing we can be early in the trend, or if a bad trade (the final cross is about to happen but not, and trend changes on 4H chart- this is the exit) early to exit. Actually, we can try this entry rules from now on and I firmly believe this will bring good trades. As most recently, I didn't see any better trades for past 2 or so weeks with original entry method. Thanks martini and elmer for your suggestions. Keeps all of us on track. http://www.forexfactory.com/images/icons/icon14.gif
  • #629
  • May 13, 2007 8:58pm May 13, 2007 8:58pm
I agree, that the 1H is good to check, but still it may produce too hasty signals. So I would use the 1H check only when the second cross on 4H is almost happening and is very likely to happen in actual 4Hbar. Then it is probably good to look at the shorter timeframe and jump in that 4H bar with the cross. That would probably supply the speed of entry that VyNNer has, but we lack the experience for that:-)

Anyway, I have some ideas combining this system and another system here from FF, I also am thinking about a custom indicator for that, but I need programmer. I can define the logic, but I dont know the mq4 language enough , so I keep making errors in the code which I dont know how to repair. Even though my indicator is really simple....

So anybody interested?

elmer

Quoting MegaPips
That is much much better to consider. This way, one thing we can be early in the trend, or if a bad trade (the final cross is about to happen but not, and trend changes on 4H chart- this is the exit) early to exit. Actually, we can try this entry rules from now on and I firmly believe this will bring good trades. As most recently, I didn't see any better trades for past 2 or so weeks with original entry method. Thanks martini and elmer for your suggestions. Keeps all of us on track. http://www.forexfactory.com/images/icons/icon14.gif
  • #630
  • May 14, 2007 9:31pm May 14, 2007 9:31pm
Quoting elmer
Anyway, I have some ideas combining this system and another system here from FF, I also am thinking about a custom indicator for that, but I need programmer. I can define the logic, but I dont know the mq4 language enough , so I keep making errors in the code which I dont know how to repair. Even though my indicator is really simple....

elmer
ok I have found a brilliant programmer :-) so now some testers will be needed:-)
  • #631
  • May 15, 2007 4:19am May 15, 2007 4:19am
Quoting elmer
ok I have found a brilliant programmer :-) so now some testers will be needed:-)
Elmer, Thanks for your effort. I am willing to be as a tester. Thasnks.
  • #632
  • May 15, 2007 4:42am May 15, 2007 4:42am
Quoting MegaPips
Elmer, Thanks for your effort. I am willing to be as a tester. Thasnks.
Hello, the indicator can be found in this thread http://www.forexfactory.com/showthread.php?t=29419 please go there
, I dont want to make mess in VyNNers thread:-)
You will find that at this moment it has a form of MACD formed by DEMA averages. My first suggestion where to start is set it to 4-13-1 so we ignore the signal line and have the same periods as VyNNer. Some time ago in this thread it was suggested to use Dema for exit and re-entry.. so thats my first suggestion. Enjoy.

elmer
  • #633
  • May 15, 2007 5:16am May 15, 2007 5:16am
Quoting elmer
Hello, the indicator can be found in this thread http://www.forexfactory.com/showthread.php?t=29419 please go there
, I dont want to make mess in VyNNers thread:-)
You will find that at this moment it has a form of MACD formed by DEMA averages. My first suggestion where to start is set it to 4-13-1 so we ignore the signal line and have the same periods as VyNNer. Some time ago in this thread it was suggested to use Dema for exit and re-entry.. so thats my first suggestion. Enjoy.

elmer
Sure, thanks.
  • #634
  • May 15, 2007 7:12am May 15, 2007 7:12am
Quoting elmer
Hello, the indicator can be found in this thread http://www.forexfactory.com/showthread.php?t=29419 please go there
, I dont want to make mess in VyNNers thread:-)
You will find that at this moment it has a form of MACD formed by DEMA averages. My first suggestion where to start is set it to 4-13-1 so we ignore the signal line and have the same periods as VyNNer. Some time ago in this thread it was suggested to use Dema for exit and re-entry.. so thats my first suggestion. Enjoy.

elmer
Hi Elmer, I'll help with the testing as well.
TTFN Merlyn
  • #635
  • May 15, 2007 11:26am May 15, 2007 11:26am
hi everyone ,
i seem to use completely different charting software and brokerages to all of you here on this thread . is anyone here from the u.k ? i use i g index as they offer the best deal . because it is a spread betting company , there is no tax to pay on any profit that i make . i would like to know if there are any uk spread betting companies that also do auto entriey trading for you ,once you have programmed your strategy into a computer lanugauge that they can auto enter for you ? i know of 1 in new york , but they will only do this with a minimum of $10,000 in your trading account and also their minimum size is a 100k trade . and also transferring the money back and forth to the u.s is akward . so anyone out there know of a company in the u.k ?
  • #636
  • May 15, 2007 2:00pm May 15, 2007 2:00pm
hello friends, to that timeframe to work? only to 4h? not to 15m?
best regards
  • #637
  • May 15, 2007 2:47pm May 15, 2007 2:47pm
Quoting eagle
hello friends, to that timeframe to work? only to 4h? not to 15m?
best regards
I learnt my lesson long before by trading small timeframes, so I will try to stick with 4H, 2H, 1H only.
  • #638
  • May 15, 2007 5:39pm May 15, 2007 5:39pm
Powerful system, does anyone know if there is an EA for Metatrader..? I did a quick search of the Metatrader forum with no results..?

Thanks in advance...
{Promotion Removed}
  • #639
  • May 15, 2007 7:18pm May 15, 2007 7:18pm
Quoting riffster
Powerful system, does anyone know if there is an EA for Metatrader..? I did a quick search of the Metatrader forum with no results..?

Thanks in advance...
Come on:-) its only every 4 hours, its not so bad:-) you can find systems on this thread that will alert you that a cross may be forming. But I think its better to do the entry manually, so I dont know if these systems will also open and close positions for you... go to the list of threads, on the line with the name of this thread there is a small paperclip, ther you find all the attahements in this thread

elmer
  • #640
  • May 15, 2007 9:19pm May 15, 2007 9:19pm
Quoting mcdonnellc
hi everyone ,
i seem to use completely different charting software and brokerages to all of you here on this thread . is anyone here from the u.k ? i use i g index as they offer the best deal . because it is a spread betting company , there is no tax to pay on any profit that i make . i would like to know if there are any uk spread betting companies that also do auto entriey trading for you ,once you have programmed your strategy into a computer lanugauge that they can auto enter for you ? i know of 1 in new york , but they will only do this with a minimum of $10,000 in your trading account and also their minimum size is a 100k trade . and also transferring the money back and forth to the u.s is akward . so anyone out there know of a company in the u.k ?
Hi mcdonnellc, Can you please tell what is the difference between a forex trading company and a spread trading company. Also, if you live in uk, all profits from forex trading are tax free, or is it only with spread trading profits, please clarify. Thanks.
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