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MA Crossover System that works for me

  • #661
  • Apr 21, 2023 7:46am Apr 21, 2023 7:46am
Quoting AlistairC
Safety checklist In my strategy there are no strict rules – you have to understand what is happening on the chart and use the trading tool between your ears. But there are some basics, which I call safety checks. These are things every trader should use for every trade. Basic common sense. I think that if you applied these safety checks properly, you could probably trade ANY system successfully. 1. Dominant trend: Check the trend direction on the next time frame up. I use H4, so I check what is happening on D1. It doesn’t have to be officially up/down...
This is post #8 in this thread. It is my safety checklist and it is important to follow these safety checks. One of them is not to trade into support or resistance
  • #662
  • Apr 21, 2023 7:59am Apr 21, 2023 7:59am
Quoting AlistairC
{quote} Forgive me for possibly seeming critical, my intention is sincerely to assist traders to avoid making mistakes. See the safety checklist I have quoted in the next post. I have identified this trade as a potential for next week but I'm waiting for a pullback closer to the EMAs before entering. And I might not go for it at all - it is up against resistance and I would be surprised if it goes higher any time soon. I have posted the H4 and monthly charts here - the resistance level is the same line on both. {image} {image}
I wouldn't post if I didn't want the critique.

Good to know you use the monthly as well. I'll try to be mindful of S/R areas on higher tf's.
  • #663
  • Apr 21, 2023 7:59am Apr 21, 2023 7:59am
Quoting Walddo
{quote} Just wanted to say I 1000% agree with the indicator statement. I have definitely found paralysis by analysis, and adding on indicators doesn't actually help in most cases. Love the spirit of this thread and focusing on just 2 ema's and that cross over setup. It's definitely something I have seen so many times, but never thought I guess because how simple it truly is, it could work consistently- so cheers for showing it can and does work. I will be definitely practicing this and working on getting the entry down. Thanks for all you've done!...
This trade is going okay, target seems possible
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  • #664
  • Apr 21, 2023 8:09am Apr 21, 2023 8:09am
Quoting Walddo
{quote} I wouldn't post if I didn't want the critique. Good to know you use the monthly as well. I'll try to be mindful of S/R areas on higher tf's.
Yes, it's useful sometimes to check on W1 and MN1 just to get an idea of the overall structure of things. And about the critique, it's useful for me too as it keeps reminding me of the mistakes I often make. I'm grateful to have this forum to keep me going straight!
  • #665
  • Apr 21, 2023 9:07am Apr 21, 2023 9:07am
Quoting AlistairC
{quote} Yes, it's useful sometimes to check on W1 and MN1 just to get an idea of the overall structure of things. And about the critique, it's useful for me too as it keeps reminding me of the mistakes I often make. I'm grateful to have this forum to keep me going straight!
The, all of a sudden PMI news from US causes a reverse, who said trading was easy?
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  • #666
  • Apr 21, 2023 9:17am Apr 21, 2023 9:17am
Quoting Uru-trader
{quote} The, all of a sudden PMI news from US causes a reverse, who said trading was easy? {image}
It's not! All we can do is put the odds in our favour, as far as that is possible. Next time.
  • #667
  • Apr 21, 2023 9:21am Apr 21, 2023 9:21am
And also, keep calm and do not let emotions take control. Just stick to your original thoughts and let the trade do its work. Nothing's lost untill it's lost!!
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  • #668
  • Apr 21, 2023 11:36am Apr 21, 2023 11:36am
This triggered, 4h and daily - always open to critique - this seems good to go?
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  • #669
  • Apr 21, 2023 1:48pm Apr 21, 2023 1:48pm
Quoting Walddo
This triggered, 4h and daily - always open to critique - this seems good to go? {image} {image}
Criteria for this trade look good to me, but rather close to probably a heavy resistance, therefore limited downside potential before reversal??
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  • #670
  • Apr 21, 2023 2:22pm Apr 21, 2023 2:22pm
Quoting Uru-trader
{quote} Criteria for this trade look good to me, but rather close to probably a heavy resistance, therefore limited downside potential before reversal?? {image}
Awesome, I definitely see that Support that could show a reversal...I personally close everything Friday afternoon (I'm Pacific Time Zone), so any couple pips I can get I am happy with.

I love @AlistairC's goal of 1% a day. Do that consistently and it's permanent vacation mode.

I commonly have multiple positions open and if I closed daily, would probably be close to 1% days. Love the idea of a basket of positions good and some bad, but more good being the net profit.

Cheers all.
  • #671
  • Apr 21, 2023 2:27pm Apr 21, 2023 2:27pm
Quoting Walddo
Just posting this for any critique - I believe this is good to go though, posting 4h and daily chart for reference. $USDCHF trade I am in on 5%ers challenge: {image} {image}
Ok, I definitely get the S/R rule. This trade and my $EURCHF hit a hard floor cause of Daily Support.

Will definitely make sure to be aware of S/R far more often. Thanks for the help & advice.
  • #672
  • Apr 21, 2023 4:52pm Apr 21, 2023 4:52pm
Yes, this reminds me of an additional question I have: aiming at a profit of 100 pips per trade would often require 2 days or more to close the trade. I am often confronted witha swap commission by the broker for overnight trades. For Walddo: this means that you cannot open new trades when the day is ending, does does not limit you in placing decent trades? For others: how do you cope with this? Do you also avois these swap commissions? Do you limit the number of days? Or do you make some kind of calculation how long it remains profitable? Using Alastair's system - focusing mainly on 4h and 1d TF - it seems hard to avoid in my opinion to hold your positions for several days. My current USD/CHF trade e.g. was in its third day today, Monday will be 4 days, I still believe in this trade, it currently has a small profit of 4,75 euro but with a swap commission of 1,78 euro ... it eats away part of your profit, but my TP would largely compensate this. Curious to learn your opinion on this subject.
  • #673
  • Apr 23, 2023 8:14am Apr 23, 2023 8:14am
Quoting Uru-trader
Yes, this reminds me of an additional question I have: aiming at a profit of 100 pips per trade would often require 2 days or more to close the trade. I am often confronted witha swap commission by the broker for overnight trades. For Walddo: this means that you cannot open new trades when the day is ending, does does not limit you in placing decent trades? For others: how do you cope with this? Do you also avois these swap commissions? Do you limit the number of days? Or do you make some kind of calculation how long it remains profitable? Using...
The overnight swap is relatively minor, so unless it's one of those expensive pairs where the swap is a bit large, just ignore it as one of the costs of doing business. I happen to have two trades open now that are earning a positive overnight swap. Nice feeling to get something for nothing.

The length of time a trade of a certain pip value takes depends on how active the market might be. I have had 100 pip trades open and close in the same day, while at other times they can drag on forever, but that likely means it is in consolidation and it can be very nice if it breaks out. I don't like holding trades for very long because the possibility of surprise news or world events increases for every day the trade is running. The market has been slow recently, so the four days you mentioned is not surprising. I get bored with such trades and will usually close them during Friday.

When you quote the amount a trade has moved, rather do it in pips as we all work with the same pips and so we know what distance of movement you are describing. If my lot size is 1.00, then EUR 4.75 is very little, but for a trade of 0.01 lot size, it is a decent profit.
  • #674
  • Apr 23, 2023 10:33am Apr 23, 2023 10:33am
When you quote the amount a trade has moved, rather do it in pips as we all work with the same pips and so we know what distance of movement you are describing. If my lot size is 1.00, then EUR 4.75 is very little, but for a trade of 0.01 lot size, it is a decent profit.[/quote]

Sorry: this is a rather small trade of 0,08 lot entered at 0,8930 so just 6 pips in profit but targeting 60 pips
  • #675
  • Apr 24, 2023 8:58am Apr 24, 2023 8:58am
Here's a very useful and simple video on using a 3-EMA trading system, in this case 9, 21 and 55 EMAs.

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  • #676
  • Apr 24, 2023 2:46pm Apr 24, 2023 2:46pm
Quoting AlistairC
Here's a very useful and simple video on using a 3-EMA trading system, in this case 9, 21 and 55 EMAs. https://www.youtube.com/watch?v=dwUwzLHGxYg
Larry Williams was a proponent of 9 and 21 EMA, and incorporated the closing price into a strategy

It takes a lot for me to IGNORE you, but you can try.
  • #677
  • Apr 24, 2023 3:12pm Apr 24, 2023 3:12pm
GBPUSD has been in a period of consolidation within an overall uptrend. I took the bullish pinbar (3 bars back) lying across both EMAs as a signal that price might break out.
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  • #678
  • Apr 24, 2023 3:33pm Apr 24, 2023 3:33pm
Quoting AlistairC
GBPUSD has been in a period of consolidation within an overall uptrend. I took the bullish pinbar (3 bars back) lying across both EMAs as a signal that price might break out. {image}
Nice entry!
  • #679
  • Apr 24, 2023 3:54pm Apr 24, 2023 3:54pm
$EURUSD Entry
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  • #680
  • Apr 25, 2023 8:15am Apr 25, 2023 8:15am
Quoting AlistairC
GBPUSD has been in a period of consolidation within an overall uptrend. I took the bullish pinbar (3 bars back) lying across both EMAs as a signal that price might break out. {image}
On yesterday's GBPUSD trade the SL was moved to B/E at 50 pips and that's where it got stopped out. Nothing gained, nothing lost.

Today (USDCAD):
I was aware of the consolidation area marked in blue and placed a buy stop order just above it.
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