Disliked{quote} This is indeed the most difficult part. you're already up by 300 pips - that's an amazing trade already. (Well, I think it's amazing!). Either you exit according to some known and clear rules, then your own discretion and emotion don't have to come into it. Or else you have to balance out many different factors - is price overbought, is it up against resistance, likely to pullback soon, what does the daily or the weekly tell me about possible future movements, can I cope with the emotional challenge of letting it drop back in the hope or...Ignored
MA Crossover System that works for me
- #1,245
- Sep 25, 2023 1:50pm Sep 25, 2023 1:50pm
- Joined Feb 2019 | Status: Trader | 1,019 Posts
my thoughts .... always trade in 2 lots ...
(I) in any trend trading system.....
1) the high of the entry candle ( if you are short ) and the low of the entry candle ( if you are long ) is never broken.... so...
a) entry has to be at the close of the candle. not at the high/low of the candle
b) the initial stoploss should be the high/low of the entry candle with a minimal buffer. ( NOT the swing high/low )
2) TP of one lot (of the 2 lots you have traded) is 1:1(+spread) ... this is a very tiny target easily acheived.
3) once this is acheived, means that you will not loose in the trade.... your SL is still (( b) the initial stoploss should be the high/low of the entry candle with a minimal buffer.) ))
(II) once your trade is at no loss .... now think of profits .........for the remaining one lot you hold
1) target
a) a simple 1:1 R:R / 1:2 R:R
b) use fibo targets
c) use ATR/ADR of the timeframe tou are trading for targets
2) trailing sl
a) trail SL to 8 ema
b) trail SL to previous candle high/low
c) many a times you will realise that after hitting your trailing sl the trend continues.
i) you are still in profit in this trade so look out for other opportunities
ii) go to lower timeframe and re-enter the trend.
Plan the trade and Trade the plan
(I) in any trend trading system.....
1) the high of the entry candle ( if you are short ) and the low of the entry candle ( if you are long ) is never broken.... so...
a) entry has to be at the close of the candle. not at the high/low of the candle
b) the initial stoploss should be the high/low of the entry candle with a minimal buffer. ( NOT the swing high/low )
2) TP of one lot (of the 2 lots you have traded) is 1:1(+spread) ... this is a very tiny target easily acheived.
3) once this is acheived, means that you will not loose in the trade.... your SL is still (( b) the initial stoploss should be the high/low of the entry candle with a minimal buffer.) ))
(II) once your trade is at no loss .... now think of profits .........for the remaining one lot you hold
1) target
a) a simple 1:1 R:R / 1:2 R:R
b) use fibo targets
c) use ATR/ADR of the timeframe tou are trading for targets
2) trailing sl
a) trail SL to 8 ema
b) trail SL to previous candle high/low
c) many a times you will realise that after hitting your trailing sl the trend continues.
i) you are still in profit in this trade so look out for other opportunities
ii) go to lower timeframe and re-enter the trend.
Plan the trade and Trade the plan
- #1,246
- Sep 25, 2023 1:58pm Sep 25, 2023 1:58pm
- Joined Feb 2019 | Status: Trader | 1,019 Posts
330 pip profit + swap rate this was one of my best trades so far.
- #1,250
- Sep 26, 2023 1:52pm Sep 26, 2023 1:52pm
i have 11 year in forex market and i dont like the ma very bad in range movment
- #1,251
- Sep 26, 2023 1:58pm Sep 26, 2023 1:58pm
Today has been frustrating for me. I suppose the forex markets are a bit confused, or slow. On my chart there is currently a breakout, but have a look at the alternating green and red candles before it, back and forth most of today. Yet look at the OGT strip bottom right - all red.
I placed this AUDUSD trade earlier today and it's gone almost nowhere. Only now has it gone into profit, apart from that big spike down. That spike missed my earlier TP because it was too far - a whole 20 pips! So I moved the TP up to just 16 pips and I have waited since midday for something to happen. And even now, it's been just a few pips from the TP for some time and just can't get there.
I placed this AUDUSD trade earlier today and it's gone almost nowhere. Only now has it gone into profit, apart from that big spike down. That spike missed my earlier TP because it was too far - a whole 20 pips! So I moved the TP up to just 16 pips and I have waited since midday for something to happen. And even now, it's been just a few pips from the TP for some time and just can't get there.
- #1,252
- Edited 5:59am Sep 27, 2023 5:29am | Edited 5:59am
Nothing much going on today that meets the 3x3 criteria. I have received several signals but I don't want to get involved with them. For example EURUSD. The weekly certainly looks promising, but the H4 chart has moved steadily down with almost no refreshes. In my opinion (which might be wrong!), this trend is very old now and the odds of it continuing down as it has been doing are greatly reduced. It just seems a better option to sit on the sidelines and wait.
The way it might play out could be a pullback on the weekly (there are already 11 consecutive red bars, so a pullback is surely on the way?). This will be a big move up on H4, and i expect that might be followed by another bearish leg down. I would be interested in trading that new leg (if that's how it turns out).
The way it might play out could be a pullback on the weekly (there are already 11 consecutive red bars, so a pullback is surely on the way?). This will be a big move up on H4, and i expect that might be followed by another bearish leg down. I would be interested in trading that new leg (if that's how it turns out).
- #1,253
- Sep 27, 2023 7:13am Sep 27, 2023 7:13am
Nothing much going on today that meets the 3x3 criteria. I have received several signals but I don't want to get involved with them. For example EURUSD.
- #1,256
- Sep 28, 2023 1:52am Sep 28, 2023 1:52am
TF DAILY EURCHF is breaking resistance at 0.91490... waiting for pull back. Enter? EURGBP has tested the resistance at 0.86539 and is a corrective pullback underway? USDCHF it quickly broke the resistance at 0.91490... in the red daily candle. shall we enter the max? EURCAD broken support at 1.42380. are we waiting for pulback? EURJPY in trade range.. will Long or SHOrt break it? at the moment I would say short USDJPY stop it... shall we get into the race? GPBAUD pullback underway EURAUD in trade range GOLD broke a support US500 broke a support...
- #1,257
- Edited 4:53am Sep 28, 2023 4:33am | Edited 4:53am
I use several different templates that I flip through at the change of every 4-hour candle. The 2x3 and 3x3 ones are obvious (I think), but I thought I should show you my 2MA crossover template and how I use it. Those little red/green arrows appear after the 2 MAs have crossed over. We get many of these crossovers on our charts, most of which are not suitable.
The 2MA crossovers that I am looking for are where all three EMAs are aligned, but where the two faster EMAs have just crossed over. In most cases this means that the entry is very early in the new trend.
There are 4 examples on this chart.
1. YES. The first one is great - everything is already below the 100 EMA and the 2MA crossover happens on a bearish pin bar. This crossover also has a small consolidation zone that lasts for 3 more candles after the pinbar and makes a perfect place to enter.
2. NO. Against the dominant trend, EMAs not aligned.
3. NO. The EMAs are not completely aligned.
4. YES. The price bars have dropped through the EMAs, which suggests momentum, and all three EMAs have just come into alignment. You could enter at the base of the crossover candle as it's not too long, or you could enter below the consolidation area that follows in the next 3 or 5 candles.
The 2MA crossovers that I am looking for are where all three EMAs are aligned, but where the two faster EMAs have just crossed over. In most cases this means that the entry is very early in the new trend.
There are 4 examples on this chart.
1. YES. The first one is great - everything is already below the 100 EMA and the 2MA crossover happens on a bearish pin bar. This crossover also has a small consolidation zone that lasts for 3 more candles after the pinbar and makes a perfect place to enter.
2. NO. Against the dominant trend, EMAs not aligned.
3. NO. The EMAs are not completely aligned.
4. YES. The price bars have dropped through the EMAs, which suggests momentum, and all three EMAs have just come into alignment. You could enter at the base of the crossover candle as it's not too long, or you could enter below the consolidation area that follows in the next 3 or 5 candles.
- #1,258
- Sep 28, 2023 5:14am Sep 28, 2023 5:14am
{quote} On EURCAD, it has broken through support very nicely with yesterday's daily bar. We could enter right now ("at market") but as there are more than 70 pips back to the resistance level (not that a level is defined by a single line), that is a bit of a stretch to cope with if it does retrace all the way back. Having said that, there was a minor consolidation as marked with the yellow box on H4. That would have been a valid entry point if we had been awake then. So I'm not entirely sure, but my instinct is to wait a bit and see if we can get...
But anyway, if we were going to trade this, price is moving steadily towards the red resistance line so a sell limit order at that level is looking like a good option (unless that bigger price correction happens right now!).
