{image} Let's see
MA Crossover System that works for me
- #1,261
- Sep 28, 2023 1:27pm Sep 28, 2023 1:27pm
- Joined Feb 2019 | Status: Trader | 1,019 Posts
- #1,262
- Edited 2:50pm Sep 28, 2023 1:45pm | Edited 2:50pm
{image} Let's see
- #1,263
- Edited 2:51pm Sep 28, 2023 1:52pm | Edited 2:51pm
I have copied the safety checklist here. It is from post #8. I hope it helps you to be reminded 
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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 yet just as long as it is clearly heading in that direction, although you might want to be stricter about this. It also helps to have a look at what is happening on the next TF down (in my case it’s H1). Sometimes you can see details there that are not clear on your trading TF.
2. S/R obstructions: Avoid trading into support or resistance – this could be horizontal levels or inclined levels as in trend lines or channels. Also, what looks like a strong uptrend on H4 might just be a pullback leg on D1 within a down channel. It would be foolish to buy at the upper boundary line joining successively lower swing high points.
3. Enter when price is close to the EMAs, which means you should avoid entering when there is open space between price and the EMAs. Here the rubber band is stretched, so price is likely to bounce back before it continues with the trend.
4. Avoid long/explosive bars, enter where the bars are short or “quiet” (and such bars are usually close to the EMAs).
5. Avoid trading into price extremes – look at the monthly or weekly chart to see if price is at a long-term low/high.
6. Beware of "old" trends. No trend continues forever, so if a trend has continued for a long time (e.g. it starts in the lower left corner of your screen and goes all the way up to the top right corner) it is an old trend, probably getting tired, its life expectancy is reducing rapidly (as with all of us eventually
). It might continue still, but as a safety precaution, just walk away. Wait for a fresh trend to start.
=================================
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 yet just as long as it is clearly heading in that direction, although you might want to be stricter about this. It also helps to have a look at what is happening on the next TF down (in my case it’s H1). Sometimes you can see details there that are not clear on your trading TF.
2. S/R obstructions: Avoid trading into support or resistance – this could be horizontal levels or inclined levels as in trend lines or channels. Also, what looks like a strong uptrend on H4 might just be a pullback leg on D1 within a down channel. It would be foolish to buy at the upper boundary line joining successively lower swing high points.
3. Enter when price is close to the EMAs, which means you should avoid entering when there is open space between price and the EMAs. Here the rubber band is stretched, so price is likely to bounce back before it continues with the trend.
4. Avoid long/explosive bars, enter where the bars are short or “quiet” (and such bars are usually close to the EMAs).
5. Avoid trading into price extremes – look at the monthly or weekly chart to see if price is at a long-term low/high.
6. Beware of "old" trends. No trend continues forever, so if a trend has continued for a long time (e.g. it starts in the lower left corner of your screen and goes all the way up to the top right corner) it is an old trend, probably getting tired, its life expectancy is reducing rapidly (as with all of us eventually
). It might continue still, but as a safety precaution, just walk away. Wait for a fresh trend to start.
- #1,264
- Sep 29, 2023 1:46am Sep 29, 2023 1:46am
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.
- #1,265
- Sep 29, 2023 4:09am Sep 29, 2023 4:09am
Just received this MA crossover signal. Definitely not taking this one even if it was mid-week.
Please note that today is week-end, month-end AND quarter-end, so the big money people will be doing position squaring today and forex prices might do unexpected things. Don't be exposed to this later in the day. Just close-up shop.
Happy weekend everyone.
Please note that today is week-end, month-end AND quarter-end, so the big money people will be doing position squaring today and forex prices might do unexpected things. Don't be exposed to this later in the day. Just close-up shop.
Happy weekend everyone.
- #1,266
- Sep 29, 2023 6:02am Sep 29, 2023 6:02am
- Joined Feb 2019 | Status: Trader | 1,019 Posts
i took a similar trade yesterday on cross over.
white vertical dotted line is my entry candle. 2 lots as ususal. my initial SL was at the 50% fib which i have shifted to BE. my first target is at TP1 is already reached. i have kept my profit of one lot at fib TP2. will close one position today at end of the session and carry one lot for next week.
white vertical dotted line is my entry candle. 2 lots as ususal. my initial SL was at the 50% fib which i have shifted to BE. my first target is at TP1 is already reached. i have kept my profit of one lot at fib TP2. will close one position today at end of the session and carry one lot for next week.
- #1,267
- Sep 29, 2023 12:05pm Sep 29, 2023 12:05pm
- Joined Feb 2019 | Status: Trader | 1,019 Posts
i took a similar trade yesterday on cross over. white vertical dotted line is my entry candle. 2 lots as ususal. my initial SL was at the 50% fib which i have shifted to BE. my first target is at TP1 is already reached. i have kept my profit of one lot at fib TP2. will close one position today at end of the session and carry one lot for next week. {image}
feels like this is a breakout trade which i have entered at the right time. so i am trailing my SL to the support for both the lots and my TP for one lot is now at fibo TP3.
either way i wlii be in profit so i am not scared to carry this trade over the weekend
plan the trade and trade the plan....
- #1,268
- Oct 2, 2023 4:57am Oct 2, 2023 4:57am
- Joined Feb 2019 | Status: Trader | 1,019 Posts
{quote} . either way i wlii be in profit so i am not scared to carry this trade over the weekend {image}
new entry .... vertical dotted line is entry candle. 2 lots.. SL and TP1 in place.
will shift my SL to previous candle high if trend continues downward
- #1,269
- Oct 2, 2023 7:06am Oct 2, 2023 7:06am
- Joined Feb 2019 | Status: Trader | 1,019 Posts
the trend did continue in my favour... a marubozu candle..... so i shifted my SL to the high of this candle... now it is a very low risk trade
dear Alistair, do the previous 5 candles qualify your "Pinch"? will you take a trade below this candle?
dear Alistair, do the previous 5 candles qualify your "Pinch"? will you take a trade below this candle?
- #1,270
- Edited 8:04am Oct 2, 2023 7:48am | Edited 8:04am
dear Alistair, do the previous 5 candles qualify your "Pinch"? will you take a trade below this candle?
Would I take a trade? Based on H4 alone I would be cautious, and the daily might be oversold, but the weekly shows no reason to hold back once the current refresh on H4 has completed. The weekly shows a support level at 1.2070 to 1.2000, but that's far enough away for day traders.
- #1,272
- Edited 10:00am Oct 2, 2023 8:10am | Edited 10:00am
Here's a good pinch. If you add the pip distances between the three EMAs together, the closer to zero that calculation gives you, the better. And after most decent pinches there is almost always a decent breakout.
- #1,273
- Oct 2, 2023 8:43am Oct 2, 2023 8:43am
- Joined Feb 2019 | Status: Trader | 1,019 Posts
Here's a good pinch. If you add the pip distances between the three EMAs together the closer to zero that calculation gives you, the better. And after most decent pinches there is almost always a decent breakout. {image}
- #1,275
- Edited 12:17pm Oct 2, 2023 12:07pm | Edited 12:17pm
- Joined Feb 2019 | Status: Trader | 1,019 Posts
{quote} "Refresh" is just another term for pullback or correction.
fortunately my TP1 is acheived.
as far is refresh/pullback is concerned.... this pair had already given a nice retracement to 50% of fibo before i entered the trend (as you can see on the chart)
1) 50% retracement
2) 8/21 crossover signifying continuation of the trend. 100 ema sloping down.
3) higher time frames agreeing to down trend....
all were good enough for me to pull the trigger. (my entry was at the close of a bullish doji ).
4) next marubozu candle increased my confidence in the trade.
5) trailing SL very close to my entry took out the risk in the trade.
now the question remains how to handle my second lot..... i dont want to exit too early at the same time i dont want to loose my profits .
any suggestions ?
- #1,276
- Oct 2, 2023 12:16pm Oct 2, 2023 12:16pm
- Joined Feb 2019 | Status: Trader | 1,019 Posts
this is how i plan to do it....
i have shifted my SL to 8 ema now.
i am using APB candles. will wait for apb candle to turn bullish (lime color) and then shift my trailing SL to the high of that candle.
i have shifted my SL to 8 ema now.
i am using APB candles. will wait for apb candle to turn bullish (lime color) and then shift my trailing SL to the high of that candle.
- #1,277
- Oct 2, 2023 12:56pm Oct 2, 2023 12:56pm
this is how i plan to do it.... {image} i have shifted my SL to 8 ema now. i am using APB candles. will wait for apb candle to turn bullish (lime color) and then shift my trailing SL to the high of that candle.
Noting that day trading seems to be what suits me best, I decided to set a fixed target of just 60 pips (adjustable according to S/R levels etc). So today I placed two trades. One reached my target of 56 pips and I closed the other manually towards the end of my day for 11 pips. And just that got me 2.07% growth on account. It doesn't seem right, somehow, but I've checked the numbers and it's correct. Perhaps closer targets and larger lot sizes is the way to go, especially that the 3x3 method seems to give mostly good trades with few losses.
- #1,278
- Edited 2:40am Oct 3, 2023 1:03am | Edited 2:40am
I received a signal from our EA this morning to go long on EURGBP. Although it is not ideal (ref the safety checklist), it's okay, so I placed a buy stop order, which has since been triggered. I adjusted the set 60 pip target to 28 pips, so this should be one of those that happens all in a few hours (and has me smiling at the end of the day!).
This is the EA info box for this trade. Not only are all three EMAs up on all three TFs, but the slopes of those EMAs are also all up (the + signs show this). How can one not be confident to trade this? In my case there was a pullback after the trade triggered. Normally I would have felt a bit stressed by this, but I was able to deal with it with much more peace of mind. The trade is now back in profit.
Note the "alerts" comment - that is because the EA (version 12 in this case) is set to manual, so all it does is provide signals, or alerts, and leaves the rest to the trader. I like this very much.
This is the EA info box for this trade. Not only are all three EMAs up on all three TFs, but the slopes of those EMAs are also all up (the + signs show this). How can one not be confident to trade this? In my case there was a pullback after the trade triggered. Normally I would have felt a bit stressed by this, but I was able to deal with it with much more peace of mind. The trade is now back in profit.
Note the "alerts" comment - that is because the EA (version 12 in this case) is set to manual, so all it does is provide signals, or alerts, and leaves the rest to the trader. I like this very much.
