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Simple 5 / 8 moving average crossover

  • #361
  • Oct 30, 2007 7:38pm Oct 30, 2007 7:38pm
So far 130pips for the week... around 964 for october...This is by far the best month I have had..

Slkosier
  • #362
  • Oct 30, 2007 8:21pm Oct 30, 2007 8:21pm
Thanks for your kind words folks, It is much appreciated. I am glad so many of you are doing well with the system. Well done slkosier! 964 pips is awesome. What is that in terms of account equity? I made 340 pips in total which this month equates to around +6.23%. I have closed the month so that is a hard result, I don't want to risk giving back a single pip this month.
  • #363
  • Oct 30, 2007 8:27pm Oct 30, 2007 8:27pm
Quoting pbalfe@tisca
Hi PeterM

I must admit that the info you have shared is quite nice of you, i have been spreadbetting for 6 mths now and i always lose money on wall st & gold etc and i was DEAD FRIGHTENED to do forex but you have just made my day, no year.

A round of applause to you and it is such a simple system, i have gone long on a few currencies and i am also trying the system out on the main indices like Cac40, Dow and Ftse 100, i will let you know how i do with them

Thread of the yer for me this one, keep up the good work and if ever i can get a chance to meet you i will be buying the beers mate
thanks for your comments. I would be careful with spread betting, some brokers have high spreads that make is very difficult. Many of them don't guarantee stops even in quiet market conditions unless you pay a big premium. I was thinking about trying the 5/8 crosses on gold. I have a northfinance demo that has MT4 and offers gold. Also, are you trading live? I know most spread bet brokers don't have demo accounts, It may be best to trade on demo for a while if u keep losing money on your live account.

Pete
  • #364
  • Oct 31, 2007 1:07am Oct 31, 2007 1:07am
Quoting peterM
I was thinking about trying the 5/8 crosses on gold. I
Peter, there was a 5/8 cross on the daily on Gold futures on 31 Aug which has taken us all the way from 675 to 800, still in play for those with enough patience

(btw, the 5/8 cross was also confirmed by my favourite TA signal, a move of the 21RSI above 50 AND through it's own 21MA)

I can't see the 5/8 likely to offer another opportunity to go Long, but the RSI may just dip below it's MA in the next couple of days, offering another buying opportunity

best of luck, Garry
  • #365
  • Oct 31, 2007 3:50am Oct 31, 2007 3:50am
The cross should be coming today on the USD/JPY... Keep an eye on that... I have used the Laguerre indicator to see if it can help me on entry points and I have entered at 114.68 for a long on USD/JPY & I am up +45pips so far...I keep updated on that indicator..

Slkosier
  • #366
  • Oct 31, 2007 4:02am Oct 31, 2007 4:02am
Hi good morning guys ,update on my trade on EURJPY long , now i have a gain of + 150 pips and moved my stop at BE + 100
  • #367
  • Oct 31, 2007 4:48am Oct 31, 2007 4:48am
Hello Peterm, Slkosier, Gioviforex and all others, great thread Peterm. It is very interesting and I really like its simplicity. That is right that the simplicity with good money management are key to a good successful system.

Will follow this thread closely and will share my trades as they come by. This thread, in addition with the 4H MACD of Phillip goes very well together for me.

I am very happy to have found it.

BTW, great website Peterm that you have made about forex

Big thank to you

P.S. I do really like the RSI 14 with level 44 and 56 to remove false signals either in 1H, 4H or Daily timeframe charts. These levels are absolutely great in showing when the pair is ranging and when it is trending.

Sincerely

Shreem
  • #368
  • Oct 31, 2007 9:34am Oct 31, 2007 9:34am
Position update on EUR/JPY long ......now i have a gain of + 200 pips and moved stop loss at BE + 150 pips
  • #369
  • Oct 31, 2007 9:54am Oct 31, 2007 9:54am
Quoting gioviforex
Hi good morning guys ,still long on AUDUSD ,now gain of + 219 pips and moved stop @0.9171

new positions ,opened NZDJPY long @ 87.993 , stop loss @ 86.993
EURCHF long @ 1.6763 , stop loss @ 1.6693
Update on NZD/JPY , now i have a gain of 50 pips and moved stop loss at BE + 10

ON EUR/CHF I have a gain + 5 pips , so i wait and see
  • #370
  • Oct 31, 2007 10:00am Oct 31, 2007 10:00am
hi folks !

very simple and profitable system

i'am trying this system on demo looks good

anyone useing some kind filters ?
  • #371
  • Oct 31, 2007 10:07am Oct 31, 2007 10:07am
Quoting Slkosier
The cross should be coming today on the USD/JPY... Keep an eye on that... I have used the Laguerre indicator to see if it can help me on entry points and I have entered at 114.68 for a long on USD/JPY & I am up +45pips so far...I keep updated on that indicator..

Slkosier
Hi Slkosier , may be this night i'll go long on this one.
  • #372
  • Oct 31, 2007 11:24am Oct 31, 2007 11:24am
Hello Peterm and all, I have a question. This question apply regardless if you use the system on either the 1H, 4H or Daily timeframe. Let's say in an uptrend, if there was already a cross of the 5 EMA over the 8 EMA and the RSI is above 56 and you miss the signal for any reason, do your look to find another opportunity to re-enter in the trend at a later stage even if there is no further up-cross of both EMA?

Like entering on a retracement at a confluence of fibonacci, pivot, round number or key support and resistance areas?

Reason why I ask is that when you have an established strong up-trend like the AUD/USD on the 4H timeframe, the 5 EMA stay above the 8 EMA as long as the trend do not reverse (exemple from the 22-10-07 to the 29-10-07).

Maybe at a re-test of the 5 EMA combined with candle patterns. Just giving some ideas.

Will be happy to hear your comments on this

Thank in advance

Sincerely

Shreem
  • #373
  • Edited 11:44am Oct 31, 2007 11:33am | Edited 11:44am
Be careful when the US announce the possibility of an interest rate cut at 2:15PM EST since it may affect non-USD pairs in one way or another. If it was I, I would long the USD since I do not believe there will be a cut [a gamble] since news for USD was good today, but be sure its away from the current price before 2:15PM so not get whipsawed.

Article excerpt:

There is optimism in the air on the Street this morning, and U.S. futures are pointed higher, indicative of a positive open to the regular session of trading. Fed watchers are widely expecting another rate cute (most likely a 25-basis-point cut) to follow up last month's 50-basis point cut. However, it seems that those far fetched dreams of another 50-basis point draw down are fleeting, especially after reports yesterday that the Fed was even considering no interest-rate cut at all.
  • #374
  • Oct 31, 2007 1:29pm Oct 31, 2007 1:29pm
So' guys after the news the stop were touched and close positions for EURJPY with gain of + 150 pips and NZDJPY with gain + 10 pips ,
Total for today is + 160 pips
I have still open EURCHF long
  • #375
  • Oct 31, 2007 4:24pm Oct 31, 2007 4:24pm
Hi Peter

Thanks to you for posting this daily strategy. Glad you have found success using it these last few months.

I have been following this thread from the beginning and am delighted others look to be using it with success.

I am looking to trade this live soon.

I would not take the cross tho unless it is a clear one. I would ignore those crosses if the EMAs are tangled or pinched.

Notice you are from UK. I am too, and am looking for a uk broker as opposed to using a spread betting firm as the spread can be a killer at times. I was wondering, do you use SB or broker?

Thanks again

Regards

Angie
  • #376
  • Oct 31, 2007 7:08pm Oct 31, 2007 7:08pm
Quoting rathcoole
Peter, there was a 5/8 cross on the daily on Gold futures on 31 Aug which has taken us all the way from 675 to 800, still in play for those with enough patience

(btw, the 5/8 cross was also confirmed by my favourite TA signal, a move of the 21RSI above 50 AND through it's own 21MA)

I can't see the 5/8 likely to offer another opportunity to go Long, but the RSI may just dip below it's MA in the next couple of days, offering another buying opportunity

best of luck, Garry
That's cool.. Which broker do u use for gold futures?
  • #377
  • Oct 31, 2007 7:12pm Oct 31, 2007 7:12pm
Quoting angiegiles00
Notice you are from UK. I am too, and am looking for a uk broker as opposed to using a spread betting firm as the spread can be a killer at times. I was wondering, do you use SB or broker?

Thanks again

Regards

Angie
Hi there.. Yes, I'm the UK.. I do use a spread betting broker, but not for this strategy. I use CMSFX for this. spread betting firms have their advantages, but like u say, the spreads are too high a lot of the time.
  • #378
  • Oct 31, 2007 8:45pm Oct 31, 2007 8:45pm
Any thoughts on the USDJPY since the low of the prior day is large for a S/L?
  • #379
  • Nov 1, 2007 2:12am Nov 1, 2007 2:12am
Good morning guys , entered
USD/JPY long @ 115.35
GBP/CHF long @ 2.4131
EUR/GBP short @ 0.6954

still open EUR/CHF long
  • #380
  • Nov 1, 2007 2:46am Nov 1, 2007 2:46am
Quoting gioviforex
Good morning guys , entered
USD/JPY long @ 115.35
GBP/CHF long @ 2.4131
EUR/GBP short @ 0.6954

still open EUR/CHF long

I entered all these too, but the RSI on the USD/JPY and EUR/GBP dont quite agree, sorta a gamble??
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