Watch for the cable to break through previous low for an entry. There could be a bit of a pulll back though after the recent drop so maybe its time to get those fib lines out.
i use a 100 stop loss then move to break even if i think the move is strong enough say 50-80 pips (not set in stone) i then trail the stop and exit when it gets hit.
This is a Trending system, and although it does work in choppier times you need to evaluate your own risk reward ratio levels to the market conditions. There are others who look at pivot points etc and of course all of this has its uses, but the thing I like about this system is that it's easy to apply without too much clutter.
Thanks,
Siam
Ignored
Sawasdee Khrup Khun Siam,
I use a very similar method for entries
For stops, once the trend is established and we're already past breakeven, I use Parabolic Sars, just keep moving them each day in the direction of the trade as long as the HA stays the same colour.
If the HAs change colour I cease moving my Sars up until the HAs revert to the colour of my trade or I get stopped out.
It's really useful for keeping you in the trade during consolidation/market noise.
Downside is that you can end up missing out on a few pips at the extreme of your trade if you've ceased moving the stops and you get stopped out, but I've found that the upside potential of staying longer in a trade can outweigh the the loss of those few missed pips.
Might not suit you at all, but might be worth a look ?
Sawasdee Khrup Khun Siam,
I use a very similar method for entries
For stops, once the trend is established and we're already past breakeven, I use Parabolic Sars, just keep moving them each day in the direction of the trade as long as the HA stays the same colour.
If the HAs change colour I cease moving my Sars up until the HAs revert to the colour of my trade or I get stopped out.
It's really useful for keeping you in the trade during consolidation/market noise.
Downside is that you can end up missing out on a few pips at the extreme of your trade if you've ceased moving the stops and you get stopped out, but I've found that the upside potential of staying longer in a trade can outweigh the the loss of those few missed pips.
Might not suit you at all, but might be worth a look ?
Ignored
Thanks for your input. I'll look into the sars. i don't know a great deal about them to be honest. Things are alittle crazy out there today lets hope we see some trends forming soon so this system can come into play.
Doing this on a lower time frame is possible but get ready to move your stop loss to BE very quickly. This works best on the higher time frames and personally I dont like using it much lower than 4hr.
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Joined Dec 2006
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Status: a german in greece
|128 Posts
Hi Siam,
entry rules telling us to enter on the break of the previos bar, in case it has closed above the MA (for longs). Price has to break the bar or the HA candle?
Thanks for sharing.
hi,ur system works i can tell u that starting from 4hrs to daily,wat am testing now is to see how 14 sma/wma/ema/lw behav wth heiken and its been good doin some backtesting thanks for the system but i discovered that 14 linear weighted responds faster than others ,try it and see.
D labour of a fool wearieth him cos he doesn't know how to enta d city
hi,ur system works i can tell u that starting from 4hrs to daily,wat am testing now is to see how 14 sma/wma/ema/lw behav wth heiken and its been good doin some backtesting thanks for the system but i discovered that 14 linear weighted responds faster than others ,try it and see.
Ignored
Hi,
Sorry it took a while to reply it's Thai new year out here and i've just got back from a vacation on the islands.
I haven't experimented with the linear, it is a little faster, don't know if this might be a bit too jumpy. Thanks for the idea I'll look into it some more.
I'm affraid that i ditched the idiicators a while back. I still use the 14 day MA for entries now and then especially when it lines up with a support or ressistance level. And as many of the posters on this thread have stated it is a good trend following system.
Unfortunately we have to adapt to different market conditions what might be working one month might not work the next . That's why I now only trade s+r levels with Price action set ups, as it's the only thing that has been consistant for me.
Good luck if you feel like it works for you just make sure you demo the life out of it before commiting any real money.
