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  • #3,601
  • Apr 17, 2008 7:25am Apr 17, 2008 7:25am
Hello Mkain, yes, it was the one from a few posts back. I thought there looked to be a lot of signals too, but I've only paid attention to the ones that come along when everything else lines up too, so I've been mentally filtering them. I checked in the properties box and faster EMA is set as 1, slower EMA is set as 3, is this correct?
May all your pips grow into great big fruitful trees
  • #3,602
  • Apr 17, 2008 7:35am Apr 17, 2008 7:35am
My chart is GMT+1 for some reason, even though I'm in the UK, must be something to do with it being British Summer Time (not out my window it's not though!!!!!)

Anyway, is this where you entered - the white dashed vertical line? If so, this corresponds with the charts I posted this morning. If you read through them again it may help you. I also thought about entering here but didn't for the reasons I explained before. Please ask again if you're still not sure. Keep smiling,

Rebecca,x.

PS charts are attached by selecting the paperclip to the right of the smiley on the message toolbar. You then get a box that allows you to browse your PC for your saved chart, then select 'upload'. Preview your post before you submit to make sure it's there and it's the right one... been there, got that wrong several times!!
Attached Image
May all your pips grow into great big fruitful trees
  • #3,603
  • Apr 17, 2008 7:39am Apr 17, 2008 7:39am
Quoting Bag Lady
Hello Mkain, yes, it was the one from a few posts back. I thought there looked to be a lot of signals too, but I've only paid attention to the ones that come along when everything else lines up too, so I've been mentally filtering them. I checked in the properties box and faster EMA is set as 1, slower EMA is set as 3, is this correct?
Yeah settings are correct maybe signals are different because of broker (I have fxdd for charts).
Thanks for answer.
  • #3,604
  • Apr 17, 2008 7:41am Apr 17, 2008 7:41am
Quoting mkain
Yeah settings are correct maybe signals are different because of broker (I have fxdd for charts).
Thanks for answer.

That's cool then, I really like it by the way. It helps with confidence in pulling the trigger, but I certainly don't take every signal! Still discretionary like everything else! Thanks for that Mkain.

Rebecca,x.
May all your pips grow into great big fruitful trees
  • #3,605
  • Apr 17, 2008 7:43am Apr 17, 2008 7:43am
Quoting mkain
You can post your charts whenever you want just click in "attachments" (in tool bar next to smiling icon) and upload image while you are posting.
Thanks mkain - here's the chart... hope it works!!
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_USD (17-APR-08).png Size: 29 KB
  • #3,606
  • Edited 7:57am Apr 17, 2008 7:44am | Edited 7:57am
Fernie, this entry was ok (for me). I would had taken this as well. But I was at lunch during this retracement.

Regards - Xaron
  • #3,607
  • Apr 17, 2008 7:52am Apr 17, 2008 7:52am
Quoting Fernie
Thanks mkain - here's the chart... hope it works!!
Well I like to enter after candle closed following trade direction, your trade was more similar to Xaron's trading style which works too but I don't like it so much.
Find what works for you.
  • #3,608
  • Apr 17, 2008 7:52am Apr 17, 2008 7:52am
[quote=Bag Lady;1956245]My chart is GMT+1 for some reason, even though I'm in the UK, must be something to do with it being British Summer Time (not out my window it's not though!!!!!)

Anyway, is this where you entered - the white dashed vertical line? If so, this corresponds with the charts I posted this morning. If you read through them again it may help you. I also thought about entering here but didn't for the reasons I explained before. Please ask again if you're still not sure. Keep smiling,

Rebecca,x.

Yes, at least the guys who moan about not being able to trade our time zone get the weather!!

It is the candle you said and I have now uploaded the chart.

Would be grateful if you can tell me roughly what time you posted as you've had a few - is it re the descending triangle?

Cheers

Fernie
  • #3,609
  • Apr 17, 2008 7:57am Apr 17, 2008 7:57am
Yes, our charts look different, but it's roughly the same place.

Did you write down the reasons for your entry? If it was before the large candle closed below the 21, then yes, it was ok to think the trade might be on. If it was at the close of that candle, I would have waited for the next candle to see what was most likely to happen next. But, I'm middle-aged and prefer the slow, steady approach rather than the aggressive, 'let's go for it' type of approach... plays havoc with my blood pressure, ha ha! I've got enough grey hair already!!!!

Edit: just seen your post Fernie, yes , it was descending triangles, potential bullish 3 pattern and then MACD bearish divergence.
May all your pips grow into great big fruitful trees
  • #3,610
  • Apr 17, 2008 8:05am Apr 17, 2008 8:05am
Quoting Bag Lady
Yes, our charts look different, but it's roughly the same place.

Did you write down the reasons for your entry? If it was before the large candle closed below the 21, then yes, it was ok to think the trade might be on. If it was at the close of that candle, I would have waited for the next candle to see what was most likely to happen next. But, I'm middle-aged and prefer the slow, steady approach rather than the aggressive, 'let's go for it' type of approach... plays havoc with my blood pressure, ha ha! I've got enough grey hair already!!!!

Edit: just seen your post Fernie, yes , it was descending triangles, potential bullish 3 pattern and then MACD bearish divergence.
Thanks - I'm trying to keep it really simple due to being new, but perhaps too simple? I entered as I felt that the price was far enough into the zone and gave leeway for my 10 pip stop.

I wanted to try and avoid using lots of indicators, but perhaps I should read the "instructions" and consider more. I was just trying to stick to PN's original thoughts, but I need to keep learning and understanding the charts/patterns etc.

Fernie
  • #3,611
  • Apr 17, 2008 8:24am Apr 17, 2008 8:24am
Quoting Fernie
Thanks - I'm trying to keep it really simple due to being new, but perhaps too simple? I entered as I felt that the price was far enough into the zone and gave leeway for my 10 pip stop.

I wanted to try and avoid using lots of indicators, but perhaps I should read the "instructions" and consider more. I was just trying to stick to PN's original thoughts, but I need to keep learning and understanding the charts/patterns etc.

Fernie
Yes, it's a tough call. I've experimented with all sorts of indicators, then 'naked charts', then indicators. I'm happy with the set up I have now as it works for me. I'm a great believer in support and resistance levels, horizontal and dynamic. The MA's are good dynamic S/R indicators, and many traders need no other form of help in identifying and working with price action.

Personally, I need more of a framework to give me an idea of where price has been before, where it's going next, and, most importantly, why it may or may not go in the direction of my trade. I'm not experienced enough to rely on 'naked' or 'semi-naked' charts (by which I mean price alone, or just with MA's). Trendlines are extremely useful, and so is the MACD. There is a lot of really helpful advice throughout this thread and I think it's essential reading if you want to use this strategy. It takes a while to get through, but what else will you do while it's raining? Phillip's 4 hr strategy also has lots of really useful information on following rhythm and how to draw trendlines, use MACD, etc.

You will find whatever it is that you need, it's just a case of seeing what's available, giving it a go, see if you like it.

You were so right in your first post this morning, the psychological part of trading is the biggest part. This learning curve we all go through (and I'm certainly still on it) has so many loops and twists and turns, it's enough to make you feel completely dizzy... I see you're in the UK too, are you old enough to remember Jim'll Fix It? the scouts at Blackpool pleasure beach eating their lunch on the rollercoaster? That's how I feel sometimes!!! (If you're too young, I'm sure you can use your imagination... it wasn't pretty!!!!!!!)
May all your pips grow into great big fruitful trees
  • #3,612
  • Apr 17, 2008 8:39am Apr 17, 2008 8:39am
Don't mean to take over your thread Willem...

... but here's another quick chart, sorry! It's a trade I did on GU this morning. I bought the retrace from 1.9787 and closed at R1 (1.9812) 10 mins later. I also saw bearish divergence here, so decided to take the profit as a whole and sit out and watch what happened next. (Sorry the charts are quite 'fussy' to look at, but see the solid white lines over the chart highs and corresponding MACD highs).

For those new to divergences, divergence on highs (see the white lines) are bearish. Divergence on lows are bullish. It's an indication that a move may be slowing / complete, but there is no indication of when or how much the reversal may be. Hope this helps?
Attached Image
May all your pips grow into great big fruitful trees
  • #3,613
  • Apr 17, 2008 8:47am Apr 17, 2008 8:47am
Quoting Fernie
Thanks mkain - here's the chart... hope it works!!
Hi Fernie

Thanks for your chart - the only way to learn. I can see, you do have the basic idea of the system. Now, just for the details of the system and reading a chart.

Not too bad for a first time - you've just ignored a few basic rules:

1. The most important rule for this trade (that you have ignored) - never enter on the first candle entering the war zone - very risky. You want to see what is going in the war zone and you want to see if the 21 will act as support/resistance (which it should). Yes, you will miss a number of very nice, profitable trades - that is why you should develop your own style of trading. The style is not for me.

2. Look at previous pullbacks to see if 21 is acting as support or resistance (to determine the speed of the market). In this case it didn't (where I've shown the activities on the wrong side of the 21) so you need to be careful with the next set up.

3. A few candles with tails from pointing upwards meaning that pressure is from above.

4. I don't even like the 2-candle entry rule anymore. That is why I want to have a few candles in the war zone - to see the reactions of the candles.

5. My small support line was also broken just after your entry. Another signal for me to stay out of this setup

Please don't feel bad about this one or the comments you will receive. I made that very same mistakes and Philip was (I am sure) very frustrated with me. In the beginning I've struggled to get to terms with the system.

Looking forward to see your second chart
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,614
  • Apr 17, 2008 9:04am Apr 17, 2008 9:04am
Quoting Bag Lady
Don't mean to take over your thread Willem...

... but here's another quick chart, sorry! It's a trade I did on GU this morning. I bought the retrace from 1.9787 and closed at R1 (1.9812) 10 mins later. I also saw bearish divergence here, so decided to take the profit as a whole and sit out and watch what happened next. (Sorry the charts are quite 'fussy' to look at, but see the solid white lines over the chart highs and corresponding MACD highs).

For those new to divergences, divergence on highs (see the white lines) are bearish. Divergence on lows are bullish. It's an indication that a move may be slowing / complete, but there is no indication of when or how much the reversal may be. Hope this helps?
Hi Reb

No please, go ahead. it is NOT my thread. I was looking for a simple system that suites my style of trading for years and then I've discovered Phillip and his systems. I started with the system and it makes sense to me - so I decided to study it in detail. Thats all.

And then I think it is just fair to Phillip to continue assistance other members in the same way/manner Phillip assisted me (and still do). One cannot keep it for oneself. It is just who I am. And I knwo Phillip doesn't have time to run both threads.

Today I didn't have time to trade - only that one nice trade for about 50pips because of Yannis' EA. I couldn't follow the trade and activated the EA. Will post charts later

Please go ahead with comments and assistance. I do appreciate it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,615
  • Apr 17, 2008 9:19am Apr 17, 2008 9:19am
[quote=bshadroo;1955617]
Quoting Xaron
Wonko, old friend.

No, I don't look at candle formations. For me they don't say anything in this short timeframe - they're just not reliable (for me).

hi
as u know phillip and golfer use the MACD indicator as a powerfull help/confirmation for entry in m5 and the MACD colors are very depend on the candle closing and ofcourse the shape of candles or we can say candle stick and if the candle formation is not reliable ,macd signals are not reliable too.i myself find candle formation in m5 very usefull .(tails,dojies,hanging mans,...)
so... whats the right answer? what do u think willem?
Hi BS and other readers

Like everybody was saying - it is a matter of taste and style.

I do like candlesticks and pattern formation on this 5min system (like you've seen on my charts). But I will never enforce it on somebody else. You need to look at it and see if you do like it. Or if it suits your style of trading.

That is what I want to try and discuss on the Skype chat - the signals I am looking for and not making any recommendations what so ever. I am just telling everybody what I am looking for, what I am doing or I would like to do.

Everybody should develop their own style of trading. If your style is not successful, you need to review it and maybe compared it with somebody else's style. Maybe you can pick up some clues and tips from other members' posts on how to improve your style of training.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,616
  • Apr 17, 2008 10:07am Apr 17, 2008 10:07am
Hi Guys

Thanks for your help and comments. It's great to receive help/feedback from people more experienced and willing to share.

Rebecca - afraid I do remember Jim and the BPB boys! Know what you mean!

Cheers

Fernie
  • #3,617
  • Apr 17, 2008 1:16pm Apr 17, 2008 1:16pm
My EUR trade today thanks to Yannis EA.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080417 5min trade 1jpeg.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,618
  • Apr 17, 2008 1:31pm Apr 17, 2008 1:31pm
Just a setup as it develops a few minutes ago - should you enter? Signals you should look for.

I would say no - not for me. Not a high probability setup.

But I did just to show people what can happen.

Lets see what is going to happen.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080417 setup 1jpeg.JPG Size: 106 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,619
  • Apr 17, 2008 2:15pm Apr 17, 2008 2:15pm
Here is my trade & outcome - just to show what could happen with a high risk trade placed in no-man's land.

But once you decided it is a wrong trade, look for signal to exit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080417 5min trade 2jpeg.JPG Size: 105 KB
Click to Enlarge Name: 20080417 5min trade 2 bjpeg.JPG Size: 100 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,620
  • Apr 17, 2008 2:42pm Apr 17, 2008 2:42pm
The "aftermatch" of my trade. That is why I don't like to trade after 18H00GMT - sometimes very flat.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080417 5min trade 2c.gif Size: 31 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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