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  • #641
  • May 5, 2008 8:51am May 5, 2008 8:51am
Waterflame,

Thanks for all your help!

One last question. Do you use the trend M.A.'s in your system at all.
For example, 50 sma, 100 sma, 200 sma or do you strictly use the 34
CCI and the 34 color price bars sma?

I've found that I'am more of a short term scalper and I feel that I miss
a lot of the moves when I just trade in the direction of the 100 sma for
example. With your system I'am not sure we need the 50, 100 200 sma?

Thought I'd ask your opinion.

Thanks.

snarlyjack
  • #642
  • May 6, 2008 12:10pm May 6, 2008 12:10pm
http://www.forexfactory.com/showthread.php?t=85226
  • #643
  • May 6, 2008 3:34pm May 6, 2008 3:34pm
Hi Waterflame,
first I want to thank you for that very good system and all the generous work, you put in this project. I tried your system first with a test-account and since 9 days with a real account and it performs good. In face of my exercises with the test-account I made some bugs like enter to early in the trade. But this is a question of discipline an can only be trained by doing.
But I have still one problem: On #1 "How to enter with stoploss" you demonstrate the setting of the initial stop, but I could not find the place where you described your manner of setting a trailing stop. Do you move your TS (if you use one) on Breakeven with a fix roule or depends it from the situation?
(Please excuse me, if you already described this somewhere in the thread).
Best wishes,
Erik
  • #644
  • May 6, 2008 9:28pm May 6, 2008 9:28pm
Waterflame,

I read your "holy grail of enlightenment" and enjoyed it. Thankyou!

Question. What are the settings of the SMA your using to show
support-resistance (crossover-sma)? It seems every system that I look at has different
SMA settings. Ranging from 50, 89, 100 and 200. And I want to get the
settings correct for the CCI 34 system.

I trade a different market than most people here. I trade the
mini-dow (ym market, $5.00 per point) short term. I have found with
the ym market that you must be very accurate with your entry.
You want the market to move in your direction right away or 3 or 4 points
$20.00 against you and I'll sell out and reposition the trade. So...I'am
trying to get very accurate with all my setting coordinated with one
another.

Thanks for all your help!

snarlyjack
  • #645
  • May 7, 2008 12:14am May 7, 2008 12:14am
Quoting morander
Hi Waterflame,
first I want to thank you for that very good system and all the generous work, you put in this project. I tried your system first with a test-account and since 9 days with a real account and it performs good. In face of my exercises with the test-account I made some bugs like enter to early in the trade. But this is a question of discipline an can only be trained by doing.
But I have still one problem: On #1 "How to enter with stoploss" you demonstrate the setting of the initial stop, but I could not find the place where you described your manner of setting a trailing stop. Do you move your TS (if you use one) on Breakeven with a fix roule or depends it from the situation?
(Please excuse me, if you already described this somewhere in the thread).
Best wishes,
Erik
hi morander, im very glad for you...

for the trailing stop, i use 20 pips, giving the market enough space to retrace and breath.

enjoy
  • #646
  • May 7, 2008 12:25am May 7, 2008 12:25am
Quoting snarlyjack
Waterflame,

I read your "holy grail of enlightenment" and enjoyed it. Thankyou!

Question. What are the settings of the SMA your using to show
support-resistance (crossover-sma)? It seems every system that I look at has different
SMA settings. Ranging from 50, 89, 100 and 200. And I want to get the
settings correct for the CCI 34 system.

I trade a different market than most people here. I trade the
mini-dow (ym market, $5.00 per point) short term. I have found with
the ym market that you must be very accurate with your entry.
You want the market to move in your direction right away or 3 or 4 points
$20.00 against you and I'll sell out and reposition the trade. So...I'am
trying to get very accurate with all my setting coordinated with one
another.

Thanks for all your help!

snarlyjack
hello snarlyjack, excuse me to not answering you earlier...

if you are not satisfied with the Fib levels, S/R targets, you can use the 89 SMA and the 233 SMA, to get targets, see rangings in stuck areas, and use them as S/R. , i have them myself too sometimes on charts if i dont realy know whats goin on in the market.

i dont have much knowledge about the dow, ticks and pips are in value pretty different, and i can't estimate how you should use your risk management on it, but we have in our #Eliteforex channel on irc all kind of traders who use this system, with wh you can discute further about it...

take care
  • #647
  • May 7, 2008 1:48am May 7, 2008 1:48am
Thank you for the info, Waterflame.
By the way, before I started trading with your system, I studied the
also very interesting approach of Phil Nells 5min-Strategy (http://www.forexfactory.com/showthread.php?t=11854)
He uses the 5min-retraces in a strong up- or downmove for jumping in a trade.
It's remarkable, how this strategy can complement yours. Specially in cases of missing the right elite-entry or the elite-entry is to far away from the 34er. Then the trader can change to the 5min timelevel and look for a retrace-entry following the rules of Nells strategy.
  • #648
  • May 7, 2008 2:39am May 7, 2008 2:39am
cool.
hi WT.
pls direct me on how to get to the room.
its a bit difficult.
pls take time to give th e A-Z OF GETTING THERE.
  • #649
  • May 7, 2008 3:57am May 7, 2008 3:57am
Ciao guys :-)
Waterflame, I'm trying your sistem and it works well... but what's wrong with this SHORT enter? Just because of lazy market? How to avoid these haedfakes?
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 13 KB
  • #650
  • May 7, 2008 7:28am May 7, 2008 7:28am
pls can i get the indicator that show different time zone on your platform by the right.
thanks

then can somebody help me to get the direction to the room?
Quoting lastfabio
Ciao guys :-)
Waterflame, I'm trying your sistem and it works well... but what's wrong with this SHORT enter? Just because of lazy market? How to avoid these haedfakes?
  • #651
  • May 7, 2008 8:03am May 7, 2008 8:03am
Attached File(s)
File Type: ex4 Clock_v1_2.ex4   14 KB | 545 downloads
  • #652
  • May 7, 2008 11:27am May 7, 2008 11:27am
Waterflame,

Thanks for your help!

I put a 89sma on my charts to find the intermediate trend. With the
rules of NOT trading against it.

Thanks once again.

snarlyjack
  • #653
  • May 8, 2008 12:43am May 8, 2008 12:43am
http://www.forexfactory.com/showthread.php?t=85226
  • #654
  • May 8, 2008 12:46am May 8, 2008 12:46am
Quoting fxguy
cool.
hi WT.
pls direct me on how to get to the room.
its a bit difficult.
pls take time to give th e A-Z OF GETTING THERE.
Hi,

to join the chat room you need to download

http://www.mirc.com/get.html


than connect to the network by typing this in the status window

/server europa.ircforex.com

and than again in the status window

/join #Forex

/join #Eliteforex

to get into the channels
  • #655
  • May 8, 2008 10:47am May 8, 2008 10:47am
i have marked a signal in the attached screenshot and was thinking that perhaps it was not a good entry point because of the large candle before it. Could someone please confirm this?

The system feels very simple but i guess we need to get the hang of entering and exiting at the appropriate times. I have looked at past days and there seem to be signals which quickly change to new and opposite signals and I was also wondering if anyone has found a way to reduce the number of false positives in the signals. I know that sometimes losses happen but reducing fake signals or even being able to identify some of them will make this strategy even more profitable.

Regards ...
Attached Image (click to enlarge)
Click to Enlarge Name: elite_badcandle.gif Size: 48 KB
  • #656
  • May 9, 2008 12:50am May 9, 2008 12:50am
Quoting rsharpe30
i have marked a signal in the attached screenshot and was thinking that perhaps it was not a good entry point because of the large candle before it. Could someone please confirm this?

The system feels very simple but i guess we need to get the hang of entering and exiting at the appropriate times. I have looked at past days and there seem to be signals which quickly change to new and opposite signals and I was also wondering if anyone has found a way to reduce the number of false positives in the signals. I know that sometimes losses happen but reducing fake signals or even being able to identify some of them will make this strategy even more profitable.

Regards ...
As I understand the system, the candle you have marked is the crossover point for the 3ema. The next candle would be your entry.
  • #657
  • May 9, 2008 1:12am May 9, 2008 1:12am
And given the legs on the pair of them and the ranging market from open to your bar, I would wait.
Good Trading
  • #658
  • May 9, 2008 2:02am May 9, 2008 2:02am
Quoting rsharpe30
i have marked a signal in the attached screenshot and was thinking that perhaps it was not a good entry point because of the large candle before it. Could someone please confirm this?

The system feels very simple but i guess we need to get the hang of entering and exiting at the appropriate times. I have looked at past days and there seem to be signals which quickly change to new and opposite signals and I was also wondering if anyone has found a way to reduce the number of false positives in the signals. I know that sometimes losses happen but reducing fake signals or even being able to identify some of them will make this strategy even more profitable.

Regards ...
you have definitly all righ, stop loss at the top of the advertising candle, entry perfectly with the confirmation candle.

The deal is just, as you mentioned, it was pretty sick before this entry, no smooth trending, it was ranging the candles up and down, giving big candles... and loo where your Stop loss is, you risk much .

i wouldnt take this trade and wait for a good set up

look at your image you postedn there was a sweet run 2 signals before.

it depends too on your pair you trade, the timezone you trade the pair in


good job rsharpe, avoid big candles for entry and stop loss
  • #659
  • May 9, 2008 2:41am May 9, 2008 2:41am
Thanks Clansman, aud and Waterflame.

I guess the important task now is to teach myself to identify the healthy, sick and lazy markets by looking at the charts.

Looking at one of your charts in first post it seems like you also have re-entry points for this system. so if trend was up and does below 200(or 100) and then goes up again, you re-enter when it cross 200 (or 100)? Is this correct?

Regards and thanks again for replying.
  • #660
  • May 9, 2008 7:58am May 9, 2008 7:58am
Quoting rsharpe30
Thanks Clansman, aud and Waterflame.

I guess the important task now is to teach myself to identify the healthy, sick and lazy markets by looking at the charts.

Looking at one of your charts in first post it seems like you also have re-entry points for this system. so if trend was up and does below 200(or 100) and then goes up again, you re-enter when it cross 200 (or 100)? Is this correct?

Regards and thanks again for replying.

rsharpe, take a look in this thread, read it carefully, and if you have some questions to identify the market moods, pm or join the chatroom.

http://www.forexfactory.com/showthre...=1#post1992704
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