Yes, very nice work indeed Monikroc! I'd been basically following Ziva's original method yesterday, as modified in post 5, with EURUSD, also targeting 10 pips, but with a tighter SMA at 8 rather than 14 which seems more appropriate to me for this pair. Thanks also for the clarification of AO/AC in post 9, Ziva. I'm very happy with this first day's results - but this first foray doesn't compare with M's average of 50 pips or so per hour! (and of course I wouldn't expect my first shot at this method to compare with the results of a more experienced trader who's been trading his version of it for some time).
But it's hard to believe that M uses only a straightforward 5/8 ema cross, as he seems to say (or at least as I understand it?) - even allowing for the filter of the 2 timeframes having to agree. As we all know, a plain ema cross is pretty unreliable in longer timeframes, so it seems to me there must be more to your method for these short timeframes. "Trading within the trade" (post 14) is crafty - I suspect there are more tweaks like that which the rest of us have yet to learn!
What do you use the 13 ema for? How do you use the RSI (I didn't quite understand your reply on this to BenQ in post 14 - "use the rsi on the 5min for your second ? thanxs.") I do like the 5,3,3 stoch, but the rsi doesn't tell me much at the moment. Yes, Ziva's original AO and AC are a bit slow, but they do seem to be quite an effective filter even though - like all filters - they also cause some good trades to be missed. Have you found anything yet that may work better, Ziva?
Has anyone else tried ADX? I find it quite useful - I like it set it to period 3 rather than 4, much more telling signals; and the actual direction the DI lines are pointing I find seems to be quite significant too - not just which one is on top. In the past I've found that our old friend MACD has its uses too, especially when there's divergence - even at these short timeframes.
Hear hear! to Monikroc's comments about the helpfulness of everyone on this forum - a fantastic learning experience always, and it all really helps to stop that feeling of isolation which comes when one has a bad run. So very much better in every way than commercially marketed "systems" with little back-up that might work in theory but never seem to work in practice! I'd add to your list especially Philip Nel and Lever70 (Cornflower) - both wonderful and generous teachers - but everywhere you look on FF there are lovely people sharing their ideas and wanting to help others. Marvellous!
Thanks! - George
But it's hard to believe that M uses only a straightforward 5/8 ema cross, as he seems to say (or at least as I understand it?) - even allowing for the filter of the 2 timeframes having to agree. As we all know, a plain ema cross is pretty unreliable in longer timeframes, so it seems to me there must be more to your method for these short timeframes. "Trading within the trade" (post 14) is crafty - I suspect there are more tweaks like that which the rest of us have yet to learn!
What do you use the 13 ema for? How do you use the RSI (I didn't quite understand your reply on this to BenQ in post 14 - "use the rsi on the 5min for your second ? thanxs.") I do like the 5,3,3 stoch, but the rsi doesn't tell me much at the moment. Yes, Ziva's original AO and AC are a bit slow, but they do seem to be quite an effective filter even though - like all filters - they also cause some good trades to be missed. Have you found anything yet that may work better, Ziva?
Has anyone else tried ADX? I find it quite useful - I like it set it to period 3 rather than 4, much more telling signals; and the actual direction the DI lines are pointing I find seems to be quite significant too - not just which one is on top. In the past I've found that our old friend MACD has its uses too, especially when there's divergence - even at these short timeframes.
Hear hear! to Monikroc's comments about the helpfulness of everyone on this forum - a fantastic learning experience always, and it all really helps to stop that feeling of isolation which comes when one has a bad run. So very much better in every way than commercially marketed "systems" with little back-up that might work in theory but never seem to work in practice! I'd add to your list especially Philip Nel and Lever70 (Cornflower) - both wonderful and generous teachers - but everywhere you look on FF there are lovely people sharing their ideas and wanting to help others. Marvellous!
Thanks! - George
