thanks rob
have downloaded it
thanks for your help
been having a bit of trouble with the site today
have downloaded it
thanks for your help
been having a bit of trouble with the site today
- #2,270
- Feb 10, 2009 7:12pm Feb 10, 2009 7:12pm
The moves today were so similar to yesterday's moves I had to double check I was looking at the right day. It was that sense of Deja Vu (I've done this before sometime).
A double bottom forming at London Open provided good evidence of support. When the upper TL was broken it was safe to join the bulls on each signal on the way up to the peak at 11am ET.
A top formed, the lower TL broke, and by London Close the bears had taken over again. Safe entries were available on the bearish signals down to the bottom at 2:30pm ET
My medium trend setup worked OK (not ideal) in both directions.
Medium Trend
Wider profit targets (2X defensive)
Trade in both directions (depending on trendlines)
Keep same as Defensive
Stop 5 pips above/below signal candle
Move stop to BE when price reaches +20
After stop at BE, trail stop 20 pips behind
Only open a new trade after existing trade has reached +20
Lessons learned...
Today the 20 pip trailing stop was not ideal. It closed most trades too early. Only one trade ran on to the +40 target, all the others were closed out by the Tstop before they could reach that second target.
Using a maxiumum stop of 30 pips worked well. For example the 10:05 signal candle was 32 pips tall (+5 pips stop below = 37 pips). So I waited for price to retrace back down 10 pips to allow me a buy price that obeys my StopMax=30 rule.
ForexJedi your system Makes Sense of the Markets
A double bottom forming at London Open provided good evidence of support. When the upper TL was broken it was safe to join the bulls on each signal on the way up to the peak at 11am ET.
A top formed, the lower TL broke, and by London Close the bears had taken over again. Safe entries were available on the bearish signals down to the bottom at 2:30pm ET
My medium trend setup worked OK (not ideal) in both directions.
Medium Trend
Wider profit targets (2X defensive)
Trade in both directions (depending on trendlines)
Keep same as Defensive
Stop 5 pips above/below signal candle
Move stop to BE when price reaches +20
After stop at BE, trail stop 20 pips behind
Only open a new trade after existing trade has reached +20
Lessons learned...
Today the 20 pip trailing stop was not ideal. It closed most trades too early. Only one trade ran on to the +40 target, all the others were closed out by the Tstop before they could reach that second target.
Using a maxiumum stop of 30 pips worked well. For example the 10:05 signal candle was 32 pips tall (+5 pips stop below = 37 pips). So I waited for price to retrace back down 10 pips to allow me a buy price that obeys my StopMax=30 rule.
ForexJedi your system Makes Sense of the Markets
- #2,275
- Feb 11, 2009 2:29am Feb 11, 2009 2:29am
In previous posts I have talked about 'only trading in the direction of the previous day's candle'. That was a simple attempt to define trend and trade with it. It has not served well in recent weeks.
In consolidating markets it is important to be able to reverse my view on trend much more quickly than every 24 hours (as in the method above).
The solution I have been using is defined in the Advanced Rules, that is using trendlines to define trends that last for hours instead of days.
There is another indicator that shows very similar trends and trend changes. As you know I am not in favour of adding on more training wheels but this indicator is simple and may help settle that important question more quickly, "what is the current trend?"
The trend indicator is THV3 Coral which plots a single curve.
When both emas are above the curve the trend is up.
When both emas are below the curve the trend is down.
The latest version is available in THV post 5057
http://www.forexfactory.com/showpost.php?p=2519247&postcount=5057
Both files are required in MT4\experts\indicators folder
THV3 Coral.ex4 (display this on the chart)
THV3 T3.ex4 (not displayed, only loaded internally by Coral)
In consolidating markets it is important to be able to reverse my view on trend much more quickly than every 24 hours (as in the method above).
The solution I have been using is defined in the Advanced Rules, that is using trendlines to define trends that last for hours instead of days.
There is another indicator that shows very similar trends and trend changes. As you know I am not in favour of adding on more training wheels but this indicator is simple and may help settle that important question more quickly, "what is the current trend?"
The trend indicator is THV3 Coral which plots a single curve.
When both emas are above the curve the trend is up.
When both emas are below the curve the trend is down.
The latest version is available in THV post 5057
http://www.forexfactory.com/showpost.php?p=2519247&postcount=5057
Both files are required in MT4\experts\indicators folder
THV3 Coral.ex4 (display this on the chart)
THV3 T3.ex4 (not displayed, only loaded internally by Coral)
