DislikedHi everyone,
here is the PDF file I mentioned. Thanks again Edge.
Cheers.
NickIgnored
- #2,324
- Jul 24, 2009 7:20am Jul 24, 2009 7:20am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
Well, I have seen a lot of charts posted on here with winning trades and only a few with losing ones. So I am going to post a losing trade I had today that might help someone avoid the same mistake.
Here's an example of why you should trade WITH the 15min trend!!! I made a mistake today by not waiting for the 15minute candle to close to confirm price was going to start going up on the GU and it bit me in the a$$!
On a side note, would have been a great setup for shorts, which I'm sure some of you took and made at least 10pips if not more! For those of you that did, Job Well Done!
Here's an example of why you should trade WITH the 15min trend!!! I made a mistake today by not waiting for the 15minute candle to close to confirm price was going to start going up on the GU and it bit me in the a$$!
On a side note, would have been a great setup for shorts, which I'm sure some of you took and made at least 10pips if not more! For those of you that did, Job Well Done!
- #2,326
- Jul 24, 2009 7:25am Jul 24, 2009 7:25am
- | Joined Oct 2008 | Status: renko scalper | 171 Posts
Yay! it's raining pips, just closed another 10 on the eu.
A little golden nugget for those that don't know this already:
It can be helpful to watch the aussie as a leading indicator for
the euro. It can help to confirm your trade direction and also help with
timing. Let's say that you are waiting to get in short on the euro,
often the aus will go first, maybe only by a few seconds but thats enough.
(This works because often it is usd strenth/weakness running the show)
HOWEVER, sometimes the aus is doing it's own thing so I check
here every hour or so and when I start trading to make sure that the
correlation is above 85 or 90 on the 1 hour: http://www.mataf.net/en/tools/correlation-table
If it's less than 85 it's not correlating well so I disregard the info.
This of course isn't even necessary with this fantastic method
Edge has given us but it helps with the synergy
A little golden nugget for those that don't know this already:
It can be helpful to watch the aussie as a leading indicator for
the euro. It can help to confirm your trade direction and also help with
timing. Let's say that you are waiting to get in short on the euro,
often the aus will go first, maybe only by a few seconds but thats enough.
(This works because often it is usd strenth/weakness running the show)
HOWEVER, sometimes the aus is doing it's own thing so I check
here every hour or so and when I start trading to make sure that the
correlation is above 85 or 90 on the 1 hour: http://www.mataf.net/en/tools/correlation-table
If it's less than 85 it's not correlating well so I disregard the info.
This of course isn't even necessary with this fantastic method
Edge has given us but it helps with the synergy
. I hesitated with the entry until TRIX 6 crossed zero (with confirmation of rsi ). Chickend out after price came back to 1.4220.
- #2,333
- Jul 24, 2009 8:11am Jul 24, 2009 8:11am
- Joined Apr 2009 | Status: Trader | 1,182 Posts
Yay! it's raining pips, just closed another 10 on the eu.
A little golden nugget for those that don't know this already:
It can be helpful to watch the aussie as a leading indicator for
the euro. It can help to confirm your trade direction and also help with
timing. Let's say that you are waiting to get in short on the euro,
often the aus will go first, maybe only by a few seconds but thats enough.
(This works because often it is usd strenth/weakness running the show)
HOWEVER, sometimes the aus is doing it's own thing so I check
here every...
happyhappy (http://www.forexfactory.com/member.php?u=82566) ,
I'd like to understand correlating a little better.
From this screen shot what info would you gather.
I see EURUSD @ 100 & AUDUSD @ 89.6, so I guess you would use AUDUSD a leading indicator of the PA the EURUSD in this case?
I'm not home at the moment so can't do a side by side comparison of these two pairs.
Thanks for the gold nuggets....& to all else who contribute to this thread great.....
- #2,334
- Jul 24, 2009 8:16am Jul 24, 2009 8:16am
What platform are you using?..i have been hearing about meta 5 along time ago and still have not seen it yet.
- #2,337
- Edited 8:45am Jul 24, 2009 8:22am | Edited 8:45am
Hi Edge,
Been following all of this thread and Paulus' thread before that. Thanks for a careful explanation of a really effective and simple system. I took some time out from trading my regular system to trade live this morning. Set up was simple. Five tick Renko bars (10 on EURJPY), LWMA of 8, Trix (3,E,E,E,C) and 15M Trix with same settings for confirmation.
Results were:
EURUSD --- +3 and +4.6
EURJPY --- +5
GBPUSD --- +4.5 and +5
Sample chart and results are below:
Been following all of this thread and Paulus' thread before that. Thanks for a careful explanation of a really effective and simple system. I took some time out from trading my regular system to trade live this morning. Set up was simple. Five tick Renko bars (10 on EURJPY), LWMA of 8, Trix (3,E,E,E,C) and 15M Trix with same settings for confirmation.
Results were:
EURUSD --- +3 and +4.6
EURJPY --- +5
GBPUSD --- +4.5 and +5
Sample chart and results are below:
