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Nelson7 Simple Trading

  • #61
  • Dec 20, 2009 11:44am Dec 20, 2009 11:44am
Quoting packhorse
Hi,

Which moving average would you recommend, 50, 200 simple or expo?

Thanks
If you are asking as far as determining the trend I would recommend a smaller moving average such as the 20. Like I said earlier don't get to caught up with which moving average just stick to which ever one you choose. Trade the plan. There is no holy grail so maybe with the 20 ma you will lose a trade and with the 30 you will win a trade and vice versa. The long run is what is important.
  • #62
  • Dec 20, 2009 2:55pm Dec 20, 2009 2:55pm
Quoting nelson7
If you are asking as far as determining the trend I would recommend a smaller moving average such as the 20. Like I said earlier don't get to caught up with which moving average just stick to which ever one you choose. Trade the plan. There is no holy grail so maybe with the 20 ma you will lose a trade and with the 30 you will win a trade and vice versa. The long run is what is important.
Thanks for the advice.
"Fail to prepare, prepare to fail."
  • #63
  • Dec 21, 2009 8:03pm Dec 21, 2009 8:03pm
Hello Nelson. Look at these charts of usdcad. Would this be a valid short set up?
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Click to Enlarge Name: usdcad d1.gif Size: 33 KB
  • #64
  • Dec 21, 2009 8:24pm Dec 21, 2009 8:24pm
Quoting lgtj
Hello Nelson. Look at these charts of usdcad. Would this be a valid short set up?
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Yes, that would be a good signal. The trend is down on the monthly and on my charts since I don't have Sunday candles it would be a three candle entry. You also have a small retracement off significant resistance. The only problem I would have with this trade is that this is a short week and the holidays are here. During this week and the next I prefer to stay on the sidelines as I feel there are not enough players in the game to make a significant move. You must not only know your strategy but know when to apply it. Any other questions you might have, ask away.
  • #65
  • Dec 21, 2009 8:28pm Dec 21, 2009 8:28pm
Quoting nelson7
Yes, that would be a good signal....
Thanks. If I have any other questions, I'll be sure to ask. Thanks again.
  • #66
  • Dec 21, 2009 9:23pm Dec 21, 2009 9:23pm
Nelson, although eurjpy isn't one of the pairs that you listed, I want to know if this is a valid long set up? Thanks.
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  • #67
  • Dec 22, 2009 3:37pm Dec 22, 2009 3:37pm
Quoting lgtj
Nelson, although eurjpy isn't one of the pairs that you listed, I want to know if this is a valid long set up? Thanks.
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The weekly says up but the onthly is down. Only trade with the trend.
  • #68
  • Dec 22, 2009 4:00pm Dec 22, 2009 4:00pm
Quoting nelson7
The weekly says up but the onthly is down. Only trade with the trend.
Look at these charts of eurjpy. Price is ranging on the weekly and monthly charts. How do you determine if the trend is up or down?
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  • #69
  • Dec 22, 2009 10:46pm Dec 22, 2009 10:46pm
Quoting lgtj
Look at these charts of eurjpy. Price is ranging on the weekly and monthly charts. How do you determine if the trend is up or down?
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I would at the beginning use an ema (ex. 20 ema). If the candles are above and the market shows strength to the upside take the buy and if the candles are below and the market show strength to the downside take the sells. Yes I know you will have whipsaws and you will lose, you will also take small profits to make up for the whipsaws and when the trend does get under way you will profit. You could also try to figure when the trend is going and by then its to late and you miss the big move. Remember trend trading is not about being right its about keeping your losers small and your winners big. You can have a system that loses the majority of the time and still be profitable if your winners are large. Don't be afraid to lose, document your trades and trade demo or at least with a real small amount of risk until you can turn a profit.
  • #70
  • Jan 4, 2010 6:39pm Jan 4, 2010 6:39pm
Back from time off from trading. So far the first day back has not given any trades and most of the pairs I trade are not showing any signs of entries with the exception of the eur/usd but that remains to be seen.
  • #71
  • Jan 6, 2010 3:37am Jan 6, 2010 3:37am
Here is a trade I entered on the USD/JPY late last night which I am currently monitoring. Looking for weakness at important resistance to exit with profit or to move up my stoploss.
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  • #72
  • Jan 6, 2010 4:03pm Jan 6, 2010 4:03pm
I just want to thank Nelson 7 for sharing this simple but effective method. I'm going to post some trades from my "LIVE" ibfx account. I'm currently + 700 pips across 4 pairs thanks to this simple method. All of the trades were based on the monthly trend. Thanks again Nelson.
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  • #73
  • Edited 7:58pm Jan 6, 2010 4:09pm | Edited 7:58pm
Here's the fourth pair usdcad. I initially entered short at the close of the daily candle with the red line, but I exited the trade to soon. I re-entered on a pull back on the 30 min time frame(yellow line).
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  • #74
  • Jan 8, 2010 4:45am Jan 8, 2010 4:45am
Quoting lgtj
I just want to thank Nelson 7 for sharing this simple but effective method. I'm going to post some trades from my "LIVE" ibfx account. I'm currently + 700 pips across 4 pairs thanks to this simple method. All of the trades were based on the monthly trend. Thanks again Nelson.
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Thank you lgtj for your kind words and congratulations on your success keep up the good work. Nelson7.
  • #75
  • Jan 8, 2010 4:14pm Jan 8, 2010 4:14pm
Quoting nelson7
Here is a trade I entered on the USD/JPY late last night which I am currently monitoring. Looking for weakness at important resistance to exit with profit or to move up my stoploss.
Exited this trade earlier today with a profit of almost 6% I'll post a chart later along with another EUR/USD trade that broke even.
  • #76
  • Jan 9, 2010 12:49am Jan 9, 2010 12:49am
nice little method see attached for little indicator i made to help.
Attached File(s)
File Type: mq4 Nelson7.mq4   11 KB | 424 downloads
  • #77
  • Jan 9, 2010 5:23am Jan 9, 2010 5:23am
This trade was opened earlier in the week and turned out to be a very profitable trade. When I started to see weakness in the move I exited.
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Click to Enlarge Name: forexfactorysample.gif Size: 8 KB
  • #78
  • Jan 9, 2010 11:57am Jan 9, 2010 11:57am
Here is a EURUSD taken this week that resulted in a breakeven trade.
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Click to Enlarge Name: forexfactorysample.gif Size: 11 KB
  • #79
  • Jan 9, 2010 2:57pm Jan 9, 2010 2:57pm
Quoting nelson7
Here is a EURUSD taken this week that resulted in a breakeven trade.
When do you move your stop to breakeven? When your R:R is 1:1 or what? Thanks.
  • #80
  • Jan 9, 2010 5:15pm Jan 9, 2010 5:15pm
Quoting AceOfTrades
nice little method see attached for little indicator i made to help.
Nice indicator, i'm sure traders will find it useful, only thing is that it only showed formations for long entries. And I just want to remind traders that not all 1,2,3 candle formations are entries they must be with the trend, they must be retracements and bouncing off s/r.
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