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  • #101
  • Mar 8, 2011 6:12am Mar 8, 2011 6:12am
Very good explanation last three posts. Appreciate it.
  • #102
  • Mar 8, 2011 7:21am Mar 8, 2011 7:21am
Very clear explanation - I took some short too today ( just when I was imagining myself pyramiding EU to new highs ). Good to have that confirmed.

And I can see more clearly how you carefully treat each and every candle separately in terms of price action.

For the recent question about 4h, I have heard that fund managers look at the 55 ema and the 200 ema very often. On the Daily I find 20 ema and 50 ema very good.

But I am quite happy and content with watching 1h - it is a good mid point between higher and lower timeframes.....

Good trading to all.



_____________
michael
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Be like water.
  • #103
  • Edited 2:10pm Mar 8, 2011 2:09pm | Edited 2:10pm
In this example after a days main action I sometimes think if this downmove was not simply an absorption of sellers, just in order to buy again at lower prices.

Do you stay away from entering at this time of day ? And would ONLY sells be taken just because of price being below the ema ? Isn`t it possible that we might have reached the low for this week ?

Just some thoughts, I dont take any trades now, but the daily rhythm I oberve might sometimes give better entries at unusual times of the day....( ? ).

Wait and see .....


___________
michael
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Be like water.
  • #104
  • Mar 8, 2011 2:53pm Mar 8, 2011 2:53pm
So far, this is how I've traded the downtrend. Anyone with different trades? Was looking at that bearish candle four bars after the cross but didn't seem like enough pullback yet.
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  • #105
  • Mar 8, 2011 3:05pm Mar 8, 2011 3:05pm
My trade = where your first green check mark is, as soon as it passed the low of the previous candle.

We will see if this is really a trend change, I am still skeptical.

Good luck,




___________
michael
Be like water.
  • #106
  • Mar 8, 2011 3:40pm Mar 8, 2011 3:40pm
You have a better entry than me. I waited until the close of those candles I have checked. If you trade this strategy live, how are you going to deal with the trades in the middle of the night? Alarm clock as arz is doing? The alert indicators I'm using aren't working right for me. They're alerting every hour. I'm thinking of paying someone to code an indicator that will alert correctly and send an email/text to my cell phone. Would be nice to get a text at the close past the MA and then any pin bar or bullish/bearish candle after that. Good luck to you also.
  • #107
  • Mar 8, 2011 10:38pm Mar 8, 2011 10:38pm
I rarely trade in the Asian session, it`s enough for me to trade London 08:00 - 17:00.

For levels I use the Alerter indicator, this can also send emails if you wish. I then just set multiple horizontal lines ( most often around significant half number and whole numbers etc. ) and they alert me.

Cheers,



________
michael
Be like water.
  • #108
  • Mar 8, 2011 11:48pm Mar 8, 2011 11:48pm
Quoting msmarple
I rarely trade in the Asian session, it`s enough for me to trade London 08:00 - 17:00.

For levels I use the Alerter indicator, this can also send emails if you wish. I then just set multiple horizontal lines ( most often around significant half number and whole numbers etc. ) and they alert me.

Cheers,



________
michael
MT4 has a built in mailing function. You can set it at the price level you want. Go to alert tab and choose "mail" instead of "sound" in the Action field of the alert.

BTW about missing a signal. If you miss a significant PA signal at nights or not being home or something, you can enter the position "with proper MM". It's better to enter with smaller size and making less profit than missing a big move entirely.
Discipline + Patience - Fear - Greed = Success
  • #109
  • Mar 9, 2011 3:11am Mar 9, 2011 3:11am
We have an obvious situation of bounce of the price between two bands (1.3900 Round Number and 1.3862 "yesterday low"). We will have to expect the breaking below 1.3862 for short position or bounce down from 1.3900 again end enter short from that position... let see...
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  • #110
  • Mar 9, 2011 4:07am Mar 9, 2011 4:07am
So we would be entering long with 1/2 position here as per system rules?
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  • #111
  • Mar 9, 2011 2:19pm Mar 9, 2011 2:19pm
Quoting Toothman
So we would be entering long with 1/2 position here as per system rules?
If you want to touch the market with a needle... yes

Mate, we need to be flexible ... wait for some pattern. If you want to open and close positions by every candle close above and below EMA, there are some situations when market passes up and down every candle ... so you will lose all the profit you have made in a week just in one day.

Always wait for a "good" condition.
Discipline + Patience - Fear - Greed = Success
  • #112
  • Mar 9, 2011 5:34pm Mar 9, 2011 5:34pm
Hi, Arezab.
First, I want to thank you for sharing with us your system.
This time is probably the most interesting and hard time to trade .Better to say It is a hard time to make a decision about entering (or not) the trade.
I didn’t take that trade because I simply don’t like to enter after long candles. But I seriously considered that trade has a chance to be successful.
My reasons are:
1) It is a divergence
2) Price broke through strong resistance level at 1.39100
I guess that I should look for something else for example (engulfing candle and stochastic only).
If you have time, please , tell as how you traded during that time.
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  • #113
  • Mar 10, 2011 1:38am Mar 10, 2011 1:38am
Quoting Piotr1
Hi, Arezab.
[size=3][font=Times New Roman]...

This is how I traded the situation from yesterday:

The first entry was successful but I missed the second one which was even nicer than first one.

I don't see a resistance at level you mentioned but I saw the red line which is very strong s/r level .. which market was not able to breach that level to the upside (the main reason I didn't enter a buy at the end of that long bullish candle close above EMA ).

The trend line is bearish now and I'll add to my positions if I see a proper PA on the way down; unless I see market breaks that trend line decisively.

cheers
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Discipline + Patience - Fear - Greed = Success
  • #114
  • Mar 10, 2011 3:57am Mar 10, 2011 3:57am
Quoting arezab
This is how I traded the situation from yesterday:

The first entry was successful but I missed the second one which was even nicer than first one.

I don't see a resistance at level you mentioned but I saw the red line which is very strong s/r level .. which market was not able to breach that level to the upside (the main reason I didn't enter a buy at the end of that long bullish candle close above EMA ).

The trend line is bearish now and I'll add to my positions if I see a proper PA on the way down; unless I see market breaks that trend line...
I entered on the same candle as you but got stopped out on the two previous entries (arrows). I too thought that first entry was breaking through resistance level but as you said, the candle was a gamble with it's long length. I'm trying to figure out why you didn't enter on my second entry(second arrow). The pattern was there, a pin bar reversal. Candle too long? I'm looking to add on the existing candle if it doesn't get too long.
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  • #115
  • Mar 10, 2011 4:05am Mar 10, 2011 4:05am
Quoting Toothman
I entered on the same candle as you but got stopped out on the two previous entries (arrows). I too thought that first entry was breaking through resistance level but as you said, the candle was a gamble with it's long length. I'm trying to figure out why you didn't enter on my second entry(second arrow). The pattern was there, a pin bar reversal. Candle too long? I'm looking to add on the existing candle if it doesn't get too long.
Won't be adding for sure. Candle ended in a pin bar with tail down.
  • #116
  • Edited 7:18am Mar 10, 2011 4:35am | Edited 7:18am
Quoting Toothman
I entered on the same candle as you but got stopped out on the two previous entries (arrows). I too thought that first entry was breaking through resistance level but as you said, the candle was a gamble with it's long length. I'm trying to figure out why you didn't enter on my second entry(second arrow). The pattern was there, a pin bar reversal. Candle too long? I'm looking to add on the existing candle if it doesn't get too long.
I did. I sold the pair right at the end of the red candle close (your third arrow) .. which is still open. It never got stopped out till now.
Discipline + Patience - Fear - Greed = Success
  • #117
  • Mar 10, 2011 4:37am Mar 10, 2011 4:37am
Quoting Toothman
Won't be adding for sure. Candle ended in a pin bar with tail down.
Pin bar is not important it can only be a simple reaction from minor support. We should wait to see another bearish PA in retrace. Now is not the right time to add.
Discipline + Patience - Fear - Greed = Success
  • #118
  • Mar 10, 2011 1:59pm Mar 10, 2011 1:59pm
Hi Arezab,

Thanks for sharing the system.

from your chart can be seen buy no 3 is when the bull candle closed. but its not yet engulf the bear candle.
your entry criteria it is as long there is bull candle above the MA, you enter long ?

Thanks,

Quoting arezab
Good setup and 3 buy positions since yesterday with total +260 profits.

I close my positions because of serious classical bearish divergence on stoch but price may rise more of course ... but I try not to be greedy.

Since the overall bias is still clearly bullish, I'll be waiting for another possibility to enter long on after a retrace.
  • #119
  • Mar 11, 2011 6:16am Mar 11, 2011 6:16am
Quoting pipfirst
Hi Arezab,

Thanks for sharing the system.

from your chart can be seen buy no 3 is when the bull candle closed. but its not yet engulf the bear candle.
your entry criteria it is as long there is bull candle above the MA, you enter long ?

Thanks,
As far as I understood from your post you mean whether I only open long positions as long as price is above EMA? The answer is yes.

We look for buy entries only as long as price stays higher than EMA and vice versa for short.
Discipline + Patience - Fear - Greed = Success
  • #120
  • Mar 11, 2011 6:13pm Mar 11, 2011 6:13pm
Hi arezab,

Thanks for your reply. sorry for my bad english.

how you re-enter the trade or add position ? after the price stay above the EMA or below the EMA ?

as I see your chart. I figure out.. once the next candle is bullish after previous bearish candle you add another position for BUY (as long the price above EMA).
It is correct ?

here the picture of your chart, and there is my question mention there.

http://i55.tinypic.com/205zhiq.jpg


Thanks a lot and have a nice week end.



Quoting arezab
As far as I understood from your post you mean whether I only open long positions as long as price is above EMA? The answer is yes.

We look for buy entries only as long as price stays higher than EMA and vice versa for short.
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