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DislikedTook this long trade couple of hours ago. TP is next R level. See how it turns out to..Had quite a bit of losers last night. How strict are you guys with the 50 Ema confirmation.?Ignored
DislikedFrom what I understand, the 50 ema is not used as confirmation...it is used as a level of support /resistance that must be taken into account with entries. If an entry could be taken but then price runs into the 50ema, then maybe the entry should be taken a few pips beyond the 50 ema.
How strict am I? Depends on the time frame. If it is the 1 hour time frame, then a 50 ema within about 10 pips of the potential entry must be respected. If the entry beyond the 50 ema extends the entry more than 20 pips, I probably won't take the trade.Ignored
Disliked7,
Yes it is almost the same, but that's not the whole story.
Imho it should be, If price is below 50 Ema and we have a buy signal, do not enter before price is 3 pips plus spread above 50EMA.
Hopefully Titch or Colostarr can confirm this.Ignored
DislikedMakes sense now, appreciate the answer Chake. I have been following this thread and system for about a week now. Not in the profit zone so far but decided to let my TP run til I have an opposite signal. Any comments on that?Ignored
DislikedNothing at all going on in here. Lets go guys.I have 2 trade still going. Gbp/usd long up 120 pips with 70 locked in and letting it ride. Aud/usd up 75 pips with 40 locked in. I also had a Usd/cad just get stopped out for 100 pips profit. All of these were on hourly time frame. 210 locked in so far. Nice.Ignored
QuoteDislikedGood work Jules! I have been trading the 4hr time frame, but lost 2 weeks of profit this past week. I guess this system is better suited to the 1 hr, however I was using the 4hr so that I didn't have to be tied to my computer all day. How often do you trade, Jules? Do you have any advice for someone who can do this only part time but wants to trade the 1hr time frame? Thanks.
DislikedIndeed frollollc, same here, also stopped out.
Two trades up and now two down, that makes me BE for the day.
I think tommorow I should even trade less than today.
Maybe Colostarr or Titch or someone else could give a rough estimate on how many trades do you guys generally take in a day using this system?Ignored
DislikedNothing at all going on in here. Lets go guys.I have 2 trade still going. Gbp/usd long up 120 pips with 70 locked in and letting it ride. Aud/usd up 75 pips with 40 locked in. I also had a Usd/cad just get stopped out for 100 pips profit. All of these were on hourly time frame. 210 locked in so far. Nice.Ignored
DislikedGood work Jules! I have been trading the 4hr time frame, but lost 2 weeks of profit this past week. I guess this system is better suited to the 1 hr, however I was using the 4hr so that I didn't have to be tied to my computer all day. How often do you trade, Jules? Do you have any advice for someone who can do this only part time but wants to trade the 1hr time frame? Thanks.Ignored
Disliked7,
Yes it is almost the same, but that's not the whole story.
Imho it should be, If price is below 50 Ema and we have a buy signal, do not enter before price is 3 pips plus spread above 50EMA.
Hopefully Titch or Colostarr can confirm this.Ignored
DislikedHi Wendavol
You can use this on the 4 hr tf and it works well. The only thing is your stop is a lot higher constituting a bigger risk on your equity. I prefer trading the longer time frames but you need to be looking for clear trade signals because of the bigger sl. Look at what pa has been doing as well as what is happening on the daily and weekly and the next s/r. Then if you get a good trade signal it is worth the trade.
Both Colo and I have used this on the 4hr and daily and it has worked well.
I hope this helpsIgnored
DislikedHi Colo/Tich,
This is my results for week ending 24-07-2011. Please refer below. I had mixed results. Out of 11 trades 3 hit S/L 8 went to BE + few pips. At this stage i am happy with the result even though i didn't made any big pips, as my loosing trade are only 3 out of 11. I had few BE's, all my BE went to make 100+ pips sadly i missed it.
Buy GBP/CHF = -60
Sell GBP/CHF = BE +5
Sell EUR/AUD = -28
Sell USD/CHF = BE+5
Sell EUR/JPY = -63
Buy GBP/CAD = BE +40
Buy Aud/USD = BE +7
Buy AUD/JPY = BE +10
Sell GBP/AUD = BE +2
BUY NZD/USD...Ignored
DislikedTitch,
Thanks for answering. Could you help me find where I can get some education on trend lines, price action, etc. I need the extra tools to be able to do the job correctly. I have just been "eyeballing" the chart to see if a trade set up looked good (i.e. had a good angle to the balance line, price was not hanging on balance line, etc). I am not looking for someone to hold my hand, but I would appreciate if you could tell me where I can learn what you use with this balance line method. Thanks again!
WendavolIgnored
DislikedHi Wendavol
You can use this on the 4 hr tf and it works well. The only thing is your stop is a lot higher constituting a bigger risk on your equity. I prefer trading the longer time frames but you need to be looking for clear trade signals because of the bigger sl. Look at what pa has been doing as well as what is happening on the daily and weekly and the next s/r. Then if you get a good trade signal it is worth the trade.
Both Colo and I have used this on the 4hr and daily and it has worked well.
I hope this helpsIgnored