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Yet another moving average crossover system

  • #461
  • Oct 27, 2011 10:43am Oct 27, 2011 10:43am
Quoting lawgirl21
Out with 20 pips, but it is still going.
Rebecca,

When you scalp down at the M1 or M5 may I presume you are just looking for the 3x8 at an appropriately steep angle?

Not really waiting for the end of the candle on M5 are you?

Forest
  • #462
  • Oct 27, 2011 10:57am Oct 27, 2011 10:57am
Quoting Forest-Sea
Rebecca,

When you scalp down at the M1 or M5 may I presume you are just looking for the 3x8 at an appropriately steep angle?

Not really waiting for the end of the candle on M5 are you?

Forest
That is correct...just the angle of the 3 and 8. I like them straight up or down, which has happened often this week.

If it is close to the end of the time period, shown on the chart, I will often place a line and if when the time changes price goes below/above that line, I will enter or continue the trade, whichever is the case.

Note that that little line is a S/R line.
  • #463
  • Oct 27, 2011 11:04am Oct 27, 2011 11:04am
Quoting lawgirl21
That is correct...just the angle of the 3 and 8. I like them straight up or down, which has happened often this week.

If it is close to the end of the time period, shown on the chart, I will often place a line and if when the time changes price goes below/above that line, I will enter or continue the trade, whichever is the case.

Note that that little line is a S/R line.

Perfect set up for scalping.
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  • #464
  • Oct 27, 2011 11:07am Oct 27, 2011 11:07am
Quoting lawgirl21
Perfect set up for scalping.
Small horizontal line marks end of time period. But is now my support area.
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  • #465
  • Oct 27, 2011 11:11am Oct 27, 2011 11:11am
I was going to exit with 12 pips, but price turned back up.
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  • #466
  • Oct 27, 2011 11:14am Oct 27, 2011 11:14am
Next minute...another line in the sand.
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  • #467
  • Oct 27, 2011 11:16am Oct 27, 2011 11:16am
Got to go to work....out with 20 pips.
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  • #468
  • Oct 27, 2011 11:21am Oct 27, 2011 11:21am
EURUSD: I missed the crossover at 0000 GMT and it has been rising like a hot air balloon. It certainly takes courage to jump onto the band wagon after EURUSD has gone up 100pips. And more courage after going up another 100pips. Finally went in long at 1.4121 at 1635GMT using the crossover method on the 15min chart. It was going strong so stayed long. Pulled out at 1.4215.

Wished could stay till the crossover turned down, but need to sleep...
  • #469
  • Oct 27, 2011 11:37am Oct 27, 2011 11:37am
Quoting lawgirl21
Next minute...another line in the sand.

There's a pretty good reason for that line in the sand......the PA reach a point of resistance on the Daily.

I've stopped trading this strategy in it's current form for what I consider to be a sensible reason - we are using indicators to provide us with good points of entry, however for the most part our exits are being picked out if thin air. It's no good thinking "ok, my TP is about 25 pips and the closest support is 15 pips below so I'll place my stop just under there", when in fact, if we'd properly looked at all the S/Rs on all timeframes, we'd have spotted a great big Daily resistance only 10 pips above our entry.

Price is pretty much always going to stall at Daily resistance and will often reverse. Knowledge of all these S/Rs BEFORE we get into the trade will not only keep us from taking poor entries, but will act as amazing take profit targets.

The entry strategy works, there is no doubt about that. We just need to refine the exit strategy and milk this for what we can.

I made over 100 pips today easily on 2 pairs, just using the H1/H4/Daily S/Rs as staged targets.
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  • #470
  • Oct 27, 2011 11:38am Oct 27, 2011 11:38am
Hi lawgirl21, thanks for sharing.
I'm just a newbie and really interested in MAs, hope I can learn alot here.
  • #471
  • Oct 27, 2011 11:58am Oct 27, 2011 11:58am
I'll post some indicators once I'm in front of my computer later tonight. They will show all SRs for all TFs on one screen, it's pretty much guaranteed to improve our exits
  • #472
  • Oct 27, 2011 11:58am Oct 27, 2011 11:58am
Quoting forexpippy
There's a pretty good reason for that line in the sand......the PA reach a point of resistance on the Daily.

I've stopped trading this strategy in it's current form for what I consider to be a sensible reason - we are using indicators to provide us with good points of entry, however for the most part our exits are being picked out if thin air. It's no good thinking "ok, my TP is about 25 pips and the closest support is 15 pips below so I'll place my stop just under there", when in fact, if we'd properly looked at all the S/Rs on all timeframes,...
I think 20 pips from a scalping setup is pretty impressive.

I believe traders have to determine their own exit strategies, whether its at S/R levels, set number of pips, whatever. Exits, to me, are the most personal elements of trading and involve must more than set rules. What is a good exit for one trader may not be for the next one.

I am a follower of Bernard Baruch's trading philosophy about which he said, and I paraphrase: I do not try to catch the beginning and the end of a trend, I just want to catch part of the middle of the trend....but I want to catch it time after time, after time.
  • #473
  • Oct 27, 2011 12:00pm Oct 27, 2011 12:00pm
Quoting forexpippy
I'll post some indicators once I'm in front of my computer later tonight. They will show all SRs for all TFs on one screen, it's pretty much guaranteed to improve our exits

You may need to start your own thread. I am trying to keep the charts here as "clean" as possible...and no candles is the essence of the thread.
  • #474
  • Oct 27, 2011 12:22pm Oct 27, 2011 12:22pm
Quoting lawgirl21
You may need to start your own thread. I am trying to keep the charts here as "clean" as possible...and no candles is the essence of the thread.
Agree, no need for additional indicators/candles for this method.

I'm trading LG's methods for quite a while and I'm consistent in profit with 6-8% per month live.
I will have to work on exits and improve entries though..
  • #475
  • Oct 27, 2011 12:35pm Oct 27, 2011 12:35pm
Hi LG
hope you are well, noticed how the system has changed or should that be developed some what, from being a 1 hr /15 m system concentrating on a 3/8ema crossover it is now a scalping strat, using 1 m and 5 m charts or is this just a separate strat with in a strat?
I personally use candles with the ema's and include the box breakout though I use 7 candles rather than 4, I am in the UK so my trading day starts at 7am gmt and So I use 7 x 1 hr candles starting at 12.00am finishing at 7am which covers the asian session and I use a London breakout from there. Although this week most breakouts have come within the asian session and I am unfortunately asleep then, because of the strong anti-dollar trend this week it has also been difficult to catch any real moves, My question finally was is that why you are scalping with this strat more on countertrends because of the blatantly obvious trends we have.
Sorry for waffling, hope I have made myself clear

respect

Tom
  • #476
  • Oct 27, 2011 1:02pm Oct 27, 2011 1:02pm
Quoting booktimes
Hi LG
hope you are well, noticed how the system has changed or should that be developed some what, from being a 1 hr /15 m system concentrating on a 3/8ema crossover it is now a scalping strat, using 1 m and 5 m charts or is this just a separate strat with in a strat?
I personally use candles with the ema's and include the box breakout though I use 7 candles rather than 4, I am in the UK so my trading day starts at 7am gmt and So I use 7 x 1 hr candles starting at 12.00am finishing at 7am which covers the asian session and I use a London breakout...
No, no, Tom, the system has not changed at all. I just started applying it to the M5 and M1 charts because the market has been so crazy. I would have to look back, but I don't think I have caught more than one 40 pip move this week. But moving to the lower TFs, I have gotten 10-20 pips multiple times. It all adds up, but this week it's been making pips the hard way.

And because scalping is so fast, I am looking to the M30 chart to get the trend and trading both directions from that. I do expect more pips from a trend trade than a counter, but even that has been upside down this week.
  • #477
  • Oct 27, 2011 1:23pm Oct 27, 2011 1:23pm
Thanks LG,
Yes it's been a ridiculous week trading, the trends have been so strong that it has been difficult to try and counter trend against them, and because I personally don't believe that the Euro is a true reflection of the currency at where it is now, I expect at any time for it to start falling and so I am damned to join the trend as it is now, I hate that fear aspect, anyway, will follow your scalping methods and try to pick up and understand what I can, you are a great inspiration and great trader LG
respect to you

Tom
  • #478
  • Oct 27, 2011 2:16pm Oct 27, 2011 2:16pm
I did 68 pips today. Caught part of the big wave up and then I tried scalping on smaller time frames. Did pretty well. I like no candles. Less stress to me and easy on the eyes.
  • #479
  • Oct 27, 2011 2:54pm Oct 27, 2011 2:54pm
Now hopped on the retracement...
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  • #480
  • Oct 27, 2011 3:28pm Oct 27, 2011 3:28pm
Quoting JPassion
In terms of trading daily and weekly vs shorter timeframes - why are drawdowns bigger and profits higher? If you're position sizing correctly I can't understand how you come to the conclusion. If, at the end of the trade you make 3R you make 3R whether it's on the hourly, daily or monthly.
Where the longer TFs become more profitable is in the transaction costs vs the size of your win/loss as they tend towards 0 and of course if you are trading a large account and have to split your orders.

Spread betting - depending on which SB you're using you...
Would OANDA be better than a SB firm - no dealer referral ?
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