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Yet another moving average crossover system

  • #481
  • Oct 27, 2011 3:38pm Oct 27, 2011 3:38pm
I have searched for trades in higher Time Frames.

I'm long in XAUUSD. Currently +250 pips.
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Enter Signature
  • #482
  • Oct 27, 2011 3:41pm Oct 27, 2011 3:41pm
Whether they are better or not in those terms I'm not 100% sure - they are a bucket shop just the same. You hear very good things about them and also bad, whether the bad is always genuine I don't know - could just be a trader that guessed wrong again today and blew their account, therefore in their mind it's the broker playing tricks.

What I DO know about OANDA is that you can trade at whatever size you like - you''re not limited to a minimum of £1 a pip as you are with most SBs (I know IG does the 10p thing but it's only for a week or something). So in that sense OANDA is good for, say sticking £500 in an account and trading tiny lots in the live 'market' - that will give you confidence and experience that demo trading will not.

Then, as I say, it doesn't make sense to even think about an SB company until you ARE at the point in a year i.e. you are making money where you would have to pay tax. Beginners just starting out going straight to SBs and trying to scalp will have very short trading careers, most of the SBs simply aren't set up for it. If you want to swing trade, yeah you'll have better luck but again...until you are making money why go with a bookie?
  • #483
  • Oct 27, 2011 4:01pm Oct 27, 2011 4:01pm
Quoting JPassion
Whether they are better or not in those terms I'm not 100% sure - they are a bucket shop just the same. You hear very good things about them and also bad, whether the bad is always genuine I don't know - could just be a trader that guessed wrong again today and blew their account, therefore in their mind it's the broker playing tricks.

What I DO know about OANDA is that you can trade at whatever size you like - you''re not limited to a minimum of £1 a pip as you are with most SBs (I know IG does the 10p thing but it's only for a week or something)....
Brilliant - thanks for the prompt reply.
every Saint has a past. Every Sinner has a Future
  • #484
  • Oct 27, 2011 4:28pm Oct 27, 2011 4:28pm
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
Steve,

Do me a favour and post me your screenshot to my work email.
I understand where you are coming from with this. Rebecca's strategy is good, and I've been using it on purely the 5m chart, when the two ema's cross I enter for 10 pips and it's sound. But I've missed Out on so much more pips because I don't have a clear exit plan. Scalping is good but it is so hard to judge when to go in.

Look forward to the email when I'm in the office.
Matt
  • #485
  • Oct 27, 2011 4:35pm Oct 27, 2011 4:35pm
Quoting lawgirl21
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...
Hi LG..

I think 20 pips from a scalping setup are pretty impressive.

Agreed !!... Especially if trading multiple lots as I do.

I believe traders have to determine their own exit strategies, whether it’s 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 would like to offer up one observation if I may. One of the biggest problems traders have is many do not have a plan on what to do once they get into a trade... "Trade Management"...Agree, they are a personal element, most definitely, but having a set of rules, even personal rules, will go along ways to keeping traders in the green.

Being a firm believer in targets, I am a big fan of S/R's. There are major S/R's and minor S/R's. The minors I call stall points, as price will stall and then continue on (hopefully??) The majors are targets, where price should go. Is there room to take the trade?? They are defined well before entering a trade. A trader who has a plan on how to manage their trade, once they are in, will hopefully not take themselves out to early.

It's very interesting that we hear so much on how we should define the risk as it relates to traders equity, how much one can lose on given trade....Yet....there is very little talk, if any, on how a trader should define their profitability. What are the bare minimums needed to remain in the green.

The comment "That you can never go broke taking a profit" is very misleading and dangerous in the trading business. You "can" go broke very quickly by taking profits to soon. (Most traders do!!!.. I did for the longest time.. OUCH !!) This is a result of having "no trade management plan and exit strategy"

I also agree with Bernard Baruch's comments. But... contained within those comments should be sound trade management coupled with an exit strategy. Yes, this is the "personal elements of trading". I believe a sound set of rules in this area, even if they are discretonary will help traders become and stay profitable.

Just a personal observation..

Stated with respect to your ability to trade and the quality of your methods you have so graciously shared with us.

TSD
  • #486
  • Oct 27, 2011 5:10pm Oct 27, 2011 5:10pm
Quoting TraderinSD
Hi LG..

I think 20 pips from a scalping setup are pretty impressive.

Agreed !!... Especially if trading multiple lots as I do.

[font=Verdana][color=black][b]I believe traders have to determine their own exit strategies, whether it’s 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...
Very well stated TSD, and I agree with you, but I think different market conditions dictate different plans. I have never relied on trailing stops like I have this week. I have never been a scalper, but I did scalp alot this week, and I enjoyed it, but stress level was up.

I haven't analyzed charts yet and wont until this weekend, but I am wondering if major S/R levels were honored this week? I am thinking not, but it could be that I just got a little spooked by the market this week and decided to pull pips off the table "one by one" practically.

All I am trying to say is that flexibility is key and we each need an arsenal of entry and exit strategies for different market conditions.
  • #487
  • Oct 27, 2011 7:13pm Oct 27, 2011 7:13pm
Perfect M5 setups again.
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  • #488
  • Oct 27, 2011 7:38pm Oct 27, 2011 7:38pm
Out with a total of 30 pips. Pretty easy to see exits here, guys...
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  • #489
  • Oct 27, 2011 8:05pm Oct 27, 2011 8:05pm
Can someone post or show me where it is posted, the indicator LG uses to show how much time is remaining on the current candle. I can see where this would be valuable for this type of trading. Many thanks...
  • #490
  • Oct 27, 2011 8:12pm Oct 27, 2011 8:12pm
Quoting gonuts
Can someone post or show me where it is posted, the indicator LG uses to show how much time is remaining on the current candle. I can see where this would be valuable for this type of trading. Many thanks...
Here is where I got it, gn. Go to:

www.compassfx.com --> click "Trading Platforms" at top --> click "Custom Indicators" --> right click "Price Bar Clock" and download onto your platform.

I love this little indicator...very helpful with this kind of trading.
  • #491
  • Oct 27, 2011 8:15pm Oct 27, 2011 8:15pm
Quoting gonuts
Can someone post or show me where it is posted, the indicator LG uses to show how much time is remaining on the current candle. I can see where this would be valuable for this type of trading. Many thanks...

I have used this one for a while it gives spread as well as time for close of bar.
Attached File(s)
File Type: ex4 Candle Time & Spread.ex4   3 KB | 364 downloads
  • #492
  • Oct 27, 2011 8:23pm Oct 27, 2011 8:23pm
Quoting babnz48
I have used this one for a while it gives spread as well as time for close of bar.
Can you post a chart with this indy on it, bn48? I like very small ones, but that is just a personal preference.
  • #493
  • Oct 27, 2011 8:33pm Oct 27, 2011 8:33pm
Quoting lawgirl21
Can you post a chart with this indy on it, bn48? I like very small ones, but that is just a personal preference.
hI LG thanks for another fine thread and all your time you put in here to help every one. here is a chart you asked for
Bruce
Attached Image (click to enlarge)
Click to Enlarge Name: save for lg.jpg Size: 165 KB
  • #494
  • Oct 27, 2011 8:48pm Oct 27, 2011 8:48pm
Quoting babnz48
hI LG thanks for another fine thread and all your time you put in here to help every one. here is a chart you asked for
Bruce
Thanks Bruce...that is a small one too...not intrusive at all. I like it.

You are very welcome. Hope you are banking pips.
Rebecca
  • #495
  • Oct 27, 2011 9:02pm Oct 27, 2011 9:02pm
Quoting lawgirl21
Thanks Bruce...that is a small one too...not intrusive at all. I like it.

You are very welcome. Hope you are banking pips.
Rebecca
I am using another sys But it is a bit slow flicking through the charts so I started to use this sys last night to quickly flick through to find any thing worth looking at. This sys also gives a better entry I think. With my first try out last night I had a very good result. up $218.86 on trading two micros so that works out at a few pips. Not sure how many but if I change to mini lots that could buy the odd coffee down town.
  • #496
  • Oct 27, 2011 9:07pm Oct 27, 2011 9:07pm
Quoting babnz48
I am using another sys But it is a bit slow flicking through the charts so I started to use this sys last night to quickly flick through to find any thing worth looking at. This sys also gives a better entry I think. With my first try out last night I had a very good result. up $218.86 on trading two micros so that works out at a few pips. Not sure how many but if I change to mini lots that could buy the odd coffee down town.
That is super! Every trade will not be a winner and scalping was not the original focus of the system...but hey, we roll with it...whatever it takes. I am very happy about your success here.
  • #497
  • Oct 27, 2011 9:08pm Oct 27, 2011 9:08pm
Back in short here.
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  • #498
  • Oct 27, 2011 9:28pm Oct 27, 2011 9:28pm
Quoting lawgirl21
Very well stated TSD, and I agree with you, but I think different market conditions dictate different plans. I have never relied on trailing stops like I have this week. I have never been a scalper, but I did scalp alot this week, and I enjoyed it, but stress level was up.

I haven't analyzed charts yet and wont until this weekend, but I am wondering if major S/R levels were honored this week? I am thinking not, but it could be that I just got a little spooked by the market this week and decided to pull pips off the table "one by one" practically....
Hi LG



Most definitely agree LG. Different markets conditions require different trading plans. If one is not fully prepared to trade in a given environment it may be best not to trade. A proper trade management plan will give the opportunity to trade profitably. For example: You have been scalping the markets this week. 10, 20, 30 pips are reasonable and very respectable… Careful, it can become addicting.


I am a firm believer that markets always search, react and test S/R’s. The smaller TF just create more noise around these areas.

All I am trying to say is that flexibility is key and we each need an arsenal of entry and exit strategies for different market conditions.

Agreed! This is why your methods succeed. They have rules and flexibility. These are the hallmarks of profitable trading methods.


LG … I truly appreciate the opportunity to voice a point of view. Thank you again for another great trading method and an excellent thread.



TSD
  • #499
  • Oct 27, 2011 9:32pm Oct 27, 2011 9:32pm
Quoting TraderinSD
Hi LG



Most definitely agree LG. Different markets conditions require different trading plans. If one is not fully prepared to trade in a given environment it may be best not to trade. A proper trade management plan will give the opportunity to trade profitably. For example: You have been scalping the markets this week. 10, 20, 30 pips are reasonable and very respectable… Careful, it can become addicting.


[color=black][font=Verdana][i]I am a firm believer that markets always search, react...

Please keep posting TSD. I don't want to feel like I am talkng to myself here.
  • #500
  • Oct 27, 2011 9:35pm Oct 27, 2011 9:35pm
Quoting lawgirl21
Back in short here.
GBPUSD
Out with 12 pips.
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