Yet another moving average crossover system

Got to dash to the office, however here's the trades I've entered into just after London opened.

(note my MPTM settings....low breakeven threshold and relatively tight stops....there's some big news today!!!)

Hi LG and fellow traders !

First time I post here on this marvelous thread.
First of all, thank LG for that great, simple and efficient strat !

I also developed an EA based on this system. I would like to know where to post it ? I don't want to interfere with the original and manual system.

Cheers,
LhDT

In this at the moment, slightly down

http://i1236.photobucket.com/albums/...y/caddaily.gif

http://i1236.photobucket.com/albums/...y/cad30min.gif

http://i1236.photobucket.com/albums/...uy/cad5min.gif

waiting for entry on EU

I was experimenting with MPTMs settings today, here's the results of the trades I posted earlier:

GBPUSD - 50% of trade closed at 15 pips, then SL was moved to breakeven with a jumping stop trailing the remaining 50%. PA eventually reversed and took out my SL, leaving a 2 pip profit.....total of +17 pips.

USDCAD - trade moved against me quite quickly and took out my SL.....25 pips loss.

EURGBP - 50% of trade closed at 16 pips, then SL was moved to breakeven with a jumping stop trailing the remaining 50%. PA soon nosedived and took out my SL, leaving a 2 pip profit.....total of +18 pips.


Total = +10 pips.


Lessons learned:


Firstly (rather annoyingly), I broke my own rules by trading the only losing trade, USDCAD. I had decided only to trade GBPUSD and EURGBP at London open. I also entered slightly sooner than I had planned, another mistake. Big lesson learned....stick to the plan! However, my stop was only 1.2% of my account balance, so it was a minor loss.

Secondly, I need to play around with MPTM's settings. I had originally wanted to close 50% of the trade upon the first profit target of 20 pips being reached (the jumping stop point), not at 15 pips (the breakeven trigger). Should be easy enough to correct.

Thirdly, closing part of the trade at my intial profit target and letting the rest run with no risk of loss is working well. I secured the pips from the initial move (which, based on my analysis, was the most likely profitable move), and then I had some lots still in play had the PA continued in the right direction, taking advantage of a bigger move. However, despite the fact the PA quickly reversed, I still have my initial pips bagged and the 2nd trade closed for no loss. I may consider changing the intial TP to 75% and letting 25% chase the bigger moves.

Finally, it's MUCH better for me to have MPTM manage my trades. Once I've placed them I just foget about them. I've planned my trade and MPTM makes sure I stick to it.

Had I stuck to my rules as intended (and correctly set MPTM to close the initial profit at 20 pips), I would have finished 42 pips up (which would have been 3% of account balance for a total of 2% risk). As it stands, I was still profitable today, but it's a good lesson learned in respect of sticking to my own rules!

Out, it's got further to fall

Out of my daily trades. -210 pips. Daily trades are not for me.

Chart

You have to let it pull back to some kind of supply/demand area before entering (yeah..I know...just saying) unless you just want to use huge stops and 2:1 3:1 etc. It's pulling back to around 8329-8580 area maybe.

Same deal with CAD. Yes first trade was out with a small loss, it's going back down further but my stop is not down at 9892. Reason I got in where I did was some momentum on M30/H1 but the market has other ideas.

It's still giving a valid short signal on the daily, but that little crook in the 3MA...representing a pullback...was over 100 pips. .

The MA will turn back up when it pulls back, it's only following price.

http://i1236.photobucket.com/albums/...uy/eudaily.gif

http://i1236.photobucket.com/albums/...rgguy/euh1.gif

That's correct..that's why we don't need candles..the MAs tell us everything.

Been using Easy Order to place Stop orders and then Updatestops ea for manage trade. I place .3 or .03 cause the EA breaks off the three trades anyway you want. preset attached.

Here is link to easy order

http://www.forexfactory.com/showthread.php?t=281772

you can double click on the easy order red SL line and manually move it up
once at break even if you desire

Nice scalping opportunities this morning.

Dryclean, I've not used the Easy Order EA before, could you clarify something for me.....does it allow you to set your risk AND stop loss, then it will place a trade of the correct lot size?

If so, that would be very useful to me.

However, if it simply places a SL at a point which is equivalent to the level of your risk, then that seems a bit backwards.

Nice BO today. SL +80 pips secured.

Excellent pipping, maudur. And... you are keeping it simple.

More scalping.

I believe it will do that. Read post 1 of the thread.
I use it for Stop orders and just move the SL around. Plus I let updatestops ea run things too. Play on demo

Easy Order is a Script.

It is given in mql form so you can go in and tweak it. It is an effective but simple tool, not totally customizable as it is designed to do a basic function. But what it does it does well.
You can set it to place trades based on risk or set lot size.. Market orders , Limit orders , buy/sell stops..

Once on the chart it can be managed by a Trade management EA or you can just click on the lines and move stops / TP's on the chart.

works very nicely.

Tommyd

I like you tagline

In a Democracy, two wolves and a sheep decide whats for dinner.

but
In a republic the sheep has a gun that is the difference between democracy and a republic LOL