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Open/close cross

  • #41
  • Nov 29, 2011 10:00am Nov 29, 2011 10:00am
Quoting jiva34
4 new positions..
long the arrows didn't appear for EU and GU but a cross was there at candle open..
This is my E/U chart with your template. E/U hasn't been close to a cross to go long since Nov. 10. Haven't checked the other 3 charts but there seems to be something wrong here.
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  • #42
  • Nov 29, 2011 11:53am Nov 29, 2011 11:53am
Quoting ForexIdiot
This is my E/U chart with your template. E/U hasn't been close to a cross to go long since Nov. 10. Haven't checked the other 3 charts but there seems to be something wrong here.
looks fine.
I use 2 templates..
I may have jumped the gun on this and live to regret going long. That is why I am very careful with position size and money management. If it is a loss it isn't devastating. I only risked .5% on the EURUSD long.
there was a cross on the other template at the open of the new candle. It really was kind of an iffie trade. Better to wait for the candle to close and confirm the cross.
It really is starting to look more and more like a bad trade, no legs, just a small retracement.
I didn't follow the rules on this one. Got distracted.
I'll stay with it though. The cross is still there on the secondary template.
But you are correct the 21 is still down...
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  • #43
  • Nov 29, 2011 2:36pm Nov 29, 2011 2:36pm
I went short the U/J todya but I didn't crosscheck with the other chart. Need to get that template installed on my MT4 tonight.
  • #44
  • Nov 29, 2011 3:19pm Nov 29, 2011 3:19pm
Looks interesting. I will give it a go.

Couple of questions

1) Where do u put SL to define .5% risk ? it is swing low/high point or certain number of candles going back ?

2) How long have u been trading this live ? what's your % return ?

Cheers
Garfield
Trading is SIMPLE not EASY.
  • #45
  • Nov 29, 2011 4:44pm Nov 29, 2011 4:44pm
Quoting garfield75
Looks interesting. I will give it a go.

Couple of questions

1) Where do u put SL to define .5% risk ? it is swing low/high point or certain number of candles going back ?

2) How long have u been trading this live ? what's your % return ?

Cheers
Garfield
Well, the SL varies. The strategy recommends 1 ATR. In the trade I placed today, 1 ATR = 42.2. Risking 1% on a $1.3k that came to 3 micro lots or .03 lots.

This is my first trade live after backtesting Jiva's strat... and just realized I traded against the lsma so it'll probably be a loss.
  • #46
  • Nov 29, 2011 8:20pm Nov 29, 2011 8:20pm
Quoting garfield75
Looks interesting. I will give it a go.

Couple of questions

1) Where do u put SL to define .5% risk ? it is swing low/high point or certain number of candles going back ?

2) How long have u been trading this live ? what's your % return ?

Cheers
Garfield
This is one of the very best questions a trader can ask.
Many traders don't realize how absolutely important it is to calculate risk before getting into a trade and then honor the stop....
The original fixed stop is 1 ATR. I calculate how much I want to risk for the 1 ATR. I like to use .5% per position. Scaling out 1/3, 1/3 and letting the rest ride. If it is bad trade it may stop out for a smaller loss if an opposite signal appears.
There is a website that will calculate the position size. Just enter the info they ask for. http://www.forexcalc.com/

Have been trading this 1 month. account is up 10%.
  • #47
  • Nov 29, 2011 8:35pm Nov 29, 2011 8:35pm
Quoting ForexIdiot
I went short the U/J todya but I didn't crosscheck with the other chart. Need to get that template installed on my MT4 tonight.
differences in gmt make the day candles form differently for the different brokers. I use Oanda GMT = 0. Kinda simplifies things. (As if that's possible when you have to start dealing with the time zones)....
Good luck with UJ.
  • #48
  • Edited Nov 30, 2011 12:05am Nov 29, 2011 11:51pm | Edited Nov 30, 2011 12:05am
GU closed.
Reached 1/2 ATR to close 1/3 position and then fell back to breakeven +5, the stop.
wasn't a real good entry. entered long because of the secondary template, the 21 lsma had not confirmed trend on the primary template...
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  • #49
  • Nov 29, 2011 11:57pm Nov 29, 2011 11:57pm
am left with 2 open positions, chfjpy, eu.
both underwater, with 5 minutes to London open. Frankfurt fakeout presently underway.
stopped out means 1% loss for equity....
Eu entry was like Gu, because of cross on secondary template but was not confirmed by 21 lsma. Really not a good idea to do that.
CHFJPY had lsma conformation but the moving averages had not crossed along with the lsma on that template.
Again kind of jumping the gun... Better not to do that.
CHFJPY looks healthier than eu
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  • #50
  • Nov 30, 2011 12:02am Nov 30, 2011 12:02am
placed 2 limit orders. long au just above candle open
and short uc just below low.
If trend is in place the orders will get filled and then the rules for stop and tgts will be the same as usual.
That's the idea anyway...
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  • #51
  • Nov 30, 2011 3:22am Nov 30, 2011 3:22am
au buy limit filled...
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  • #52
  • Edited 6:04am Nov 30, 2011 5:50am | Edited 6:04am
European liquidity announcement moved markets... Nice.
AU hit 1st tgt 1/2 ATR 1/3 closed... stop moved to be +5 pips gain.
hit 2nd tgt 1 ATR another 1/3 closed
remaining 1/3 is left to run.. trailed at 2 ATR or stopped out with an opposite signal...
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  • #53
  • Nov 30, 2011 9:34am Nov 30, 2011 9:34am
Quoting jiva34
European liquidity announcement moved markets... Nice.
AU hit 1st tgt 1/2 ATR 1/3 closed... stop moved to be +5 pips gain.
hit 2nd tgt 1 ATR another 1/3 closed
remaining 1/3 is left to run.. trailed at 2 ATR or stopped out with an opposite signal...
Yep, I closed 2/3 of my position for a bigger profit than intended because of how fast it moved. Currently got 1/3 left at BE+5 trailing by 2xATR. That's a TSL of 84 pips. Trade currently in profit of 31 pips. Worst case scenario, I only make 5 pips with the 3rd leg of the trade.

Don't have anything else setting up on my charts right now.
  • #54
  • Nov 30, 2011 9:43am Nov 30, 2011 9:43am
This is my chart for the Usd/Cad. My broker closes the day at 6pm ET. Maybe we'll get a signal to go short then.
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  • #55
  • Nov 30, 2011 12:55pm Nov 30, 2011 12:55pm
Quoting ForexIdiot
Yep, I closed 2/3 of my position for a bigger profit than intended because of how fast it moved. Currently got 1/3 left at BE+5 trailing by 2xATR. That's a TSL of 84 pips. Trade currently in profit of 31 pips. Worst case scenario, I only make 5 pips with the 3rd leg of the trade.

Don't have anything else setting up on my charts right now.


Take patience and discipline to let the system do it's thing. It works. Seems like a big trailing stop I know, but rarely is it hit. Usually there is a reverse signal first and that is for a lot more pips. the stop is just an emergency thing, especially for a pair with a JPY in it, good old BOJ. I caught the last intervention in my favor while I was asleep. What nice surprise to wake up to.
Nice to see you trading this.

The template with 21 lsma on it gives a lot less signals. They are solid but not so many. The cross on the other template can get you in and out quicker. Getting used to how the two complement each other may take a little time.
  • #56
  • Nov 30, 2011 1:00pm Nov 30, 2011 1:00pm
Quoting ForexIdiot
This is my chart for the Usd/Cad. My broker closes the day at 6pm ET. Maybe we'll get a signal to go short then.
For UC, if you get the other template loaded it can get you in earlier. Sometimes there is a signal there for a cross that will agree with the 21 lsma that is a good signal.
There are ways to enter on continuations too.
Anyway proceed with caution and make sure position sizes are in line with risk management and we should be okay. $$$$
Most traders fall by the wayside because of the psychology behind trading.
  • #57
  • Nov 30, 2011 1:13pm Nov 30, 2011 1:13pm
Nice trade on AUDUSD.

Can this be traded on any pair or just majors & yen crosses ?

Cheers
Garfield
Trading is SIMPLE not EASY.
  • #58
  • Nov 30, 2011 4:03pm Nov 30, 2011 4:03pm
Quoting garfield75
Nice trade on AUDUSD.

Can this be traded on any pair or just majors & yen crosses ?

Cheers
Garfield
obviously a pair that trends a lot is desirable. I avoid EURCHF, EURGBP. doesn't seem to work well on them. But really anything that trends a lot should be fine.
  • #59
  • Nov 30, 2011 4:20pm Nov 30, 2011 4:20pm
Just wanted to confirm. CHFJPY looking like a setup likely to trigger a buy today/tomorrow.

Is that correct analysis based on this system

Cheers
Garfield
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Trading is SIMPLE not EASY.
  • #60
  • Nov 30, 2011 4:57pm Nov 30, 2011 4:57pm
Quoting garfield75
Just wanted to confirm. CHFJPY looking like a setup likely to trigger a buy today/tomorrow.

Is that correct analysis based on this system

Cheers
Garfield
yes according to the system that is correct. looks like it could get a cross on the lsma template.
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