*decided to rephrase this post... well remove it completely, will come back to it later down the line
tradewith60
Difference between buy/sell stops & buy/sell limits 34 replies
how to change buy to sell, sell to buy for EA 1 reply
the buy/buy or sell/sell currency broker?? 5 replies
I am looking for EA to put Buy Stops, Buy limits, Sell limits, and Sell Stops. I will 0 replies
DislikedThanks for patience and explanation. I'm very new to both forex and this forum, but no, I don't want to change the system. I just thought that a trend following system should be able to catch such well developed trends earlier (in fact this entry will be a looser or at most it would close at BE).
I have to add that now I see another possible entry, March 8, 6:00. We now see the candle is bearish, but we'd probably no idea about it when actually trading. Am I wrong here?
One other thing: have you considered using engulfing patterns for exits? I...Ignored
DislikedI can't see it losing, looks like it made 1/1... cant tell without seeing the size of the stop, but from the chart you posted i cant see a stop hit.Ignored
DislikedI dont like the engulfing as an exit, what if you dont get one?Ignored
DislikedWow, finally I've read the whole thread (taking breaks for Primo webinars ) and I must admit that it seems to be a great system. Although it looks like it is very simple (yes it is!) it is still not mechanical and we must always be aware of basic price action, multitimeframe analysis, s/r, daily ranges, pivots etc. to improve our edge. I'll follow the discussion.
Good trades everyone,
TakIgnored
Dislikeda really good trader once said to me, if no opportunity exists, sit on your hands and wait... sometimes thats just what you have to do.
Remember the reason this strategy is consistent is because the rules force you to wait for a low risk, high probability trade, the 50 sma keeps you in the direction of the prevailing trend, then the price action forces us to wait for a retrace and for that retrace to end....Ignored
DislikedThanks.
One good trader of mine asked me once: are you in trading for making money or controlling from losing money?
Most traders would reply "making money" but too many losing money because they had made many losing trades due to "impatience."
I am still learning to be a "patience" trader.Ignored
Disliked60MM, quick question...how many positions were opened during the past week at the same time? do you have any max open position rules? or max pending orders?Ignored
Dislikedthats a good question, and I don't really have a rule for it... 3 is usually my limit... sometimes if there are lots of signals on the same H4 close I will try and pick the best. Thats kind of advanced stuff and i'm not really the person to answer it.... ideas anyone?Ignored
DislikedYou could argue...
The thing to watch for when opening multiple positions is to make sure you're not just trading with/against one currency and multiplying your position. For instance, if you open short positions in EURUSD, AUDUSD and GBPUSD, you're really betting on the USD becoming stronger and tripling your risk. If you're wrong about the USD, you stand to lose three times.
But then again...
A good set-up, is a good set-up, and if you're right about the USD then you have just hit three winners. Three wins for one amount of effort in...Ignored
DislikedI think there are different opinions on this, see Zebulons strategy "Dancing with EMA" which is also trend following, when he encourages not to take oposite positions in correlated pairs. I don't know who is right here.Ignored
DislikedStill struggling with getting it right (even if it is simple).
Look at the recent EUR/USD chart. Am I right about entry points (arrows)? Are there any Type 2 entries (I can see one but it's on the cross with the MA).
And all these look like loosers to meIgnored
DislikedStill struggling with getting it right (even if it is simple).
Look at the recent EUR/USD chart. Am I right about entry points (arrows)? Are there any Type 2 entries (I can see one but it's on the cross with the MA).
And all these look like loosers to meIgnored
Dislikedthey're ok, but you left out 2..
notice how you're losers come at the end of a down thrust, notice also how the best setups come at the end of a retrace... check some more charts, you will see what i mean...Ignored
DislikedThanks! I didn't find those because I wanted to be very strict.
The second setup you've pointed to is particularly tempting as it is similar to entry type 2 also. And after 6 bullish candles the probability of going down is high. But, the proximity of MA... isn't it a warning signal?Ignored