Easy entry system: coloured candles

@spyderman

From post 156: I've not been around when the signal arrow is generated, so not sure if its immediate entry or delayed. Need Kraven to explain this one. My entries have always been one or more candles later...

@Vantage

From post 159: I agree with Spydie, I would have taken this trade as H4 shows the trend, and M15 signals an entry...

Regards
Ath

spydy for me I will wait a couple of hours if the entry hasn't been triggered i'll cancel as it's obviously ranging...again you'll find it's a flip of the coin, you could leave it and find it goes against you, you could cancel and find 3hrs later it plummets like a stone and your pips up. I tend to look at the SL, if it's 10 i'll chance my arm, if it's large i'll play safe.

hello Vantage, we've both been trading different systems now long enough to know nothings perfect or ever will be. we could try changing settings and find the bad entries you have seen will go for us....but one's which have went for us or kept us out of false trades with a different setting will then go against us (you know what I mean). But your input and findings will be welcome.

I've found so far i've found this to be true
"It looks pretty good at first glance in trend so the obvious thing is to have a careful look at times when market has proved to be ranging. A quick look suggests in that short ranging period I looked at it didn't do a lot of damage. If your method stands/doesn't nail you too badly in those circumstances you should be ahead of the game."

but we will hit times were we will get several losses in a row, after all this is a trend following system and if the market fails to trend then it's choppy. this applies to all TF's. I find the 15m keeps these losses down and remember you pick your exit.

hell i've even been looking at just trading the 4hr, enter at the break when candle and dot match..give SL 50pips, take half at 50, sl to BE, TP 150????

The 8am 4hr candle closed when the move had almost finished, the 10am 1hr close was clear and 15 min move happened after that.

Kraven is right no system will get everything and I know we both have other methods that would have signalled that 1hr move, so I'll also focus on looking at what other solid opportunities this gives. Theres lots to like about the concept.

Vantage I don't know if you believe in leaving a bet open over the weekend but lately i've recorded that gap often follows our entry, and if it doesn't it tends to close again before it goes in the wrong direction.

Take this friday. 18:45 entry GMT, my min SL of 10, then a continued drop of 95. Same thing last week. 20-22nd gives an example of it going against us then classic gap closing so it would still be a 12/70 bet.

last night and gap closure examples.

I've only had a brief look through, i'm sure there's one's that didn't work this well.

Given the number and type of MTF indis out there it shouldn't be difficult to code that so you can see multiple time frames as a bar on the one chart. Of course I speak as a non-coder.

Hi Kraven

We are strictly in and out. Would never leave a trade open under current conditions i.e. euro zone mess but selling at the moment and leaving prob a safer option.

If news was to come out though that Greece managed to get some kind of agreement going forward (2 chances slim and none?) the gap up could be significant.

We prefer to take our 20-30 pips which relates to 2-3% and be done. Its our personality as traders so we stick to it.

Hi Vantage,

I am totally sold on 20-30 pips a day, that soon ads up given enough discipline and time.

This looks a very simple way to achieve that, combined with some lower time frame PA

i personaly like higher TF SR using lower TF entry.

have started watching GU as well now and had 2 good entries on both. missed the big GU entry but caught the EU. On this one i waited until .2800 became Resistance before i got in and had a 20pip SL, letting it run(tp at .2710)
still only demo, need to see some choppier climate to really evaluate. however if i had jumped in i'd be a very happy man over the last 4 weeks with the results.

****hit tp this morning for 1:4 rr

well it hit tp this morning for +80, i nearly pulled the trigger on one at 10:30 this morning GMT EU,but then notice all the BOE news, lucky as it woud have lost 20.

hello kraven, how is sl and tp decide plz?

for SL first i always take a look at our entry cande, if it has an arrow above/below i will include this too, normaly adds 2 pips. I also give a pip or 2 for breakout. As a general rule on SL I normaly go for a min of 10, I also prefer to use a max of 20 however if i feel a few more pips will decrease the risk of getting stopped out then i'll do that.

TP is up to the user. I know a few just look for 20-30 pips. I like to look at SR levels on 4hr or daily to pick a target. Once i'm comfortable in profit i like to move to BE. My aim isn't just to make pips, it's also to not loose any.

Sorry Vantage if this sort of query is improper, but have found some old posts from you which I found very interesting. Trouble is I can't make out your shorthand code, so could you please put me out of my misery and let me know (when you get a mo) what does the 8 lwma stand for. Figured that the ma was moving average.....maybe

linear weighted moving average

thx

google is your friend

thanks - I can now sleep easy.

i've started watching the GU as well as EU. Nice entry early on GU (10/90) this morning, another on EU (20/50) which was touch and go with SL before collecting some decent pips. I missed both

anyone get these?

eventualy got in

my TP got hit for +23 also got the next entry originaly 18 pip SL, it went 20, I've moved to BE. TP 1.2637.

Below is the recent GU move. this is why I'm trying a trend following system using different TF's. Smaller SL from smaller TF, bigger TP from bigger TF. Would have been nice to catch this early, even from today.