seems like a trend change..
i am waiting..
if i get the signal for trend change on daily..
i will close all the positions in a heart beat..even if i made just 100 pips..
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
also..I'm thankful for everybody's support here..so far..
I want to see the potential in this system..
I am confident this is going to kick ass!!
and I think this is probably one of the simplest systems/methods
you could find here..(of course vegas and cornflower are excellent uncomplicated too)
just a simple MA crossover system on multiple time frames..THATS IT..
the signals are basically showing us momentum to enter
on peaks and valleys..
we observe the daily candles..to see the open and close(S&R)
and the strength of the momentum and also for exits.
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
I think I will wait for the candle close on the daily for a trend change..
see..again ....if you want to be aggressive..when the daily candle touches
the red EMA...(because its an indication that the trend is weakened)
you could close maybe 25% or 50% of your lot sizes to bank some profits..
and if the trend resumes(maybe if it was just a strong retracement)..then
you still have the rest... running with the trend
and then keep on stacking.
Thanks,
Manny
Manny
Do you wait for daily candle to close on trend change or just cross of ma"s.
Geoff
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
Diversify..
..now since I am awaiting trend change on a few of them..the pips are drying up..but...
i can clearly concentrate on the "hot" pairs that are trending..
so..it helps to maintain a nice equity..
ALSO..NOTE THAT I HAVE OVER 50 LOSING TRADES..
like I said..make your losses very small..the wins will take care of everything..
don't worry even if at the end of the day..if you are JUST break even..
your judgement in the market and taking trades, would have increased than what us from the previous day..
Attached Image (click to enlarge)
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
waiting for first lot exits on
eurnzd and gbpnzd..
if it remains today's candle remains a doji...before the high is violated..
then we would have made quite a bit of pips..
waiting for full exits on the rest of the pairs
except gbpchf. seems like the beginning of a trend change
waiting for long entries on audusd..
now, its somewhat in a range.
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
I am exiting 50% of the second lot for
the following pairs..
1. eurjpy
2. eurusd
because the daily candles have touched the red ema.
look at the charts.
sheeeez!!..i accidentally closed one full lot of the eurjpy..
@ Geoff...
this is exit, what I had mentioned to you in your previous email..
thanks for that question, I appreciate it.
I learnt a lot about exits and trade management
from MAX trading system..although, I never found success with it..
they have some excellent steroid like super-aggressive pip making strategies.
Attached Image(s) (click to enlarge)
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
that i initially posted this system in pipeasy's millipede thread
and I was no appreciated or
at least some did not like my
method, or my forex rambling..
i deleted all my posts there...and i am here now..
i am like "f...watch me!!"..
because I want to give back what i learnt..
even if i have to fight like GSP.
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
To protect the pips..
seems like I am letting too much of pips vanish off my table
during the trend change..
since i use 20 ema..
i think, i will have to go with 10 ema crossing 3 ema..
this would lead to more trend changes..
nd i might chopped to death during ranges..but, lets see..
i will be backtesting it over a range of currencies this weekend
to see the potential.. also, i am also thinking of using 15 minutes for entries
because, 5 mins is taking away all my time
i still think that the emas used on the 5min chart is fine as is..
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
Trader "Joe" from Flying Buddha fame is documented as exiting 50% of his short positions when a long candle closed above the open of the most recent short candle. Then, Joe just kept "stacking" as the opportunities developed unless he experienced a second consecutive opposing candle.
To protect the pips..
seems like I am letting too much of pips vanish off my table
during the trend change..
since i use 20 ema..
i think, i will have to go with 10 ema crossing 3 ema..
this would lead to more trend changes..
nd i might chopped to death during ranges..but, lets see..
i will be backtesting it over a range of currencies this weekend
to see the potential.. also, i am also thinking of using 15 minutes for entries
because, 5 mins is taking away all my time
i still think that the emas used on the 5min chart is fine as is..
Ignored
I think you are reacting too quickly to a minor downturn in your profitability. Your timing was very good in regards to the daily chart and you were adding in positions on 5min while the trend was still being established. These positions turned quickly profitable and you were pleased with the results. Now that the momentum has slowed and you are taking a few more losses than you were previously. This is normal and you can't predict when momentum will slow...however...once you start experiencing back to back losses, its time to stop adding positions and wait for market to consolidate and leave your open positions at B/E.
In summary I would say just stick with your current strategy and I'm sure you will find results. I personally use a 5 and 10 EMA like Graeme does and I find it works for me just like 9 and 20 EMA may work for you. One could use 7 and 15 EMAs and I'm sure it could work.
One other note I don't like your exit method of getting out when it touches the 20 EMA, seems a bit wasteful and doesn't focus enough on the actual price action, but again just my opinion and if you can make it work then more power to you.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
I shorted EURNZD and EURUSD last night. +120 total pips this morning. I didn't enter on the 5s like you suggested. Instead on the gap. In either case, sail with the pervailing daily trade winds, which in this case was sell.
According to your system, once we established a position, do we only stack; that is, add to the position with every two crosses? We initially enter on the M5 after two 9 ema / 20 ema crosses. Do you just enter at each individual cross after that, or every other cross?
I always welcome ideas and thoughts..
I think you are right..I should be considering putting everything to BE
which is also what Graeme emphasizes on.
Yes..I see your point, on second thought..I think exiting on 20 ema touch is pointless
because..what if the trend travels another 1000 pips..right?
maybe..just a partial exit..I have to look into that.
Thanks Zusch for your input.
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
The Brigadier..
Yes, I try to enter after the second cross of 9/20 ..maybe 2 to 3 positions, at least...on every cross as long as they are not very close to each other
and visually they are in a clear downtrend or uptrend..
this is at your discretion.
How many positions you want to add..
depends..if you would like to put these positions to BE
as you enter into the next position..then you can add unlimited number of positions because all the previous positions are essentially free
because its at BE.
I shorted EURNZD and EURUSD last night. +120 total pips this morning. I didn't enter on the 5s like you suggested. Instead on the gap. In either case, sail with the pervailing daily trade winds, which in this case was sell.
According to your system, once we established a position, do we only stack; that is, add to the position with every two crosses? We initially enter on the M5 after two 9 ema / 20 ema crosses. Do you just enter at each individual cross after that, or every other cross?
Ignored
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
Trader "Joe" from Flying Buddha fame is documented as exiting 50% of his short positions when a long candle closed above the open of the most recent short candle. Then, Joe just kept "stacking" as the opportunities developed unless he experienced a second consecutive opposing candle.
Just an observation,
Jon
Ignored
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
with a profit of 2000+pips..
I hate to do this..closing everything abruptly, against my rules..
but,
I am travelling for some time in places where the internet
is unheard of...lol
will be back for the Tiger trading.
P.S:
i just feel that 5/10 ema on the 15m chart works super!!..for entries.
I will have to do some back test on that..
9/20 works fine as is..just that the number of signals are more on 5/10..
"Quod me alit, me extinguit" - Pericles, Prince of Tyre
Tiger trend trading -long term position trading
