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  • #201
  • Jul 23, 2012 8:43am Jul 23, 2012 8:43am
Quoting Konata
Hi all,

I'm still new to this whole thing, but I was wondering what I have done is correct?

As the Daily shows a downtrend forming and the H1 has a pullback to the yellow, so I set a SellStop at the bottom of it and it triggered. After going +25p, I set a SL to almost BE.

Is this done right?

Thanks
Welcome Konata.

I think you might have the wrong strategy there.
We're looking at the monthly trend using a 5-8 ema. Then trading in the monthly direction on the daily chart. Might want to reread the first several posts again to clarify in your own mind.

Not that you couldn't apply this to other time frames, but your post regarding the s/l treatment isn't what Hugh had suggested initially.

On the monthly G/U we technically have a downtrend based on the ema's but it's really pretty rangy. Moving to the daily its the same thing. Going by the original book I guess you'd have a sell stop below that bullish candle at about 1.5400 with a stop loss of 100 pips or so. TP of 200. I wouldn't take that trade myself as the pair is pretty much ranging, but that's the idea.
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  • #202
  • Jul 23, 2012 8:50am Jul 23, 2012 8:50am
Yeah, I'm aware thats its Monthly Trend and entry on the daily.

In my mind, I was thinking, Monthly = 30/31 bars of Daily.
And Daily = 24 bars of Hourly.

So, maybe with the same concept, 30 bars to determine trend, 24 bars isnt too far either. Of course I could be totally wrong.

And yea, in regards to the Stop Loss, I probably applied one of his Money Management Strategy in another post of his, when it reaches 25pips, set BE.
This is the one I believe: http://www.forexfactory.com/showthread.php?t=340556

Maybe I applied it wrongly for this thread?
I dont want to sidetrack anybody, but would this method sound plausible to be applied?
  • #203
  • Jul 23, 2012 9:01am Jul 23, 2012 9:01am
Quoting Konata
Yeah, I'm aware thats its Monthly Trend and entry on the daily.

In my mind, I was thinking, Monthly = 30/31 bars of Daily.
And Daily = 24 bars of Hourly.

So, maybe with the same concept, 30 bars to determine trend, 24 bars isnt too far either. Of course I could be totally wrong.

And yea, in regards to the Stop Loss, I probably applied one of his Money Management Strategy in another post of his, when it reaches 25pips, set BE.
This is the one I believe: http://www.forexfactory.com/showthread.php?t=340556

Maybe I applied it wrongly...
Sorry, I'm not following. I get your idea about converting the monthly PA to the daily. That's why I have those two larger ema's on my daily chart, they represent the monthly (be careful though, there's only 21 or 22 daily bars in a month, not 30).

But I'm not following the hourly setup you're using. There's no "pullback" to the yellow (that I'm aware of). We're simply looking for a daily bar that closes in the opposite direction of the daily/monthly trend, and then placing a stop order below/above that bar. (Or a possible refinement being discussed is enter immediately at the open of the new bar).

Hopefully I'm not misunderstanding what you're asking.
  • #204
  • Jul 23, 2012 9:07am Jul 23, 2012 9:07am
Quoting spyderman
Sorry, I'm not following. I get your idea about converting the monthly PA to the daily. That's why I have those two larger ema's on my daily chart, they represent the monthly (be careful though, there's only 21 or 22 daily bars in a month, not 30).

But I'm not following the hourly setup you're using. There's no "pullback" to the yellow (that I'm aware of). We're simply looking for a daily bar that closes in the opposite direction of the daily/monthly trend, and then placing a stop order below/above that bar. (Or a possible refinement being...
Oops sorry my bad. Yes, 20-22 Daily Bars for a Monthly.

So other than the wrong time frame to trade this method,
With the picture I posted regarding the green touching the yellow on the H1, and putting a Sell Stop below the green bar, is that wrong if assuming that was a Daily Chart situation?
  • #205
  • Jul 23, 2012 9:10am Jul 23, 2012 9:10am
Quoting Konata
Oops sorry my bad. Yes, 20-22 Daily Bars for a Monthly.

So other than the wrong time frame to trade this method,
With the picture I posted regarding the green touching the yellow on the H1, and putting a Sell Stop below the green bar, is that wrong if assuming that was a Daily Chart situation?

Yeah if that was the daily I'd say that would be your entry. You'd also have one setting up at the bottom of that last green bar to the immediate left of your current bar.
  • #206
  • Jul 23, 2012 9:15am Jul 23, 2012 9:15am
Quoting spyderman
Yeah if that was the daily I'd say that would be your entry. You'd also have one setting up at the bottom of that last green bar to the immediate left of your current bar.
Would that be right tho? Tho I agree that its a green bar, but does it only have to be a green bar to be affective or does it require to be really close/touching the yellow MA?
  • #207
  • Jul 23, 2012 9:22am Jul 23, 2012 9:22am
Quoting Konata
Would that be right tho? Tho I agree that its a green bar, but does it only have to be a green bar to be affective or does it require to be really close/touching the yellow MA?

As far as I recall (we'll let Hugh weigh in on this) the only reason for the ema's is to determine direction. Nothing has been stipulated about using them for entry points.

The way I look at this is, we are trending on the monthly. We go to the daily to look for a pull back/retracement in the price action (green bar). That establishes an area of support in the marketplace. When we place our sell stop below that point we are looking for a future break in that support to indicate the market's desire to go lower.

That's why, personally, I don't like the idea of simply triggering on the open of the candle just after the green (in this case) signal (at least not yet I don't ). Nothing has signified that there is going to be a continuation in the direction of the monthly trend. In my thinking triggering at the open of that new daily bar is as arbitrary as triggering 3 hours earlier, or at any other point. We'll see how that turns out though.
  • #208
  • Jul 23, 2012 9:29am Jul 23, 2012 9:29am
Quoting spyderman
As far as I recall (we'll let Hugh weigh in on this) the only reason for the ema's is to determine direction. Nothing has been stipulated about using them for entry points.

The way I look at this is, we are trending on the monthly. We go to the daily to look for a pull back/retracement in the price action (green bar). That establishes an area of support in the marketplace. When we place our sell stop below that point we are looking for a future break in that support to indicate the market's desire to go lower.

That's why, personally, I don't...
This is correct, the ma's are merely to determine a direction to trade. First monthly then when daily agrees with monthly you wait for a pullback day and put a pending order the other side of it so that when/if the trend kicks back in your order is hit right at the time that the momentum is on your side.
  • #209
  • Jul 23, 2012 9:35am Jul 23, 2012 9:35am
Quoting Hugh Briss
This is correct, the ma's are merely to determine a direction to trade. First monthly then when daily agrees with monthly you wait for a pullback day and put a pending order the other side of it so that when/if the trend kicks back in your order is hit right at the time that the momentum is on your side.
Understood. I'll keep an eye out for things...

Thank you so much Spyderman and Hugh!
  • #210
  • Jul 23, 2012 10:04am Jul 23, 2012 10:04am
today 1st day of week +300 pips.

thanks HB
  • #211
  • Jul 23, 2012 10:13am Jul 23, 2012 10:13am
Quoting umpats
today 1st day of week +300 pips.

thanks HB
If its not too much trouble, can you post charts for me and new people to have a look and learn, please and thanks! ^_^"
  • #212
  • Jul 23, 2012 10:18am Jul 23, 2012 10:18am
Hello Hugh,

I haven't posted here on FF in a long time, but couldn't help when I saw your thread here. First of all congrats on your simple and effective method, I truly believe that over time and if approached consistently, it IS a winner.

I've been through some painful experiences over the years in my effort to be profitable, and have fortunately come out of it in-tact. The result has been a few methods I have finally settled on that I use in conjunction with each other and one of them is very similar to what you have here. It is a daily close system as you have here, although I do not use the monthly, and I do incorporate some discretion, although I will work mechanically as well.

It's nice of you to share this system, and if you don't mind, I can post a few charts that may help someone. Just let me know either way, as I don't want to intrude on your thread.
  • #213
  • Jul 23, 2012 10:20am Jul 23, 2012 10:20am
Quoting umpats
today 1st day of week +300 pips.

thanks HB
. You know it won't always be this easy don't you?
  • #214
  • Jul 23, 2012 10:22am Jul 23, 2012 10:22am
Quoting Jcp
Hello Hugh,

I haven't posted here on FF in a long time, but couldn't help when I saw your thread here. First of all congrats on your simple and effective method, I truly believe that over time and if approached consistently, it IS a winner.

I've been through some painful experiences over the years in my effort to be profitable, and have fortunately come out of it in-tact. The result has been a few methods I have finally settled on that I use in conjunction with each other and one of them is very similar to what you have here. It is a daily...
Hi Jcp, please DO post as many charts as you like. You won't find any ego here from me, this is a thread to trade, discuss and improve the original method and if you have any ideas that can help then that's fantastic.
  • #215
  • Jul 23, 2012 10:30am Jul 23, 2012 10:30am
Here's three trades that closed at TP for me today.

I also have open orders in profit on these 3 as I got new entry signals since the initial entries.

Nice system.
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  • #216
  • Jul 23, 2012 10:31am Jul 23, 2012 10:31am
Quoting Hugh Briss
. You know it won't always be this easy don't you?

Let's hope you're wrong...just this once.
  • #217
  • Jul 23, 2012 10:41am Jul 23, 2012 10:41am
Quoting spyderman
Here's three trades that closed at TP for me today.

I also have open orders in profit on these 3 as I got new entry signals since the initial entries.

Nice system.
Thanks for the posts!
Saving for future reference <3
  • #218
  • Jul 23, 2012 10:46am Jul 23, 2012 10:46am
Quoting Hugh Briss
Hi Jcp, please DO post as many charts as you like. You won't find any ego here from me, this is a thread to trade, discuss and improve the original method and if you have any ideas that can help then that's fantastic.
Great, here's a really quick chart. I scan about 25 pairs daily. I highlighted the areas I would normally enter, and noted a few of my parameters.
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  • #219
  • Jul 23, 2012 11:56am Jul 23, 2012 11:56am
Quoting Hugh Briss
Interesting but how are you finding your av loss figures? Where are you putting the stop loss on entry?
I'm putting the stop loss 1 pip + 2 pips of spread above the high of the signal candle for a short and 1 pip below the low of the signal candle for a long. I made sure no stop was set greater than 100 pips per your rules. The take profit was set at 200 pips for all trades.
  • #220
  • Jul 23, 2012 12:00pm Jul 23, 2012 12:00pm
Quoting Wendavol
I'm putting the stop loss 1 pip + 2 pips of spread above the high of the signal candle for a short and 1 pip below the low of the signal candle for a long. I made sure no stop was set greater than 100 pips per your rules. The take profit was set at 200 pips for all trades.

Where do you put the stop if the signal candle closes at or near the high/low
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