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Quick and Dirty EOD

  • #361
  • Jul 31, 2012 3:00am Jul 31, 2012 3:00am
Quoting Hugh Briss
If the daily is moving strongly and the ema's are in the right direction then I would be happy to take trades before the monthly closes.
Thanks Hugh. I also took your advice on correlated pairs and have culled 23 pairs back to 16. It does make sense. I basically rid myself of 5 CHF pairs, AN and NJ to start off the new week.

ATM I have open trades on AC, EA & EC.

Pending trades on: EG, NU & UJ.

Keeping an eye on: CJ, EJ, & GJ. All pending orders I cancelled yesterday due to 5/8 EMA crosses.
  • #362
  • Jul 31, 2012 3:14am Jul 31, 2012 3:14am
Then since there are 3 green bars and the Monthly is pointing downwards, which is the correct pending sell?
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  • #363
  • Jul 31, 2012 3:23am Jul 31, 2012 3:23am
Quoting Konata
Then since there are 3 green bars and the Monthly is pointing downwards, which is the correct pending sell?
I couldn't see clearly whether your ema's had crossed up but if they haven't it would be entry at No1 as I understand the rules. If there is a cross then Hugh answered this is post 353.
  • #364
  • Jul 31, 2012 5:24am Jul 31, 2012 5:24am
Quoting Ryoma
I couldn't see clearly whether your ema's had crossed up but if they haven't it would be entry at No1 as I understand the rules. If there is a cross then Hugh answered this is post 353.
Then, assuming that it ema had never crossed and remained in trend (yellow always below blue), and that happened to be a pullback, which pending would be correct?

Sorry for the noobish questions >_<
  • #365
  • Jul 31, 2012 5:37am Jul 31, 2012 5:37am
Quoting Konata
Then, assuming that it ema had never crossed and remained in trend (yellow always below blue), and that happened to be a pullback, which pending would be correct?

Sorry for the noobish questions >_<
Entry point 1 would be an aggressive entry. It's not strictly by the rules but it does have a good chance of being a winning trade. Neither of the other two would be valid trades anyway. As mentioned in previous posts your best trade would be to wait for the ema's to cross down again and then wait for a pullback day.
  • #366
  • Jul 31, 2012 5:41am Jul 31, 2012 5:41am
Quoting Hugh Briss
Entry point 1 would be an aggressive entry. It's not strictly by the rules but it does have a good chance of being a winning trade. Neither of the other two would be valid trades anyway. As mentioned in previous posts your best trade would be to wait for the ema's to cross down again and then wait for a pullback day.
Yup, but assuming the possibility for 2 - 3 pullback days, then entries 1,2,3 are all valid, depending on how aggressive i am in my entry?
  • #367
  • Jul 31, 2012 5:53am Jul 31, 2012 5:53am
Quoting Konata
Then, assuming that it ema had never crossed and remained in trend (yellow always below blue), and that happened to be a pullback, which pending would be correct?

Sorry for the noobish questions >_<
As Hugh has explained if the ema's have crossed up in your example then the best or safest entry is to wait for them to cross back and wait for a reverse candle.

This was also a little unclear for me as well but has been cleared up today. For now I'm going to follow Hughes advice.

I only joined the thread today so I'm a bit of a "noob" myself so no apologies necessary. Ironically it was to clarify this very point lol. I have been following and demo trading this system since 2/7.
  • #368
  • Edited 6:31am Jul 31, 2012 5:56am | Edited 6:31am
Quoting Konata
Yup, but assuming the possibility for 2 - 3 pullback days, then entries 1,2,3 are all valid, depending on how aggressive i am in my entry?
If the ema's do not cross then entry No1 will always be the entry point. There was talk earlier in this thread of moving it up as other reverse candles appeared but to no avail. I feel the entry point is the heart and soul of this method and Hugh has nailed it perfectly!

I just did some research on this point and I might have been confused with Wendavol's suggested entry point post #172. After reading Hugh's post #147 it might be best for him to clarify whether any further reverse candles see us move our entry point up or it remains as per the rules on page one. Over to you Hugh.......
  • #369
  • Jul 31, 2012 7:07am Jul 31, 2012 7:07am
Morning all......at least for me.

I enjoy all the input about these entry points. As mentioned, that's going to be a big key to overall success, along with exits.

I just want make sure I'm following everyone correctly so I have a question.

Several have mentioned an "agressive" entry. In the context of what we're discussing how do you mean that. In my mind, an agressive entry would be an early one...more in line with entry 3. While 1 would be more conservative, as we're waiting for price to break a longer term s/r.

This will really become important when the time between point 1 and 3 stretches out in a ranging period. The way the chart appears now, I may well take entry 1 as valid, but the more days that go by, the more I would need to 'reset' my entry to #3 (2 would never be in play for me). Again that's just in my thinking.
Attached Image (click to enlarge)
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  • #370
  • Jul 31, 2012 7:10am Jul 31, 2012 7:10am
Quoting spyderman

This will really become important when the time between point 1 and 3 stretches out in a ranging period. The way the chart appears now, I may well take entry 1 as valid, but the more days that go by, the more I would need to 'reset' my entry to #3 (2 would never be in play for me). Again that's just in my thinking.

Actually, as I rub the sleep out of my eyes and zoom in on Konata's chart, entry 3 isn't where I'd be either. I would place it 2,3 bars to the right under that newer low.
  • #371
  • Jul 31, 2012 7:41am Jul 31, 2012 7:41am
Quoting spyderman
Actually, as I rub the sleep out of my eyes and zoom in on Konata's chart, entry 3 isn't where I'd be either. I would place it 2,3 bars to the right under that newer low.
What about this situation? I believe you guys are watching this pair

EURCAD

and maybe some of you may have short triggered?
Which entry would you guys have picked/chosen?

PS: Anybody can recommend a sharper screenshot capture program?
Attached Image (click to enlarge)
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  • #372
  • Jul 31, 2012 7:57am Jul 31, 2012 7:57am
Quoting Konata
What about this situation? I believe you guys are watching this pair

EURCAD

and maybe some of you may have short triggered?
Which entry would you guys have picked/chosen?

PS: Anybody can recommend a sharper screenshot capture program?

My trade triggered yesterday at #1.

Your shots look fine to me. I use photoshop.
  • #373
  • Jul 31, 2012 8:01am Jul 31, 2012 8:01am
Quoting Konata
What about this situation? I believe you guys are watching this pair

EURCAD

and maybe some of you may have short triggered?
Which entry would you guys have picked/chosen?

PS: Anybody can recommend a sharper screenshot capture program?

I also had a short entry placed on 7/19 from that pullback candle on 7/16. I moved it to BE when my new sell order was placed yesterday. So that first entry just hit the s/l and closed for +10 pips.
  • #374
  • Jul 31, 2012 8:28am Jul 31, 2012 8:28am
Quoting spyderman
My trade triggered yesterday at #1.

Your shots look fine to me. I use photoshop.
Me too....
Anyway, not a big discover here, but i've noticed that the more the pull backs candles happen near the ema's crossing day, the more return they give.

What about to aim at
2:1 R:R on the 1st pull back aftert cross
1:1 R:R on the 2nd
0.5:1 R:R on the 3rd?

On EUR/CAD the one we took last, is the 4th retacement candle. What do you think?


Hope to be clear
Attached Image (click to enlarge)
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  • #375
  • Jul 31, 2012 9:42am Jul 31, 2012 9:42am
Quoting lucariga

What about to aim at
2:1 R:R on the 1st pull back aftert cross
1:1 R:R on the 2nd
0.5:1 R:R on the 3rd?

On EUR/CAD the one we took last, is the 4th retacement candle. What do you think?


Hope to be clear
If you're asking about changing the RR, personally I wouldn't see any reason to adjust it downward. But you may try it out and see. Or if you feel that the trend is weakening you could bring your stop up a bit tighter and lock in some profits.

So many different ways to handle the MM on this or any other system.
  • #376
  • Jul 31, 2012 5:37pm Jul 31, 2012 5:37pm
Quoting lucariga
Me too....
Anyway, not a big discover here, but i've noticed that the more the pull backs candles happen near the ema's crossing day, the more return they give.

What about to aim at
2:1 R:R on the 1st pull back aftert cross
1:1 R:R on the 2nd
0.5:1 R:R on the 3rd?

On EUR/CAD the one we took last, is the 4th retacement candle. What do you think?


Hope to be clear
I think this has merit. Sooner or later the trend will change. I personally changed my SL/TP to 1x ADR/2 x ADR after about 2 days of trading this system. In the second week after spyderman asked Hugh about entering a second trade whilst one was already in play I decided to adjust this to 1:1 RR and enter any second trade on offer.

Quite a few times in the past 2 weeks I have had two trades in play on the one currency pair. It served me well last week when all but 2 hit TP.

ATM I'm in also in the EC trade. My entry the same as spyderman's and now I have a second order pending.

As spyderman said MM is personal and Hugh has already said there are at this point no concrete rules. It's good to have a few variations going and hopefully we can compare the strengths of each.

For now I will continue with 1:1 RR and keep you all posted. But I also like lucariga's idea. The best trade I feel will always be on a cross and with the first pullback candle.
  • #377
  • Jul 31, 2012 11:19pm Jul 31, 2012 11:19pm
Quoting Ryoma
I think this has merit. Sooner or later the trend will change. I personally changed my SL/TP to 1x ADR/2 x ADR after about 2 days of trading this system. In the second week after spyderman asked Hugh about entering a second trade whilst one was already in play I decided to adjust this to 1:1 RR and enter any second trade on offer.

Quite a few times in the past 2 weeks I have had two trades in play on the one currency pair. It served me well last week when all but 2 hit TP.

ATM I'm in also in the EC trade. My entry the same as spyderman's and...
I wouldn't necessarily take profit earlier but I have thought about trailing the stop behind the 8 ema. That way if you get multiple trades you can reduce risk and lock in profit as the trend develops and if the trend does turn early then you get out with something.
  • #378
  • Aug 1, 2012 7:07am Aug 1, 2012 7:07am
I've had a couple ordes hit s/l. G/F and E/G hit their stops for losses.

Guess we can't win on all of them.
  • #379
  • Aug 1, 2012 7:28am Aug 1, 2012 7:28am
Hey guys, I'm just watching some charts and do a little of backtest of this system.
The question is: How can we manage situations like this?
Montly is strongly downtrend and daily choppy....
Every cross downside of MAs could be the start of a new strong downtrend because of the monthly strenghtness
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  • #380
  • Aug 1, 2012 7:48am Aug 1, 2012 7:48am
Quoting lucariga
Hey guys, I'm just watching some charts and do a little of backtest of this system.
The question is: How can we manage situations like this?
Montly is strongly downtrend and daily choppy....
Every cross downside of MAs could be the start of a new strong downtrend because of the monthly strenghtness

Yeah it's going to take some trader discretion on a lot of these. For example on silver you do have a monthly downtrend, but you're hitting a
major support line that's giving this daily ranging. May want to wait for that to clear up.

I suspect it's going to be a case by case basis. That's why I don't think EA's ultimately work over the long haul. Just can't take these scenarios into account.
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