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Quick and Dirty EOD

  • #541
  • Aug 30, 2012 12:36am Aug 30, 2012 12:36am
Quoting Hugh Briss
Yes, I mean forget the overall trend and just trade the direction that price is moving whichever side of the 10 ema/wma. That template is no good for this system though, you need normal candles to see the price levels.
Sorry Hugh, I confused two of your threads. I was thinking I was reading Swing Heiken Ashi with Stochs, and didn't notice it was "Quick and Dirty EOD". (I am subscribed to both). My question is irrelevant here then. Maybe I should erase the last two posts.
  • #542
  • Aug 30, 2012 12:40am Aug 30, 2012 12:40am
Quoting Hugh Briss
Yes, I mean forget the overall trend and just trade the direction that price is moving whichever side of the 10 ema/wma. That template is no good for this system though, you need normal candles to see the price levels.
I use the 10 SMA and 10 WMA... weighted moving average.....
  • #543
  • Aug 30, 2012 1:54am Aug 30, 2012 1:54am
Quoting tradestar1
I use the 10 SMA and 10 WMA... weighted moving average.....
Do you think you need both?
  • #544
  • Aug 30, 2012 5:46am Aug 30, 2012 5:46am
Right, had a look at the chart. The ma's all look more or less the same so I'm going to stick with a 10 ema. It's up to you which one you use.

The system is to wait for the price to be trading one side or the other of the ma. Then wait for a pullback, swing high/low, whatever you want to call it. Then put a pending order the other side of it to catch the trend when it resumes. Use an initial 100 pip stop and trail it 20 pips behind the ma. Use the trailing stop ea from this thread to trail behind the ma but also close the trade when the price closes the wrong side of the ma. Never close a trade manually, keep placing pending orders until the ma is broken.

I will post charts with examples soon.
  • #545
  • Aug 30, 2012 6:05am Aug 30, 2012 6:05am
This is eurnzd. Wait for the price to start moving, start taking trades on the break outs of the swing lows. Stack the orders up. Close all trades when the ma is breached.

You don't need to watch the overall trend, ie the dominant trend, just trade the direction the price is moving and when the trend ends get out.

This won't always work this way but when it does you'll bank huge gains. When it doesn't you'll never lose too much. Cut your losses short, let your winners run.

A big thanks to Tradestar1 for lighting the way, proof again, if any were ever needed, that he is an awesome trader.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd q and d example.gif Size: 19 KB
  • #546
  • Aug 30, 2012 6:09am Aug 30, 2012 6:09am
One more point to mention, if you've placed a pending order and it is not hit before the ma is breached then remove it as the setup is no longer valid.
  • #547
  • Aug 30, 2012 8:32am Aug 30, 2012 8:32am
Quoting Hugh Briss
Do you think you need both?
In my main trading system I don't even need the candles on the chart.... I just trade the cross-over.... I add to position with 123s and retracements... for thos I do need to see the candle though. CHART
At any rate it works for me...... and that is what everyone has got to do... Is find a system they can personalize and master it.
  • #548
  • Aug 30, 2012 8:51am Aug 30, 2012 8:51am
Quoting Hugh Briss
This is eurnzd. Wait for the price to start moving, start taking trades on the break outs of the swing lows. Stack the orders up. Close all trades when the ma is breached.

You don't need to watch the overall trend, ie the dominant trend, just trade the direction the price is moving and when the trend ends get out.

This won't always work this way but when it does you'll bank huge gains. When it doesn't you'll never lose too much. Cut your losses short, let your winners run.

A big thanks to Tradestar1 for lighting the way, proof again, if any...
Hey all,

Trying to get caught up on the evolution.

So basically we're dropping the monthly from consideration...

I like dropping the pendings if the MA is breached. We'll give it a whirl.

Hopefully the markets will wake up come Tuesday.
  • #549
  • Aug 30, 2012 8:54am Aug 30, 2012 8:54am
Quoting spyderman
Hey all,

Trying to get caught up on the evolution.

So basically we're dropping the monthly from consideration...

I like dropping the pendings if the MA is breached. We'll give it a whirl.

Hopefully the markets will wake up come Tuesday.
Yes, basically just trade the direction it's moving. You never know when that could be the start of a huge move, even if initially it is against the main trend. At least you are trading with the immediate trend, the way price is moving now.

Forgot to mention I am only looking at certain pairs. Eurusd, Eurgbp, Euraud, Eurnzd, Audusd, Audcad, Nzdusd and Nzdcad. These are the pairs that trend the best. I find gbp and jpy pairs too choppy and no point trading chf at the moment as it is just a mirror of eur.
  • #550
  • Aug 30, 2012 8:54am Aug 30, 2012 8:54am
Quoting Hugh Briss
Use an initial 100 pip stop and trail it 20 pips behind the ma.

Hugh,

Don't know how you figure your lot sizes, I do mine off account balance % based on s/l size.

If you do the same would you use the 100 pip value or just 20 pip above MA.

In fact maybe the 100 pip initial is irrelevant and we could just start out with 20 pip above/below?
  • #551
  • Aug 30, 2012 2:11pm Aug 30, 2012 2:11pm
Quoting spyderman
Hugh,

Don't know how you figure your lot sizes, I do mine off account balance % based on s/l size.

If you do the same would you use the 100 pip value or just 20 pip above MA.

In fact maybe the 100 pip initial is irrelevant and we could just start out with 20 pip above/below?
Yep, 1% of balance. I would calculate it based on the 100. Quite often the price is quite a way from the ema anyway. If it works out less then by all means put 1% over whatever the stop is if you want.
  • #552
  • Aug 30, 2012 5:15pm Aug 30, 2012 5:15pm
And what are we looking for at the change of trend to trade the other direction, a candle trading fully on the other side of the ema?
  • #553
  • Aug 30, 2012 10:49pm Aug 30, 2012 10:49pm
Quoting spyderman
And what are we looking for at the change of trend to trade the other direction, a candle trading fully on the other side of the ema?
Yes. That invalidates the move in the direction you have been trading so close all trades. The key is rather than try and anticipate a new trend in the other direction straight away you wait for a move in that direction and the subsequent inevitable pullback and then trade the break of that first swing high/low. That way you avoid a lot of the choppy price action around the moving average itself. Like the original system, you're not trading the crossover of the two moving averages as generally that's a losing proposition but you trade the break of the first counter trend day.
  • #554
  • Aug 31, 2012 2:55am Aug 31, 2012 2:55am
Hi there,

I really like the refinement of the strategy as it stands now - very easy to manage, very easy to use. And thank you Hugh, for the suggestion on pairs to watch.

Whats your take on todays events? I mean I have a pending order on the eur/usd, waiting for the uptrend to continue (the breakout of the candle on the 29/8), thinking about adding another order on the breakout of the candle from yesterday - however everyone is waiting for Bernanke, so maybe it´s better to sit this one out, cancelling the pending orders?
What do you think?

Best regards
  • #555
  • Aug 31, 2012 5:40am Aug 31, 2012 5:40am
Quoting rschou
Hi there,

I really like the refinement of the strategy as it stands now - very easy to manage, very easy to use. And thank you Hugh, for the suggestion on pairs to watch.

Whats your take on todays events? I mean I have a pending order on the eur/usd, waiting for the uptrend to continue (the breakout of the candle on the 29/8), thinking about adding another order on the breakout of the candle from yesterday - however everyone is waiting for Bernanke, so maybe it´s better to sit this one out, cancelling the pending orders?
What do you think?...
I've got a pending buy order on which I will leave in place. Trying to anticipate a direction based on news is largely a waste of time.
  • #556
  • Aug 31, 2012 6:17am Aug 31, 2012 6:17am
Quoting Hugh Briss
Yes. That invalidates the move in the direction you have been trading so close all trades. The key is rather than try and anticipate a new trend in the other direction straight away you wait for a move in that direction and the subsequent inevitable pullback and then trade the break of that first swing high/low. That way you avoid a lot of the choppy price action around the moving average itself. Like the original system, you're not trading the crossover of the two moving averages as generally that's a losing proposition but you trade the break...

Got it. Makes sense...
  • #557
  • Aug 31, 2012 6:23am Aug 31, 2012 6:23am
Like others, I too have a buy pending on e/u. Looking at the chart, we often get these formations where we're hitting a resistance/support area. Which candle is everyone using for their signal, the original swing high (in this case on 8/23) or the most recent opposite candle (8/29 or 8/30, you might even consider the high on 8/28 as the start of that last pullback).
  • #558
  • Aug 31, 2012 6:26am Aug 31, 2012 6:26am
Quoting spyderman
Like others, I too have a buy pending on e/u. Looking at the chart, we often get these formations where we're hitting a resistance/support area. Which candle is everyone using for their signal, the original swing high (in this case on 8/23) or the most recent opposite candle (8/29 or 8/30, you might even consider the high on 8/28 as the start of that last pullback).
My pending buy has been hit at 1.25778, 2 pips above the last minor high.
  • #559
  • Aug 31, 2012 6:36am Aug 31, 2012 6:36am
Hi

my pending buy e/u was hit at 1,2563 - around 25 pips up as I´m writing this.

@Hugh - about the stop loss: You mention an initial SL off 100 pips, and then trailing it 20 pips behind the 10 EMA. I´m trying to figure this out - do you start off woth an initial 100 pip SL, and once the trend takes off, you trail it 20 pips behind the EMA? or am I missing something?

best regards

René
  • #560
  • Aug 31, 2012 6:53am Aug 31, 2012 6:53am
Quoting rschou
Hi

my pending buy e/u was hit at 1,2563 - around 25 pips up as I´m writing this.

@Hugh - about the stop loss: You mention an initial SL off 100 pips, and then trailing it 20 pips behind the 10 EMA. I´m trying to figure this out - do you start off woth an initial 100 pip SL, and once the trend takes off, you trail it 20 pips behind the EMA? or am I missing something?

best regards

René
How did you get in at that price? What level broke to get you in there?

Quite often the price is already trading quite a long way from the ema and a stop 20 pips behind the ema would give you a stop loss bigger than 100 pips. Just to keep the risk at a uniform level I suggest using a 100 pip stop to start and if the trade goes your way trail it 20 pips behind the moving average. If the price is already close to the ma and a stop 20 pips behind it would be less than 100 pips then use that.
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