DislikedYes, 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.Ignored
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DislikedYes, 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.Ignored
DislikedYes, 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.Ignored
DislikedThis 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...Ignored
DislikedHey 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.Ignored
DislikedHugh,
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?Ignored
DislikedAnd 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?Ignored
DislikedHi 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?...Ignored
DislikedYes. 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...Ignored
DislikedLike 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).Ignored
DislikedHi
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
RenéIgnored