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Quick and Dirty EOD

  • #561
  • Aug 31, 2012 7:00am Aug 31, 2012 7:00am
Quoting Hugh Briss
My pending buy has been hit at 1.25778, 2 pips above the last minor high.

In at 1.25821. Nice candle action
  • #562
  • Aug 31, 2012 7:19am Aug 31, 2012 7:19am
Quoting Hugh Briss
How did you get in at that price? What level broke to get you in there?
Ok, just seen it. That's a little aggressive. Generally better to wait for the last swing high/low to be taken out. I used the high of the last up move but even then there was a level just above I could have used. Looks like this time you will do ok though.
  • #563
  • Aug 31, 2012 7:20am Aug 31, 2012 7:20am
Quoting spyderman
In at 1.25821. Nice candle action
Yep, looking good. Of course you don't know if the trend is going to continue until a few days time and Bernanke could put a spanner in the works this afternoon.

Should give my s and p 500 trades a push too, one way or the other!
  • #564
  • Aug 31, 2012 7:23am Aug 31, 2012 7:23am
Quoting Hugh Briss
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...

Hmm, hope I didnīt get the sytem wrong - my broker showed a pullbackcandle on the 29. and the 30. of aug. Both closed above the 10 ema. So i placed pending orders at the top of both pullback candles. The one from yesterday had a high of 1,2563 - come to think of it, I should have put the entry 2 pips above the high - will do that next time

Thank you for the clarification on the SL - makes sense.
  • #565
  • Aug 31, 2012 7:47am Aug 31, 2012 7:47am
Quoting rschou
Hmm, hope I didnīt get the sytem wrong - my broker showed a pullbackcandle on the 29. and the 30. of aug. Both closed above the 10 ema. So i placed pending orders at the top of both pullback candles. The one from yesterday had a high of 1,2563 - come to think of it, I should have put the entry 2 pips above the high - will do that next time

Thank you for the clarification on the SL - makes sense.
The original system was to trade the break of a pullback candle. The updated system clarifies it as the break of a swing high/low which is slightly different as sometimes that will be the same as the last pullback candle but sometimes it won't. Think of it as a break of the highest price reached so far in this mini trend on eurusd which I took to be the high of the candle on the 28th August.
  • #566
  • Aug 31, 2012 7:49am Aug 31, 2012 7:49am
Quoting Hugh Briss
Ok, just seen it. That's a little aggressive. Generally better to wait for the last swing high/low to be taken out. I used the high of the last up move but even then there was a level just above I could have used. Looks like this time you will do ok though.
Ok, got it - I think my thoughts were back to the start of the thread - as I recall the high/ low of the pullback candle was used (+2 pips). But the recent high/low swing as entry makes a bit safer entry point - I see that now.

Best regards to you all
  • #567
  • Aug 31, 2012 8:14am Aug 31, 2012 8:14am
Quoting rschou
Ok, got it - I think my thoughts were back to the start of the thread - as I recall the high/ low of the pullback candle was used (+2 pips). But the recent high/low swing as entry makes a bit safer entry point - I see that now.

Best regards to you all
It also helps to even out the way we're all trading on the thread (not that we have to trade the same). Daily candles may vary, but the recent swing high will, of course, be uniform for everyone.
  • #568
  • Aug 31, 2012 1:43pm Aug 31, 2012 1:43pm
Quoting Hugh Briss
The original system was to trade the break of a pullback candle. The updated system clarifies it as the break of a swing high/low which is slightly different as sometimes that will be the same as the last pullback candle but sometimes it won't. Think of it as a break of the highest price reached so far in this mini trend on eurusd which I took to be the high of the candle on the 28th August.
Why the high of 8/28 and not the high of 8/23?
  • #569
  • Aug 31, 2012 6:07pm Aug 31, 2012 6:07pm
Quoting kokopelli
Why the high of 8/28 and not the high of 8/23?
Because 8/28 was the nearest high. This is a very borderline decision. To be honest you could use either, there is only 10 or so pips in it.
  • #570
  • Aug 31, 2012 9:48pm Aug 31, 2012 9:48pm
It appears this is becoming a123 type add on once in the trend......
  • #571
  • Sep 1, 2012 3:05am Sep 1, 2012 3:05am
Quoting tradestar1
It appears this is becoming a123 type add on once in the trend......
Yep, that's a fair summary.
  • #572
  • Sep 1, 2012 7:09am Sep 1, 2012 7:09am
Quoting Hugh Briss
Yep, that's a fair summary.

Which I think is a good thing...
  • #573
  • Sep 1, 2012 10:04am Sep 1, 2012 10:04am
Me too. I have absolutely no problem with that... I like 123 pattern trading.
  • #574
  • Sep 1, 2012 10:31am Sep 1, 2012 10:31am
Quoting tradestar1
Me too. I have absolutely no problem with that... I like 123 pattern trading.
I think the key is the add ons. Just keep stacking til the trend ends. That's where the money is, small losers and the occasional huge winner.
  • #575
  • Sep 1, 2012 10:46pm Sep 1, 2012 10:46pm
Hi I've been reading this over the last few days. It looks really interesting. Sorry but I've got another question about the stop loss.
If it's trailing 20 pips behind the 10 ema it could theoretically be hit and the candle could retrace and not close on the wrong side of the EMA. Is that correct? Thanks for your time.
  • #576
  • Edited 12:24am Sep 2, 2012 12:05am | Edited 12:24am
so moving away from monthly trend...

just looking at a 10 ema?
  • #577
  • Sep 2, 2012 1:38am Sep 2, 2012 1:38am
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...
when you say MA is breech you mean our trailing stop has been hit or the candle has closed on the opposite side of the MA as our current position correct?

I'll have a question soon to follow with swing highs/lows and entries after candles have closed against the 10EMA and then gone to breach the previous low/high without a proper pullback after breech

Also the TP is 200 pips. I'm seeing moves that go on for more than that... are we not TP @ 200 anymore and just letting the trade ride? Because you said stack on the orders... so I'd assume we are now holding till an MA breech? I'm still confused about this. I know its important to keep our winners winner and to let them go as far as possible as well
  • #578
  • Sep 2, 2012 2:50am Sep 2, 2012 2:50am
Quoting Porty4
Hi I've been reading this over the last few days. It looks really interesting. Sorry but I've got another question about the stop loss.
If it's trailing 20 pips behind the 10 ema it could theoretically be hit and the candle could retrace and not close on the wrong side of the EMA. Is that correct? Thanks for your time.
Yes this could happen. That is what the expert advisor attempts to avoid. In actual fact for more volatile pairs you could trail the stop by a larger amount to avoid that happening. Of course it is a trade off between risking your stop being hit for a larger loss and allowing the price to spike the other side of the ma but still closing the right side. You would need to do lots of backtesting to find the optimal parameter. I might look into getting the ea changed so that it trails by a multiple of the ATR behind the ma, that would be more scientific.
  • #579
  • Sep 2, 2012 2:54am Sep 2, 2012 2:54am
Quoting Maverick731
when you say MA is breech you mean our trailing stop has been hit or the candle has closed on the opposite side of the MA as our current position correct?
Yes.

Quoting Maverick731
I'll have a question soon to follow with swing highs/lows and entries after candles have closed against the 10EMA and then gone to breach the previous low/high without a proper pullback after breech

Also the TP is 200 pips. I'm seeing moves that go on for more than that... are we not TP @ 200 anymore and just letting the trade ride? Because you said stack on the orders... so I'd assume we are now holding till an MA breech? I'm still confused about this. I know its important to keep our winners winner and to let them go as far as possible as well...
Take a look at the eurnzd chart I posted a while ago, every swing low is marked.

There is no take profit on this system, you only trail the stop behind the ma until all trades are closed out together.
  • #580
  • Sep 2, 2012 3:56am Sep 2, 2012 3:56am
Some to watch for Monday.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: audusd 02 09 12.gif Size: 19 KB
Click to Enlarge Name: nzdusd 02 09 12.gif Size: 19 KB
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