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Max's Simple Ride the Wave System

  • #61
  • Sep 23, 2012 5:35am Sep 23, 2012 5:35am
Quoting yonnie
sorry max, I realize its your thread and if you dont like the exercise I suggested earlier, I`ll delete the post.......
Maybe put it in a separate thread.
Winners add to winning trades!
  • #62
  • Sep 23, 2012 10:35am Sep 23, 2012 10:35am
Hi Max,

Looks like a promising daily method, I will be watching with interest and contributing when I can, I've been looking for a good daily method to compliment the inter-day trading I do but with work commitments this becomes more difficult.

Have you looked at incorporating supply and demand levels with the method?
  • #63
  • Edited 6:29pm Sep 23, 2012 11:45am | Edited 6:29pm
Quoting yonnie
hello folks,

I always find that in these forums we talk a lot, but hardly anybody does the hard yards to succeed in this business.

and to succeed a lot of work has to be done; you cant expect somebody else to hand it over on a plate.

what about some homework to solve an interesting puzzle:

AUD/USD - period 1 Sept 2011 - 4 Oct 2011 - high 1.0764 - low 0.9387

can you devise a system for this period where entry, exit and SL are consistently used and be up more than 1,000 pips for this period?

I hope a lot of people take the...
OK.... Here ya go.

Here are the screenshots and results on a spreadsheet.

CHART SCREENSHOT
TRADES & RESULTS SPREADSHEET
  • #64
  • Sep 23, 2012 6:36pm Sep 23, 2012 6:36pm
Quoting stevepatt
Have you looked at incorporating supply and demand levels with the method?
If you mean lines of support and resistance then yes I am playing around with that. A book I am reading says to only take into account major lines on the daily chart when you squeeze the data as long in the past as you can. Then round those lines to nearest 50p. These are what they call market memory zones of support and resistance. I hope to test all those over the next week or so and start incorporating them into the strategy. So far I have only been identifying possible psychological lines.
Winners add to winning trades!
  • #65
  • Sep 23, 2012 6:39pm Sep 23, 2012 6:39pm
MONDAY 24 SEPT 2012

CLOSED TRADES:

None
Winners add to winning trades!
  • #66
  • Sep 23, 2012 6:46pm Sep 23, 2012 6:46pm
The results I got were from a method similar to yours Marshal.
I just us a 10 period WMA and a 10 period SMA, then add to the trade at each retracement candle.
Sorry didn't mean to hijack the thread.
  • #67
  • Edited 6:59pm Sep 23, 2012 6:48pm | Edited 6:59pm
MONDAY 24 SEPT 2012

CURRENT TRADES:

AUDUSD had a nice pin bar at the bottom of a retrace a few days ago. A BUY order was placed at the top of that bar instead of half way because that bar penetrated the 20EMA and this entry was therefore more risky. I believe we will see price bounce back up off the EMA to at least the previous swing high for a quick win of +150p. This trade triggered on Friday and dropped but did not hit the 20EMA which is a good sign that the market would like to see this rise (or at least not drop!)
https://lh4.googleusercontent.com/-6...20120924AU.jpg

EURUSD also triggered Friday but the entry for this one was following the rules and was placed half way back up the reversal candle. Let's see where this ends up after a couple of days to work itself out.
https://lh4.googleusercontent.com/-U...20120924EU.jpg
Winners add to winning trades!
  • #68
  • Sep 23, 2012 6:59pm Sep 23, 2012 6:59pm
MONDAY 24 SEPT 2012

TRADE IDEAS:

AUDNZD has a nice downtrend I would like to capitalise on. With the recent long candle I missed an entry order half way down following the rules and so I have placed it at the low of that candle. It has not yet triggered.
https://lh3.googleusercontent.com/-D...20120924AN.jpg

EURAUD wants to retest 1.2500 line so we wait until it does and holds above or moves below the 20EMA
https://lh6.googleusercontent.com/-p...20120924EA.jpg

EURGBP is normally a great setup for a long entry. A nice doji at the possible bottom of a retrace with a failure to hold below the 20EMA. Only issue is the profit potential is small with the 0.8100 line being so close. Wait and see.
https://lh5.googleusercontent.com/-6...20120924EG.jpg

USDCAD is a nice downtrend with a retrace to touching 20EMA. Nice long pin bar 2 days ago. Place an order at bottom of that bar (missed it by 1 day) and waiting for trigger south.
https://lh3.googleusercontent.com/-E...20120924UC.jpg
Winners add to winning trades!
  • #69
  • Sep 23, 2012 7:00pm Sep 23, 2012 7:00pm
Quoting tradestar1
Sorry didn't mean to hijack the thread.
No worries mate.
Winners add to winning trades!
  • #70
  • Sep 23, 2012 7:06pm Sep 23, 2012 7:06pm
By the way:

After Week 1:

CLOSED TRADES: 3 trades with profit of +373p
CURRENT TRADES: none
Winners add to winning trades!
  • #71
  • Sep 23, 2012 7:23pm Sep 23, 2012 7:23pm
"The person who knows that enough is enough, will always have enough". .
  • #72
  • Sep 23, 2012 7:48pm Sep 23, 2012 7:48pm
Quoting marshalmax
By the way:

After Week 1:

CLOSED TRADES: 3 trades with profit of +373p
CURRENT TRADES: none
Hi Max, thanks for sharing the system.
I would like to know if the AUD/USD trade which was triggered last Friday is still on?

Quoting marshalmax
MONDAY 24 SEPT 2012

TRADE IDEAS:

AUDUSD had a nice pin bar at the bottom of a retrace a few days ago. A BUY order was placed at the top of that bar instead of half way because that bar penetrated the 20EMA and this entry was therefore more risky. I believe we will see price bounce back up off the EMA to at least the previous swing high for a quick win of +150p. This trade triggered on Friday and dropped but did not hit the 20EMA which is a good sign that the market would like to see this rise (or at least not drop!)
https://lh4.googleusercontent.com/-6...20120924AU.jpg...
Thanks.
  • #73
  • Sep 24, 2012 1:29am Sep 24, 2012 1:29am
Hi Max,
EG on 17 Sept, there was a retracement, why did not we long on 18 Sept? However, if we long EG, we would cut our loss.
Basically, if we see a strong trend (the full candle close above EMA 20), we bet it continue the trend after retracement. However, it will be difficult to detect whether it is a real retracement or the end of the trend and we need to cut it fast enough to prevent huge reversal. Any advice?
thank you
  • #74
  • Sep 24, 2012 5:11am Sep 24, 2012 5:11am
Quoting footy
Hi Max,
EG on 17 Sept, there was a retracement, why did not we long on 18 Sept?
You are right that we usually enter on a retrace candle but in this case the retrace was a large candle and 2 days prior it was very similar suggesting there is quite a lot of support for the uptrend to fail.

Quoting footy
However, if we long EG, we would cut our loss.
Basically, if we see a strong trend (the full candle close above EMA 20), we bet it continue the trend after retracement. However, it will be difficult to detect whether it is a real retracement or the end of the trend and we need to cut it fast enough to prevent huge reversal. Any advice?
thank you
Yeah I am starting to think some tighter stop system is needed as today's 2 trades are going very bad indeed.
Winners add to winning trades!
  • #75
  • Sep 24, 2012 5:34am Sep 24, 2012 5:34am
Quoting tradestar1
The results I got were from a method similar to yours Marshal.
I just us a 10 period WMA and a 10 period SMA, then add to the trade at each retracement candle.
Sorry didn't mean to hijack the thread.
I think I know of a similar system!

Marshalmax, a nice variation on a theme here, I wish you luck developing it. One thing I would say though is that most pairs are too choppy to trade this way, gbp pairs included.
  • #76
  • Sep 24, 2012 5:51am Sep 24, 2012 5:51am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting marshalmax
You are right that we usually enter on a retrace candle but in this case the retrace was a large candle and 2 days prior it was very similar suggesting there is quite a lot of support for the uptrend to fail.


Yeah I am starting to think some tighter stop system is needed as today's 2 trades are going very bad indeed.
Markets need to breath - in and out

sometimes it possible to put to much of a strangle hold on a trade, tighter stops may kill your system, i'd check back to see how the results might have changed using the new idea before changing it.

you should also review the profit/lose balance too, not all trades will win, it's the long term results that matter.

i'm not trading your system, but i am watching it and have seen many system fall appart because of a response to a short term issue.

best of pips
  • #77
  • Sep 24, 2012 3:47pm Sep 24, 2012 3:47pm
Quoting Hugh Briss
One thing I would say though is that most pairs are too choppy to trade this way, gbp pairs included.
Thats okay as I am working on incorporating some range trading rules as well.
Winners add to winning trades!
  • #78
  • Sep 24, 2012 3:49pm Sep 24, 2012 3:49pm
Quoting MPP
Markets need to breath - in and out
sometimes it possible to put to much of a strangle hold on a trade, tighter stops may kill your system, i'd check back to see how the results might have changed using the new idea before changing it.
you should also review the profit/lose balance too, not all trades will win, it's the long term results that matter.
i'm not trading your system, but i am watching it and have seen many system fall appart because of a response to a short term issue.
best of pips
Thanks MPP. Don't worry there will be no knee jerk reactions here.
Winners add to winning trades!
  • #79
  • Sep 24, 2012 4:28pm Sep 24, 2012 4:28pm
TUESDAY 25 SEPT 2012

CURRENT TRADES:

Before I went to bed last night I saw my 2 open trades sitting at -200p between them. I thought this morning was going to require some deep analysis of what went wrong. To my amazement this morning they are currently at -130p, suggesting to me that the moves south on both trades are not fully supported by the market.

AUDUSD I know why I should not have taken this trade. Too many large short candles. With a bit of luck, the market will stop it running short and push it north.
https://lh5.googleusercontent.com/-7...20120925AU.jpg

EURUSD same issue here. 1 or 2 short candles is good but a number of large short candles can only mean no support for long trend. At least for a short while anyhow. Lets see where it does today.
https://lh5.googleusercontent.com/-i...20120925EU.jpg
Winners add to winning trades!
  • #80
  • Sep 24, 2012 5:14pm Sep 24, 2012 5:14pm
Think of the 20 ema as equilibrium, or the balance line which is the point at which buyers and sellers AGREE on price. Remember we are dealing with energy both of the market and its traders. Energy ALWAYS seeks balance through the path of least resistance.

Think of the 20 ema as a magnet which attracts price (equilibrium). Outside forces greater than the power of the magnet ( buyers or sellers) pull prices away from the magnet. As price pulls away from the magnet, it takes the 20 ema with it but at a slower and lagging rate. The price reaches a certain point beyond the 20 ema where the 20 ema invokes its elastic limit and pulls prices back in line.
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