Winners add to winning trades!
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Dislikedsorry max, I realize its your thread and if you dont like the exercise I suggested earlier, I`ll delete the post.......Ignored
Dislikedhello 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...Ignored
DislikedHave you looked at incorporating supply and demand levels with the method?Ignored
DislikedBy the way:
After Week 1:
CLOSED TRADES: 3 trades with profit of +373p
CURRENT TRADES: noneIgnored
DislikedMONDAY 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...Ignored
DislikedHi Max,
EG on 17 Sept, there was a retracement, why did not we long on 18 Sept?Ignored
DislikedHowever, 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 youIgnored
DislikedThe 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.Ignored
DislikedYou 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.Ignored
DislikedOne thing I would say though is that most pairs are too choppy to trade this way, gbp pairs included.Ignored
DislikedMarkets 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 pipsIgnored