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Simple Money Making Method

  • #2,141
  • Nov 22, 2012 5:29pm Nov 22, 2012 5:29pm
Quoting fx light
this is happening now... any reason not to enter long?

With that price action, i would say that is bullish... higher swing lows, higher swing lows, higher swing highs, higher swing high and also in confluence with moving average, price rejection (price 'bounce' action as it nearing moving average area) - this are all strong indication of bullishnes of the pair.

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However, because of U.S. bank holiday today (thanksgiving celebration) and their long weekend - we might be experiencing a very thin market today. so best is always be prudent

Focus on your chart... and always check yourself and seek for reason why you need to have a position...

if no reason... stay away with chart... enjoy the day!

just my 2 cents.

regards,
Success consists of going from failure to failure without loss of enthusiam
  • #2,142
  • Nov 22, 2012 8:51pm Nov 22, 2012 8:51pm
Quoting dongsky
With that price action, i would say that is bullish... higher swing lows, higher swing lows, higher swing highs, higher swing high and also in confluence with moving average, price rejection (price 'bounce' action as it nearing moving average area) - this are all strong indication of bullishnes of the pair.

Attachment


However, because of U.S. bank holiday today (thanksgiving celebration) and their long weekend - we might be experiencing a very thin market today. so best is always be prudent

Focus on your chart......
My trades are very conservative, but this man who treats the MT4 as battle field…. I’m a great fan of him… the way he takes the trade… one should have real guts to trade the way he trades, adding positions… etc…

Thanks for your comments
FX-Pro
  • #2,143
  • Nov 22, 2012 8:54pm Nov 22, 2012 8:54pm
Quoting Brixton
Ok, so for re-entry your not really looking at the 72ema anymore? But more focusing on s/r levels and price action?
We never looked at 72 EMA for re-entries.... always support / resistance with the preceding trend... thats it.

Cheers,
FX-Pro
  • #2,144
  • Edited 9:52pm Nov 22, 2012 9:32pm | Edited 9:52pm
Quoting well0143
FX-PRO cleaned it up now and did it with arrows i was half asleep last night "your day time" so here we go tear it shreds your words will be heard written down and worshipped!!!
Here is my view on this....
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  • #2,145
  • Nov 23, 2012 10:40am Nov 23, 2012 10:40am
This is just a thing of beauty, wouldn't you agree?

If you only trade these trend continuation patterns at the squeeze of the EMAs (highlighted within the green ellipse) you'll make money. This is my sole money making method from now on.
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Most people have the will to win, few have the will to prepare to win
  • #2,146
  • Nov 24, 2012 9:07am Nov 24, 2012 9:07am
Quoting burnzmeister
4xprofessor, that's some name to live upto, haha!

The 'indi' on the left isn't an indicator. It shows the current market values of each of my 3 EMAs. You can just as easilly look to the RHS of the chart to see that.

Hi burnz

So buddy u like this name........ lol

u can change it to "4xdisciple"

Thanks

4xprofessor
  • #2,147
  • Nov 26, 2012 1:28am Nov 26, 2012 1:28am
Quoting burnzmeister
Hey koosvdh,

To be honest, I don't have any spare time to create an EA.

May I ask, why do you want to create one?
I am very busy during the day. Last week Thursday and Friday I was on the road and could not keep an eye on the charts. How do I trade then?
Coding might be very nice now but I do not want to do this forever, I would like to be a full time trader. For now, I need to grow my capital for when the day comes.

@FxPro, you were 100% correct about the Cable trade last week. Shot up by 100 pips.
  • #2,148
  • Nov 26, 2012 3:22am Nov 26, 2012 3:22am
Quoting koosvdh
I am very busy during the day. Last week Thursday and Friday I was on the road and could not keep an eye on the charts. How do I trade then?
Coding might be very nice now but I do not want to do this forever, I would like to be a full time trader. For now, I need to grow my capital for when the day comes.

@FxPro, you were 100% correct about the Cable trade last week. Shot up by 100 pips.
Hey koosvdh,

Everybody is different. I'm sure there are trading algorithms or black boxes that earn banks, hedge funds, etc big bucks on a constant basis. Personally though, I won't enter a trade unless there's a recognisable chart pattern signalling me to do so. I'm not sure if it would be possible to program an automated trading system to enter trades based on chart patterns, as no two patterns are alike. You need to use your own discretion when deciding on the pattern's validity as a long or short setup.

Don't let me stop you though dude. I just don't think my style of trading can be programmed.

Have you often not got the time to trade during the day? You could trade off the daily TF?

Cheers,

burnzmeister
Most people have the will to win, few have the will to prepare to win
  • #2,149
  • Nov 26, 2012 4:29am Nov 26, 2012 4:29am
EUR/AUD
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  • #2,150
  • Nov 26, 2012 5:11am Nov 26, 2012 5:11am
Quoting Brixton
EUR/AUD

already entered there 1.2398
stop 1.2375
  • #2,151
  • Nov 26, 2012 6:07am Nov 26, 2012 6:07am
Are you seeing what am seeing?
am positive it's going up. but pls dont copy me... if you don't understand this thread
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i am the lord that giveth thee power to create wealth.
  • #2,152
  • Nov 26, 2012 6:21am Nov 26, 2012 6:21am
Looks ready for a setup, but i'd want to see a bullish bar that engulfs those previous bars
  • #2,153
  • Nov 26, 2012 6:23am Nov 26, 2012 6:23am
Quoting burnzmeister
Hey koosvdh,

Everybody is different. I'm sure there are trading algorithms or black boxes that earn banks, hedge funds, etc big bucks on a constant basis. Personally though, I won't enter a trade unless there's a recognisable chart pattern signalling me to do so. I'm not sure if it would be possible to program an automated trading system to enter trades based on chart patterns, as no two patterns are alike. You need to use your own discretion when deciding on the pattern's validity as a long or short setup.

Don't let me stop you though dude....

You are right burnzmeister,

Human Brain is the best EA, no program can replace it....

If you really want to learn this business, start identifying the patterns, initially start with one particular pattern & take trades only if you see that on your chart, Note down all the plus & minus of the trades you take... & then identify the best time/place to trade that pattern based on your analysis.... i.e Supply/Demand physiological level MA bounce etc...

Precisely master any one pattern, which you find easy to identify, this will bring you confidence & edge in your trading style... soon it will take you automatically to the next level...

Cheers,
FX-Pro
  • #2,154
  • Nov 26, 2012 6:38am Nov 26, 2012 6:38am
Quoting Brixton
EUR/AUD
Good... what you have identified here is an Outside bar (one of my favourite).... & its not just a bounce from 72EMA but also 4H 200 EMA, higher time frame confirms the signal but, its so bad that it formed exactly at the 1.2420 Resistance level....
  • #2,155
  • Nov 26, 2012 7:06am Nov 26, 2012 7:06am
Quoting fx light
Are you seeing what am seeing?
am positive it's going up. but pls dont copy me... if you don't understand this thread
GBP/JPY looks even better as the EMAs are tighter...
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Most people have the will to win, few have the will to prepare to win
  • #2,156
  • Nov 26, 2012 7:25am Nov 26, 2012 7:25am
Just out of interest, has anybody here tried this EMA bounce trend following method on precious metals, futures, or any other markets?
Most people have the will to win, few have the will to prepare to win
  • #2,157
  • Nov 26, 2012 7:40am Nov 26, 2012 7:40am
Quoting burnzmeister
GBP/JPY looks even better as the EMAs are tighter...
yes,but correct stop loss is 130.70, it's 70+ pips, and 1st take profit is 132.30 approx. 80+ pips

waiting closing of the bar to enter
  • #2,158
  • Nov 26, 2012 8:53am Nov 26, 2012 8:53am
Quoting yuzo
yes,but correct stop loss is 130.70, it's 70+ pips, and 1st take profit is 132.30 approx. 80+ pips

waiting closing of the bar to enter
Correct stop loss? That's a metter of opinion.

I don't think there's any reason for it to be that wide. If the PA retraces beyond the last swing low (131.15), I would consider the setup to be invalidated anyway, so why would you still have an open position beyond that price?
Most people have the will to win, few have the will to prepare to win
  • #2,159
  • Nov 26, 2012 9:22am Nov 26, 2012 9:22am
am postive this is the system setup. this is a clear setup to me. am 20 pips up. ignore my early entry.
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i am the lord that giveth thee power to create wealth.
  • #2,160
  • Nov 26, 2012 9:28am Nov 26, 2012 9:28am
Quoting fx light
am postive this is the system setup. this is a clear setup to me. am 20 pips up. ignore my early entry.
Good one keep it up bro....
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