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Simple Money Making Method

  • #2,161
  • Nov 26, 2012 9:37am Nov 26, 2012 9:37am
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.
Nice work mate. Good to see this work on Yen crosses. If we can find other non-correlated markets for this method to work on e.g. stock indecies, we'll be laughing our way to the bank!
Most people have the will to win, few have the will to prepare to win
  • #2,162
  • Nov 26, 2012 9:48am Nov 26, 2012 9:48am
Quoting FX-Pro
Good one keep it up bro....
you taught me everything i know Sir.

Cheers
fx-light.
i am the lord that giveth thee power to create wealth.
  • #2,163
  • Nov 26, 2012 10:08am Nov 26, 2012 10:08am
Nice thread you've got going here, bro.
Hi, my name is Barry and you can keep your doctor...
  • #2,164
  • Nov 26, 2012 10:12am Nov 26, 2012 10:12am
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.
This one might be a bump in the road for awhile. There's a serious case of bearish divergence that might play out here in the short run.
Hi, my name is Barry and you can keep your doctor...
  • #2,165
  • Nov 27, 2012 12:58am Nov 27, 2012 12:58am
Quoting burnzmeister
Just out of interest, has anybody here tried this EMA bounce trend following method on precious metals, futures, or any other markets?
I tried to backtest SM3 parameters on AUXUSD H1 and H4, only looks good around 50% of the time...
But I guess it is too prone for speculations (huge volatile swings from news etc) to follow technicals... Or maybe the EMAs can be more optimized for Gold specifically? My take on it is stick with forex its good enough for profitable pips...More reliable/predictable on following price action

Anyone else has any take on this?
  • #2,166
  • Nov 27, 2012 2:06am Nov 27, 2012 2:06am
am about 50 pips up on audjpy and eurjpy each. i took the trade since yesterday. just locked in some profit. i have no idea how strong this bullish trend will last before a retracement or reversial but am thinking of existing at a Fx-pro's round number or when i see a bearish heiken ashi candle dont mind my entry but SM3 system has triggered. how do i manage this trade better?

thanks in anticipation of your reply
cheers
fx-light

this is my live account.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audjpy h1 by fxlight.gif Size: 22 KB
Click to Enlarge Name: eurjpy h1 by fxlight.gif Size: 23 KB
i am the lord that giveth thee power to create wealth.
  • #2,167
  • Nov 27, 2012 2:23am Nov 27, 2012 2:23am
Quoting cisco
This one might be a bump in the road for awhile. There's a serious case of bearish divergence that might play out here in the short run.
thanks i managed it
i am the lord that giveth thee power to create wealth.
  • #2,168
  • Nov 27, 2012 2:28am Nov 27, 2012 2:28am
Quoting fx light
am about 50 pips up on audjpy and eurjpy each. i took the trade since yesterday. just locked in some profit. i have no idea how strong this bullish trend will last before a retracement or reversial but am thinking of existing at a Fx-pro's round number or when i see a bearish heiken ashi candle dont mind my entry but SM3 system has triggered. how do i manage this trade better?

thanks in anticipation of your reply
cheers
fx-light

this is my live account.
guys no replies on time but i was able to close at 36 pips for eurjpy and 25 pips for audjpy.i've noticed london open always tries to take out profits when trading this crosses
i am the lord that giveth thee power to create wealth.
  • #2,169
  • Nov 27, 2012 2:51am Nov 27, 2012 2:51am
Can I safely mark this as some form of resistance on Cable?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 44 KB
  • #2,170
  • Nov 27, 2012 5:18am Nov 27, 2012 5:18am
Anyone in on USDJPY? Triggered 2h ago.
  • #2,171
  • Nov 27, 2012 5:37am Nov 27, 2012 5:37am
Quoting unclesu
Anyone in on USDJPY? Triggered 2h ago.
Nope, three reasons:

 

  1. There's strong support at 81.90, so any move is likely to be limited to 20 pips
  2. You're trading against the 200 EMA
  3. The reversal pattern isn't particularly strong. Personally, I like to see strong momentum on the candlestick before my entry.

All that being said, looks like you could have made a good call. Good luck

Most people have the will to win, few have the will to prepare to win
  • #2,172
  • Nov 27, 2012 6:36am Nov 27, 2012 6:36am
FX-Pro

I was just wondering if you take trades, where the entry bar does not cross the 12ema. Looking at USD/CAD, yesterday we had a nice pinbar form on the 72ema and along a S/R level, but it did'nt power through the 12ema. Would you have taken the trade if seen?
Attached Image
  • #2,173
  • Nov 27, 2012 6:37am Nov 27, 2012 6:37am
Possible long setup on the GBP/JPY with TP at RN resistance 132.00. Waiting for the current candle to close above the 12 EMA...
Most people have the will to win, few have the will to prepare to win
  • #2,174
  • Nov 27, 2012 9:57am Nov 27, 2012 9:57am
Quoting Brixton
FX-Pro

I was just wondering if you take trades, where the entry bar does not cross the 12ema. Looking at USD/CAD, yesterday we had a nice pinbar form on the 72ema and along a S/R level, but it did'nt power through the 12ema. Would you have taken the trade if seen?
Yes... I do....

I have 3 different method of trading... depending on market conditions... but i'm not sharing all those trades here, as this thread is meant only for SM3...

What i'm sharing is just the basic of SM3, if i have to share all that, I need to spend more time here on the thread.... Though i don't share all the method on a public forum like this.... i would definitely share my best practices when i'm able to spend more time on trading....

Cheers,
FX-Pro
  • #2,175
  • Nov 27, 2012 10:05am Nov 27, 2012 10:05am
Quoting koosvdh
Can I safely mark this as some form of resistance on Cable?
Yes you can... but would be better if you mark your S/R on a higher TF to trade 1H...
  • #2,176
  • Nov 27, 2012 10:06am Nov 27, 2012 10:06am
Quoting burnzmeister
Possible long setup on the GBP/JPY with TP at RN resistance 132.00. Waiting for the current candle to close above the 12 EMA...
Wow... good one

hope its positive....
  • #2,177
  • Nov 27, 2012 10:41am Nov 27, 2012 10:41am
Quoting FX-Pro
Wow... good one

hope its positive....
It was, but only made me 2 pips as I locked in profit on the way up before the pullback. We may still see the PA meet 132, but do you think aiming for 50 pips is greedy?

I'm starting to realise that we can expect to make 30 pips (First green line) from these setups about 80-90% of the time. What profit target would you have considered to be 'optimal' for this setup FX-Pro?

Perhaps if we only consider obvious supply/demand zones such that the profit target is > 25 pips AND our TP:SL is > 1, then we can't go too far wrong.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY2.JPG Size: 137 KB
Most people have the will to win, few have the will to prepare to win
  • #2,178
  • Nov 27, 2012 11:03am Nov 27, 2012 11:03am
Quoting burnzmeister
It was, but only made me 2 pips as I locked in profit on the way up before the pullback. We may still see the PA meet 132, but do you think aiming for 50 pips is greedy?

I'm starting to realise that we can expect to make 30 pips (First green line) from these setups about 80-90% of the time. What profit target would you have considered to be 'optimal' for this setup FX-Pro?

Perhaps if we only consider obvious supply/demand zones such that the profit target is > 25 pips AND our TP:SL is > 1, then we can't go too far wrong.
Targeting the RN is a good idea, it just a bad luck that you couldn't close that trade with profit.... this is another reason why i close(Manually) my first half position for 1:1 RR, & leave the other half to ride the trend.... by this way you will not be disappointed...

as long as you don't lose money.... every trade is a good trade....

Just keep a track of all these... & go through it when you sit without a trade... slowly you will start seeing your edge on trading...

Cheers,
FX-Pro
  • #2,179
  • Nov 27, 2012 11:32am Nov 27, 2012 11:32am
Quoting FX-Pro
Targeting the RN is a good idea, it just a bad luck that you couldn't close that trade with profit.... this is another reason why i close(Manually) my first half position for 1:1 RR, & leave the other half to ride the trend.... by this way you will not be disappointed...

as long as you don't lose money.... every trade is a good trade....

Just keep a track of all these... & go through it when you sit without a trade... slowly you will start seeing your edge on trading...

Cheers,
FX-Pro
I absolutely agree with you. I have been taking screenshots of every single trade and placing them in my trading diary with comments about why I entered and the eventual outcome. This is the only way we can learn from our mistakes and it's the easiest way to eventually discover our edge by noticing the recurring patterns.

Like anything, if we don't put the work in, we can't expect to become good traders. You have to invest a lot of time, especially in the early days, to educate yourself.

I am also an advocate of testing using a live spread betting micro account with a small deposit, say $100. When you have nailed your strategy and want to start trading larger amounts, the transition will be a lot more seamless, psychologically speaking, than it would be going straight from a demo account. Trading real money, no matter how small in denomination, will still give you senses of fear, greed, hope and confidence, albeit in small doses. But if you start dealing with these emotions at grassroots level you'll a lot better prepared for trading larger lots.

Just my 2 pennies :-)
Most people have the will to win, few have the will to prepare to win
  • #2,180
  • Nov 27, 2012 11:57am Nov 27, 2012 11:57am
Quoting burnzmeister
I absolutely agree with you. I have been taking screenshots of every single trade and placing them in my trading diary with comments about why I entered and the eventual outcome. This is the only way we can learn from our mistakes and it's the easiest way to eventually discover our edge by noticing the recurring patterns.

Like anything, if we don't put the work in, we can't expect to become good traders. You have to invest a lot of time, especially in the early days, to educate yourself.

I am also an advocate of testing using a live spread betting...
I think that when you trade larger amounts- psychologically speaking, even with an edge you sometimes, 'doubt' your own ability and the ability of your system. I have tried to build the money up in my trading account week by week, month by month, year by year! Having said this- it always seems that when I start to trade more than £10.00, the 'double digit' makes me want to panic. At £9.00 per trade I feel calmer. Has anybody any ideas to help me overcome this??
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