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  • #181
  • May 23, 2013 2:19am May 23, 2013 2:19am
classic example for why no filter..

as you see two trades.. at the time of trigger of each PA is trending very strongly.. at our signal time it seems that this strong trend is ending.. so we take the trade..
if you filter trade 1, bcz you do not want to go against trend, then your filtering philosophy must stand for trade 2 to be filter as well.
.. now if you filter both, which it means you would never go against trend.. then you might as well not be trading counters at all.
if you argue that I would trade counters but not against "strong" trend and only against "weaker" trend.. this where you open a can worm for yourself.. which will opens you up to all kinds of analysis, need for various of indicators for measurements and etc, which normally will lead to second guessing and total disruption of clean trading.

so this is one live example as why i say you will not need filter, as the best filtering is to stick to risk control by cutting losses short at same time being super active to not miss the next trade and the next one and set your sight on the long run results.
anyhow that's what i have done for years.

by the way i was involved on the 1st trade on both gu and ej and lost about 25 on each. I saw the trend too strong i thought it be a good idea to take time for breakfast, and boommmm lost the wining counter.
same kind of deal on gj.
Attached Image (click to enlarge)
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Passion, Persist, Patience, Protect
  • #182
  • May 23, 2013 2:40am May 23, 2013 2:40am
Hi FXE

Thank you for your answer.

Have you ever consider extending trading hours, when you had no time to trade during London session (ex. you missed half of a session or few hrs at the beginning etc)?

PS: Short EU @ 1.2860

Regards
  • #183
  • May 23, 2013 2:46am May 23, 2013 2:46am
Quoting rew2k7
Hi FXE Thank you for your answer. Have you ever consider extending trading hours, when you had no time to trade during London session (ex. you missed half of a session or few hrs at the beginning etc)? PS: Short EU @ 1.2860 Regards

sure one could go although way to end of u.s session.. but i don't like to go beyond the overlap time unless i see a really alive market, like yesterday as a example, there was room for a few more solid trades for positive outcome.

I am short on eu as well.
Passion, Persist, Patience, Protect
  • #184
  • May 23, 2013 2:50am May 23, 2013 2:50am
Quoting rew2k7
Hi FXE Thank you for your answer. Have you ever consider extending trading hours, when you had no time to trade during London session (ex. you missed half of a session or few hrs at the beginning etc)? PS: Short EU @ 1.2860 Regards
Currently short EU 1.2861
  • #185
  • May 23, 2013 3:06am May 23, 2013 3:06am
why the use of mac?...

look at the chart the shades part and figure it out.

mac will give you extra patience as to not fall too quick or too late for shadows or serious move against.. it helps with your emotions enveloped too much or at least with some discipline.
Attached Image (click to enlarge)
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Passion, Persist, Patience, Protect
  • #186
  • May 23, 2013 3:14am May 23, 2013 3:14am
Quoting Freshpips
{quote} Currently short EU 1.2861
Stopped out -15
  • #187
  • May 23, 2013 3:21am May 23, 2013 3:21am
Quoting Freshpips
{quote} Stopped out -15

did you get stopped out or you slicked out?
bcz stopped out should be around -23 pips.. anyways that's what i got.
Passion, Persist, Patience, Protect
  • #188
  • May 23, 2013 3:31am May 23, 2013 3:31am
Quoting FXEmpire
{quote} did you get stopped out or you slicked out?bcz stopped out should be around -23 pips.. anyways that's what i got.
Hello FXE,

My actual stop was bigger but didnt like the way PA was behaving so manually closed trade.

Although EU looking like it wants to test slightly higher, maybe 1.29, then could be setting itself up for another fall IMO.
  • #189
  • May 23, 2013 3:37am May 23, 2013 3:37am
I was out at -24
  • #190
  • May 23, 2013 5:37am May 23, 2013 5:37am
some chart picture on today's action.. a bit tough and rough which can't expect otherwise from market. If all trades were taken and dealt with according to plan of trading or even close to it, you should be up about 60 pips or at worst breakeven.
(the small red lines is the close of bar/candle against where SL should be set with buffer and spread, which allows you some room for possible slick out exit)

the reason i show these charts is to stress the importance of the level of involvement for ones success. your level of involvement and risk control will over come anything. The opportunities will come, BUT, we got to be there, to be in it and not watching it.. slacking out or cherry picking will not do it.
Attached Image(s) (click to enlarge)
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Passion, Persist, Patience, Protect
  • #191
  • May 23, 2013 5:59am May 23, 2013 5:59am
Quoting FXEmpire
some chart picture on today's action.. a bit tough and rough which can't expect otherwise from market. If all trades were taken and dealt with according to plan of trading or even close to it, you should be up about 60 pips or at worst breakeven.(the small red lines is the close of bar/candle against where SL should be set with buffer and spread, which allows you some room for possible slick out exit) the reason i show these charts is to stress the importance of the level of involvement for ones success. your level of involvement and risk control...
Well done FX, some great trades there.

Question - Was there a reason you chose not to take the trade on EJ long, 2 bars previous to your first +40 pip trade this morning?
  • #192
  • May 23, 2013 6:09am May 23, 2013 6:09am
Quoting Freshpips
{quote} Well done FX, some great trades there. Question - Was there a reason you chose not to take the trade on EJ long, 2 bars previous to your first +40 pip trade this morning?
2bars before was a valid setup and pending order would be place, but then the following bar is a bearish one which order does not fill and we get a bold bar against which now we should look for the narrow and that brings us to where i got triggered.
Passion, Persist, Patience, Protect
  • #193
  • May 23, 2013 6:32am May 23, 2013 6:32am
Quoting FXEmpire
{quote} 2bars before was a valid setup and pending order would be place, but then the following bar is a bearish one which order does not fill and we get a bold bar against which now we should look for the narrow and that brings us to where i got triggered.
Fair enough, makes sense.

Do you always set pending orders or do you also enter manually? What I mean is do you always set the pending with your 3.3 pip buffer once you have seen the first narrow mac bar alerting you to a potential setup? Or do you also enter manually with your 3.3 pip buffer (once high/low of signal bar is taken out by 3.3 pips)?
  • #194
  • Edited 6:58am May 23, 2013 6:39am | Edited 6:58am
HI everybody, Empire thank you for your teaching, great thread. I have a question on Kellys Currency Power indi, It loads fine on my demo account with fxfin
but not with live ecn account with mbtrading, any suggestions? If not its ,no big deal I'm NOT dependent on it. thanks. again great thread Empire.
What would you do if you knew you could not fail?
  • #195
  • May 23, 2013 7:17am May 23, 2013 7:17am
Quoting The Sparrow
HI everybody, Empire thank you for your teaching, great thread. I have a question on Kellys Currency Power indi, It loads fine on my demo account with fxfinbut not with live ecn account with mbtrading, any suggestions? If not its ,no big deal I'm NOT dependent on it. thanks. again great thread Empire.
Thanks for kind words Sparrow.

about CP indi of kelly.. it worked fine for me on my ecn account when i wanted to check it out, so I don't know why it does not work on yours. I am glad that you are not dependent on it.. not to take away anything from the indi but it's crutch and which will lead to missing on good opportunities IMHO.


however the best way to use it is not looking at how high or low the currency is trending but rather how neutral are they and take chances only on those currencies which will lead to missing some good signals still.. it just reduces the amount of signals and slight better win rate which it does not necessarily means more positivity.
for example looking at eu pair.. if euro is trending +80 most likely usd is trending under 20.. to counter you would have to buy the dollar which is slumping and you be against the trend.. so its a no go. but lets say both sides are withing each others range between 40-60%.. then you can only ping point this type of conditions to take action on either way play up and down.. which without the indi that is very much visible anyways but this would be the best way to use it again IMHO.
Passion, Persist, Patience, Protect
  • #196
  • May 23, 2013 7:35am May 23, 2013 7:35am
Thank you , Empire
What would you do if you knew you could not fail?
  • #197
  • May 23, 2013 11:42am May 23, 2013 11:42am
Hi guys,

Was hoping you could clear something up for me.
In the attatched screenshot you'll see the 2 shaded purple boxes, with 3 dotted lines through them. The first line was obvioiusly the signal bar with the first close of the counter narrow mac bar signaling a short.

My question is, would this have been a trade you would have taken? I know that if it had been a pending order with the 3.3 pip buffer it would not have triggered. However if you had been watching it, then saw that the second narrow mac bar appeared also bearish, would this have made you consider taking the trade or not?

Im not one to usually ask this many questions, however I think this is a great strategy and trying to get 100% in sync with it.

Thanks in advance.

Chart is EU.

Attached Image (click to enlarge)
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  • #198
  • May 23, 2013 3:02pm May 23, 2013 3:02pm
Thank you FxEmpire for this thread. I have been a silent lurker but finally getting a hang of it. Made 3% this am in London session. Awesome stuff. Will be engaged more and will be posting my charts.

Peace.
  • #199
  • Edited 6:08pm May 23, 2013 5:21pm | Edited 6:08pm
Quoting Freshpips
Hi guys, Was hoping you could clear something up for me.In the attatched screenshot you'll see the 2 shaded purple boxes, with 3 dotted lines through them. The first line was obvioiusly the signal bar with the first close of the counter narrow mac bar signaling a short. My question is, would this have been a trade you would have taken? I know that if it had been a pending order with the 3.3 pip buffer it would not have triggered. However if you had been watching it, then saw that the second narrow mac bar appeared also bearish, would this have made...

I would have put a stop-sell order under the candle indicated by the first macd thin bar , it failed and i WOULD HAVE CANCELLED THE ORDER on the proceeding fat green bar on the Macd. (if you use stop orders you avoid getting traped in a lot of failed reversals. trade well .
Thats my opinon, lets see what Empire says, then we both can learn. Sparrow
What would you do if you knew you could not fail?
  • #200
  • May 23, 2013 6:44pm May 23, 2013 6:44pm
Quoting Freshpips
Hi guys, Was hoping you could clear something up for me.In the attatched screenshot you'll see the 2 shaded purple boxes, with 3 dotted lines through them. The first line was obvioiusly the signal bar with the first close of the counter narrow mac bar signaling a short. My question is, would this have been a trade you would have taken? I know that if it had been a pending order with the 3.3 pip buffer it would not have triggered. However if you had been watching it, then saw that the second narrow mac bar appeared also bearish, would this have made...

Hi Freshpips I find that if the TMA bands are in an extreme angle as they are on your chart I always tread gently as momentem seams to be more in the direction of bands
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