Attachments: A "new" simple system based on MA

A "new" simple system based on MA

#1,021
Mar 18, 2013 7:00pm Mar 18, 2013 7:00pm

WDays
Joined Oct 2012 | Status: Trader | 1,813 Posts

Hey, it's been a while since I've posted here.

I am not sure if somebody suggested this before, but why not use haiken ashi candles instead of regular ones on such a small tf (m1-m5)? Candle patterns don't mean much on these tfs, and since we want to trade what we see, instilling a bias with a japanese candle pattern would be disastrous, no? Also HA allow us to stay longer in a trade.

If it has been answered already I am sorry for restating it.

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#1,022
Mar 18, 2013 9:09pm Mar 18, 2013 9:09pm

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Hi WDays

Yes, there are people that trade HA on small TF. It's up to you to use it or use normal candles. Try it and if that works for you then you are one step closer to success

Regards,
Dragon

Quoting WDays

Disliked

Hey, it's been a while since I've posted here.

I am not sure if somebody suggested this before, but why not use haiken ashi candles instead of regular ones on such a small tf (m1-m5)? Candle patterns don't mean much on these tfs, and since we want to trade what we see, instilling a bias with a japanese candle pattern would be disastrous, no? Also HA allow us to stay longer in a trade.

If it has been answered already I am sorry for restating it.

Ignored

#1,023
Mar 29, 2013 6:52am Mar 29, 2013 6:52am

hmaoui
| Commercial User | Joined May 2007 | 613 Posts

Hello WDays,

Happy to see you again. Your idea sounds great to me if you like HA candles. The most important thing is to keep the philosophy of the system the same it was at the begining. This could be an interesting solution if you want to use HA to stay longer on the second half of your position. Personnally I dont use it but why not if it is to improve the exit. Another member told me about the Fib ratios ! This should be a good tool too ! But please, never forget that what you have to really improve in this business is not your timing (even if it is very important of course), but this is your exit. You can use Fib ratios to get extensions that are at the same level than a support/resistance for example. And you can use the HA candles to give you a better idea of the trend continuation/reversing. My only advice is really to focus an A+ setups, and try to keep them riding as long as you can thanks to personnal tools if you like, such as HA candles or Fib extensions. Convergence is a good sign : if you have HA candles which change of color at a resistance/support level or a Fib extension, it may improve your exit level. But keep in mind that the most important is to focus on A+ setup to enter and not other tools that should tell you best when to enter. These sort of tools have to be used to improve the exits to make more money at the end of the month.

Quoting WDays

Disliked

Hey, it's been a while since I've posted here.

I am not sure if somebody suggested this before, but why not use haiken ashi candles instead of regular ones on such a small tf (m1-m5)? Candle patterns don't mean much on these tfs, and since we want to trade what we see, instilling a bias with a japanese candle pattern would be disastrous, no? Also HA allow us to stay longer in a trade.

If it has been answered already I am sorry for restating it.

Ignored

#1,024
Mar 29, 2013 1:40pm Mar 29, 2013 1:40pm

WDays
Joined Oct 2012 | Status: Trader | 1,813 Posts

Quoting hmaoui

Disliked

Hello WDays,

Happy to see you again. Your idea sounds great to me if you like HA candles. The most important thing is to keep the philosophy of the system the same it was at the begining. This could be an interesting solution if you want to use HA to stay longer on the second half of your position. Personnally I dont use it but why not if it is to improve the exit. Another member told me about the Fib ratios ! This should be a good tool too ! But please, never forget that what you have to really improve in this business is not your timing (even...

Ignored

The thing about fibos is that they work mostly on bigger TFs, I've rarely seen them work well when it comes to m1/m5...

On a side note, if you don't mind I'd like to state a few things, regarding my trading method...

The more I think about it, the more I personally find this system better suited for a bigger TF (and by that I mean 5-15/15-60), even though you have had a lot of success on m1 judging from your screenshots. I stopped trading m1 some time ago, because I got tired of trying to trade noise. I use daily supports, resistances and pivot point and a 11;3;3 stochastic. I no longer utilize stochastic as a OB/OS tool, but rather a tool to measure momentum. I also use a higher TF stoch to confirm. Regarding my SL, I don't place it too tight because I lost 100 pips (on demo) because my stop wasn't good... So I use the last swing high/low technique.

And last I use a currency strength meter to pick the pairs that I trade, because it allows me to pair the weakest and strongest currency, thus allowing me to avoid trading rangebound pairs. I use pair correlations to add to my position, instead of pullbacks (only my 1st entry is on a pullback), because I don't feel comfortable when I use pullbacks to re-enter when I'm close to certain levels.

I hope to have contributed, I am definitely not saying your system needs any betterment, I just feel more comfortable when trading this way.

#1,025
Apr 16, 2013 11:09am Apr 16, 2013 11:09am

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Hello

Today's trade gave me -2%

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Regards,
Dragon

#1,026
May 1, 2013 10:40am May 1, 2013 10:40am

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Hello

Today's trade gaves me +4%

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Regards,
Dragon

#1,027
May 8, 2013 8:35am May 8, 2013 8:35am

hmaoui
| Commercial User | Joined May 2007 | 613 Posts

You are right ! I think I told members to begin with a longer TF than the 1mn. Because trading 1mn TF requires very good skills and high discipline so it is not easy to begin with scalping. Looking at Daily/1h/15mn or 1h/15mn/5mn coud be something interesting. The system is reliable enough to work on all TF.
About SL, having a tight SL give you a chance to get a very high Payoff Ratio which is the most important on the long term to earn money. BUT, of course if you trade on higher TF or on very volatile pairs you have to adapt it to the market. 7 pips on 1mn on €/$ is good but sometimes the volatility increases and you have to get a larger SL. Look at your market and the context : do your job !
About Stochastics, you can change the parameters if you want it is not a pb. If you feel comfortable that's ok. But I dont think that it gives you an advantage.
The most important is to keep the philosophy of the system the same as the original, and select A+ setups.

Quoting WDays

Disliked

{quote} The thing about fibos is that they work mostly on bigger TFs, I've rarely seen them work well when it comes to m1/m5... On a side note, if you don't mind I'd like to state a few things, regarding my trading method... The more I think about it, the more I personally find this system better suited for a bigger TF (and by that I mean 5-15/15-60), even though you have had a lot of success on m1 judging from your screenshots. I stopped trading m1 some time ago, because I got tired of trying to trade noise. I use daily supports, resistances and...

Ignored

#1,028
May 13, 2013 11:13am May 13, 2013 11:13am

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Hello, today a break even, because of the spread my TP didn't took placed

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Regards,
Dragon

#1,029
May 22, 2013 10:57am May 22, 2013 10:57am

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Hello all

Today's trade gave me +4%

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Regards,
Dragon

#1,030
May 24, 2013 9:22pm May 24, 2013 9:22pm

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Today's a end break even

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Regards,
Dragon

#1,031
May 27, 2013 8:26am May 27, 2013 8:26am

lakeluke
| Joined Feb 2011 | Status: Trader | 25 Posts

Hello,

Took me a few days, but finally finished reading, and testing slightly the system. Must say it is relatively easy and well considered.

Many thanks for sharing the idea and to all who shared screenshots. Over the next few weeks I want to test and then start posting some of my demo (or live) trades, as my comfort level rises.

regards

L.L

#1,032
Jun 18, 2013 11:04am Jun 18, 2013 11:04am

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Hello all

Today's trade gave me +4%

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Regards,
Dragon

#1,033
Jun 23, 2013 9:23am Jun 23, 2013 9:23am

hmaoui
| Commercial User | Joined May 2007 | 613 Posts

Quoting wdays

Disliked

{quote} the thing about fibos is that they work mostly on bigger tfs, i've rarely seen them work well when it comes to m1/m5... On a side note, if you don't mind i'd like to state a few things, regarding my trading method... The more i think about it, the more i personally find this system better suited for a bigger tf (and by that i mean 5-15/15-60), even though you have had a lot of success on m1 judging from your screenshots. I stopped trading m1 some time ago, because i got tired of trying to trade noise. I use daily supports, resistances and...

Ignored

hello wdays. Reading your post i think that you perfectly respect the philosophy of the system and this is th emost important. If you feel more confortable on higher tf it's up to you. To tell you the truth, i actually trade on 5/15/60mn according to my availability. And you are right it is very powerful on higher tf. I told all the followers that it should be a good idea to begin trading this system on higher tf, because 1mn tf requires a hard discipline that many of us will not have on the long term.
of course using daily and 4h s/r is a good idea. Why? Simply because it is important to know the major levels and if pp are really good on lower tf, the longer your tf is the most importnt is to get the daily s/r levels. It is the same as the pp on 1mn tf.
also, using a sl with the last swing technique is really good. What i want the followers to understand is that if you put a tight sl you have to be careful on your timing and so you have to be disciplined. So very often the problem is not the sl but the timing....on higher tf, you have to get a higher stop level so be careful on your timing but you can use the last swing to put your sl.
using a strength meter.....is a definitely a very good idea !!! I recommend it to all traders using this system which is a trend trading system. So to get the best results, focus on pairs that are trending.
wish you many pips.

#1,034
Jun 26, 2013 10:25am Jun 26, 2013 10:25am

dragonspeak
| Joined Apr 2011 | Status: Dragon | 155 Posts

Hello all. Today I ended with +4%

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Regards.
Dragon

#1,035
Jul 15, 2013 10:56pm Jul 15, 2013 10:56pm

hmaoui
| Commercial User | Joined May 2007 | 613 Posts

A situation very interesting to trade !!! Look at the chart for explanation.

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#1,036
Aug 1, 2013 10:41am Aug 1, 2013 10:41am

wowzers
| Joined Jan 2009 | Status: Trader | 182 Posts

Quoting SunriseTrade

Disliked

Hi everybody, First of all I would like to say I am new to this forum and this is the best forex forum I have ever been to! I was wondering if this system based on MA works on all pairs? I look forward to sharing my trading results with fellow traders based on this system. Thanks, SunriseTrade.

Ignored

pm me please sunrisetrade