Multiple time frame 24ema

BAILED OUT

I bailed out, cos of the divergent effect of news reaction and my fear of being caught in a cross fire.
I was so tense, my throat was dry and I was afraid of LOOSING.

Got 18pips from USDCHF and 4pips from EURJPY, should I have stuck it out even when there was danger of volatility from news?

Another excellent thread is trading according to Jack, ("so you want to become a professional trader?") -my connection is too slow can't get the link up.

just seacrh through Forex factory and you will find it.

HERE'S SOMETHING VALUABLE

An interview with Mark Douglas the author of "Trading in the Zone" which btw I'm going to be reviewing this weekend.

Check it out.

THE PROBLEM WITH MANY FORUMS

I've not been thru so many threads on so many Forums but what I've experienced and gathered is that:-
1. Several Holy Grail seekers like I was and still am throng to the next best thread where there's so much happening and great traders posting fantastic results and the thread starter RARELY posts losing trades.
2. Thread starters most times do not emphasize the importance of the psychological aspect of trading. They just like "Ok master these set-ups and your account will be busting with pips"
When a thread user hits a brick wall it's just that "oh you haven't got it yet".
What I'm saying is we need to focus more on the psychological, My mind's made up not to pay for ANYTHING -ebook, DVD, training courses, indicators,EA,signal service, ......
The only thing I can pay for is Training on Trading psychology, in fact on my charts I only use the basic indicators the Stochastics Oscillator and moving averages.
No fancy bells and whistles.

The best advise for new traders is GET A GRIP ON THE PSYCHOLOGICAL.
You will have to seek trading education and develop your edge, but in the end your grey matter will move you to where you belong.
Travel far within psychologically, and you won't stand close without financially.

Hello Intrepidpips,

I have gone thro' the complete video of Mark Douglas and noted the points.
One thing I like the most is "Take every signal" even though we don't know the outcome we know how much risk we can afford.
I was just comparing some moving averages and noticed that EMA 576 = LWMA 480 on 15min TF.
LWMA 480 on 15mn TF = 480 x15 = 7200 on one min.
7200 minutes / 1440 minutes = 5 days and this is equal to one week.

The moment we start taking every valid signal our system or strategy generates, we have then gained the ascendancy, we have gone from mediocre to unconscious competent.
No more hesitation to pull the trigger, no more second guessing, I've found time and again the signals I second guess turn out to be fantastic winners had I taken them, and often times this leads to rushing into the next trade which may be very valid but then the market tumbles and turns and hits my stop then I hesitate on the next, or take an unfiltered signal.

We are on the threshold my friend.

In other words 576EMA in M15 = 7200LWMA in M1

POST MORTEM

Maybe I should have stayed in the EURJPY trade till it all played out but seeing how the USDCHF turned out, capital protection makes sense, .... "every moment in the markets is unique.

Today is another day for the pips.

I let myself distract myself, it must not happen again. STAY FOCUSED STOP MISSING OPTIMAL ENTRIES.

HELP NEEDED

RESULTS

I really did not expect so much from this pair as there was H4 Support just wanted to position myself for the event of a break of the support.

RESULTS

MORE RESULTS

I grabbed what i could from the market since there was no news I had the mind to enter and hold for a possible carry trade but I favoured a gradual climb, not a spike.

Well it only means I could enter again after sufficient retracement.

WIN SOME, LOOSE SOME AND MISS SOME

A simple system like this tempts you to over trade, I actually took EURAUD and then EURUSD then entered the EURJPY after it was evident my EURAUD was going to fail.

With the right capitalisation I could risk just 1% and take every single valid signal on all Pairs on my watch list.

M15 OR M5 ENTRY

I switch between M15 and M5 a lot because M15 may have left O/S early on in the Asian session while M5 still gives O/B and O/S rotations swallowed up in M15 so I can still follow a move and catch the bus at another stop.

VALIDATION

I got a link to a system yesterday and like always I don't shy away from seeing what others have to offer even for sale.

Somehow I downloaded it free, maybe it was the starter version and I loaded the indies and template and found my system as simple as it is gives earlier entries, and they were selling their own.

I summed up that their system was good enough on the average but then if I just stick with mine, I won't need any other system, on the long run.

My only challenge now is over trading since the set-ups are so easy to spot you want to take every signal, but not on a small capital like mine.

I was already on the EARAUD & EURUSD trade and I'd seen the EURJPY brewing so I had to miss this good run.

I promise myself to COMMIT to this system

I KNOW

I'm standing on my acres of diamonds.

MISSING IN ACTION

DESPERATE?

Not really we have to think in probabilities, M5 entry may fetch you 10 to 20 pips head start on M15, but sometimes price my not have retraced sufficiently.

STILL HOLDING?

Looks like the market is waiting for USD news

CHANGES MADE

I tweaked my system a bit yesterday, I wanted to add a Multi-Time frame Stochastic to the mix but instead I found from Spuds' thread on Multi time frame Stoch that you could actually set the Stochs to 14, 3, 3 and leave out the D%.

I see the difference it makes to decision making, now I reference just one line below the charts window.
A plus is that the divergence signals are so easy to spot now and I can actually decide to stick to just M15 as trigger chart, but that decision won't be easy