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Trading is as simple as ABCD

  • #1,461
  • Sep 16, 2014 2:34am Sep 16, 2014 2:34am
GBP weakness across the board...

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Should be looking for GBP sells but they've gone quite a way already....


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Feel the Fear and do it anyway!!!
  • #1,462
  • Sep 17, 2014 3:10am Sep 17, 2014 3:10am
Had a chat with Martin yesterday and he's advised me to go back to normal candles , also to watch just the top movers eg biggest ADR pairs and just trade the MA turns get in early on the first pullback after the turn, first 2 max.

Well had a couple of losers getting use to the old normal candles but just caught 2 nice entries on GBPJPY , thinking about holding on the MA turn but a bit concerned about the news so will probably close out just before news and have another look afterwards. Mind you its looking like a good news release for the GBP if these pre-news moves are anything to go by???
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Feel the Fear and do it anyway!!!
  • #1,463
  • Sep 17, 2014 3:25am Sep 17, 2014 3:25am
Struggling to get past its old high and news pending so closed them out for 46 pips now wait for the news and see what develops after that...

Time for my morning cuppa....
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Feel the Fear and do it anyway!!!
  • #1,464
  • Sep 17, 2014 5:33am Sep 17, 2014 5:33am
Are you sticking with your 100 or 200 NLMA? I have found that this indicator takes my computer a long time to process and seems to create a lag so I am sticking with the traditional SMA. I have used the 70 for a long time now and that is very close to your 200 NLMA.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #1,465
  • Sep 17, 2014 6:28am Sep 17, 2014 6:28am
Quoting capstone
Are you sticking with your 100 or 200 NLMA? I have found that this indicator takes my computer a long time to process and seems to create a lag so I am sticking with the traditional SMA. I have used the 70 for a long time now and that is very close to your 200 NLMA.

Have you tried an LWMA I think they are a little more reactive to the reversals than a simple so identify them better a 100lwma is very similar shape to the 200 nlma.

But at the end of the day whatever your preference as long as when the price crosses it and then starts to trend away from it thats the reversal signal.

I'm looking more and more at the 100nlma as it hugs the trend quite nicely and when the market structure reverses price crosses it and the slope colour changes nicely.

These MA's CCI's etc are all indicators and all trades should be confirmed by market structure and price...
Feel the Fear and do it anyway!!!
  • #1,466
  • Sep 17, 2014 7:18am Sep 17, 2014 7:18am
Took another 20 odd pips here but wandering whether I should be holding on the MA slope changes?? Only trouble is did that earlier on GBPJPY and ended up at BE after being 18 pips up. Its a tricky one to know whats for the best. Most traders would say 20 pips from a 1 min chart is good trading but in my head I think I'm trading the 15 min momentum or the 1 min trend until the end.

Very very tricky to know whats for the best...

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Just thinking about it and guess the best way might be if its just after a slope change then hold until slope changes , however if the 3rd CCI signal or worse then just bank the run...

Or I could just bank half on each run and hold half on the MA slope change...
Feel the Fear and do it anyway!!!
  • #1,467
  • Sep 17, 2014 8:10am Sep 17, 2014 8:10am
Hi Clive, just wandering how you feel now not using HA candles, do you now place the pending order 2 pips above/below the first red/green candle or is there a candle pattern you look for before placing the pending.
regards
Tom
  • #1,468
  • Sep 17, 2014 8:21am Sep 17, 2014 8:21am
Quoting Piprader
Hi Clive, just wandering how you feel now not using HA candles, do you now place the pending order 2 pips above/below the first red/green candle or is there a candle pattern you look for before placing the pending. regards Tom
Used this for ages, on traditional candles that have little or no upper wick for buys and little/no lower wicks for sells. If you use green for positive close candles and red for negative closes then yes that would also apply with the 2 pips gap.
  • #1,469
  • Sep 17, 2014 8:33am Sep 17, 2014 8:33am
Quoting Vantage
{quote} Used this for ages, on traditional candles that have little or no upper wick for buys and little/no lower wicks for sells. If you use green for positive close candles and red for negative closes then yes that would also apply with the 2 pips gap.
Thank you Vantage that's great
  • #1,470
  • Sep 17, 2014 9:52am Sep 17, 2014 9:52am
Lots of missed buy entries waiting to sell all afternoon, I took the first couple but after that I thought "nope this can't go on much longer " But of course it did...
Thats the problem with these different days , one day it trends and I should be buying every signal but then another day its ranging and we get caught out trying to trend trade...

Very very difficult to know whats for the best, but at long last it looks like its time to sell.

Lets see what happens next...
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Feel the Fear and do it anyway!!!
  • #1,471
  • Sep 17, 2014 10:45am Sep 17, 2014 10:45am
Nope it just kept on going and going and going.... Its up about 135 pips since this mornings mid morning reversal...

I guess people will say thats the trouble with 1 minute charts they go wherever they want but to be honest its the same with all timeframes they go whichever way they want too!!! Just doesn't show up so frequently.. Of course the problem is somedays price trends the same way all day like GBPAUD today and other days its up and down all day. Guess the secret is to workout a strategy that works well with both.

The answer is to probably take half profits on each momentum run and leave half to run, either that or just trade each pullback and momentum run as an individual trade.

Both require a very strong psychology and very strict discipline of which I have neither, but work in progress still and now I realise what I'm up against I've got to develop the trading skills to go with it.

Early days but I'll get there, watch this space...
Feel the Fear and do it anyway!!!
  • #1,472
  • Sep 18, 2014 2:59am Sep 18, 2014 2:59am
First one of the day a bit late for these GBP pairs but I think its all about GBP pairs today with the Scottish Referendum...

Had a bit of a "light bulb" moment earlier and have come up with a new template, lets see how it goes today...
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Feel the Fear and do it anyway!!!
  • #1,473
  • Sep 18, 2014 3:17am Sep 18, 2014 3:17am
BE trade, failed drive didn't take out B point so should of closed there and then. Not really surprising as missed the first 3 entries as I was busy working on my strategy and feel I'm getting really close now to something workable on the 1 minute timeframe. Going to keep forward testing and see how we go....

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Got to be working with these strong trenders and enter as soon as possible, which of course is difficult so I'm monitoring the top 4 trenders on the 5 min TT indy then when the 100nlma signals in the same direction take first 2 to 3 CCI signals and hold until either 1 min trend ends or maybe 5 min trend???

Changed my TT indy setting to a 35 lwma on both 1 min and 5 min so using the 5 min as master and just keeping my eye on the 1 min to agree.

Fairly happy with my entry system now as its gets me in early on first 5 min pullback but my exit is still work in progress but I'm getting there, I'm getting there for sure....

PS just edited this post as only missed first 3 entries I caught number 4 ok...
Feel the Fear and do it anyway!!!
  • #1,474
  • Sep 18, 2014 3:28am Sep 18, 2014 3:28am
These 4 look interesting waiting for a good pullback for entry or will they turn back up???
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Feel the Fear and do it anyway!!!
  • #1,475
  • Sep 18, 2014 3:32am Sep 18, 2014 3:32am
Oooops forgot about the pending news release!!! Lost 12 pips there for my stupidity, just got carried away with the charts and completely forgot the time...
Feel the Fear and do it anyway!!!
  • #1,476
  • Sep 18, 2014 4:25am Sep 18, 2014 4:25am
Can't remember ever trading USDJPY before, probably because its not that volatile so doesn't come up much in my TT indy but its here today so lets have a go...

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Feel the Fear and do it anyway!!!
  • #1,477
  • Sep 18, 2014 6:00am Sep 18, 2014 6:00am
Definitely feel I'm getting this entering down to a tee now so just gotta work on exiting...
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Feel the Fear and do it anyway!!!
  • #1,478
  • Sep 18, 2014 6:34am Sep 18, 2014 6:34am
Just need to catch the first couple of entries rather than the riskier later ones, the sooner after the slope change the better as this chart shows could have entries between 20 to 40 pips up by now and no sign of the NLMA changing back to red yet either...

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Maybe I need to just monitor the top four 5 minute Top Trenders and trade the 1 minute NLMA signals as they turn back with the 5 min trend? Could also get some bigger winners if I was to hold on the 5 minute NLMA instead of the 1 minute. Will probably have to look as to where the 5 minute move is in a typical 5 wave elliot move and go from there.

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Have a look at this chart with a 5 min NLMA showing Green so up and taking all the 1 minute turn ups (arrows) works well on this GBPJPY move so something I'm going to work with going forward...
Feel the Fear and do it anyway!!!
  • #1,479
  • Sep 18, 2014 7:26am Sep 18, 2014 7:26am
Well this GBPJPY trade is looking good at the moment so trading with the 5 min trend is helping it would appear. I'm also going to try and hold this on the 5 min NLMA colour change too. mainly because if the scots vote to stay British then hopefully GBP pairs will go through the roof.


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Click to Enlarge Name: GBPJPYM1.png Size: 61 KB


Also my whole goal with my trading strategy is to enter on 1 min charts and hold on the higher timeframes so reaching that utopia of small risk large rewards which we all should be after if we are to become successful traders...

Of course theres every chance its going to plummet shortly as long traders bank their profits.
Feel the Fear and do it anyway!!!
  • #1,480
  • Sep 18, 2014 7:44am Sep 18, 2014 7:44am
Quoting clivepackham
Well this GBPJPY trade is looking good at the moment so trading with the 5 min trend is helping it would appear. I'm also going to try and hold this on the 5 min NLMA colour change too. mainly because if the scots vote to stay British then hopefully GBP pairs will go through the roof. {image} Also my whole goal with my trading strategy is to enter on 1 min charts and hold on the higher timeframes so reaching that utopia of small risk large rewards which we all should be after if we are to become successful traders... Of course theres every chance...
Hi Clive

Great trade and from here it doesn't really matter what you bank. 50 pips and upwards from 10 pip stops is outstanding so well done.

Just popping in, this house searching story is a real pain in the butt.
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