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45 Combo - momentum system

  • #101
  • Jan 22, 2015 4:28am Jan 22, 2015 4:28am
Quoting fx-Tycoon
The only reason I am still up is for this low risk uj trade that looked promising but it seems it will take me out now... I might just exited for BE when it drops a bit since it's getting late. This is just to show you all how Patience and firm I stay with my target... believe it or not it's a key factor your success in this system or for any other system for all sake. {image}

Took me out at -1 on that slingshot up.

Done or the night with +30.
  • #102
  • Jan 22, 2015 4:35am Jan 22, 2015 4:35am
Quoting fx-Tycoon
{quote} Took me out at -1 on that slingshot up. Done or the night with +30.
30 pips a day keeps your creditor away

have a good night buddy! nice trading!


PS: have you ever thought about using heikin ashi candles for a trade entry signal?
Or do you think its kind of useless?
  • #103
  • Jan 22, 2015 4:47am Jan 22, 2015 4:47am
Quoting fx-Tycoon
{quote} Welcome to the thread gonso. Sure the first hour was very much choppy, thanks to the filtering was able to avoid a loss or two... but once it took off on the 2nd hour then it's open filed if valid signal arrives which it did and produced a winner.
Missed post 64, with the filter. Had two losses . So after the EMA cross, the signal is valid if there is a movement of at least 10 pips before the correction and touch of the 40EMA. Correct?

gonso
  • #104
  • Jan 22, 2015 4:48am Jan 22, 2015 4:48am
Quoting smeden
{quote} So true.... Guess it is set and forget. look at another pair...
Not exactly a set and forget because I do take into account some daily management decisions when approaching late in my trading session. But I do stay very patience and resilience for my target.

It's like weight training... you build the real muscles when you do the a last a few count of the rap.

btw... participate in the question I posed earlier in the day, I'll answer it in the morning.

Good night all.
  • #105
  • Jan 22, 2015 4:50am Jan 22, 2015 4:50am
Quoting Mr.Ma
{quote} 30 pips a day keeps your creditor away have a good night buddy! nice trading! PS: have you ever thought about using heikin ashi candles for a trade entry signal? Or do you think its kind of useless?

Useless.

Cheers
  • #106
  • Jan 22, 2015 4:52am Jan 22, 2015 4:52am
Quoting gonso
{quote} Missed post 64, with the filter. Had two losses . So after the EMA cross, the signal is valid if there is a movement of at least 10 pips before the correction and touch of the 40EMA. Correct? gonso
Correct gonso... the point is you want to see some real momentum and to avoid the tiny ones... otherwise you be in every little move inside ranges, like 1st hour of gu and eu today or late ej.

Sorry for your losses but live and learn and don't repeat the mistakes.


Cheers
  • #107
  • Jan 22, 2015 4:55am Jan 22, 2015 4:55am
Quoting fx-Tycoon
{quote} Correct gonso... the point is you want to see some real momentum and to avoid the tiny ones... otherwise you be in every little move inside ranges, like 1st hour of gu and eu today or late ej. Sorry for your losses but live and learn and don't repeat the mistakes. Cheers
yeah, mistakes today are pips tomorrow .

Thanks.

gonso
  • #108
  • Jan 22, 2015 5:02am Jan 22, 2015 5:02am
Quoting fx-Tycoon
{quote} Useless. Cheers
  • #109
  • Jan 22, 2015 5:36am Jan 22, 2015 5:36am
Price movement is not smooth

Quoting fx-Tycoon
Watch the chart and look at the box and tell me why should not take action on such signals?? {image}
  • #110
  • Jan 22, 2015 7:07am Jan 22, 2015 7:07am
Quoting fx-Tycoon
{quote} out at -1... had me into profit for +16 and bounced. -8 for the day and 1st hour behind me.
compliment, its a nice little and simple system!

a question regarding this trade:

i could not find a rule in your first post that says "breakeven stop when +xx in profit"

why did you close this trade with -1?

birdland
trading is like dancing, don't think and just listen to the music!
  • #111
  • Jan 22, 2015 7:11am Jan 22, 2015 7:11am
This is similar to how I trade but with different indicators in name only, moving average crossover wait for pull back and try and ride the momentum with a quick 20 pips profit and risk 10 pips, but I tend to risk more of my account in each trade , 3% instead of 1% as you do.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-01-22_1206.png Size: 42 KB
10 pips a day keeps poverty away
  • #112
  • Jan 22, 2015 8:36am Jan 22, 2015 8:36am
Quoting fx-Tycoon
{quote} Blackfeet, No problem I explain further again… post 2's image should be helpful when looked closely. I always use pending orders (Buy stop/Sell stop). I always go off the closed candle. I use a buffer of 0.7 pips from the close price. The signal candle is the 1st candle cross closes the 5ema… so no second candle. I use No script… everything I do is manual… I like being hands on and I keep it clean. Cheers
Hi Tycoon,

first many thanks for this nice clean system.
One question regarding the pending orders, as we have to enter very quick after the signal candle, how you could set up a pending order and dont miss the move? or do you sometimes use a normal market order?

regards,
Forex Lion
  • #113
  • Jan 22, 2015 9:09am Jan 22, 2015 9:09am
Hello,

Good job on the system, it looks like a good trend following system on a pullback.
You also seem to be disciplined !! Wish you success

However I have some doubt on those two points:

4) I look to walk away with +20 pips a day and stay very protective of it. --> Not a good idea to have daily target, better having weekly one, it will involves feelings IMO

8) I can care or less about what’s happening elsewhere. What I mean by that is that I don’t look at any other time frames beside the 1M. --> hmmm, skeptikal on this one but if it works for you then it allows you to focus on your strategy

For how long have you been sucessfull with this system ?
  • #114
  • Jan 22, 2015 10:29am Jan 22, 2015 10:29am
Quoting realclick
This is similar to how I trade but with different indicators in name only, moving average crossover wait for pull back and try and ride the momentum with a quick 20 pips profit and risk 10 pips, but I tend to risk more of my account in each trade , 3% instead of 1% as you do. {image}
Realclick,
I'm not getting it. Where is your entry.
Tycoon,
It's difficult to see your charts. Do you think you can identify your reasoning on your charts i.e. trigger and entry/exit points (like realclick).

thanks
  • #115
  • Jan 22, 2015 11:14am Jan 22, 2015 11:14am
I know my rules may not be exactly same with thread owner but its like the same system of trading and I wanted to share my chart for trade taken today GBPUSD.
Attached Image (click to enlarge)
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10 pips a day keeps poverty away
  • #116
  • Edited 1:43pm Jan 22, 2015 12:20pm | Edited 1:43pm
Hello to all... Thx for all your kind words.

I will start to answer questions and concerns one by one.


Cheers
  • #117
  • Jan 22, 2015 12:22pm Jan 22, 2015 12:22pm
Quoting connect_ananth
Price movement is not smooth {quote}
Sure price movment was not smooth but it's not the whole reason.

Thanks for participation.


Cheers
  • #118
  • Jan 22, 2015 12:27pm Jan 22, 2015 12:27pm
Quoting birdland
{quote} compliment, its a nice little and simple system! a question regarding this trade: i could not find a rule in your first post that says "breakeven stop when +xx in profit" why did you close this trade with -1? birdland
Birdland,
Good question… the reason it does not exists in the first post it’s because I am not firm on this matter.
TS does harm as it does good. I do TS sometimes to BE and sometimes I don’t, it all depends on my profit position during my trading session. However the only time I ever consider TS is when price reaches near my target and fails just short of hitting it (thats what the case was on the uj trade)… so not about to let a near winner turn into a full loss, it’s just common sense I think.
I never TS when price is in mid or even 2/3 of profit, I let it play out to be decided one way or other.
So, daily management plays a part and that is why it is not firmly mentioned in the 1st post. I am highly against aggressive TS or pip by pip or etc,.

Cheers
  • #119
  • Jan 22, 2015 12:35pm Jan 22, 2015 12:35pm
Quoting Forex Lion
{quote} Hi Tycoon, first many thanks for this nice clean system. One question regarding the pending orders, as we have to enter very quick after the signal candle, how you could set up a pending order and dont miss the move? or do you sometimes use a normal market order? regards, Forex Lion
forexlion,

I never or hardly ever use a market order... if I do that it means I was not prepared well enough to reco my signal etc,

but i understand your concern, therefore I use this tool called "depth of market" available in mt4 platform... the image should make it clear as i open one for each chart. this way very quickly as soon as valid signal arrives and cross close candle closes I make one click on buy/sell stop 7 points away from current price. As you see you can pre-set your lot size, SL/TP size.
This is fast and solid.

I think it should be a great help.
Attached Image (click to enlarge)
Click to Enlarge Name: FXCM MetaTrader 4.png Size: 274 KB
  • #120
  • Jan 22, 2015 1:25pm Jan 22, 2015 1:25pm
Quoting ChanhXanh
Hello, Good job on the system, it looks like a good trend following system on a pullback. You also seem to be disciplined !! Wish you success However I have some doubt on those two points: 4) I look to walk away with +20 pips a day and stay very protective of it. --> Not a good idea to have daily target, better having weekly one, it will involves feelings IMO 8) I can care or less about what’s happening elsewhere. What I mean by that is that I don’t look at any other time frames beside the 1M. --> hmmm, skeptikal on this one but if it works for...
Chanhxanh
It doesn’t say anything about limiting myself to +20 anywhere in that sentence. I may very well in 3-4hrs of trading session reach much higher of profit, but first and for most I will protect the 20 as a priority to secure consistency. So, daily target is the first step in reaching weekly, monthly and annual targets.

Your skepticism and many others in this regard are well expected by me.

I have been trading since college mostly as a momentum trader in the same nature more less and successful, I will be 40 soon.

Cheers,
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