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45 Combo - momentum system

  • #641
  • Feb 2, 2015 1:19am Feb 2, 2015 1:19am
The below setup was recently on the EUR/JPY pair. Everything looked ok but I didn't like the fact that price had already bounced three times from the 132.9 level and had seemed to have lost its momentum. I didn't take the trade and with hindsight it was a good decision. If I had been able to get an entry with a SL of 4-5pips then I may possibly have gambled on it breaking southwards however the fact that I would have to use the word 'gamble' indicates that it probably wouldn't have been a wise decision.
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  • #642
  • Feb 2, 2015 1:22am Feb 2, 2015 1:22am
Quoting Mohsen_msi
Hello, Mr fx-Tycoon, Is This Signal True ? {image} Regards
I think I found your trade on EA...

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The first green arrow would have been a nice entry setup in my eyes!
I wouldn't have taken your entry because we have here at least a 10 pip SL plus the MA5 is pretty much crossing, or at least massively touching the MA40.
  • #643
  • Feb 2, 2015 1:31am Feb 2, 2015 1:31am
Quoting Alkatraz
The below setup was recently on the EUR/JPY pair. Everything looked ok but I didn't like the fact that price had already bounced three times from the 132.9 level and had seemed to have lost its momentum. I didn't take the trade and with hindsight it was a good decision. If I had been able to get an entry with a SL of 4-5pips then I may possibly have gambled on it breaking southwards however the fact that I would have to use the word 'gamble' indicates that it probably wouldn't have been a wise decision. {image}
The entry candle didn't close below the 5 moving average so it wasn't a valid entry anyway.
  • #644
  • Feb 2, 2015 1:34am Feb 2, 2015 1:34am
Quoting Mr.Ma
{quote} I think I found your trade on EA... {image} The first green arrow would have been a nice entry setup in my eyes! I wouldn't have taken your entry because we have here at least a 10 pip SL plus the MA5 is pretty much crossing, or at least massively touching the MA40.
I totally agree Mr Ma. The only issue would be that once you factor in the spread on EUR/AUD then you would potentially be looking at 10+ SL. Unless its only my broker that has a crappy spread on that pair...
  • #645
  • Feb 2, 2015 1:37am Feb 2, 2015 1:37am
Quoting schoe
{quote} The entry candle didn't close below the 5 moving average so it wasn't a valid entry anyway.
That's my mistake. I just threw the arrow in pointing in the general direction and not at the actual entry candle. Obviously the next candle would have been the entry. That's what would have made the SL so big.
  • #646
  • Feb 2, 2015 1:39am Feb 2, 2015 1:39am
Quoting Alkatraz
{quote} That's my mistake. I just threw the arrow in pointing in the general direction and not at the actual entry candle. Obviously the next candle would have been the entry. That's what would have made the SL so big.
Well i'm as you know no expert but it looks to be moving sideways and with a large stoploss I think you made the correct decision.

C'mon FX take some head ache tablets and get to your desk. lol. Hope you enjoyed the game.
  • #647
  • Feb 2, 2015 1:54am Feb 2, 2015 1:54am
Quoting schoe
{quote} Well i'm as you know no expert but it looks to be moving sideways and with a large stoploss I think you made the correct decision. C'mon FX take some head ache tablets and get to your desk. lol. Hope you enjoyed the game.
They were the exact two reasons that i didn't pull the trigger. SL still would have been <=10 pips but add the loss of momentum and I didn't think the RR added up anymore.

Considering that the Patriots basically sealed the victory inside the last minute on their own 1 yard line, i think that his headache might take more than just a few hours to get over!!
  • #648
  • Feb 2, 2015 1:56am Feb 2, 2015 1:56am
FYI - Red EUR news in 5 mins!
  • #649
  • Feb 2, 2015 1:58am Feb 2, 2015 1:58am
Quoting fx-Tycoon
{quote} You stand correct with the math. Technically speaking yes 8 per hour and 24 max possible trades in 3hrs. But 24 trade a day almost never happens. Realistically what you will see is max about 4 trades in an hour between all four pairs so you be in the market anywhere from 2 possible trades to 12 in 3hr session between 4 pairs. If the day ends up with too many trades that means it's totally momentum-less and heavily getting triggered in the super range/chop action, so again some daily management and experience could become handy to see that...
thx a lot for your clear statement!

birdland
trading is like dancing, don't think and just listen to the music!
  • #650
  • Feb 2, 2015 2:03am Feb 2, 2015 2:03am
Quoting Alkatraz
FYI - Red EUR news in 5 mins!
Thanks Alkatraz, I'm only educated in the ways of proper football (Man Utd etc ) so it means nothing to me!

Good luck with the trading I'm training for the London Marathon in April so have to go out and do an 18 miler and its freeeeeeeezin........

See you all later good luck.......
  • #651
  • Feb 2, 2015 2:28am Feb 2, 2015 2:28am
Quoting schoe
{quote} Thanks Alkatraz, I'm only educated in the ways of proper football (Man Utd etc ) so it means nothing to me! Good luck with the trading I'm training for the London Marathon in April so have to go out and do an 18 miler and its freeeeeeeezin........ See you all later good luck.......
I know a guy in Australia who just ran the New York marathon recently. I couldn't imagine running that kind of distance let alone in the freezing cold so more power to you!
  • #652
  • Feb 2, 2015 2:30am Feb 2, 2015 2:30am
Quoting Alkatraz
FYI - Red EUR news in 5 mins!
Only "medium" over here:
http://www.dailyfx.com/calendar?tz=1...true&low=false
  • #653
  • Feb 2, 2015 3:03am Feb 2, 2015 3:03am
Long UJ
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  • #654
  • Feb 2, 2015 3:19am Feb 2, 2015 3:19am
-10 on usdjpy

I saw that price had a nice swing high before coming back to touch the 40 EMA. Opened trade as soon as the candle closed above 5EMA with a 20TP and 10SL as per the thread's first post.

Guess I can't win them all? Does anyone else see anything wrong with my trade?

Cheers
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  • #655
  • Feb 2, 2015 3:19am Feb 2, 2015 3:19am
UJ stopped -4
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  • #656
  • Feb 2, 2015 3:22am Feb 2, 2015 3:22am
Quoting Ivanyo
-10 on usdjpy I saw that price had a nice swing high before coming back to touch the 40 EMA. Opened trade as soon as the candle closed above 5EMA with a 20TP and 10SL as per the thread's first post. Guess I can't win them all? Does anyone else see anything wrong with my trade? Cheers {image}
I don't. I took the same trade just had a closer stop is all. To be exact I lost -4.5 on it.
  • #657
  • Feb 2, 2015 3:23am Feb 2, 2015 3:23am
Quoting Ivanyo
-10 on usdjpy I saw that price had a nice swing high before coming back to touch the 40 EMA. Opened trade as soon as the candle closed above 5EMA with a 20TP and 10SL as per the thread's first post. Guess I can't win them all? Does anyone else see anything wrong with my trade? Cheers {image}
You should have had a SL of 5 pip at the most here. I got stopped out at 5.4...
  • #658
  • Feb 2, 2015 3:25am Feb 2, 2015 3:25am
Red news in 5 minutes. GBP Manufacturing PMI
  • #659
  • Feb 2, 2015 3:26am Feb 2, 2015 3:26am
Quoting Go5
{quote} You should have had a SL of 5 pip at the most here.
Is that because the area in pink is the most recent swing high/low? Putting SL around there would have been 5 pips.

My apologies - my impressions from the original post were that we put 20TP and 10SL and that's it.
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  • #660
  • Feb 2, 2015 3:27am Feb 2, 2015 3:27am
Quoting Ivanyo
-10 on usdjpy I saw that price had a nice swing high before coming back to touch the 40 EMA. Opened trade as soon as the candle closed above 5EMA with a 20TP and 10SL as per the thread's first post. Guess I can't win them all? Does anyone else see anything wrong with my trade? Cheers {image}
Only that you should have only lost 4 pips on that one. SL should be on the low of the candle/s that break the 40EMA. Check out Crete's chart.

EDIT: I was WAAY too slow with that reply!
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