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Start Winning - Trade the Current Trend

  • #21
  • Nov 15, 2016 1:43pm Nov 15, 2016 1:43pm
Was watching this and suddently it dropped about 50 pips in 1 M5 candle. I was just considering looking for a short as the HTF (H1) MAs were crossing and all looked ready on M5 but I wasn't quick enough and missed it.

But the point is that I noticed it because of the template.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 47 KB
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  • #22
  • Edited 5:04pm Nov 15, 2016 4:54pm | Edited 5:04pm
Here is GU 5 Pip Mean Renko Chart with my template including volume candles.

I think this looks very interesting. Entries could be taken using the method that I have already laid out. But also I think we could get much much simpler entries using a very tight SL. When the MAs are telling us to go either long or short and we get a high volume bar agreeing with that direction, enter the trade. SL placed as close as possible but just allowing enough room for 1 Bar above/below entry bar + spread and then possible trail above or below one ofthe MAs.

Anyway it is just an idea at this stage and I will check it out and share my results. By the way, feel free to comment on anything and get involved - I see a lot of downloads of my templates but no participation yet.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 54 KB


If anyone is interested here is the EA I use to create the Renko Charts, although for all I know there may be better ones available here on FF.
Attached File(s)
File Type: ex4 evolution_renko_ea_v1_31.ex4   28 KB | 456 downloads
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  • #23
  • Edited 2:44am Nov 16, 2016 2:06am | Edited 2:44am
Excellent Thread.

Been watching and trying to get my head around the Trade Management Architecture (Entries, Stops and Profits).

Finding that I am missing several good Entries by missing the RSI Crosses. Would be great to have an Indicator providing an alarm whenever these crosses occur:-

  1. RSI3 crossing RSI14; and
  2. RSI3 breaking out of overbought/oversold zones.


I like the H1 setups; and perhaps will take a look at H4 setups later-on.

Here is a beautiful EURGBP Setup that I just missed. There were two opportunities and I missed them both

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP - H4.png Size: 46 KB


I have added a Support and Resistance Indicator (freely available on FF) to the Chart to guide me on possible Exit Zones. I have attached the indicator in the event anyone has an interest.

Attached File(s)
File Type: ex4 SS_SupportResistance_v04c original mod.ex4   18 KB | 524 downloads


Trade well.
  • #24
  • Nov 16, 2016 2:15am Nov 16, 2016 2:15am
GBPJPY-H1

Closing this one now, at Resistance:-

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_H1.png Size: 46 KB


This is an example of how the Supp & Res. Indicator can be used to guide on Exits. I also use it as a guide to "pass" on trades if I am too close to Support (in the case of a Short Trade or to Resistance in a Long Trade.

Trade well.
  • #25
  • Edited 2:46am Nov 16, 2016 2:31am | Edited 2:46am
AUDUSD-H1

Traded the Cross on this one because I thought it was a good setup. I have been looking for Short Trades only this week for this Pair. Stop at BE. Closing at Support.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_H1.png Size: 47 KB
  • #26
  • Nov 16, 2016 2:36am Nov 16, 2016 2:36am
NZDUSD - H1

Here is one that I passed-up, because setup was too close to Support. Trade would have yielded 20pips.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD_-_H1.png Size: 49 KB


Trade well.
  • #27
  • Nov 16, 2016 2:43am Nov 16, 2016 2:43am
USDJPY - H1

Still in this Trade; trailing the Stop.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY-H1.png Size: 46 KB


Trade Well.
  • #28
  • Edited 7:09am Nov 16, 2016 6:57am | Edited 7:09am
Quoting krismitt
Excellent Thread. Been watching and trying to get my head around the Trade Management Architecture (Entries, Stops and Profits). Finding that I am missing several good Entries by missing the RSI Crosses. Would be great to have an Indicator providing an alarm whenever these crosses occur:- RSI3 crossing RSI14; and RSI3 breaking out of overbought/oversold zones. I like the H1 setups; and perhaps will take a look at H4 setups later-on. Here is a beautiful EURGBP Setup that I just missed. There were two opportunities and I missed them both ...
Thanks for your input Krismitt! Glad to have you on board mate.

You have a slightly different take I think. i.e you are using the RSIs crossing as your signal (where as I am using the 3 RSI crossing the 50 level). No problem with that at all. I will be honest and say that I have not been using this system for long so I am am happy for it to evolve if it improves the system.

However I will say that the reason I did not use the RSIs crossing is that for the way I described the system, to go short the 14 RSI would be below the 50 level so the 3 RSI would cross below 50 before it crosses the 14 RSI. But that said, I see how you are using it and it works.

Well done on your trades!!
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  • #29
  • Nov 16, 2016 10:52am Nov 16, 2016 10:52am
EURGBP short - H1 Scalp Trade. I am also showing M5 just so we can see what was going on in the H1 candle.

Reason for trade - I like the look of the MAs and Price Action at the top of the swing.

I got 16 pips from that one which may not seem like much but by increasing the volume I don'tneed to make a massive number of pips to make good profit.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 47 KB
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  • #30
  • Nov 16, 2016 12:39pm Nov 16, 2016 12:39pm
GBPUSD - H1

Just took this one, crossing the RSI50

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H1.png Size: 31 KB


Regards
  • #31
  • Nov 16, 2016 12:44pm Nov 16, 2016 12:44pm
AUDUSD H1

Was a Tad Bit Late with this entry but I decided to take it anyway, since I am an Aussie-Bear this week.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_H1_17.11.16.png Size: 31 KB


Trade well.
  • #32
  • Nov 16, 2016 1:07pm Nov 16, 2016 1:07pm
Quoting wizlon32
Here is GU 5 Pip Mean Renko Chart with my template including volume candles. I think this looks very interesting. Entries could be taken using the method that I have already laid out. But also I think we could get much much simpler entries using a very tight SL. When the MAs are telling us to go either long or short and we get a high volume bar agreeing with that direction, enter the trade. SL placed as close as possible but just allowing enough room for 1 Bar above/below entry bar + spread and then possible trail above or below one ofthe MAs. Anyway...
A bit more on the Renko Charts.

This is EURUSD 5 Pip Mean Renko. The MAs are the same as the M5 template. We can see that the HTF MAs are indicating that the trend is down so we would be looking for shorts. The vertical blue lines indicate certain bearish renko bars. I say bearish bars because they are down bars. The bars that the lines mark are the bars where the 3 RSI also crossed below the 50 line from above.

The bearish renko bars compliment the RSI cross and can act as extra confirmation. I have looked at a few charts and this happens a lot. Also for long trades with Bullish Bars.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 50 KB
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  • #33
  • Nov 16, 2016 1:17pm Nov 16, 2016 1:17pm
The right chart is the chart I posted above. The left chart is EURUSD M5 candlestick chart.

Very similar but I like the Renko Volume bar confirmation. Personally I have a small Renko chart and 2 Higher TF charts visible alongside my main chart. I will post my screen set up next.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB
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  • #34
  • Nov 16, 2016 1:23pm Nov 16, 2016 1:23pm
Here is my screen setup. This is AUDUSD but I save each pair as it's own profile so I can switch easily between them. I also have an overview profile which I use to look at several pairs at once. And Ihave my RSI Dash profile.

The HTF MAs (dotted) on the 2 HTF charts are configured for the next higher time frame 10EMA and 10 of previous 10EMA.

Maybe a bit much for some people but it works for me.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 86 KB
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  • #35
  • Nov 16, 2016 1:57pm Nov 16, 2016 1:57pm
Here is GU Renko showing 3 perfect short entry opportunities from earlier today.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB


I will be on the lookout for these and will try to post some in real time if I can. Work does not always make it possible unfortunately.
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  • #36
  • Nov 17, 2016 12:21am Nov 17, 2016 12:21am
I just found your method and have been back-trading... so far it does find many good entries, and it's great to find this new approach using MA's. I only look at MA's when ADX says the trend is strong and the MA's align in proper order showing trend strength. You've got me valuing MA's more...
I do find that using the RSI as a constraint for finding entries can sometimes make for lost good opportunities. If the 120MA lines support it, do you ever enter when the 10MA lines cross?
Also, I find your color scheme is hideous...heh...I'll make my own....heh
  • #37
  • Nov 17, 2016 1:16am Nov 17, 2016 1:16am
i like ema pullbacks too
TMT Scalping System (Best system on FF)
  • #38
  • Nov 17, 2016 2:36am Nov 17, 2016 2:36am
In the indi ma cross alert I am trying to add the current rate next to symbol. I don't know coding.
SendMail ("Buy cross -" + Symbol() + "-" + TM + "-" + AccountCompany(),

Can someone help me add the current currency rate at the time of the alert. Thanks and
Regards
  • #39
  • Nov 17, 2016 3:20am Nov 17, 2016 3:20am
Quoting webguy7
I just found your method and have been back-trading... so far it does find many good entries, and it's great to find this new approach using MA's. I only look at MA's when ADX says the trend is strong and the MA's align in proper order showing trend strength. You've got me valuing MA's more... I do find that using the RSI as a constraint for finding entries can sometimes make for lost good opportunities. If the 120MA lines support it, do you ever enter when the 10MA lines cross? Also, I find your color scheme is hideous...heh...I'll make my own....heh...
The colour scheme took me about 2 seconds - I didn't really put any thought in to it and it might not be the prettiest. But the only colour that matters is the colour of the Pips and this system produces many green ones!

As to your question on entering when the MAs cross; personally I do not take that as an entry signal in itself. An MA cross with supporting price action and the RSIs in agreement then yes maybe.

The way I have described entries is what I consider to be the safest method and if done correctly will create winning trades with minimum draw down at the beginning of the trade. Now how and when you or I enter the market may differ greatly but we enter our trades based on our experience. I am conscious that many new traders study these threads and they may not have the experience that you might have.

Is the 3 RSI a constraint? No I don't think so. Often it will cross the 50 level before the MAs cross. Also there is also the possibility of entering when it crosses back above or below the 10,30,70 and 90 levels.
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  • #40
  • Nov 17, 2016 3:29am Nov 17, 2016 3:29am
As more traders are starting to participate I think it might be a good time to say this;

I have put a lot of my time and effort in to putting this system together and I want it to stay as it is. Of course there is room for improvement but I know what can happen in these system threads - they can become ultra-polluted with all sorts of mind boggling indicators and ideas.

If you are going post charts, trades and ideas please stick to the system / template that I have provided. If you want to change the colours of your indicators then that is fine. If you don't like the blue and maroon boxes in the RSI window then remove them. But do not start adding your own indicators IF THEY CHANGE THE DYNAMIC OF THE SYSTEM.

If you have an idea for an additional indicator then please show and explain your idea and I will consider it.

Thank you.
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