A very simple system - trade with arrow

Quoting Hazza88

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Heres 1 of my trades today, i took it because as you can see yesterdays open line continued to act as resistence last night/early morning, then when price closed above it and retested in with that bull candle with the long wick i opened a trade with 3 positions, took 2 off as it didnt seem like going further, and closed the other one a couple of hours later just above B/E. {image} I started a myfxbook page since wednesday following this strategy if anyone interested, heres the link: https://www.myfxbook.com/portfolio/mt4-68488/2082968...

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Quoting pips29

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{quote} nope, I took the short based on the charts, daily,4 hour, especially the 4 hour.. I already mentioned when I get a cross or when the 10 is below the 34 ema I will look for shorts..The daily was also telling me to short...shorting on the 15 min using the the 34 ema on H1/H4 as resistence with a stop say 10 pips above the 200ema on the daily has worked out for me in the past frequently...you should have noticed Lookleft mentioning about his trades with the 34 ema in mind...I have asked FG, good man , to make a dashboard for this and please...

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Quoting antonym

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{quote} Hi pips29, I understand the direction is sell. But I am not sure about the location. For example, when 10 is below 34 on H4, there are a lot of candidate location for sell, e.g. at 15min 34ema, at H1 34ema, and at H4 34 ema. I understand that EG is taken at the H4 34 ema. But would the H1 34 ema also be a location for selling, which happens at 10:00 when EG touches the H1 34ema. Could you elaborate on how to pick the location? Thank you.

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Quoting pips29

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{quote} nice trade following the trend..May I know how long have you been trading?

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Quoting Hazza88

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{quote} Too long to stilll be cosistently unprofitable haha....on and off for about 6 years, but ive taken it very seriously these past 2 years, my main problem is getting so far with a strategy and crossing some difficult hurdles but always eventually reaching that seemingly impassable wall. I did really well in a demo over christmas, whilst i was heavily studying Mr pips thread "ratios and harmonics" which has by far improved my trading more thany anything else yet, and so i started a live account in january but unfortunatly i blew it up due to...

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Quoting pips29

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{quote} Once we establish taking short we look for reasons to do so and from my experience price tends to react at the 34 ema levels,some will use the 200 ema. Looking at the 1 hour below, when price was rejected at the 200 ema and the previous recent low price is telling you something..moreover the 10 is still below the 34 ema (a bounce off)..I am using the 15 min and took entries at/near the H1/H4 34 ema . I cannot possibly get my entries right on the dot all the time when I counter trend on the 15 min but I have the thought that I would be right...

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Quoting antonym

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{quote} Thank you. I understand it better now. Could you discuss a bit about the stoploss placement for this type of trading? Where should the stoploss exit be?

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Quoting pips29

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{quote} 10 -15 pips above the day 200 ema

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Quoting antonym

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{quote} I see that the 200ema is close to the entry price for the EURGBP sell trade. But if the daily 200ema is far away from price, would you pass the trade or use a different stoploss?

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Quoting pips29

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{quote} The rejection of the 200 ema is often taken as a signal to enter a trade When price is above the 200 ema on the daily it's considered uptrend. Most traders will define the trend is down when price is below the day 200 ema and that's why you put the stop 10-15 pips above .The downside would be considered over when pa shows this. I only have the 200ema on the 4 hour and day charts The 34ema is what I use on the 15 min.tf

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Quoting pips29

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{quote} looking forward to your posts..I don't believe in gaining experience thru' demo trading as there is no emotion attached but with real money we just refuse to lose..Learning how to lose is also a good thing so that in future we don't do revenge trades unnecessarily..there's always tomorrow. "revenge" cost and cause everyone who go to the casino to lose..I know from experience that most casino punters will only leave the tables when there is no money left in their pockets..when you have a bad run just get up and walk off, there's always tomorrow...

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Quoting pips29

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short with 5 pips stop {image}

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Quoting Hazza88

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{quote} Yeah absoloutly, im currently limiting myself to 2 losses in a row then im done for the day, however if i get a loss, then a win, then a loss i will continue trading but as soon as i get the 2 consecutive losses then im finished. How long have you been trading, im assuming from the amount you post here that you are doing this full time?

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