Ema Step System.

[Benjimang]

G'day everyone!

Ok, Like I mentioned yesterday, we have an EMA cross on the Daily for GBP/JPY. I've been waiting for hours to enter though, as stochs were high when the new candle formed and RSI(5) values have been up over 80 on most of the lower timeframes and RSI(14) has been up around the 70 mark as well. A few hours have passed since my Daily stepped, and I know that there are those of you out there who are now several hours past the stepping. Good news is that stochs have hit rock bottom on 15 min and 30 min charts and RSI(5) has rebounded off the 20 mark. I would be looking to go long at the next upward crossing on a timeframe higher than 15 mins.

-Benjimang

[tonymand]

Wow. Just finished an extremely pleasant and informative 3 hrs going through this thread. Have printed out much of the material to digest over the next few days. It is really inspirational to see how you guys have worked together to continually test and improve this system. I feel somewhat privileged to be able to come in at this point and begin doing my own basic due diligence on the system as it stands. Many thanks and I hope at some later date I can make some sort of contribution

[Benjimang]

Hi all,

Just to let everyone know, I went long at 12:30 GMT (231.79). If you were too late to catch that, you should be able to find a valid entry any time now on GBP/CHF. Remember, CHF and JPY are fairly closely correlated, so I tend to trade both. If I miss the boat on one pair, I'll look to the next. I also use EUR as a replacement for GBP on the other side of the equation.

-Benjimang

[cyclone_35]

Hi Maurizio,

When entering a trade, do we set the take profit at the bollinger band at the time of entry and then just leave it? I find during the quieter hours, the BB tends to narrow and the profit target is out of reach unless there is a big move.

p.s. This system is fantastic...have traded it 3 times in the past two days and have been successful on each one!

[Benjimang]

G'day again everyone!

I'm sorry I haven't been posting trade ideas and pics as or before I take them, so I thought I'd post my results for the last month and a half to show that the system works. Just a couple of notes though:

1. This is demo trading. I do trade live, but am a little undercapitalized at the moment to handle some of the stops that are required (according to my risk appetite). These are still the trades I would have taken, using the money management I have been using live trading.

2. The large drawdown you can see right at the end of August was the result of poor trading. I had some personal issues to deal with at the time. This goes to show how important keeping a clear mind is when trading.

3. This is not a brag fest. I'm just trying to show that the system does work. Please send your donations to Maurizio, not me.

Cheers all,
Benjimang.

[tonymand]

Originally Posted by Benjimang

G'day again everyone!

I'm sorry I haven't been posting trade ideas and pics as or before I take them, so I thought I'd post my results for the last month and a half to show that the system works. Just a couple of notes though:

1. This is demo trading. I do trade live, but am a little undercapitalized at the moment to handle some of the stops that are required (according to my risk appetite). These are still the trades I would have taken, using the money management I have been using live trading.

2. The large drawdown you can see right at the end of August was the result of poor trading. I had some personal issues to deal with at the time. This goes to show how important keeping a clear mind is when trading.

3. This is not a brag fest. I'm just trying to show that the system does work. Please send your donations to Maurizio, not me.

Cheers all,
Benjimang.

Very generous of you to share this mate, thanks so much

[ChowClown]

Originally Posted by maurizio77

OK.

You have probably just read the post before this.........so here it is.

This works on just about any timeframe on the Yens, but if you are new, stick to 30min or above.....coz i want this to work for you......the higher ya go the more you will make, but the longer it will take to get there so the decision is ultimately yours.



Slow stochs....set at: 18, 3 ,3.
CCI set at: 25.
Bollinger bands set at: standard, 14, 2.0.

Hi maurizio77, just wanted to thank you for sharing the update to the method. I have been developing my own and monitoring other trader's ideas for several years now and this certainly ranks as one of the best.

[tonymand]

Originally Posted by Benjimang

G'day again everyone!

I'm just trying to show that the system does work.

Cheers all,
Benjimang.

Hi Benjimang. I was trying to follow your trades on my charts and having some problems As an example your trade on GY, 22/8 at 20.52 entry 229.87 is not following the ema cross. What am i missing here?

[Benjimang]

Originally Posted by tonymand

Hi Benjimang. I was trying to follow your trades on my charts and having some problems As an example your trade on GY, 22/8 at 20.52 entry 229.87 is not following the ema cross. What am i missing here?

See, here is why I really want to get into the habit of posting pics of trades as, or before, I make them. If you look at the pic attached of the daily for GJ you can see that there is a cross ON the 22nd. My candles step at 00:00 GMT. By entering at 20:51 GMT, it would seem that I was pre-empting the cross and entering early. As it turns out I was chatting with Shaun365 at the time and his charting package steps at 21:00 GMT. We used his signal to enter.

Keep in mind that with stochs so high on the lower timeframes, I put on a very loose stop (around 100 pips from memory), then went to work, hence still being 10 mins early. As Shaun pointed out to me afterward though, it only retraced 30 or 40 pips before rising right throughout the day. I went with his decision to use a 75 pip trail and we each netted over 400 pips. Well done to Shaun too, I was going to wait another 4 hours or so to enter according to my cross... he made a good call.

-Benjimang

P.S. gnore my chart setup, I was just mucking around with some other indicators, and removed them before capturing the pic.

[tonymand]

[quote=Benjimang;22057]See, here is why I really want to get into the habit of posting pics of trades as, or before, I make them.
-Benjimang

If you do get the chance to do that it would be really helpful. Like many successful traders I think you have got a feel for the chart which informs what you do. Certainly your results over the last few weeks are very impressive - well done