Ema Step System.

[storm]

Works for me. I'm using the system on 7 JPY crosses looking at 30M and 60M charts then swithching to 5M chart for entry. Doing this is bringing some good positive results with my account going the right way Need to work on my exits though as this is my weakness....

[stevefromnaki]

Originally Posted by storm

Works for me. I'm using the system on 7 JPY crosses looking at 30M and 60M charts then swithching to 5M chart for entry. Doing this is bringing some good positive results with my account going the right way Need to work on my exits though as this is my weakness....

Good thinking, i just read some of the post again and tend to get out too early. Once i am in a trade i work my way up the timeframes as the BB gets hit, but i tend to fall for the psychological trap of looking down the time frames again and close out when the 5 min or 15 min looks like reversing, thus missing out the final parts of the trade on a 30min and 1hour.

Now that i have realised this i will (hopefully) stop doing it. I sometimes find the 5mins chart difficult to interpret with a lot of noise, so try and enter on the 15 min only.

Had a good day today with a down and wave with GBP:JPY, and EUR:JPY.

steve

[storm]

Hi Steve,
Agree your comment on 5M chart having much market noise. Think I'll look more at 10M or 15M to see if I can duplicate results using these timeframes for entry instead.

[pipcorn]

Originally Posted by stevefromnaki

Good thinking, i just read some of the post again and tend to get out too early. Once i am in a trade i work my way up the timeframes as the BB gets hit, but i tend to fall for the psychological trap of looking down the time frames again and close out when the 5 min or 15 min looks like reversing, thus missing out the final parts of the trade on a 30min and 1hour.

Now that i have realised this i will (hopefully) stop doing it. I sometimes find the 5mins chart difficult to interpret with a lot of noise, so try and enter on the 15 min only.

Had a good day today with a down and wave with GBP:JPY, and EUR:JPY.

steve

Steve you just might be right about about exiting when the 15m chart is starting to run out of gas. I tried to ride out a nice g/u downswing after reading your post, and gave all of my pips back trying to be patient enough to catch the rest of the wave while watching the 1h chart..... The indicators ended up switching directions and everythig... So who knows... At this point I'm at a lost for words.... Hopefully we can figure this out collectively. I could really use some insight on this isue.

[pippy longshorting]

for example, if you have a cross and step on the 15 min chart, look down to the 5 min chart and wait to enter until you have an indicator on the five min that corresponds to your indicator on the 15 min.

Originally Posted by stevefromnaki

Hi richrichie and pippy longshorting,

When you enter on lower time frames is this where you wait till 2 or 3 timeframes are lining up correctly? And get in on the 5min? Or do you watch the 5min only then enter, and move up the timeframes?

To exit, do you move up the timeframes untill you see the move slowing down, then move down the timetrames again to get the best exit point?

Thanks for your help I had a few losses using this system yesterday But go the demo trading

[stevefromnaki]

Originally Posted by storm

Hi Steve,
Agree your comment on 5M chart having much market noise. Think I'll look more at 10M or 15M to see if I can duplicate results using these timeframes for entry instead.

I use oanda so don't have a 10 minute chart, and using this week to hopefully master my entries on a 15minute chart.

I do get confused jumping between too many timeframes, so going to look at 1 higher timeframe filter, and enter on a 15minute. Am thinking of only swaping between a 1 hour chart, and the 15 minute. I will wait for an entry signal on the 15minute, and only enter if the hourly is in the same direction, and see what this yields.

Lets all have a good week with this system

[stevefromnaki]

Originally Posted by pipcorn

Steve you just might be right about about exiting when the 15m chart is starting to run out of gas. I tried to ride out a nice g/u downswing after reading your post, and gave all of my pips back trying to be patient enough to catch the rest of the wave while watching the 1h chart..... The indicators ended up switching directions and everythig... So who knows... At this point I'm at a lost for words.... Hopefully we can figure this out collectively. I could really use some insight on this isue.

Lol, when patience doesn't pay! hehe I share your frustration with this, and this is something i am working on at the moment too, i agree, lets work through this together.

On my last post replying to Storm, i noted i am going to try stick to the 15minute and 1hour only. I don't know ho often brilliant trade set-ups occur that you can work your way up all the timeframes???

So as a newbie will try sticking to the 15minute for entry and exits, only if the entries agree with the 1 hour chart . I read on James IB:OB post that you shouldn't switch timeframes as it gets confusing until you can read the markets effectively (confusing for newbies - of course this can be mastered, and mauziro has mastered it ).

The other trick i read on a post from Maurizo. Hopefully i can re-explain this here. On a short trade, he puts his take profit in (mentally or as a stop loss) 10 pips (or so, depending on pair) above the candle that hits the lower BB, and then lets the trade work up the timeframes, or get closed out if it does retrace, as it did in your case.

Hope this helps...

Here's to a good week,

steve

[stevefromnaki]

Originally Posted by pippy longshorting

for example, if you have a cross and step on the 15 min chart, look down to the 5 min chart and wait to enter until you have an indicator on the five min that corresponds to your indicator on the 15 min.

I did try this, but got even more confused lol.

Sometimes when the 15min says buy, the 5 mins already has gone up and is in overbought. So i wait on the 5 minute to get a good buy signal there to, sometimes the 5 minute stays in overbought for a long time, in which case it is often to late to enter on a 15 minute, so you miss the trade, or enter too late

Other times i enter on a 15minute (ignoring the 5minute) only to check it later and realise the opposite of above. This time the 5 minute was showing overbought and turned down momentarily, before continuing in the 15 minute direction. So i got in too soon at a bad price

Talk about confusing! lol

Anyone else finding this or has a solution? For now I will still stick to 1hour filter and 15minute entry/exits

Thanks in advance

steve

[4xStar]

Just spent several hours on this thread, quite amazing & great thanks to maurizio for sharing .. and speaking of maurizio, he has not posted here since Dec 12 .. where is he?? And I never did see a post of his Skype name, a search on skype for maurizio77 came back negative.

Anyone know what has happened to our Leader??

Or has he become a multi-millionaire and is living quietly somewhere on a private island....???

[maurizio77]

Originally Posted by 4xStar

Just spent several hours on this thread, quite amazing & great thanks to maurizio for sharing .. and speaking of maurizio, he has not posted here since Dec 12 .. where is he?? And I never did see a post of his Skype name, a search on skype for maurizio77 came back negative.

Anyone know what has happened to our Leader??

Or has he become a multi-millionaire and is living quietly somewhere on a private island....???

Hey guys!

Rumour of my "millions" has been greatly exagerated!

I'm still here watching the post....the reason i haven't been posting is because its so time consuming.
My work was suffering from my constant trading and research.........and so was my relationship.....all forex and no play is NOT GOOD!

I still trade, just not as much as i used to, i tend to just wait for the big movers, take my money, spend my money, get depressed at the money i have just spent.......and then suddenly get back into trading LOL

The system still works.

In fact we had a good one today if anyone was watching the 3hr. GBP/JPY.


I personally got out at 203.00....but could have made another 70 pips! :S

Remeber, with this system, don't just enter when you see the EMA cross, ONLY enter when you see the whole set up


Maurizio77