Hi,
A general question, I have been trying the system now with different trailing stops however I seem to get stopped out before the main run, If you look at the image I have posted with this post, I enter when we get the signal, however my trailing stop seems to kick in and get me out of the run even before it starts. Please help me as to what I should be doing.
Second question, how late is too late to enter a trade after we get the signal. cuz if you look at the image you will see that the main run happens after 3 hrs that I get stopped out of in the second entry and I was not sure if I should take the trade or not, moreover it was friday so I dare not trade.
Maybe you can try adding Pivot Point with R/S lines. Then youāll know where to put your SL, TP, and even a Trailing SL. If it breaks the first R/S line, then you can move your TSL up or down to that line. And move your TP to the next R/S line. It helps me from getting faked out.
Hi,
Just had a quick question about entries, I apologize if this has already been addressed. When you see the EMAs cross and the RSI cross the 50 line, do you always wait for the hour candle to close before entering? It just seems that a fair amount of time the candle where the crossover occurs is quite large in the expected direction but I miss many pips waiting for it to close. Is it particularly dangerous to jump the gun on the candle closing even if it seems to be acting strongly in the direction the indicators suggest.
I use OANDA but I donāt use pivots and never have. I do know that on OANDAās web-based platform you can set them up either as a study (on the lower left of the chart) or as a trendline (above right of chart). Again, though, I donāt use them so I canāt really give any advice on them.
Yes you do. You have to confirm it is a valid crossover by staying in that state.
Here is soemthing for you to backtest. How many times does the crossover candle cross and then the very next candle reverses, and then the cross over resumes? Take a look. It may be more beneficial to entry AFTER the 2nd candle closes!
Well, so far Im 2 trades using this system and 2 losses = $100.00. I even waited for the the bar to close so it was clearly a signal. Both Trades reversed. So I dont know how confident I am in this system. The two trades for EUR/JPY @ 1100 hrs EST@ 105.76. And the EUR/USD @ 1100hrs EST @ 1.3901. At the time of the trade the 1000 hrs bar had just closed and there was a clear crossover.
Edit: Looking back at the charts after my coffee this morning I realize why you implemented the ADX into the system. At the time of these trades we had 0 trend. So I guess I will add this in to confirm before trade.
Using 1 hour. The crossover occured at 10:00 PM. Its kind of hard to see on the EUR/USD because the next candle immediately reversed and pulled everything back up. At the close of the 10 PM candle both charts had clear crossing lines. As stated, The trend was completely dead though.
Yea, there was very little movement in EURUSD after 10PM. Also the trade you took was against the general trendā¦
One thing you could consider doing besides adding the ADX is also adding a larger moving average to make sure your taking trades in the direction of the general trend, this could help a bit as well.
Try setting your entry orders outside the trigger candle so if going long, entry will be 5 or so pips higher than the close of the trigger candle.
OR
What for the entry candle. If it reverses, wait for the 3rd candle and if it goes your direction, enter. Otherwise see if the 2nd candle goes your direction and enter.
Just because all the signals line up does not necessarily mean itās a definite thing. Place and entry order so if the price does move the way you want, it will be triggered. If price does not go your way, then you are not in the market anyhow so you are saved. you may give up a few pips but then 5 pips on a 50 pip move is nothing really to ensure a little more safety and drop a few false signals.
Hi,
Iām on that trade too, I got in at 1.3892 and still holding on. I missed the opportunity at 9:30 a.m EST when we had 40 pips or so, was in a meeting at office, when I cam back around 10:30 I was -40 pips again. Iām still holding on that trade hoping it will reverse. I got 1 trade loss of 90 pips the first time, the second time it was a profit of 40 pips and this trade is still on. But the system does look like it has potential if I do it the right way. will keep folks updated.
Hi,
Well the story had a happy ending, I had a take profit of 40 pips on the trade, which got hit around 10:30 a.m while I was at office. I do not regret not getting all the 90 pips from my entry. I just wanted everyone to know that this system works, its just that we got to get it right, Iām still learning. The score now is 1 loss, 2 wins, Iām doing this in real time. I do not aim for 100 pips with this system, I keep it to 40-45 pips and Iām trying to get out while Iām still ahead. I wish to thank all the members and the masters in this thread for sharing their knowledge whenever I need help, and I hope they would continue to do so in the future too
Iām having trouble getting this system to work. I can see it work well in backtesting but just cannot for the life of me make pips when I enter where I think I should be entering. I almost have to go against it to make any pips.
What I need to someone to bounce it off verbally. I am in Brisbane and would like to talk over with someone on the phone or over the net or via chat or whatever. Even if someone joins me in the BP chat and we go through some setups together.
There are a lot of fakeouts this week, Iām losing money. The candles closes above the crossover with ideal conditions, I wait for one more candle to close above it but as soon as I place a trade, the market starts rushing in the opposite direction. What am I missing??
Let me just say that I am pleased with this system at first glance. The image below is my first trade on a demo account and using this crossover system. As you can see the market was pretty much ranging and wasnāt going anywhere. In order to
help me make a decision as to when to go long or short. It was in a Bollinger squeeze and had been bouncing of the walls of the Bollinger bands.
I was pretty sure that it was going to make a move and a hard move at that. It was approaching the āpower hoursā of trading, the stars (the indicators) aligned and so I went for it. Needless to sayā¦ I should have set my P/T a lot higher. However, I took a neat little profit of +16 pips.
