Hi, thanks for sharing this trading sytem. I am trading this sytem on the 5 minute usd/jpy and/or usd/cadfrom 3pm to about 11pm EST -05:00 GMT tading the 1 and 5 ema crosses but only when the stochs are undersold and oversold. i am just having trouble when placing stop losses and when to close trades. If anyone has msn add mine <[email protected]> to trade during this time with me.
at 1530 est today, there was a downward cross on the usd/jpy 30 minute chart, so I went short (paper trading) at 109.91 with a stop loss of 110.05 (based upon the prior period real body of 12 pips 110.04 - 109.92).
Soon, i got stopped out BUT then usd/jpy went to 109.57.
Is there anything I could do to avoid this sort of a thing happening?
Newboyo, hi mate.
I donāt know what to say about that trade in particular, Oanda only retraced to 110.04ā¦which means your trade would have been spot-on!..with a healthy 49 pips to be had.
Not sure what Broker you are using, but on this occasion you did everything right, you were just unlucky.
You are deffo on the right track though, and you KNOW that the indicator works, with a little adjustment to suit your style and/or broker, i think you will have this pretty much nailed soon!!!
Good luck.
Hi there Maurizio,
I watch the charts on Oanda and trade (paper) via my stock broker called Think or Swim.
The reason i use the stock broker is coz they are SIPC protected and Iām a bit worried about keeping money in a non SIPC protected entity. Refco scared the bejeezus outta me.
Rgds,
Newboyo
Hey Maurizio or anyone else,
Can somebody give me Maurizio skype adressā¦
I would like to see how he is doing it in real time.
Thank you,
Have fun,
AK
Watching the USD/JPY at 0800 EST onwards.
JPY is at 110.80, CCI is 226, Slow stox are 91.
Waiting for a downward cross to sell.
anyone else watching? or any inputs on the trade idea??
Thanks again Maurizio for this system.
I found out you can even predict when the arrow will appear by following the pattern the CCI, Stoch or RSI forms.
when u have double bottom be ready to see cross up
and when u see double or triple top be sure that price will come down before the MA cross down
u can check the chart attached.
- is showing double bottom on rsi
- is showing double top on CCI
- is showing double bottom on Stoc.
and these can be applied at anytime frame.
I really have to try to get on here more, as i miss all these comments during the day, but with work most of the time it just isnāt possible.
Anyway, yep another good call newboyo. You saw a cross was coming, if you entered you would have stayed in until you saw that the price hit support at 110.27 and then began moving back towards the central Bollinger Bandā¦this would have been your exit, as price clearly hit support (and almost the bottom b/band on 15Min) and then retracedā¦a nice 20 pip move i might add.
Did you nitice the 3Hr before that? At 1pm we had a valid 3hr entry too.
85 pips to be madeā¦i messed it up though and stayed in too long ended up closing out for 50. :S LOL
Heyā¦i never said i was perfect :rolleyes:
Hi Maurizio,
Nope, missed out on the 3 hr move. Iām watching just the 30 min right now. Speaking of which, I went long USD/JPY at 110.34, got stopped out at 110.24. My first trade.
Now watching the doll go lower, looking for a bounce up.
Rgds,
Newboyo
Where was the step at 110.34 my friend?
between 0900 and 0930, the candle crossed. I was away from the pc at the beginning of the next candle, came back when the doll had moved down to 110.34, figured ļæ½āve got a better buying opportunity" and went long.
Mesa feel like Jar Jar Binks.
Hello,
Ofttimes, after a downward cross (or upward cross), the next candle reverses upwards (or downwards) i.e against the signal.
Sometimes, the price continues in the direction of the original signal, but after moving against my position (and stopping me out :(), at other times, the price reverses.
I have been watching the charts for the past few days and attach an example of some such fakeouts.
Any suggestions for avoiding the fakeouts - other than stop?
One quick question for ya maurizio.The cross doesnāt have to be on a candle correct?just allow the next candle after the cross to form right?
Hi mate, yes there is a better way, if you see the trade going against the cross, you have ONLY two options.
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Is to get out of the trade, personally i donāt do this immediately, as you say the fake out could be a double-fake out, so i find it best to wait a little bit by using option 2.
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Check your lower time frames. So if your trading on 30Min, check your 15 etcā¦
Let me give you an exampleā¦
You are trading on the Daily, you see an EMA Crossā¦ and the stochs/CCI indicate a move to the downside.
HOWEVER, you look down a timeframe to the 3-4Hr and discover that the stochs and CCI are indicatating a clear move to the UPSIDE!!
So ya daily is telling you down, your 3-4Hr is telling you up!
Now, what i do in this situtation is go with the 3-4Hrā¦why?..because i know the indications given by this timeframe are going to be āacted outā by the market quicker than would the daily.
Personally, i would keep a close eye on the trade, put my TP on the middle Bollinger Band line first, then once reached, i would trail my stop in the hope that it reaches the top Bollinger band lineā¦all the time watching its ctochs and CCI.eventually they will be topped out giving you a downside signal ā¦this would obviously then MATCH the Daily signal.
This particular trade i have just spoken about would have been a āfake outā because you would have had your EMA Cross on the daily, but it would have gone against the indicationā¦at least for a good few hours.
This what i mean by looking at your lower timeframes to determine if you should exit or stay inā¦all the information is there.
Just as an added bit of info for you, not sure if this helps at allā¦but when i am looking to ENTER a trade i work from the highest timeframe down to the lowest to guage my best entry point.
When i am already IN a trade i will go from the lowest TF to the heighest to guage how far my trade is gonna goā¦itās pretty simpleā¦if you are selling on the 5Min chart, you are aiming for price to hit the bottom b/band, if it does on the 5mins, look on the 15min, if that is hit, look on the 30mins etcā¦
Hope this helps mate.
P.s
Despite our best efforts you ARE going to have losers.
But being careful and reading the signals gives you a much better win/lose ratio.
Out of my last 19 trades i have had 4 losses.
Thatās pretty good no?
Errr, if you are using Oanda then yes it does have to be on the candle.
However, i know from past posts on here that some charting software doesnāt make this possible.
If this is the case with yourself, you would enter on the OPEN of the FIRST Candle AFTER the Emas have crossed.
Hope this helps.
am in need of information of wat currencys to trade in and what time to trade:rolleyes:
Then you arent nearly ready to trade. You need to do the hard work to learn the basics of this business
I still feel as a newbie but donāt ever remembering lossing my common sense as this guy has.No punt towards you my friend but look more into the basics before trying to get a system up and running!This will be the longest most interesting journey of your life.
Hm, I will try this system today and see what it gets me. Do you only recommend using it with X/JPY?
Iām gonna try it with 15, 30, and 1 hour charts, just do what you said by the ABC, if no big events are coming up. hope this works.
Thanks for sharing!