is anyone interested in daily chating during london session? i am using ema step for around 2 months now, but i have still a lot to learn, so i would love to have someone to exchange views and ideas, no matter the experience level.
“No matter what I try I can’t get the file for the Ebook to open? Are there any text files or PDFs for this Ebook or can someone point me to the a link that doesn’t require a special file converter? I even subscribed to the file sharing site but still no luck”
Hi,
I got curious about this thread and so I started to read it and then started to analyse the real trading market today during trading.
My guess if I had traded as per the system with my understanding, it would have been atleast 80-100 pips today.
At present I’m going by RTFX trading leads and trading on OANDA. But plan to start using the system from today, will log back the results after a few trades.
I am not doing very well with it on an FXCM MT4 acct. However, I am making mistakes & haven’t dialed my money management in all the way either. Using hindsight I would have been profitable.
Another part of the problem is I don’t like the cross pairs. At least on FXCM, I had like a 7 pip spread on the g/y. I am trying to watch too many screens - 6 currencies w/2 systems each. Again, hindsight is showing a lot of missed opportunities.
I am considering sticking to maybe 2 pairs with both systems until I can do them in my sleep & then expand.
I would be interested in a chat via skype or yahoo with anyone who wants to trade this together i live in colorado but can make just about any trading session.
Also, why the 30m? Obviously it’s your account, however I am a believer in not reinventing the wheel. Protocol is to trade the 5m & timeshare to the next chart… unless I completely missed that concept.
I am betting if you go back through your trades & look where you entered a trade on the 30 you could have entered it on the 15 & 5 sooner using the same system.
I do have 2 major questions… & I am sorry if it has been answered… I am not reading this whole thread.
As I type this I am short yen per the protocol on the 5m chart. I entered at 2020 London time. it has been flat for th 45m since I entered. This is my 1st question…
I entered the candle after the cross… however looking back the candle I went short on was a bull candle & caused the cross to cross back on the original candle making a “v” instead of a cross. ??? how do I avoid this or what do I do now that I am short? I set a stop at the previous high & have 3 open positions to scale out & timeshare if the opp presents itself.
question 2 is… does the cross have to physically appear in the body of the candle? often i get a cross that is on the wick or even slightly to the side & occasionally above or below the candle… is this a valid entry?
thanks
update… my position is starting to break down. but i missed my 1st TP typing
G1776,
Have you been able to download the “EMA STEP SYSTEM” ebook? The method in the ebook is a bit different updated and more recent then the earlier posts at the beginning of the thread. It’s suggested that you wait and enter on the open of the first candle after the “Cross Candle”. It’s been my experience that the cross on the 5m chart is really hard to trade and would suggest looking at the 30m and 1h charts.
IMO one of the best part of the STEP SYSTEM in not the EMA cross or the bbands, but learning from the interaction between the higher down to lower time frames,[I] as per Alexander Elders, “the tide” “the waves” and “the ripples”[/I].
yea I had no problem with the book… i didn’t get it from the 1st link or what ever in the thread… probably more in the middle or so someone posted a link, if i remember right, was not clickable… i had to type it in my browser manually & it took me right to it.
i understand the entry is after the “cross” candle & not on it. however i have experienced having a valid cross candle then taking a position on the next candle & after the entry candle moves toward the stop & closes the original “cross candle” is now a “v” candle. i will post a pick of 1 of my charts if you need.
should i keep it here or open a new thread if i do?
as far as the higher charts… i have noticed that the 5m is a bit choppy & maybe not great for this… however the flowcharts & protocol in the book say to start there… so i am i am not a believer in fixing what is not broke… but i am a believer in modifications. so if a lot of people using this system are having larger gains by starting on the 15 then i will lemming along.
That happens… lots of time you’ll have a good bear cross candle, the next candle aka “the entry candle” will reverse, retrace and turn into a bull candle.
Hopefully it will slowly start to move back bearish, be careful, until you have a second candle that closes on the same side as the “cross candle” be ready to question and close out the trade.
Try this… watch your 5m chart and use the cross candle on the 5m chart as a [B]“lets get packed and ready”[/B] signal for the 15m cross.
As you notice looked up this system and will load it on a chart and then watch it a few days. As explained to you, I scalp on the M1 and love RENKO charts, but always interested in checking out what gets other traders already enthusiastic.
Have the ebook downloaded, should not give any problems.
I can`t remember that the book says you should use the TF5. It is clearly stated that you should start with the D1 and go to lower TFs and stop at the first one with trend and volatility. Then trade that TF until you try to step up - if a trend has developed on the next higher. Otherwise get out.
Hi m8. quick question, what is the system by james you mention? where can I find it?
“I am pretty new to this, but so far i have found just two systems that work for ME.
The first one i use is the EUR/USD 45 pips a day system that was posted by James. I haven’t ever actually got 45 pips from this system, but 20-30 is common…i trade $4 pips currently, so it adds up to about $2K a month…I owe James a ty for that”
not seeing the forest through the trees… as i researched where in the book it said to use smaller TFs i also saw where you were correct & i failed at keeping that rule as well.
the flow chart at the end describes exactly what you say… & under a trending market says to move to a smaller, 5-15m TF after determining the main trend.
it also says to trade in the direction of the trend… i haven’t given up this system, but put it aside this past week, so my memory is a bit off… but i think i was trying to trade every reversal & retracement i saw… which obviously would contribute to more losses.