I do agree here, we did kind of over complicate things and the rule of forex is KISS ( KEEP IT SIMPLE STUPID!!) so the original system seems fit, the only thing I would add is the 200 EMA for trend confirmation and dynamic major support and resistance level.
Snipes maybe we should try like 75 pip set SL and 150 pip set TP then each win equals out to at least 2 losses? Ill try to test that and see the results.
So you plan to set and forget your trades rather than monitor your S/L?
yes and no, I am going to place the trade and forget about it, but I will be watching red flag news to be in or out of a trade, and also would wait until I’m about 50 or so pips in profit than id put SL at breakeven and forget about the trade if it hits tp or if it hits BE
[QUOTE=“chiniebwoy;729288”] Hi Snipes, Was the use of the 2 LWMA as a part of the system bringing you losses? I understand that for you it’s now just the cross of the 1 and 4 LWMA but it seems that you take a trade if there’s barely a cross. For example on the GBPJPY I’m not seeing why you would have taken that trade as the LWMA are flat and on top of each other. Thanks. David[/QUOTE]
Hi David
Not really, it just filtered more trades and would make me enter sometimes too late.
When I took the GBPJPY there was a cross. Ps made 10 pips on it.
[QUOTE=“jayboii478;729315”]I do agree here, we did kind of over complicate things and the rule of forex is KISS ( KEEP IT SIMPLE STUPID!!) so the original system seems fit, the only thing I would add is the 200 EMA for trend confirmation and dynamic major support and resistance level. Snipes maybe we should try like 75 pip set SL and 150 pip set TP then each win equals out to at least 2 losses? Ill try to test that and see the results.[/QUOTE]
Hi Jay
Yes love the 200 too and when close to it is where trouble starts.
Will give that a try this week. My view is just that the notion of that MM makes one focus on those so much that you could leave many pips on the table, eg you can be 130 in green but you waiting for the TP and the price reverses and you get stopped out. In theory the Risk Reward ratio makes sense but in practice it is something else. Unless you have a 100% system. My view though. So with the percentage of balance exposure and then changing lots sizes as your balance changes makes a bit more sense to me.
There is very very few trades with this that just goes red and stops out, thus adding the pips regardless of target has proven better for me at least.
[QUOTE=“jayboii478;729621”] yes and no, I am going to place the trade and forget about it, but I will be watching red flag news to be in or out of a trade, and also would wait until I’m about 50 or so pips in profit than id put SL at breakeven and forget about the trade if it hits tp or if it hits BE[/QUOTE]
Think a trail stop 50 might be good also.
Makes sense Snipes, yes MM is very big. I try to never go less than 2:1 risk reward. If you have a poor MM they you are bound to fail in the life of forex!
A 50 pip trailing stop does sound better than BE too, good idea!
[QUOTE=“jayboii478;729735”]Makes sense Snipes, yes MM is very big. I try to never go less than 2:1 risk reward. If you have a poor MM they you are bound to fail in the life of forex! A 50 pip trailing stop does sound better than BE too, good idea![/QUOTE]
Will try again from tomorrow. Dont have my laptop nearby
Hi all
How is it going? Had some death in the family and been out of sorts…
Hey Snipes, very sorry to hear that, my prayers are with you!
I have been in the process of moving, so I haven’t been around much, but settled now. I was thinking over that period of time, adding a fundamental analysis to the system can prove very powerful. For example on the NZDUSD on November 3rd, we had a crossover, and fundamentally the USD was getting strong, so entering that trade would prove strong, and currently 230+ pips of profit, which is huge for the NZDUSD. Same for the USDSGD, November 5th USD was still strong, and got the crossover, its up 175+ pips. Also by doing the fundamental analysis, it will help you gain courage to stay in the trades longer, and have a better idea when to get out if you’re in for the long haul. Also will help minimize losses, because you have a idea of how that currency is doing compared to the other. They all say that fundamentals are what a pro trader haha.
Here image with indicators that may be useful:
Sonic SHI Channel MTF
Buy-Sell_Alerts
Zig Zag
Original SS_SupportResistance_v04c mod
T3 RSI
soportes y resistencias
They are all on the Internet. Search with Google
Buy sell alert put TF in 1440 risk 5
Forgive my English is not my language (bing translator)
Test and luck.
Hi Manu, are the yellow and blue indicators the buy sell alerts? And how are these indicators working for you at the moment?
Indicators announce a change of trend. Use them to close the position if the other indicators do not accompany. It is a zig-zag with audible alert. If the candle goes against then changes color. It is an indicator that repainted but is effective in 80%.
Forgive me for asking but I kinda confused with how this works, when do we sell and when do we buy? How do we take note of the indicators?
Foto i think he is saying that we should use them with the 1 and 4 cross, but use the indicators he’s mentioning as a exit tool for TP and SL. Because when the trend changes to exit the trade. I think lol, but you could use them for entry too.
Also GBP has been strong lately, so i took a long on gbpaud when the cross over happened, got 100 pips
Gbpcad is up 200 pips both longs
U tried his indicators alr jay?
Correct. So it is. For tickets, better if it coincides with the arrow of unicross
I have not, I’m just using 1 and 4 crossover and the 200 EMA, with some fundamental analysis. So far so good.
Thanks Jay.
there was some big gaps when market opened… still need to learn and understand why that happens. Good thing I didn’t do anything. I had my eye on CHF/JPY. seems all went opposite to close the gap.