Another thought (in defense of the ‘change of game plan’):
Remember also - that there are MANY traders looking at the 50 EMA and 200 EMA - I do know this - I see and hear about it ALL day EVERY day on Bloomberg and CNBC.
Why does this mean anything?
Simple: if ‘da big boyz’ start selling off when the price closes below the 50 EMA what do you think is going to happen to the price??? Same if they start buying when the price closes above the 50 EMA!!!
It becomes ‘a self fulfilling prophecy’ does it not??? Same as Fibonacci levels!!!
By the way - once again - we’re at the ‘commdoll’ phase i.e. it does not make sense to be long AUD/CAD and short Gold and Oil (well - OK - MAYBE on THIS pair it should make no difference if BOTH Gold and Oil are on their way down - but it would make HUGE difference if it were AUD/USD for example).
i just checked my platform right now from yesterday night and guess what happened??? i am in profit for all the postions i am having remmember last friday after the news had been released. this is what i am having now.
Well Dale i looked at the SMA & EMA i couldn’t find that much of difference between then i don’t know why u say EMA is better.
Ok to be honest i took a postion last night based on your new rules and guess what??? 80 pips!!! YES PROFIT MY FRIEND!!! IT IS GBP/CHF
Let me tell u somthing to enter the trade why can’t u apply the EMA or SMA on the entry for any trade meaning if the candel closed below the EMA’S then i will go short if the PSAR IS SHOWING DOWN TREND
and i will go long if the candel closed was above the EMA and my PSAR is going up trend.
Ok Dale as i said before we r like boxers but i think by this syestem u MOVE LIKE A BATTEFLAY STING LIKE A BEE U CAN’T PROTECT WHAT U CAN’T SEE!!!
MAN IT IS SHOWING NOW 97 PIPS!! and i am openeing another long postion now GBP/USD 1 hour so let us see what will happen!!
Because the previous candle CLOSED above the 50 EMA (or SMA).
Actually - this is VERY important - and it’s where this system will either ‘make or break you’:
It’s the previous CLOSE that’s important.
On GBP/USD I can, unfortuanately, see disaster coming on the 1 hour chart (maybe) but - you’ll eventually get the ‘hang of it’ and settle on a timeframe that gives you the best results. My ‘money’ right now is on the 4 hour and the daily - depending on the pair - the 1 hour seems to be a bit of a ‘bit*h’ to maintain i.e. false signals galore.
Well i went on long coz the candel closed abaove the EMA line but i think i will not do this again coz the PSAR show in an opposite trend it is above the candels means it is showing down trend while the EMA shows up trend let us see i will not close it till i see how the market will reacts coz i am having loss now on this pair 9 pips
I use https://fxtrade.oanda.com/ …easy to transfer money using paypal. My Oanda account is in USD dollars, so i send USD dollars, not the Euro using paypal too. They wanted TWO ID-cards(i used driver license and id-card) and one random utility bill which showed my address, i scanned those and send them via email as the instructions tells when registering. Registering doesnt cost a dime. I have nothing bad to say about oanda for the few weeks i have had this live account.
I recommend you to try and register for their fxdemo account first.
I like their client, its java based but its suprisingly fast on my linux desktop
Oh and btw, my live account is HUGE, i mean HUGE in capital!
Its was initially 96 dollars, now its 110 dollars, 14% gain of capital is not bad for one week of profits
Hey Dale, how do you calculate how much of the capital you put per trade, and how much you have free margin of total margin used? I dont want to go pear shaped and run out of margin.
Using what ever leverage is ok imho as long as the % used per trade is “safe” …whats your percent ?
I know i should have only 1% per trade but using my 100$ account lol its too tiny already, so i have “risked” about 10$ margin per trade. I have now 4 trades running eating 40$ margin, and margin awailable 60$.
Its can be risky if many trades goes pear shaped same time…
Everybody, whats your “safe” ammount per trade, opinions please.
Hey - johto - are you just ignoring my previous post about Tarja???
Anyway - one more ‘refinement’ to our ‘new’ system (for those ‘idiots’ like me who actually CHOOSE to trade the ‘exotics’ with like a ‘gazillion pip spread)’:
Check the direction of the following according to our ‘new’ rules:
USD/???
GBP/???
EUR/???
AUD/???
NZD/???
and then only take positions in the same direction on the ‘exotics’ e.g. if you’re supposed to be short GBP/USD then you only take short positions on things like GBP/NOK and GBP/RON - not so???
Kiitos Johto,
Thanx for the info, I already use Oanda’s Demo account it is good enough, but I do not like our main indicator (PSAR) there and the way it works, it is not very accurate, I always use to confirm valid trades on MT4 and then go to open position in Oanda, this is what I am practicing at the moment and this is what I will probable do when I open live account.
Actually - I’m also starting to notice something else here:
Remember that ‘da big boyz’ will look at the close on the daily charts - not the shorter timeframes.
SO:
MAYBE - if you’re going to trade the shorter timeframes i.e. anything shorter than the daily timeframe - you should only take positions in the same direction on the shorter timeframe as the daily. Just a thought.
The reason I’m saying this at the moment is because GBP/NOK is showing me the ‘thumbs down’ and is in a loss and, on the daily timeframe, the price has NOT done a proper reversal yet i.e. the price is still well below the 50 EMA on the daily timeframe.
Dale that is why i want to stick with the PSAR as a trend to be use as a confirmation with the SMA’S or EMA’S.
Coz u know there is no point to enter a trade for going short while the PSAR is showing UPTREND.
Another thought 1 hour is not really good u get lost of false signails. I don’t know i applyed it on 2 pairs and it seems not working like when u do in biggier time frame.
Last week was a bad week for me but my trades right now look good.
Open Positions
XAG/USD short +550 pips
XAU/USD Short +397 pips
USD/JPY Long +63 pips
USD/JPY Long +63 pips
USD/JPY Long +76 pips
EUR/USD Short +8 pips
EUR/USD short +76 pips
EUR/USD short +66 pips
EUR/USD Short +3 pips
EUR/USD short +69 pips
EUR/USD Short +69 pips
EUR/DKK Short -5 pips
EUR/GBP Short +26 pips
EUR/GBP Short +15 pips
GBP/CHF Long +100 pips
USD/NOK Long +352 pips
EUR/AUD short +34 pips
EUR/GBP Short +23 pips
GBP/JPY Long -22pips
Still pippin the PSAR with the indicators. I’m even losing track of what exactly I’m doing. I really dont credit myself with any great skills at this, so it’s just fortuituous that it looks so good now, plus your guidance all.
I made some heavy losses last week with my erratic late entries and early bailing out. Dale I actually hedged a long position in gold that stopped out on me.
The present positions remind me of Friday morning. Should I take profit and run?
I have started to set stoplosses at the 50EMA. Once I pass breakeven I will shift to the PSAR. Otherwise I use the 3 hour PSAR for stoploss.
It’s proving quite a mental and time management feat to keep up with the revisions on a forum like this. But if you started an independent site, even a free blog like mine forexology then we could update the system rules in organised links. Hey when you’re done you could sell the site to a pippin school or something.
