when i started work this morning i saw that the u/chf was in a very narrow range and that the spreads were back to almost normal at oanda. i figured there may be light volatility today. therefore, i would trade e/u only. also, i adjusted my TP to 10 plus the spread of .9, thus 10.9. you did very good eddie as you did pretty much what i did. i picked up the +10.9. right now i am giving very serious thought to ending for the day. while typing, i just entered the e/u short at 1.2895 and was exited shortly thereafter at another 10.9. we stand +21.8 on the day.
i may not write until i quit. i do not want to miss a trade while writiing.
it’s 9:30 am. it’s a monday morning, i am + 21.8 for the day and i am changing my goal for the day to the + 21.8. right now i just have a funny feeling about today. something funny could happen or i might just sit and watch nothing at all happen for the next hour and a half. so i am quitting for the day at the +21.8.
THINK ABOUT THIS, IF SOME ONE WOULD GUARANTEE YOU +21.8 PIPS A DAY, EVERYDAY, WOULD YOU TAKE IT? I WOULD, I CERTAINLY WOULD TAKE +21.8 EVERY SINGLE DAY AND BE VERY HAPPY DOING SO.
TODAY, I AM VERY HAPPY! +153.3 for the month, thus far!
Congratulations. I wish I hadn’t screwed up earlier or I’d be in the same boat as you! I’m waiting for a new opportunity. I’m going to correct my mistake from earlier and call it a day!
“THINK ABOUT THIS, IF SOME ONE WOULD GUARANTEE YOU +21.8 PIPS A DAY, EVERYDAY, WOULD YOU TAKE IT? I WOULD, I CERTAINLY WOULD TAKE +21.8 EVERY SINGLE DAY AND BE VERY HAPPY DOING SO.”
The danger with that for me is that if I set my target so low, then all it takes is one loss the next day to wipe out the entire previous day’s gains. The same happens to me if I’m as aggressive as you are as far as moving SL to BE as quickly as possible; trades that might have been profitable end up being BE, so then one real loss and I’m in the hole.
One question: If immediately after the cross, you put your buy or sell limit, and the limit is hit and the position opened – what do you do if the next 5min or thereafter crosses back to the other side? Do you just ride it out and trust the SL, or do you close your position and put a new order in in the other direction (in an attempt to cut losses and catch the new direction)?
i wait for the close of the five minute candle that crosses before i set a trade. now that gets a little tricky only if price closes right on the XXX5, or XXX0, or if it is moving fast. i have missed some trades because i refuse to chase. normally, price will not close exactly on the XXX5 or the XXX0 and i simply place my buy/sell order at the XXX5, or XXX0, above the high of the wick for long and below the low of the wick of the closing candle. this way i do have momentum moving in my direction when the trade is executed. now, i also honestly believe, but have no real proof, that price will usually continue moving in the proper direction once i enter the trade. the question is how far in my direction and that is why i move the s/l and try to get to break even when i am only +4, or as fast as possible. it can get frustrating depending on price action, BUT I TAKE VERY FEW TOTAL STOP LOSSES THIS WAY. yes, i am all about eliminating as much loss as possible as soon as i can.
i hope this philosophy is of worth it to all of you. these are the things that are more difficult putting into a written strategy. i am in a sort of comfort zone with what i do, and am trying to be as helpful as possible.
i only got on line now to see what i may have missed today. in retrospect, i missed a trade or two, however, i am never unhappy walking away with a profit.
one other point, i usually only trade between 8:00 am and 11:00 am. i would assume that this strategy may hold up at other times but i do not know for sure. the reason i trade at this time is because europe over laps with the US at this time which should provide the most activity. 7:30 am is around when i would be getting up anyway and this way i get my work done early and have the rest of my day to myself.
If you move your stop to BE once you reach 4 pips of profit, do you keep that as a trailing stop of 4 as the price continues to go your way? Or do you let the price “lead” a bit, maybe then setting a trailing stop of 10 once your profit is 10+? I know if I set a stop of 4 pips I would almost certainly never hit a 20 pip profit or probably even a 10.
Thanks for taking the time to share your system and trading philosophies with us.
i was thinking about sending this today at 11:11 am but an hour without a trade has caused me to finish for the day.
this may be a flaw with this system. i do not have a re-entry endeavor when price continues in one direction with the e/u. had i been trading the u/chf, where i expand the TP and S/L all would have only been better. i put it this way because, I AM NOT BEMOANING AN HOUR OF NO TRADING AND I AM CERTAINLY NOT BEMOANING +15 PIPS OF PROFIT. here’s the point, would i have liked more? yes, no doubt, but would i like less? no, emphatically!
the trades:
7:47 long 1.2720
7:57 exit 1.27325, hit target after coming very close to s/l twice
+12.5
8:35 long 1.2735
8:36 exit 1.2735, went to 39.4, thus BE. 0 +12.5
8:40 short 1.2725
8:43 exit 1.2735, should not have bragged about this yesterday -10
8:45 order entered
8:47 long 1.2750
8:48 exit 1.2750, had been to 56, thus BE. 0 +2.5
on days like today, you really earn your money.
9:10 order entered
9:11 short 1.2725
9:20 exit 1.27125 +12.5 +15
Hi Bernie! In my quest to achieve similar results I’m trying to see where and what you did. I’m using Oanda too, but don’t see the numbers you have.
The 7.45 candle just barely closed on the EMA and had a high of 1.27176, so wouldn’t that mean an entry of 1.27180? The next candle more clearly closed above the EMA, but had a high of 1.27291, so that would mean an entry of 1.27295. Did you use the first candle and just round higher to get 1.2720?
Likewise, my 8.30 candle had a high of 1.27367, so the entry should have been 1.27370. I’m not sure how what made you enter at 1.27370.
Are our charts differing or are you not sticking to your entry rule?
i was going over what you sent and i have identified two areas that could have created confusion. first, i do not trade off of the pippettes. thus, i went long at 1.2720, at 7:47. now, on my TP, i do use the pippettes, thus the exit at 1.27325. i hope this is now cleared up. NOW, FOR THE SECOND ONE. THIS ONE IS ALL ON ME. I WAS PLAYING AROUND WITH DIFFERENT EMA’S ABOUT A WEEK AGO INCLUDING A 9 ema and a STOCHASTIC. I BELIEVE INADVERTANTLY I HIT THE “SAVE CURRENT PROFILE.” I REALLY DO NOT REMEMBER DOING THAT BUT MUST HAVE BECAUSE IF YOU DO NOT HIT THAT WHEN YOU TURN OANDA OFF EVERYTHING REVERTS BACK TO HOW IT WAS WHEN YOU LOGGED ON. on the 7:47 trade it would have made a difference on your entry, however, off of the 10 ema, your entry should have been at 1.2730, if so, you would have hit the TP of 1.27425, for the +12.5.
SECONDLY, I MADE A MISTAKE. MY ENTRANCE SHOULD HAVE BEEN OFF OF THE 1.2737 HIGH, THUS 1.2740. I WOULD HAVE HAD TO WAIT OUT A RED CANDLE BEFORE BEING FILLED ON THE CANDLE THAT ENDED AT 8:40 AM. THAT WOULD HAVE PRODUCED A TP AT THE +12.5, AND I MAY HAVE QUIT FOR THE DAY.
THANK YOU FOR YOUR EFFORTS. I HONESTLY DO NOT KNOW WHAT I DID AND ESPECIALLY NOW BECAUSE MY MISTAKE ACTUALLY COST ME A WINNING TRADE. NOW, THIS IS SOMETHING THAT I CAN GET UPSET ABOUT. MY POSITIVE DAY COULD HAVE BEEN BETTER, IT WASN’T BECAUSE I AM HUMAN, THUS CABABLE OF MAKING MISTAKES. I WILL RESOLVE IT BY THE STANDARD CLICHE, “THAT’S TRADING,” but it doesn’t make me feel any better.
good job! maybe we should take a look at the 9 ema, though i thought i changed back because, most of the time i didn’t see where it mattered.
I have read all of the posts on this system in the past 30 min or so. Very interesting stuff, kudos to you. However, I am still somewhat confused on your system. I am very excited to try it but need some insight on the setup. Being relatively new to forex (started about 2 mo. ago), I may not be very familiar with the typical forex lingo. Would you be so kind as to explain your system again in somewhat layman’s terms? For instance, I was somewhat confused with “if the high was 1-2-3-4, set buy stop at 5; 5-6-7-8-9, set buy stop at 10; set 50 tp, 25 s/l…”
Congratulations on your success and I look forward to hearing from you soon!
ok, the TP = total profit, S/L = stop loss. on oanda you can have these pre-set so that once your trade is executed a red horizontal line, for s/l, and a green horizontal line for tp comes on your screen. you can move either of these horizontal lines but i normally only move the s/l into the tp. now, for the u/chf, i use the tp of 50 and a s/l of 25. for the e/u i use a tp of 12.5 and a s/l of 10.
now let’s revisit entry as this is the major emphasis of the strategy. let’s say that the e/u closes at 1.2750, but the wick on that candle hit a high of 1.2751, or 1.2752, or 1.2753, or 1.2754, THEN YOUR ENTREANCE WOULD BE PLACED AT 1.2755. like wise a high of 1.2756-59, YOUR TRADE WOULD BE PLACED TO ENTER AT 1.2760. ALL ENTRIES ARE AT xxxxx5, OR xxxxx0.
i hope this eliminates your confusion.
normally, i do not trade at this time, however, something woke me up today and i couldn’t fall back asleep immediately so i decided to turn on the computer. i have never really used my system at other times. i thought i would try it out. thus:
4:47 short e/u at 1.2545
4:49 exit at 1.25335 +12.5
the system worked on this one trade, i am ahead for the day, and will go back to sleep now.
i have an obligation today, so i am quitting for the day. from my previous post you will see that i put off a trade during something other than my normal trading time. it was a profitable trade and hit my TP.
today’s regularly scheduled trades.
9:01 short 1.2525
9:04 exit 1.25125, hit TP +12.5
9:36 long 1.2525
9:40 exit 1.2525, BE, had been to 1.2531
10:05 short 1.2510
10:06 exit 1.2510, BE, had been to almost 1.2501, and i wanted to
move my S/L lower to capture a couple of extra
pips, but it moved faster than i could.
+25 for the day is fine with me.
+193.3 for the month of november is even finer with me!
hey gojilover, thank you so much for posting this material. i hope you can still keep us updated on your trades.
anyway, i have a few newbie questions for you (i am just getting started in forex).
basically, the way i have been trading lately is to buy 2 lots (so every pip is a $20.00 gain) and kind of scraping pips here and there. i can make up to a $1000 gain in one day. the only problem with this technique is, if i make the wrong decision to go long or short when scalping the pips, i can lose my entire days gain (and then some.)
WHICH LEADS ME to trying out your system:
you say to use a 10 ema. do you have any experience in metatrader 4? if so, how do i get the ema to come up? right now they have an indicator of moving averages (but i am not sure if that is the EMA or SMA).
you say to make your entry point after rounding up to the 5 or 0, depending on where the previous candle closed at. do you calculate your entry point on the previous candle once it has broken out of the ema ?
how do you know where to go long or short?
thanks again, and sorry if these questions have been already answered/obvious
hey guys i was a newbie once and i wish some one would have taken some time with me. i discovered my little system through much trail and error. in fact, i am very surprised that it works as well as it is for me.
the reason i take the time to write out my trades is so that you can assimilate them. i know some of you are doing this because just the other day, one of you brought a mistake i had mad to my attention. to my consternation, it cost me a winning trade. some of you newbies should find the trades i have made and spend some time getting an understanding of how that trade unfolded. i think this will help you.
to answer your questions:
sorry, i have no experience with meta trader. some one else may be able to help you.
i am not totally sure what you are asking. if a five minute candle crosses the 10 ema, be it up or down, you round up from the high of the candle for a long, and you round down from the low of that candle for a short.
i think that should have been answered by number 2.
i hope this helps you. now, concerning your exposure to large losses, go back and pay attention to what i do with my stop losses. for instance, today, i had two positive trades that produced 12.5 pips per trade. my other two trades were break evens because of the way i move my stop loss. this is important, i would rather have numerous break even trades, than one losing trade. thus, once in a trade, i am constantly looking to move the S/L in my favor, narrowing the distance between the TP and S/L. even though it has cost me some profit, the automatic rule of thumb on the e/u is, when i am +4, I MOVE TO BREAK EVEN.
now, if i understand you correctly, my action today would have produced a profit of $500 for you with fairly low anxiety. please go back through my threads and see how many full losses i have taken, whether that be 25 for the u/chf or 10 on the e/u. i had one yesterday on the e/u, but i know there are not many.
thanks for your timely reply. regarding my question 2 and 3, basically lets say the candle closes above the 10 ema. you do your rounding, and initiate a long position, correct? same for the opposite; if it closes below the 10 ema, do your rounding, and initiate a short position. is this correct?
