I came a cross two indicators that looks good together, for me at least.I decided to share it now so all the traders can try it and guide me/us in the right direction to make the most of it. It gave me good entry signals but i don’t know when to exit so I had to use trailing stop on it. What I’m trying to say is it still need work done on it,why not do it here so that we all benefit pleas take a look at it and give Me your feed back.
for me to enter a long position blue ma have to cross over red ma, macd have to change from negative to positive, ssl channel have to trend up yellow over red. for a short position do the posit.
I took my first trade tonight on the 1min chart EU. it reversed i got into a long position, i got 2 pips profit but soon after i got out it moved another 14 pips. so from now on ill aim for 5 pips when I’m scalping …
I also threw in awesome oscillator.
one more thing, to go long the MA has to be below the macd the further down the better the trade will be, and it eliminates more fakes .
Hi, that sound like a good idea to me
mastergunnergunner99 suggested that i through in an RSI and exit at the break. i also use Daily pivot points.
althoug im using micro lots, at least its a live account
Just an update.
I am long on GBPJPY and USDJPY
Total pips +135 at this moment. I anticipate more but… when I get in trades I protect profit.
So right now I am protecting +50 pips Total. I am letting price do what it wants to.
At worse I have +50 pips from both trades. At best… +400 or +700 who knows LOL.
Of course as price moves in my favor I will move the mental stop… I don’t use real stops
I use an indicator by were I draw a horizontal line. If price reached that line I get a cell phone call. Then from any computer connected to the internet I can access my home computer and make the changes I need.
I’ll try to post ASAP. I ended the last pair of trades with +80 pips or something like that. I have already done a couple more. I think I will have accumulated like 300 pips for today.
I think. It just that I make alot of trades and since I am not in front of the PC that much I don’t really log them. I just make and close entries I see PRICE ACTION. Your combination is working as well. Let me go back and show you how I used one of the indicators ( I didn’t use the MACD). In combination with PRICE ACTION. I think you will find it interesting.
For now… check this out. This is a video I made where I use PRICE ACTION and one of the variables of my indicator. I am trying to show folks that after a while you don;t need indicators, just one should do and your good ole EYES.
This is just one method that I use. My indicator is adaptable to market conditions and it can be used in conjunction with any other method. But eventually you don;t need it, call it training wheels LOL.
OH press teh paus button. I didn’t use a mic so I used text and it comes by real fast, so pause it so u can read what I am typeing
Good one. See that wick at the bottom a couple of candle before your entry?
That would be my stoploss level. Now if price would of turned down and hit that level I would close the trade and go short. But for that you need my indi. My indi would then tell you right off the bat if that was possible. This is what gives you more confidence when entering a trade. You know that there is a very good probabily that any loss you incurre is small and that it will be regained right there and then.
Case in point.
I was messing with GBPJPY this morming on the 1min chart (experimenting) and I entered short. My mental stop loss was -22. Price went up -22. I closed the trade., my indi was screaming LONG. I opened a new trade LONG.
then proceeded to end up wth +80 pips.
Here’s my entry that I mentioned earlier.
I made these trade at 6am PST (GMT -8)
EDIT: This is a real trade not demo :). Demo trade is good for getting use to the metatrade interface but not necessarily for live trading. I always recommend folks to start a real live account but with small amounts. Say $25 dollars and .10/pip. This way you get the real feel when u are practicing.
I just want to illustrate one with my approach and how your indi can help when I combine it with my method.
My indicator is called xm7 gravity. If you are interested I can add you to me beta tester list and give u the details etc. It is not an intuitive indicator. It is very different in the way it is used. For example you do not use the end result as much as u use the input to the equations. The inputs tell you alot of stuff before it happens. In reality they are high probably guesses LOL.
Here check out these images:
And then with your indi… see how much better the entry would be?
BTW if interested I am long with USDCHF Just observe and lets see how far it goes. My obervation is that it is at a possible turning point. Last nite I milked the sucker for 280 pips shorts LOL. Lets see what happens
You have a good chance of getting a decent trend down
I would of entered around 1.2706, that’s where I started to see the fall.
But lets see what happens. I placed a Sell Limit at 1.2688 and I will have a mental stop loss of -23 pips. I espect price to retrace a little and then go down. Here we go.
you have a nice entry on the USDCHF, i wish i caught that one, i see you are up 30+ at this moment. I did exit my EU shot, i don’t think its going any where today, I might get in again Sunday.
thanks for the demonstration, but on my system I still don’t know the best exit signal. and i will be testing it on higher TF starting next week.
Thanks allot for your help
Jad
This is what I generally do for exits. Especially on long runs. Scalps well I see +5 I GET it. I see +3 I get it. I see… etc etc
Anyhow this is my approach for long term trades.
Once I am in profit. I protect 1/3 of the trade.
Like right now, as you said I am in +30 pips. So I have a mental stop (actually a horizontal line alert). at +10 pips. If it hits then I am out with +10 pips. But if it doesn’t (No cellphone call LOL) then there is a potential for GOOD pips. How much I don’t know. As the trade moves in my favor I continue to move my mental stop (horizontal line alert) up. Always protecting 1/3 of the total.
So think about it. I either get +10 or whoknows howmuch more. I am in a position of profit :). Besides I am using $80/pip so LOL whatever is good LOL. Remember this is a real trade
That’s my approach to exits.
Since I am “practicing” I will leave this one over the weekend.
Looks like EURUSD is going to fill my order lets see how that short plays out.
Short EURUSD limit sell order was hit @ 1.2679 Currently at +36 pips. Have a mental stop at +12 pips.
USDCHF LONG is at +75, mental stop at +30 pips
Total position is +115 pips. Minimum profit +52pips.
If my mental stops do not get hit I will leave it over the weekend.
Lets see how it goes.
PS for anyone new reading this. When I say mental stop I am really referring to a horizontal line alert. This is an indicator that will send me a text message if price gets near the line I drew. I do not place stops with the broker. There is no need for them or anyone to know where I plan to exit :).
pleas take a look at it and give Me your feed back.
