CatFx50 - page 415
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hi npj what i mean late in session if i get a signal at close of 1700 candle i dont take them with 1 hour to go usually volitily begin to die down and in forex trading you need it to win now jahabash conserning price being near 200 ema you are right on 30 minute chart thats why you look at higher tf for the 200 ema where ther was plenty of room when price closed it closed below 50 and 100 on 30 time frame that a double trenline break in my book i use pivot points and mm levels for targets to exitnever worry about leaving profits on table as long as you take some off the table
Harold,
You are correct sir. One of my biggest faults is getting "tunnel vision" and forgetting to look at the bigger time frames. Had I done so, I wouldn't have doubted the sell/buy that we saw on the majors today.
I've seen a few of your posts and really appreciate what you've contributed. Any advice in regards to an exit strategy? I'd really like to turn this into a "system" and remove emotions from the process.
use pivot levels for you profit targets i personally look to get 20 pipa per trade unless it flys by my 20 i look to exit at next bus stop or pivot level
EMA's
hi npj what i mean late in session if i get a signal at close of 1700 candle i dont take them with 1 hour to go usually volitily begin to die down and in forex trading you need it to win now jahabash conserning price being near 200 ema you are right on 30 minute chart thats why you look at higher tf for the 200 ema where ther was plenty of room when price closed it closed below 50 and 100 on 30 time frame that a double trenline break in my book i use pivot points and mm levels for targets to exitnever worry about leaving profits on table as long as you take some off the table
Hi Harold,
I'm not sure I understand how to interprete EMAs from TF to TF. If you plot 50, 120 and 200 EMAs on say 30, 1hr and 4 hr charts each EMA will reflect a different price level based on the number of periods it is using to calculate the EMA. For example 200EMA is 200 time periods on a 30 minute chart or 100 hrs worth of price data, whereas 200 time periods on the 1 hr chart is 200hrs of price data. So if price is close to 200EMA on 30 min TF and it's considered a support/resistance level then you say look at 200EMA on the 1 hr chart. I'm not sure how you interprete and use this information to make a decision to trade or not to trade? I'm sorry if this seems like a basic question, but I just don't get whcih EMA is more improtant in my trading decision the 30 min 200EMA or the 1hr 200EMA? If 200EMA on 30 minute chart is considered a support/resistance level why would I ignore that and look at the 200EMA on the 1hr chart? This confuses me.
Cheers,
Dave
Hi jhabash,
A very simple way to exit a trade is to use Awsome Osocillator by exiting simply when it turns colour. You can use it in any time frame and make good profits. It works differently on the different time frames eg on 5min you scalp on higher tf you would be left in for more profits. But as Harold points out exiting is highly discretionary with catfx ie s/r etc.
This is only a personal strategy and am not recommending it for catfx50 as we need to keep this system simple. SIMPLER THE BETTER.
Hi dellan, Nina is HE not SHE
Well Kaylaw, I'm pretty sure Nina is a female cat. Look at her picture, doesn't she look regal? Nina's owner is a guy, though.
moneyline
See what is developping - consolidations as flags on all pairs (left to rigth eurusd, usdchf, gbpusd)
We will see what is happing the next hour when european market starts up. Will they hold or will they be broken?
mibl
all of level 1 was riskier because they had 20+pips in one candle
Hi dellan,
what you reply is the "standard rule of catfx". Regarding this you're right.
But try to look a little over the border of the system. What I tried to suggest on is not to trade blindly on the system only because of the system says it.
Try to use additional information. When a movement did already 170 pips in the 2 to 2 1/2 hours before the signal occurs (like in cable yesterday), you should weigh up very well if you will enter this trade in the same direction. After such a movement the probability of a shortterm correction of this sharp move is very high. Nevertheless it could be that the movement will bring another 50 pips, you'll never know it in advance.
=> But look back on the charts. How often does this happen?
You can win with catfx because it adapts to the market. But the market will not behave only after the rules of catfx.
All.
I've been following this thread for a while and I'd like to add some thoughts. I've done well a few times taking signals and the one thing I've done way too many times is leaving profits on the table and not taking signals due to them coming in too close to either the 120 day to 200 day ema and all I can say from experience is take the signals the system gives. Today was a perfect example where I didn't take profits where I should have, and not taking signals where they come in.
....Hi jhabash,
you stuck in the same hole as a lot of new traders - at what signals should I look, at what indicators, at what marks, at what news, how is the weather today
..... There is a huge amount of side signals you could watch at.
A successful trader said once to me: "If you want to find a reason why you should not enter a trade/signal, you'll find one!"
To decide at what signals should I look at and at what time - this is the biggest challenge of trading. That is no guaranty to be on the right side for every trade, but on the long run this is the only chance to survive forex. Feeling the market.
I know this may not be an answer you want to hear. Because it is full of discretion. Look at my post to dellan who said to me that all level 1 trades yesterday were risky because of a static rule of catfx. That was not what I was trying to say in my recap posting yesterday. There are other conditions we should look at - but it is very difficult to decide when to hear at it and when not - but remember: Trading is a (expensive) game with probabilities. We never know what will happen in future but we do that what gives us the best probability to win.
"If you want to find a reason why you should not enter a trade/signal, you'll find one!"
mibl
mibl
Here is the CET Forex news for today:
moneyline
CatFX50 set up - back to basics
Hello.
I have some trading experience but am starting from scratch with FX & Metatrader.
I am struggling trying to set up indicators required for CatFX50 i.e. Hist_Step_MA_Stoch_KV1_02 and Invereind with EMA50(optional) - don't know where to find them let alone set them up!!!
This appears to be a very successful system which is just what I'm looking for at this time.
Any suggestions or advice will be appreciated.
Thanks in advance.
KJB