Pimpology Lives On - Intensive Care for Newbies - page 19
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Posts
Does anyone know how many posts you must have done before getting the right to ad attachments o this forum???
Erik
New to Forex
Hi Guys,
Iam new here and one thing i don't understand is the MA and the ema's. Please can someone give me a clear picture when to take a trade. Possible mark the indicators on the chart and also give step by step rules as to when to enter a trade. I know some of you guys get it but guys like us struggle to understand. Can you also please give us Zak's template with all the indicators. This may be a good start. Love this thread please keep up the good work. thanks.
MA Crossover Indicator
Silly me, I forgot to attach the indicator. And one more thing about the MA Crossing indi is that it works as your exit signal too! It works well for entering trade in M5 timeframe.
After your entry, switch to higher timeframe chart. IF RIGHT AFTER you enter, then an overlapped arrow (MA Crossing indi) appear on the H1 chart, you can leave the trade run to go do your bathroom duties or some other things with your spouse if you're married. IF RIGHT AFTER you enter, one appears on the H4 timeframe, then you can leave it to go to the mall, bar, or watch a movie. IF RIGHT AFTER you enter, one appears on the D1 chart.... forget it no one's that lucky. Maybe Zak or Dan is that good, but none of us newbies. Just remember to ALWAYS use money management. Take some profit out and move you stops to at least break even.
Take a look at the attached chart. Now lets see if this indi works as it should through this heavy news days of today and tomorrow. My entry is at the red horizontal line or the gray elipse at the M5 chart as shown in my previous post. So the overlapped arrow appears on the H4 chart AFTER I entered my trade in M5 timeframe. My 3 MAs in H4 are lined up correctly, and my stop is just above the M15 50 MA. We'll see if day with so many news as today and tomorrow will have any effect on higher timeframe trading.
Oh, and I know we should not be trading today with all the interest rate and bank statement news today and tomorrow. I'm just testing how my target shooting with "telescopic" equiped rifle fares against all day news trading days. I'm just aiming for smaller pips with smaller lots. My stop loss is the previous green candles high for a sell, or the previous red candles low for a buy. So far only one news killed my trades. I'll see if my trade still run or get stopped tomorrow morning. It's past midnight here in Indonesia.
BTW. Also attached is the changing color MA indi. Magenta for down trend, Aqua for up trend, or you can change them to whatever color you like. That way I don't have to look at a bunch of different colored lines. Just 2 colors. These three lines are my guiding star. For MA ordering, I just give them different thickness.
SalatHi Salat
I've really enjoyed reading your feedback and ideas that support and enhance the strategy.
I have uploaded your indicators but I only get the red and blue arrows, no yellow for the overlap to occur. Am I doing something wrong?
Thanks
Arrow Indicators
Hi Salat
I've really enjoyed reading your feedback and ideas that support and enhance the strategy.
I have uploaded your indicators but I only get the red and blue arrows, no yellow for the overlap to occur. Am I doing something wrong?
ThanksHi Sea Change
If I could try and help - I uploaded the arrow indicators twice onto the chart - once for the red and blue (which are the default) and once for the yellow - you simply need to change the colours and size of the arrows.
Install the yellow arrows first and then repeat the process for the red and blue and make sure the red and blue are smaller than the yellow - so you can see them when they overlap the bigger yellow arrows.
Salat has posted a help document - see post number 167 (page 17 of this forum)
I hope this helps.
Mike
MA Crossover Indicator
Hi Sea Change
If I could try and help - I uploaded the arrow indicators twice onto the chart - once for the red and blue (which are the default) and once for the yellow - you simply need to change the colours and size of the arrows.
Install the yellow arrows first and then repeat the process for the red and blue and make sure the red and blue are smaller than the yellow - so you can see them when they overlap the bigger yellow arrows.
Salat has posted a help document - see post number 167 (page 17 of this forum)
I hope this helps.
MikeThanks Badger1777 now I have it working.
Great thread, great people. Keep up the feedback and input.
Hopefully I will have something to contribute in the near future.
A potential EUR trade and my thoughts behind the same...Wud request Zak to kindly comment.
One hour chart.
According to this chart, CCI 84 crossover to downside signalled a downtrend on 4 hr chart.The blue vertical line shows it. At that point of time though, the MAs were not cleanly stacked and neither CCI 21 was down.
At the red vertical line, the CCI 21 crosses down and all the MAs are stacked properly.5/20/50 in this order.
Switching to 15 min chart at that time, We see the MAs in 15m chart stacked properly. the CCI 21 is down and CCI 84 is moving down.Using CCI 7 as the trigger, a short trade was initiated at close to 1.3305 levels, with SL as 50 SMA on 1 hr chart or the thick blue line on 15m chart.That would be like 35 pips of risk.
Do pour in ur comments guys.Hi and thanks for an excellent post.
A little late in the day to be replying... but I've just been going through the posts from the last month. I see exactly what you are talking about here - my only reservations with this set-up is as follows:
1. The major MAs are all flat here - hence the 84 CCI running close to 0.0 for some time - which shows indecision, no clear direction and hence greater risk of whipsaws on entries - which leads me to my next thought...
2. on the 1hr chart I would have had trend lines drawn in to represent a triangle formation / consolidation pattern (which makes sense given the flat MAs - image attached). At the point of your entry on the trigger I would have considered going short to the trend line and taken majority or all of profit there (about 30 pips) - i.e. I consider that a pre-emptive entry with lower stakes due to the consolidation phase of the market (pre-empting the move to the lower triangle trendline and the possible break of the triangle lower and pre-empting the market finding direction).
3. On the break of the triangle I would normally consider a breakout strategy, but in this set-up....
4. On the breakout my concern is the 4hr 50sma just below and the Monthly Pivot! Strong - I would never sell into a 4hr50sma from experience and definitely not the 4hr 50 and MP together. Both are strong bounce areas, so its a watch and wait approach for me - I would be expecting a bounce due to all the support at that level.
I know it is easy to say all this in hindsight, this is how I read the strategy though and how I have learned to exercise caution over time. I would rather wait for the set-ups with some 'clear water' ahead to give my trade the best chance of running and running.
I am happy to find reasons not to take a trade - as someone once drummed into me "loss of opportunity is favourable to loss of capital!"
I attach 2 screenshots - the 1hr chart and 15m chart. One point on the entry level on 15m chart - I would have been happy to enter on my navy vertical line (1 candle earlier than your entry) where the trigger has just crossed 0.0 as I have now seen the price retest the MAs and bounce lower, plus the MAs are crossed in the correct order as you said.
Please note the arrow indicators are Salat's MA cross indicators from his excellent contribution on this thread and give a good visual aid to my decisions and can be adapted to suit whichever MA crosses you like.
Hope this is of interest and I hope we can share more thoughts like this on the thread on various set-ups over time!
Best wishes
Mike
Cable CCI trades 27th May
Hello
Thought I'd post a pic of cable today. What a day overall - markets were very shaky and pulled me into a few orders I would rather have not been pulled into... whipsaws.
Here are my reflections on a cable market that with hindsight (and a liberal approach to stops) would have been simple to trade!
As we know cable has been bid for days on end - going on and on and on up up up. Always a strange thing when the economy is so shaky... but that's better left to the clever people, I just want to be able to trade what I see and stop thinking so much!
So attached is the screenshot of the 15m chart from today. There are 3 entries I like based on cci as marked by the vertical lines. They are a bit riskier than the 0.0 line cross, but they work and get you in earlier.
My thanks to Erik for his comments in the room and posts which have made me revisit my cci research and see again the strength of this indicator.
black line is 3ema (2m20sec 20ma), dodger blue = 7, orange = 20, blue = 50sma, red = 60min20, etc.
Entry 1 - Price pulls back to 60min 20ema, 15min 21cci is sharply down and below 200, 1hr trend is still up (84cci), creating what i think of as the 'catapult' effect, slingshoting price back into trend... entry is on first candle close once 21cci has started drawing back towards 1hr trend.
Entry 2 - Same thing, a sharp pullback against the 1hr trend, cci moves up on next candle close and thats the entry.
Note volumes rose on both these signal candles.
Entry 3 - Not as good a price on entry - but price found excellent support on 15m50sma which is an important S/R line. Big candle up - cci's all above 0 again - so 21 cci crossed 0.0 on this candle which is normally a safer entry than my last 2. Price broke the highs and pushed up.
Great pips to be had - I didn't trade cable today, too worried about it all. Just goes to show and why I'm posting this. Lots to learn for me. I just feel sure we could do no better than to trade what we see and forget the rest!
best wishes
Mike
Bounce off the 20 MA
Hi guys, I have a question regarding the bouncing off the 20 MA(5M, 15M 60M).
Say that it's a downtrend, in 5M time frame, the price then moves up close to 20 ma, does it have to cross the 20 ma, or just touch the 20 ma? Or may be just when it gets close enough to 20 ma, then bounce back down?
If it has to cross ma, does the 4 ma also have to cross the 20 ma?
thanks,
TL
Thanks Badger1777 now I have it working.
Great thread, great people. Keep up the feedback and input.
Hopefully I will have something to contribute in the near future.Hi SeaChange, sorry I did not answer your question. But I see that Mike (Badger1777) helped you out already.
Salat
Does anyone know how many posts you must have done before getting the right to ad attachments o this forum??? Erik
Erik,
I don't think there's a quota of posts before one can attach images. Mike (Badger1777) has less posts than you and he's able to attach images on his posts. Have you tried going to the User Control Panel yet? Go UserCP -> Settings & Options -> Edit Options -> Miscellaneous Options. Choose the "Enhanced Interface - Full WYSIWYG Editing", then Click on the "Save Changes" button.
If that does not work, you can always contact the Admin. Use the "Contact Us" link is at the bottom of the page.
Salat