The "XO"-Method......... - page 94
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I have not taken any pictures of the signals I deemed to be good but went against my intuitions, but I got into this trade today at 1/9743 and it has come dangerously close to the 1 pip away from 55EMA stop. Time will tell.
I want to thank ValeoFX for at the very least teaching me to be more calm about trades and that they could take a while of negative profits before coming to fruition and to manage my emotions better.
Could someone comment about whether I have fluked here or whether its the system performing as it should?
The only thing bugging me about this trade - apart from it going 19 points against me at 4 points away from suggested SL is whether this 660 EMA is a major support line that should have kept me from trading the system on tis occasion. Everything seemed to be in place otherwise from CCI Filter to XO. From Hercs-Stochastic-Oscillator to Super trend. As I look now its gone to ....38
I spoke to soon, we're back to 52 now and the XO is now totally green...so the 660 EMA is an important support? Did anyone else take this trade? If not, was the 660 EMA your reason, or something else?
Confirmed: Stopped out by 1 away from 55 EMA method. My only answer if this system works as it is supposed to is that I should have stayed out due to 660 EMA and that ALL indicators pretty much MUST be lined up.
Steve...
What is the significance of the 660 EMA - I have it on my template but it is not explained in the first thread.
Thanks for all your generous help.
Steve.The 660_EMA is the equivalent of the 55_EMA on the HR_chart. Nothing more, nothing less and the significance of the 55-EMA on the hour should never be underestimated. Just as a bonus, neither should the 25-EMA on the HRLY Chart.
Best wishes.
I have not taken any pictures of the signals I deemed to be good but went against my intuitions, but I got into this trade today at 1/9743 and it has come dangerously close to the 1 pip away from 55EMA stop. Time will tell.
I want to thank ValeoFX for at the very least teaching me to be more calm about trades and that they could take a while of negative profits before coming to fruition and to manage my emotions better.
Could someone comment about whether I have fluked here or whether its the system performing as it should?
The only thing bugging me about this trade - apart from it going 19 points against me at 4 points away from suggested SL is whether this 660 EMA is a major support line that should have kept me from trading the system on tis occasion. Everything seemed to be in place otherwise from CCI Filter to XO. From Hercs-Stochastic-Oscillator to Super trend. As I look now its gone to ....38
I spoke to soon, we're back to 52 now and the XO is now totally green...so the 660 EMA is an important support? Did anyone else take this trade? If not, was the 660 EMA your reason, or something else?
Confirmed: Stopped out by 1 away from 55 EMA method. My only answer if this system works as it is supposed to is that I should have stayed out due to 660 EMA and that ALL indicators pretty much MUST be lined up.
Steve...Steve, I could not have answered you better than what you have written yourself. I apologise for not having replied sooner about the 660-EMA, but if you look to the left where the prive briefly touched the 660_EMA, you will agree that it plays a major role in such markets as we are in since yesterday.
Trust this helps a little.
Best wishes and thanks for your kind words; much appreciated.
15M _Time Frame, same method........
A very good day to you all.
I wish to tell you guys that I have been trading the very same method on the 15M_chart purely to get rid of "noise" and the results are just as good as on the 5M chart, difference being that you are less stressed and that to me at least, is paramount.
I am not saying you should change over. All I am saying that if you feel the same as I do, it is an option to persue. I just use different EMAs based on the EMAs that I find important on the 60M_Chart.
Best wishes.
Formula for translating EMAs
What is the formula for converting:
1 hour EMA's to 5M
30 min EMA's to 5M
If the 300 EMA on 5M reflects 50 EMA on 30 minute, is it simply a case of multiplying by 6 because 6 x 5 = 30?
If 660 on 5M represents 55 on 1 Hrly, what is calculation here?
Multiply EMA x 12 because 5 x 12 = 60?
I'm assuming the formula is
EMA on 1 Hourly x 12 to get EMA on 5 minute
EMA on 30 Min x 6 to get EMA on 5 Minute
For 15 minute EMA's
EMA on 1 hourly x 4 presumably.
Blessings.
PS. I am finding SMA's useful.
There was a great post somewhere on all of this, just don't recall where I saved it....
55 EMA is for 1H TF which is 60 minutes
60M / 5M = 12 X 55 EMA = 660 EMA
why am flat as a squashed beetle
because overheated osillator only - is it this correct reading of signal? Also SMA 200 is right above along with SMA400 (not part of this system).
All the other signals are beautifully long. But oscillator keeping me out. What are others doing? What factors would overide the oscillator?
Luckily trade on chart is demo from earlier without stop.
Hmm. I think "Check the news" is important (I use http://www.forexfactory.com)
US productivity way down on predictions.
I have not taken any pictures of the signals I deemed to be good but went against my intuitions, but I got into this trade today at 1/9743 and it has come dangerously close to the 1 pip away from 55EMA stop. Time will tell.... Steve...
Steve,
I confirm what you say- in sideways market the price is in the channel, but you can scalp within that channel. You went short too close to support line, MTF Super trend wasn't lined up either, stochastic near to the bottom and ready to go up, CCI lines are flat and horisontal. Bullish engulfing candle pattern. - all against going short (where your red vertical line on the chart is)
Too close to support line
Steve, I confirm what you say- in sideways market the price is in the channel, but you can scalp within that channel. You went short too close to support line, MTF Super trend wasn't lined up either, stochastic near to the bottom and ready to go up, CCI lines are flat and horisontal. Bullish engulfing candle pattern. - all against going short (where your red vertical line on the chart is)
In terms of the Supertrend the Blue line was at bottom and so were other lines at the time of the trade - that is lined up, no?
The stochastic was slightly above the 25 level which I deem from this thread to be an entry although teetering on the late side.
As for the "Bullish Engulfing Candle Pattern" you have me lost and this thread doesn't help with this one. There is no mention of a Bullish Engulfing Candle Pattern I can find.
Could you therefore recommend a reading list and some sources for recognising important patterns, is it a part of Elliot-Wave theory? Anyway any pointing me in the right direction for more info to keep me out of trades where I'm missing someting vitally important like this would be of help.
Thanks Euro.
Ste
In terms of the Supertrend the Blue line was at bottom and so were other lines at the time of the trade - that is lined up, no?
The stochastic was slightly above the 25 level which I deem from this thread to be an entry although teetering on the late side.
As for the "Bullish Engulfing Candle Pattern" you have me lost and this thread doesn't help with this one. There is no mention of a Bullish Engulfing Candle Pattern I can find.
Could you therefore recommend a reading list and some sources for recognising important patterns, is it a part of Elliot-Wave theory? Anyway any pointing me in the right direction for more info to keep me out of trades where I'm missing someting vitally important like this would be of help.
Thanks Euro.
SteThere are MQ Files in TSD which will identify candlestick patterns. I do not know if ValeoFX would agree with me, but if you start incorporating systems like Elliot Wave patterns, then you will just complicate things for yourself. The idea is to keep it simple as much as possible. The more complex you make it, the more it will interfere with your trading.