10.6 EDSEL

[SteveHopwood]

Made my first demo 10.6 pips today and immediately spotted the EA's I wanted to help with trade sending.

New toys at http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3273

Have forgotten to add stuff about the confirmation message, so about to add this.

[shellsnail]

Hi bob,

have a quick question.

You mention that you use the 240MA as stop-loss - in that case how do you decide to cut your losses if things do not play out? In other words, what is your exit strategy besides SL when price goes against you.

Thanks a million.

[nanningbob]

Hi bob,

have a quick question.

You mention that you use the 240MA as stop-loss - in that case how do you decide to cut your losses if things do not play out? In other words, what is your exit strategy besides SL when price goes against you.

Thanks a million.

240 is my maximum. I often close before that. I often wondered why or how I decided that and it came to the feeling I got from price action. In other words, "that trade just aint going to go" or "guess I need some patience with that one". How did I do that or come to that decision. I notice at some point price just wasnt going to trend anymore and I would close out. That finally let me to the 60MA. I now have a definite place I probably will deal with a losing trade. Once Price touches the 60 I know I need to close out or better yet find my best exit for the minimum loss/profit. So I may place 2nd trade so I can BE faster, I may just close it, or I may ride it back to a small profit/loss. It comes down to each individual trade as to what I will do. But now I have a clearer place I need to close out where before it was just experience (which was not always right).

So if it is a trend trade hit the 60 look for close or close out. Break out into a trend (crossing the 60/240) Do I need to close out or play the retest of the 240/60. These are all individual choices made in trading. Sometimes I get it right, sometimes I dont.

[shellsnail]

Hi bob,

have a quick question.

You mention that you use the 240MA as stop-loss - in that case how do you decide to cut your losses if things do not play out? In other words, what is your exit strategy besides SL when price goes against you.

Thanks a million.

240 is my maximum. I often close before that. I often wondered why or how I decided that and it came to the feeling I got from price action. In other words, "that trade just aint going to go" or "guess I need some patience with that one". How did I do that or come to that decision. I notice at some point price just wasnt going to trend anymore and I would close out. That finally let me to the 60MA. I now have a definite place I probably will deal with a losing trade. Once Price touches the 60 I know I need to close out or better yet find my best exit for the minimum loss/profit. So I may place 2nd trade so I can BE faster, I may just close it, or I may ride it back to a small profit/loss. It comes down to each individual trade as to what I will do. But now I have a clearer place I need to close out where before it was just experience (which was not always right).

So if it is a trend trade hit the 60 look for close or close out. Break out into a trend (crossing the 60/240) Do I need to close out or play the retest of the 240/60. These are all individual choices made in trading. Sometimes I get it right, sometimes I dont.

hey bob, thanks very much for the reply.

You are right, the 60MA seems to frequently create a significant reaction. Since you trade very small lots, it makes it very easy for you to just add to the trade and close it out at BE on the bounce. The 240 MA on the other hand usually does not have a bounce it seems.

Cheers

[shellsnail]

Bob,

from your experience, do you notice a lot of false entries, especially on the 1H chart where price seems to cross over the 20 or 80 Stoch, go over a DO, 0.500 or 0.00 line and then only to reverse later on in that candle?

Do these entries typically work out later on because they are not visible via backtest/simple scan of the chart because the STO only prints after candle is closed.

reason being, I traded this for a while and I noticed that I was getting some of these entries.

Also, a follow up would be, when this happens, do you suggest that the trade be closed immediately?

Thanks.

Edit: May I make a simple suggestion to remedy this problem. In general, I think when divergence presents on the 4H, it's not a good idea to take the 1H signals anymore. This is especially the case after a long run up and then a 4H retracement, followed by another up push - all staying above 60 and 240MA.

[shellsnail]

Bob,

from your experience, do you notice a lot of false entries, especially on the 1H chart where price seems to cross over the 20 or 80 Stoch, go over a DO, 0.500 or 0.00 line and then only to reverse later on in that candle?

Do these entries typically work out later on because they are not visible via backtest/simple scan of the chart because the STO only prints after candle is closed.

reason being, I traded this for a while and I noticed that I was getting some of these entries.

Also, a follow up would be, when this happens, do you suggest that the trade be closed immediately?

Thanks.

Edit: May I make a simple suggestion to remedy this problem. In general, I think when divergence presents on the 4H, it's not a good idea to take the 1H signals anymore. This is especially the case after a long run up and then a 4H retracement, followed by another up push - all staying above 60 and 240MA.

See screenshot of strong downtrend GBP/USD during 2008.

Before the divergence set in on 4H, all the 1H signals would have presumably been profitable.

divergenceexample.png

[art]

hi guys the 240 ma doesnt show on the 4 hour chart for some reason, any ideas, cheers

[SpiderX]

Eur/Chf follow each other around like Mutt and Jeff and AUD/NZD also follow each other around with the AUD taking the lead, except the last several weeks.

Hi Bob,

Have a question: Since Eur /CHf follow each other so closely, does it make sense to for example actually skip AUD/CHF trade if you already have a EUR/AUD trade ?
Since EUR/CHF follow each other so closely, when you are taking a EUR/AUD buy trade, it is almost as good as taking a AUD/CHF sell trade.
The charts of these 2 are almost the exact reverse of each other.
Does it make sense to have double expose to EUR indirectly ?

It would make sense at least at this point of time to take out "repeated" pairs until this close correlation between EUR/CHF ceases.
i.e No point monitoring AUDCHF, CHFJPY , NZDCHF, USDCHF if we are already looking at EURAUD, EURJPY, EURNZD, EURUSD

Please correct me if this is wrong.

Cheers

[art]

i still have about 13 charts not showing the 240 MA on the 4 Hour, so some of the dummy lights are not right, done the usual closed platform, got rid of chart history, very strange

[shellsnail]

i still have about 13 charts not showing the 240 MA on the 4 Hour, so some of the dummy lights are not right, done the usual closed platform, got rid of chart history, very strange

Did you try going to the daily time frame and scrolling the chart back to download more history before going back to the 4H and doing the same thing?