Cornix's Forex Trading Journal
- Thread starter cornix
- Start date
Hey targus,
I took a look at 15 minute system you posted. Seems like it advices to enter on the first "hook" after 15min crosses the 30EMA... I see nothing wrong with this kind of entry, but personally prefer more "fine tuned" signals so to say, on lower time frames, which allow me to use much smaller stop-loss and give more signals per month.
As a result, losing months are a rare event as opposed to what's said by the author of that system.
But anyway, I am pretty sure with good discipline and money management that 15m 30ema system would make money overall, so it's legit in my view.
I took a look at 15 minute system you posted. Seems like it advices to enter on the first "hook" after 15min crosses the 30EMA... I see nothing wrong with this kind of entry, but personally prefer more "fine tuned" signals so to say, on lower time frames, which allow me to use much smaller stop-loss and give more signals per month.
As a result, losing months are a rare event as opposed to what's said by the author of that system.
But anyway, I am pretty sure with good discipline and money management that 15m 30ema system would make money overall, so it's legit in my view.
Many thanks, Cornixforex.
When I tried to trade the larger t/f such as the daily, the whipsaw was brutual, I would loose my nerve (even on my small amount per pip) and get shook out. For me to increase the amounts at this stage would give me heart failure!
I then looked at the 4hr which did suit me better, so in this case, if the daily has broken to the upside I will only ever buy not sell on any timeframe.
One most inspiring read was that of George Lane who advocated using the 1m - 5m and sometimes 30m timeframes using a simple trendline and waiting for it break, along with a 38ma which is pretty much the same as the 20 that you see in blue on the charts I posted.
His view was like yours, using the smaller timeframes, 'they are often and they all add up'.
Much safer, I agree. You also have more trades.
I think my efforts should be concentrated on trading the 5m t/f.
Do you use trendlines and an ma also on the 5m t/f?
When I tried to trade the larger t/f such as the daily, the whipsaw was brutual, I would loose my nerve (even on my small amount per pip) and get shook out. For me to increase the amounts at this stage would give me heart failure!
I then looked at the 4hr which did suit me better, so in this case, if the daily has broken to the upside I will only ever buy not sell on any timeframe.
One most inspiring read was that of George Lane who advocated using the 1m - 5m and sometimes 30m timeframes using a simple trendline and waiting for it break, along with a 38ma which is pretty much the same as the 20 that you see in blue on the charts I posted.
His view was like yours, using the smaller timeframes, 'they are often and they all add up'.
Much safer, I agree. You also have more trades.
I think my efforts should be concentrated on trading the 5m t/f.
Do you use trendlines and an ma also on the 5m t/f?
Targus,...run it forward on paper or sim for a couple of weeks at various time frames and assess what would be most comfortable, besides successful, to you.On first blush, it seems to me the shorter periods would the better ones.
As I said before, time frames are not my cup of tea,but can be used successfull provided you have a good money management strategy...but that also applies to any strategy...
Good luck..
NiN
As I said before, time frames are not my cup of tea,but can be used successfull provided you have a good money management strategy...but that also applies to any strategy...
Good luck..
NiN
Sound advice NIN, I will go back and do a sim. Rather than swing for the fences, I am going to look at trading the the 5m t/f. There are safer and more frequent trades here, see how I go.
I have just had another look at my charts, it will be interesting to see how this bull plays out on the eur/usd.
On my weekly/daily both are showing clear signs of a breakout.
On my daily, she has passed the 50% fibo, daily candle has closed above 1.3500, next stop should in theory be above 1.3700 area which appears at 1.3785 (also resistance) on the Donchian Channel, so we should see pullbacks here?
I went long again when she passed 3500, hard to resist. You see it is easy for me to trade the 4hr etc timeframes because my stake is very low while I am trying to learn and be more confident in my analysis. However, I am looking to increase this once I am ultra confident with how I trade.
The problem with longer timeframes, whilst they are the ultimate picture in direction etc., it's the dreaded whipsaws. I remember one particular experience to name a few when China first increased their rates which they had not done for four years and wham! It was one hell of a ride back up, I just could not cope with it with a higher stake! So I might start to look at trading in one direction on either 5/15/4hr from now on after this last daily trade (hopefully) runs it's course.
I never imagined something simple looking, is soooo hard to do...
I have just had another look at my charts, it will be interesting to see how this bull plays out on the eur/usd.
On my weekly/daily both are showing clear signs of a breakout.
On my daily, she has passed the 50% fibo, daily candle has closed above 1.3500, next stop should in theory be above 1.3700 area which appears at 1.3785 (also resistance) on the Donchian Channel, so we should see pullbacks here?
I went long again when she passed 3500, hard to resist. You see it is easy for me to trade the 4hr etc timeframes because my stake is very low while I am trying to learn and be more confident in my analysis. However, I am looking to increase this once I am ultra confident with how I trade.
The problem with longer timeframes, whilst they are the ultimate picture in direction etc., it's the dreaded whipsaws. I remember one particular experience to name a few when China first increased their rates which they had not done for four years and wham! It was one hell of a ride back up, I just could not cope with it with a higher stake! So I might start to look at trading in one direction on either 5/15/4hr from now on after this last daily trade (hopefully) runs it's course.
I never imagined something simple looking, is soooo hard to do...