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Hi Ramdas, thank you for the SMA indicators and your method. You don't mention how you place your stop loss. Would you elaborate on your system.
Thanks,
Cigarguy
Hi Cigarguy,
I have mention regarding SL in earlier post.
If you understood system then you will notice that no need to keep SL more than 10 to 15 pips. system is based on Price pattern and perfect entry point, if price pattern is disturb, then we have to exit with minimum loss which can be at breakeven, or spread loss, or maximum 15pips.
for example.. we can refer current GBP/USD chart.
entry point is at sma50 and sma600 spot. which comes as about 9603
here you can clearly see if price falls below 10 pips from sma50 touch then Pattern is disturb. and we have to look for exit.
Another important thing is.
above mention SL is to be used with 5min chart. for one hour chart we have to keep SL more than 15Pips since on higher time frame, entry point can very from 10 to 20 pips.
I have mention regarding SL in earlier post.
If you understood system then you will notice that no need to keep SL more than 10 to 15 pips. system is based on Price pattern and perfect entry point, if price pattern is disturb, then we have to exit with minimum loss which can be at breakeven, or spread loss, or maximum 15pips.
for example.. we can refer current GBP/USD chart.
entry point is at sma50 and sma600 spot. which comes as about 9603
here you can clearly see if price falls below 10 pips from sma50 touch then Pattern is disturb. and we have to look for exit.
Another important thing is.
above mention SL is to be used with 5min chart. for one hour chart we have to keep SL more than 15Pips since on higher time frame, entry point can very from 10 to 20 pips.
Best Regards
Ramdas
Thanks for the immediate reply. Another questions if I may. I notice you use SMA's instead of EMA's. What are your thoughts about the difference and how did you determine to use the specific time periods for the MA's that you use? Also, thanks for the thread http://www.investopedia.com/articles...eexplosion.asp great moving average information. After reading that thread just became curious why you picked the time periods you recommend.
Thanks for the immediate reply. Another questions if I may. I notice you use SMA's instead of EMA's. What are your thoughts about the difference and how did you determine to use the specific time periods for the MA's that you use? Also, thanks for the thread http://www.investopedia.com/articles...eexplosion.asp great moving average information. After reading that thread just became curious why you picked the time periods you recommend.
Thanks Again,
Cigarguy
Hello Cigarguy,
I use Moving average in it's simplest form which is SMA.
Post 58 explain what are those specific parameter.
In my initial stage i tried many stratergy and many indicator. It was time when my chart was full of indicator..But nothing was working properly.
Then i realize i have ignored basic indicator which is price. and one midnight i calculated those parameter and put setup on my chart..and i was shock...Price action which was looking choopy or unexpected..... started looking very logical.
and good fall spoted with specific price pattern. it was like price map ahead in form of SMA.
I use Moving average in it's simplest form which is SMA.
Post 58 explain what are those specific parameter.
In my initial stage i tried many stratergy and many indicator. It was time when my chart was full of indicator..But nothing was working properly.
Then i realize i have ignored basic indicator which is price. and one midnight i calculated those parameter and put setup on my chart..and i was shock...Price action which was looking choopy or unexpected..... started looking very logical.
and good fall spoted with specific price pattern. it was like price map ahead in form of SMA.
Best Regards
Ramdas
Thanks, appreciate your immediate reply and I understand your concept of keeping your method simple yet effective. When I started trading I thought the more indicators on my charts the better. They were cluttered with MA's , Histograms, Stochcastic Indicators and many others. They were beautiful with colors but very confusing, "Information Overload". I appreciate your concept of simple but effective. I have deleted all of my indicators but the ones you suggest and find "they tell a story that is simple to read".
Hey I have been reviewing your system and wondering if this is a valid set up for a down trend to you. I realise the 600ma is below but it is 30 pips away and I am going to take profit on half and move my stop to break even at that point.
Hey I have been reviewing your system and wondering if this is a valid set up for a down trend to you. I realise the 600ma is below but it is 30 pips away and I am going to take profit on half and move my stop to break even at that point.
Thanks
Shawn
Hi, sswilli99
Setup is valid...But with less potential ..be carefull....due to yesterday's Trap formation.
Just switch timeframe to 15min you will get more clear picture.
Setup is valid...But with less potential ..be carefull....due to yesterday's Trap formation.
Just switch timeframe to 15min you will get more clear picture.
Best Regards
Ramdas
Thanks you are right, we see later on. I closed with 5 pips profit.
What did you mean by trap formation? I have also attached my chart with yesterdays signals and it gave two very good ones on gbpusd.
Linear Mode
