Surfing the wave and the big break.

[Vaco]

robwin,

Nice journal, charts are nice and clean and your explanation of your setup also very easy to follow. Good break out system with clear rules for exit allowing winners to run whilst locking in profit.

Also nice to see that you have shown the examples where you have been stopped out by a pip or two in choppy conditions.

Those choppy periods are what test us as trend traders and I hope your charts encourage others to stick with their set ups during these periods.

 

[jimmc]

Take a long close look at that chart, it was just last friday eur/usd 5 min time frame, keep in mind the charts I've been posting, can you see anything?

Let me add something.

Great thread robwin. Apart from the resistance line, I cab also see quite a nice green/red MACD indicator. Do you mind me asking if this can be achieved with standard settings in MT4, or is it a bolt on you found somewhere?

 

[robwin]

If you're referring to the chart on page 3 jimmc that's a support line not a resistance line, and the settings can't be found in MT4.

 

[jimmc]

If you're referring to the chart on page 3 jimmc that's a support line not a resistance line, and the settings can't be found in MT4.

Yes, I realised that after I'd written it, but I didn't bother to edit it as it wasn't really my question

I spent a while last night googling for your MACD indicator, but I couldn't find anything quite like it. Did you write it yourself, or is it freely available?

 

[robwin]

The indicators themselves are from a private paid for website and it's not my intention to promote it because its not cheap, so I won't give the name but the settings do have a copyright attached, don't know if or how its enforceable but to give them out here in its zip form might cause problems so will have to hold off doing that for the moment. I'll see if it somehow can be rewritten in another form that dosen't infringe copyright laws.

 

[jimmc]

Thanks robwin - I'll also have a look myself if I get time, at constructing my own. It looks really useful.

I'm really interested in your journal. I can't normally follow this style of trading as I still have to work full time, but I am today and I can see it's quite exciting. I may try some experiments on different timescales, though I suspect the stops would become prohibitive for me at this stage.

 

[jimmc]

PS - just missed the break on EUR/USD through looking at these forums - drat!

I had entered long earlier, but realised that strictly I'd broken your rules so jumped off again, then got distracted (only demo of course).

Good luck.

 

[robwin]

I've tried downloading the settings in zip file to a couple of members who asked for them but computer says noooooo! So here are the settings and instructions for any who want to input them manually themselves as that can't infringe copyright, although they won't look exactly like mine.

Channel - high line. Click : insert - indicators - moving average
parameters : period 50. MA method : Exponential. Apply to : high
choose your colour and line thickness. Click ok.

Channel - low line. Click as above
parameters : as above but apply to : low. click ok.

Blue 15 ema line. As above but period : 15. Apply to : close
choose your colour and line thickness.

The histogram, only thing I can do there is give the settings and leave it up to you to figure out how to enter it on your charts. If any one can, then post it here. MACD 35 70 1 12 I'm not very technical that's the best I can do. Good luck.

 

[robwin]

 

[robwin]

 

[jimmc]

I had it set as an envelope on the close, with a deviation of .04. Similar, but at times quite different, so this explanation is very helpful. Thank you.

 

[robwin]

 

[robwin]

 

[robwin]

 

[robwin]

Day 1. An indifferent start for the first day of recording these trades for this journal.

Jan start + 35 pips

Today +35 pips Winners 1 Losers 1 Break even 1

 

[cristiano]

Hi robwin, great thread, thanks for sharing.
Your entry is set a couple of points above/below the high/low - do you have a specific rule for this distance or is it more down to discretion? Sorry if you already posted this and I overlooked it.

Have you been trading this system for long?

Thanks, Chris

 

[cristiano]

Ooops - just reread one of your first posts and it explains the entry point clearly there...

 

[robwin]

Day 2. Some nice trending moves today great for the system.

Jan start + 145 pips

Today + 110 pips winners 2 Losers 1

 

[Vaco]

I saw this develop this morning and thought you would be posting a chart of the trade, perhaps you were not at the screen or it didn't qualify. Tell us your thoughts?

 

[robwin]

Take a closer view and it's clear the candles in the middle go through the line, only by 3 pips but thats 2 too many. As I say in the journal 'its important you don't see something that's not there' for me it wasn't a good enough resistance line. Also not a decent retracement in the move above the channel so no entry level , a very fast move up. Anyhow 7.30am too early for me!