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westneck · 23-11-2004, 17:14

With all due respect Online, not using stops is suicide!!

The mistake that might have been occurring with the Yen trades is that your stop was too tight.

Also I've found that most new traders use too short a time scale on their charts. Personally, I use 1 -4 hour charts. Rarely I'll use a 30 or 15 minute chart.

I use a pretty simple trading method. Basically I plot a 15 unit TEMA (Triple Exponential Moving Average) of the CLOSE. Then I plot a 15 unit TEMA of the OPEN. When the close TEMA crosses the open TEMA I get a buy or sell signal. Caution, this is a very risky system using anything less than a 30 min chart.

I also use a slow stoch and MACD indicators to comfirm signals.

Buy a good TA book and read it a couple of dozen times before you start trading live.

Good Luck!

Peace

23-11-2004, 17:14	#80
westneck level 1 Join Date: Oct 2004 Posts: 68 Downloads: 0 Uploads: 0 Rep Power: 0	Stops With all due respect Online, not using stops is suicide!! The mistake that might have been occurring with the Yen trades is that your stop was too tight. Also I've found that most new traders use too short a time scale on their charts. Personally, I use 1 -4 hour charts. Rarely I'll use a 30 or 15 minute chart. I use a pretty simple trading method. Basically I plot a 15 unit TEMA (Triple Exponential Moving Average) of the CLOSE. Then I plot a 15 unit TEMA of the OPEN. When the close TEMA crosses the open TEMA I get a buy or sell signal. Caution, this is a very risky system using anything less than a 30 min chart. I also use a slow stoch and MACD indicators to comfirm signals. Buy a good TA book and read it a couple of dozen times before you start trading live. Good Luck! Peace Last edited by westneck : 23-11-2004 at 17:31.