I have been been using a simple trading system using the Awesome Oscillator and Accelerator/Decelerator Oscillator for four weeks now and was hoping I could get some help and ideas on making it better and setting SL and TP's.
I use the Awesome Oscillator (AO) and the Accelerator/Decelerator Oscillator (AC) indicators on a 4hr, MetaTrader chart with GBP/USD.
I enter a trade on the close of a 4 hr candle when I have change of color on the AO and two consectutive and same colors on the AC. I exit trade on the close of a 4 hr candle when I have the same opposite colors on both AO and AC. (ie if the AO changes from red to green with the AC being green and having a previous AC 4 hr green, I buy. I close when the AO and AC are both red at the same time on a 4 hr close).
I enter with two equal lots, both set at SL of -70 pips. At +50 pips I move one lot to break even. At +100 pips I move the first lot to 50 pip trailing and move the second lot to BE. at +150 pips I move the second lot to 100 pip trailing.
Since I use Oanda, I have to manually move the SL for trailing stops, which mean I miss the exact point sometimes.
System total for week of Jan 7-12 was +564 pips, Jan 14-19 was -191 pips, Jan 21-26 was +70 pips. This was the total pips for two lots. For this week I entered two lots Monday morning at 1.9574. The first lot was stopped out at +70 pips and the second lot is currently +54 pips with the SL at BE.
The first three weeks I did not get anywhere close to the system totals as I kept second guessing the system.
Any insight on the system, stop losses, take profits, ect. would be appreciated.
I use the Awesome Oscillator (AO) and the Accelerator/Decelerator Oscillator (AC) indicators on a 4hr, MetaTrader chart with GBP/USD.
I enter a trade on the close of a 4 hr candle when I have change of color on the AO and two consectutive and same colors on the AC. I exit trade on the close of a 4 hr candle when I have the same opposite colors on both AO and AC. (ie if the AO changes from red to green with the AC being green and having a previous AC 4 hr green, I buy. I close when the AO and AC are both red at the same time on a 4 hr close).
I enter with two equal lots, both set at SL of -70 pips. At +50 pips I move one lot to break even. At +100 pips I move the first lot to 50 pip trailing and move the second lot to BE. at +150 pips I move the second lot to 100 pip trailing.
Since I use Oanda, I have to manually move the SL for trailing stops, which mean I miss the exact point sometimes.
System total for week of Jan 7-12 was +564 pips, Jan 14-19 was -191 pips, Jan 21-26 was +70 pips. This was the total pips for two lots. For this week I entered two lots Monday morning at 1.9574. The first lot was stopped out at +70 pips and the second lot is currently +54 pips with the SL at BE.
The first three weeks I did not get anywhere close to the system totals as I kept second guessing the system.
Any insight on the system, stop losses, take profits, ect. would be appreciated.