DislikedI'm about ready. It's a hashup of a bunch of existing systems here on FF.Ignored
-Sterling
Founder of Day Trading Forex Live
TEB 5ema & 12ema and 21 RSI (MTF) 1,726 replies
5EMA hilo system, and EA Idea 18 replies
4H 5EMA System's EA 79 replies
4HR 5EMA Expert Advisor 42 replies
when 5EMA crosses out of 55LWMA channel 0 replies
DislikedWe went short right? The low of the highest candle was 1.7506, so with a 4 pip spread I'm short at 1.7502 and the long trade is +502 banked profit!
The stop is 9 pips above the last complete candle 7574+9=1.7583. But in 2 HR 40 mins the next candle will have formed and we will move our stop down.
Do I have it right?
Question: You say this system averages 700 pips per month. So if ever you are 800 or 1000+ ahead would it be prudent to stop for the month or to lower exposure?
MIgnored
DislikedIll be posting a break down of all the trades for the day, some of the trades taken are a bit off but very close. Youll see very clearly when I post the chart, Ill be back around 830PM EST to do that. Currently we are short from 1.7501 with are stop at 1.7639. There were some trades in between tho which as I said I will break down in about 2 hours.
-SterlingIgnored
DislikedThanks Sterling,
I see why we have to take every trade. I sure thought our pair would keep rising, but we are doing great on the short after making 500 pips on the long. Nice!
Shouldn't the stop be at 1.7483? 9 pips over the high of the last formed candle? It just completed about 50 min ago and it is a new setup bar.
MIgnored
Dislikedstersuhr i think that your buy stop price and you short sl are off of the wrong bar.. You are taking you price off the 6 o clock bar and you should be taking it off the 2 o clock bar or wait until the current bar closes at 10. I hope that i am right or i will feel like a dumb assIgnored
DislikedGlad i can help and i am glad that i did not make my self look like a ass hole by going up against the mastaIgnored
DislikedSterling,
I am not sure if anyone has asked you this questions but i am curious;
1) What to do when you have similar signals showing up repeatedly along the direction of the trend. I mean, u have a long signal during an uptrend and there is no reverse signal but a similar signal as the trade progresses. Do you exit the first trade and enter the second one OR do you allow the first trade to run while also entering in on the second one???
2) When you enter a trade do you place the stop-loss order immediately or do you wait for the candle to complete (i mean the retracement candle after the setup candle). 1st Scenario: Assuming you place the stop-loss immediately and your trade gets stopped out but eventually continues in the initial direction you would have been stopped out and would have missed out on the trade. 2nd Scenario: You wait for the candle to complete before placing the exiting in the new direction and simultaneously opening the reverse order but what if the candle goes way against your direction of trade before you exit causing a substantial loss?
PS: I believe when you put the stop-loss order you also have a standing order to take the reverse direction.Ignored
Disliked1.) I just keep the original trade. Exiting the first trade and putting the same trade on wouldnt make sense, because you would just be paying the spread for a second time. Hope that makes sense.
2.) I always put the stop on as soon as I put a trade on. Sometimes you do have the trade triggered and it stops you out in the same bar, but its not very often. Also you only put a trade to go the other direction once the reversal bar closes, not right when you put the trade on.
Hope this helps.
-SterlingIgnored
Disliked1.) I just keep the original trade. Exiting the first trade and putting the same trade on wouldnt make sense, because you would just be paying the spread for a second time. Hope that makes sense.
2.) I always put the stop on as soon as I put a trade on. Sometimes you do have the trade triggered and it stops you out in the same bar, but its not very often. Also you only put a trade to go the other direction once the reversal bar closes, not right when you put the trade on.
Hope this helps.
-SterlingIgnored
DislikedAlright let me get this straight. For the first question, if you have another trade going in the same direction, do you take the another trade on the other signal while still keeping the previous trade OR you do not take it at all but maintain with the first trade.
I get your gist on the second question but i need to clearify your answer for the first. Sorry of i sound obstinate, just need some more detail.Ignored
DislikedAlright let me get this straight. For the first question, if you have another trade going in the same direction, do you take the another trade on the other signal while still keeping the previous trade OR you do not take it at all but maintain with the first trade.
I get your gist on the second question but i need to clearify your answer for the first. Sorry of i sound obstinate, just need some more detail.Ignored
DislikedIf your long you dont exit until you get stopped out at the original stop loss or until you get short signal. If your short you dont exit until it gets stopped out at the original stop loss or you get a signal to go long.
If your long and you get another signal to go long you do nothing. Same in the case of a short. Hope this clears things up.
-SterlingIgnored