Thanks for confirming that for me. It looks like a setup bar to go long is forming.
Anthony
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DislikedHi howard, I suppose you are trading the same way El Dee trades the daily method? Which applies the 3 tweaks rules..
Besides that, you are using daily candles which opens at 23:00 GMT am I right?
Thanks Howard, keep up the good work.
- SeanIgnored
DislikedI'm following El Dee's rules for the daily and what I have (alpari us) is a short that closed earlier today at 1.4423 for about 272 pips. We are now long from 1.4423 on a reversal order with a SL of 1.4125.Ignored
Good luck
Peter
DislikedKristo,
I suppose you did that to protect the profit, as the bar was so long? (I'm asking because it was a setup bar anyway, so by the rules, we had a place to put the SL).
Guys,
I was away all weekend. But anyway, I will be less around, at least for some time, from now on;
I have a lot going on in my life right now, and not for the best reasons.
As some of you already know, the company I work for is facing an insolvency process, and is about to be bankrupt, if a solution isn't found until the end of March.
So I won't be trading...Ignored
DislikedThanks Howard,
Profits are a precious commodity in the forex and
careless MM and uncontrolled losses are a curse.
Here's what you wrote in post #2476....
The rules I am following:
Towards the end of the daily bar I place two pending orders:
1-Buy order 10 pips above the high of the bar, stop loss 5 pips below the low of the bar, target the same amount as the stop loss
2-Sell order 5 pips below the low of the bar, stop loss 10 pips above the high, target the same amount as the stop loss.
When one of the above orders is triggered I do not cancel the other one but keep it as the reverse order in case the first one is stopped out.
When target is hit I cancel the other order.
Reverse position takes place only once as above mentioned.
If I am in a trade at the end of each bar I move the stop to the low or high of the new bar as appropriate (5 pips below, 10 pips above).
By doing the above I am in effect treating each daily bar as a setup bar.
When target is hit I repeat the process again.
When I say towards the end of the daily bar I mean it does not have to be the exact close as long as the high and low of the bar have been established, I normally place the orders between 9 and 10 pm GMT.
Ignored
DislikedThe rules I am following:
Towards the end of the daily bar I place two pending orders:
1-Buy order 10 pips above the high of the bar, stop loss 5 pips below the low of the bar, target the same amount as the stop loss
2-Sell order 5 pips below the low of the bar, stop loss 10 pips above the high, target the same amount as the stop loss.
When one of the above orders is triggered I do not cancel the other one but keep it as the reverse order in case the first one is stopped out.
When target is hit I cancel the other order.
Reverse position takes place only once as above mentioned.
If I am in a trade at the end of each bar I move the stop to the low or high of the new bar as appropriate (5 pips below, 10 pips above).
By doing the above I am in effect treating each daily bar as a setup bar.
When target is hit I repeat the process again.
When I say towards the end of the daily bar I mean it does not have to be the exact close as long as the high and low of the bar have been established, I normally place the orders between 9 and 10 pm GMT.
Trades taken since start of the test are as follows:
1-28 Nov short +220
2-02 Dec short +270
3-08 Dec long +263
4-11 Dec long +158
5-12 Dec long +324
6-17 Dec long openIgnored
DislikedHoward!
"Target the same amount as the stoploss"
"Target" can not mean take profit. What mean "target " in that case?
Sorry for this may be full question - I am not expeareanced trader.
ThanksIgnored
DislikedI believe he means the same number of pips as the stop, but in the opposite direction Victor.Ignored
DislikedHello all, I am doing some backtesting on this system and have a question about the rules.
I have gone through the forum but was not able to find an answer to this question.
I have a buy trade that was triggered by a reversal bar, two more reversal bars followed and I adjusted the reversal order accordingly and adjusted the stop loss on my open trade.
My question is, after the reversal bar triggered the trade I had two more proper reversal bars. After those bars I had a bar with a higher low but lower high, so would I adjust my trade? This...Ignored
DislikedI have a question on the daily version. Friday we had a reversal triggered at 1.4423. Stop for that order was 1.4130. Friday closed with the price lower than the trigger but not as low as the stop. I did not move my stop before the market closed because on the daily we do not close over the weekend and my old broker would open at 2 PST on Sunday and have a short candle which I count as part of Friday. My new broker started trading at 3 PST and the opening price was a big gap down to 1.4220, way below the close on Friday of 1.4353.
I'm guessing...Ignored
DislikedHi! I understand it in such way
Sample chart- last candle high 1.46055, low-1.42520, price - 1,43535
I should put sell stop:
price- 1.42470
Stop loss- 1.46155
Take profit(target)-1.38785
and buy stop:
price - 1.46155
Stop loss - 1.42470
Take profit - 1.49840
Take profit - the current price and stop loss difference in pips amount.
Is it right?
RegardsIgnored