The best exit strategy that I have found is stil using the subtle changes in the macd histogram.
This is due to it showing the closes moving back to the 9 period ma.
This is due to it showing the closes moving back to the 9 period ma.
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Dislikedhi acartwright, yes your usdcad attachment reflects the similar situation which i encountered. i did take the trade but it a an emotional ride as price came just 2 pips off my stop before recovering to enable me to take a modest 30 pips profit. was trading euro.
also would like your advice say if there's a bearish crossover, +dmi is 15, -dmi is 25 but adx declined say from 20 to 19 but at end of next bar adx went up from 19 to 21.5 but -dmi has shrunk from -25 to -23 while +dmi from 15 to 13. with the -dmi value declining from -25 to -23, is...Ignored
DislikedI would always wait until I got a +DMI reading over 20 for long and -DMI reading over 20 for short.
When DMI is below 20 the price action is often choppy.
Also when DMI goes above and then below 20 you should be tightening stops.Ignored
Dislikedok, so as long as +dmi or -dmi stays above 20, we can still take trade even if +dmi/-dmi values have decreased from prev bar. tksIgnored
DislikedWhen you get a decrease in DMI it simply means that the current bar failed to make a higher highs or lower lows. OR it has made a higher high or a lower low but not in proportion with the last candles low/high.
Hope that makes sense.
Sometimes the changes in DMI reflect swing highs and swing lows.
Clear as mud?Ignored
Dislikedyes understood. but tks once again for your clarifications.
anyway, was watching euro 1h chart & saw the bullish crossover with indicating bar's +dmi>20 & its adx increased to 21 from 18. was wondering if i am right to enter long here? tks.
1.3315 entry & after that, it made low at 1.3277....still awaiting trade to develop.Ignored
DislikedI entered a Live trade using your strategy.
According to the closed candle indicated by the 2 vertical red bars, this was the indicating candle
As the ADX was above 20, +DI>-DI and +DI>20 and ADX was rising since last candle
Also the MACD confrimed the trade.. the trade was then entered at 148.753
The Stop Loss was set at the low of the indicating candle + Spread at 148.401
I was meant to set it to BE when it had reached +40 pips but it had never reached that. It had since hit the Stop Loss
I just wanted to check that these are the correct...Ignored
DislikedHi Deltaworld,
The gbp/jpy trade that you took was not a valid trade as far as the system goes.
I am able to see why you took it and I did not however.
The settings on your MACD are not the default 12,26,9.
If you had used these parameters you may have stayed out of the trade completely.
And all in all could be up 28 pips from your other trade .
Hope that helps.Ignored
DislikedHi ACartWright
Yes I can see now that my settings for the MACD were not the default ones. I don't know why they were set at the previous settings. I guess I didnt change them when I installed the custom colour indicator.
I have now changed them.
I have also entered EUR/JPY trade at 131.504 SHORT according to this strategy. I have also set SL. to BE when it hit +40 pips.
For more volatile pairs (cross Yen pairs especially) do you still set BE at +40 pips?Ignored
DislikedHi Deltaworld,
The gbp/jpy trade that you took was not a valid trade as far as the system goes.
I am able to see why you took it and I did not however.
The settings on your MACD are not the default 12,26,9.
If you had used these parameters you may have stayed out of the trade completely.
And all in all could be up 28 pips from your other trade .
Hope that helps.Ignored
DislikedHi Delta,
Moving to b/e after 40 pips is normally a good move on the more volatile pairs - not necessarily the yen pairs as usd/jpy an chf/jpy do not move as much as pound/yen eur/yen etc.
I also sometimes take profit after 40 pips if price has hit s/r for example or it looks like the trade wil lturn back.
I have also exited after 40 pips if I am down for the day if it brings me to break even for the day.
So all in all there are a lot of factors involved.
What I like about these two indicators is that they based on different...Ignored
DislikedHi ACartwright
I have noticed you have answered a lot of my queries from the last post that I had posted. Thank you very much.
I have another question in regards to moving the stop loss to BE. Is that normally done during the hour of the +40 pip trade or is that done at the end of the forming candle.
e.g.
Enter trade at 17:00
at 17:25 +40 pips
18:00 now at +25 pips SL not moved
19:00 now at +54 pips SL moved to BE
OR
Enter trade at 17:00
at 17:25 +40 pips SL moved to BE
18:00 now at +25 pips
19:00 now at +54 pipsIgnored
DislikedHi ACartWright
I have posted the chart for the BE trade for Eur/JPY
1. There was a big candle that was validated by the strategy
2. Entry SHORT at 131.508 at close of indicating Candle
3. Stop Loss Initially set to High + Spread of Indicating Candle
4. The Price moves to 131.045 setting the trade to +42.3 Pip
5. The SL is now moved to BE
6. Price Action moves and bounces back up to BE and the trade is closed at 0pips
P.S. I have since monitored the pair since posting the chart and the price is now 131.218 and would have been +25pips had the...Ignored
Dislikeda Valid Entry trade for NZD/USD
Entered at Open of 19:00 GMT AT 0.58352Ignored
DislikedI would take profit at 0.5813 where the suppor thas been on the 10th AprilIgnored