some obvious questions arise, as pointed out by laimonk.
to set a limit order in advance , you need to guess the position of the 24ema in advance. the problem here is, you cannot accurately 'predict' the position of the 24 ema as it moves constantly and can indeed have huge moves on big price movements. the closing position could be way different then the point at which you set the limit order..
how do you deal with this and how do you set the limit order yourself. an illustrated example would be helpful..
Ans: You set limit orders based on the last hourly candle when trading manually. With the ea, it monitor the position of the 24ema and draws a line when it is 20 pips from it (using the default). You can however set what you think you are comfortable with.
i still dont understand the SL criteria. again if you can show an example please.
Ans: Read the post with trade example again.
lastly, it seems that this method only works well in a trending market, in a ranging market you will get stopped out many times ?
Ans: During ranging market, if the distance travelled away from the 24ema is not up to 20 pips, no need to take a trade as there is no need to trade any bounce. You can set the 20pips higher if you are comfortable. Trade it according to your personality.
also, what is the least number of pips distance the price needs to be at before the you can consider the bounce as valid.
Ans: Minimum of 10 pips and that is why I said 10+ pips.
I hope the answers suffices.
Cheers.
cheers[/quote]
to set a limit order in advance , you need to guess the position of the 24ema in advance. the problem here is, you cannot accurately 'predict' the position of the 24 ema as it moves constantly and can indeed have huge moves on big price movements. the closing position could be way different then the point at which you set the limit order..
how do you deal with this and how do you set the limit order yourself. an illustrated example would be helpful..
Ans: You set limit orders based on the last hourly candle when trading manually. With the ea, it monitor the position of the 24ema and draws a line when it is 20 pips from it (using the default). You can however set what you think you are comfortable with.
i still dont understand the SL criteria. again if you can show an example please.
Ans: Read the post with trade example again.
lastly, it seems that this method only works well in a trending market, in a ranging market you will get stopped out many times ?
Ans: During ranging market, if the distance travelled away from the 24ema is not up to 20 pips, no need to take a trade as there is no need to trade any bounce. You can set the 20pips higher if you are comfortable. Trade it according to your personality.
also, what is the least number of pips distance the price needs to be at before the you can consider the bounce as valid.
Ans: Minimum of 10 pips and that is why I said 10+ pips.
I hope the answers suffices.
Cheers.
cheers[/quote]