patience is bitter, but its fruit is sweet
The System Behind the System, by Merlin Jeffries 16 replies
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Would you trade this system? New system #2. 10 replies
DislikedHi rifid, Any comment on the chart? White arrow is trigger candle. Although gold is high spread but I used to trade it. {image}Ignored
Disliked{quote} Hi Sam, Thanks for posting the chart, it is the quickest way to learn this method. What i am looking for in good setups are for at least 2 inline points running in the same line,for example if you had another point inline with your last one that would become a valid setup ,your first 2 points ad to confirmation of a support line but not to an entry. This might sound picky and reduce the number of trade entries but we are looking for high quality setups that have the best chance of succeding, Nice trade anyway hope you were in it.Ignored
DislikedHi rifid. I'm trying to grasp your method here. I have a few question about this method. Here's USDCAD M5 chart. {image} Does the 2nd bounce (aqua circle) invalidating the setup, or the setup still valid after 3rd bounce (second red arrow)? You said the second bounce cannot be lower than 1st, but maybe higher. Do you use pending order or market order to open the position in this method? Thank you, PipmunksIgnored
Disliked{quote} Hi Pipmunks, This is a good setup,all tops line up nicely, just keep in mind that the CAD is very slow moving at the moment ,you will see on the side bar that there is only 1.5pips between the price bars, i generally like to have a least 3 pips ,5 is even better ,it indicates that the market is in good movement and the chances of getting to your T/P quick are better. Also have a look on the 1hr chart and you will see it is pretty messy and possible resistance at 1.08601. In regard to orders ,as soon as you see a valid set up place a pending...Ignored
Disliked{quote} Another question if you don't mind. How do you determine the SL size & TP placement? Do you always use 1:4 SL:TP size? How do you manage the position after it's opened? Do you use any BE or trailing SL? Thank you, PipmunksIgnored