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DislikedYes your settings are correct....I would add a 127.00 to the range for the slower days....
You can confirm the TP by waiting for a breakout and then the pull back which will give you a Fib level...you will then be able to work a extension..The pull back will also give you a SL position as you would place your SL just below the low of the pull back.
A pull back to 26.4% will extend to 127.0% and a pull back to 38.2% or 50.00 % will extend to 161.8%
These work really well with the JPY pairs...
Remember you can also use the same fibonacci...Ignored
DislikedPlaying this on a live account , shorted at 142.49. currently at 139.95.... . will exit at 140.25 for stomp out . if not , will let it ride some more ...Ignored
DislikedWhat arrow alert are you using in that setup?
If you could post the indicator. I would be grateful.Ignored
DislikedAttached are the only indicators I use for this system....
I strictly use the 15M chart for this system for the simply I do not like jumping in after a long candle has appeared meeting the criteria. I just like to catch a move as early as possible. I typically target for 25 - 50 PIPs,which I do not have, if you are trading with the trend then it should not matter much [use the 4HR and 1HR as a guide with 5/8EMA cross].QuoteDislikedI do not use a SL anymore [those damn brokers hunt down stops like crazy - you can tell if you stare at the charts long enough]. As soon as I grab a minimum of 20 PIPs, I would close 1/2 position, move the other half to break even and let it run.... Do not...
Incidentally, I do not trade with the trend though it is safer, but within a day, there are many moves you can capture in a day. I have used this mostly on EURJPY and GBPUSD, and very seldom on GBPJPY because of the large spread not unless I am with the trend.
I really do not understand why some people always say trade a particular session other than for the volatility. To me, a system should not be dependent upon the European or NewYork session. Having said that, I have only traded a few hours at the start of the Australian/Asian session and a few hours before the New York session.... The Asian session is like my entry point, and prior to the New York session is like my exit point [I would close all my positions].
If you do not want to stare at the charts waiting for an alert to pop up, wait for the start of a new day, and around 4PM EST, its when I see it most often. If you do wait for 4PM EST, you can capture quite a few PIPs, but be sure to get out when its around 7PM EST - very volatile and may turn on you...Ignored
DislikedI used to have other indicators on my charts to confirm whether to take a trade or not, I eventually got rid of them. Having other indicators on my charts just distracted me from using this system successfully or any other system since I would get conflicting signals or get in too late. Though an arrow appears for this system, I do not take every trade, there may be false moves at times, but not many....Ignored