DislikedI have put a chart of the 4hr eurusd and the daily eur usd with the same trendline. If we would follow the rules above we would be closing all trades that are short per the 4hr chart.....but.....I think it would be premature..because the price action (PA) may just go up and bounce of the trendline I have drawn on the 4hr chart. The daily chart still shows a strong downtrend that may be just retracing. I do like the idea of shortening up the stops when the 4hr turns red or yellow, I will have to think about that. I like the idea of being able to...Ignored
i think each pair will have his particularities and we will need to program it in such a way that each user will be able to experiment with different setting. Using the daily chart is too slow for me since it will have you hit the SL on many trades before you decide to change direction. As it happen this week. By the time we got the beginning of the second red daily Heiken Ashi indicator most of the retracement was done (open at 1.35698 and close @ 1.33620) So the trades open on the 3 of april were all call by the stop lost. That what happen to me. So i will prefer to find a strategy that will reduce my exposure to large drawdown by using the 4hr or ??