Thanks for your response. Indeed, all pairs behave differently and with experience you learn to trade them optimally. I just find that to control my greed I need strategy.
For me, a strategy needs to be A + B + C = action. If that equation is proven wrong; I have a quantitative formula to go back to and refine it for the next trades.
When I trade using my "instinct" my mind reverts to greedy thoughts. I know this about myself. So many times I have thought "wow, that's a lot of profit... I wonder how much more I can get!" only to have it reverse.
My old strategy was a breakout just like yours and used center of gravity lines; similar to the principle of your sixths. I would only trade within the outer lines taking profit the moment price touched one of the middle lines within the CoG. I found this to be incredibly accurate for catching the retracements even as the lines redrew over time.
http://reh.getmyip.com/example1.jpg
See in my example; note the close-to-mean dotted blue line which is my TP for this pair, the GBPCHF. I made several entries and reset my TP every 4 hours as the CoG lines repainted. Eventually, it came back to touch my TP, never to return. This is not a perfect example; just my most recent before the 50 pip increment martingale you can also see here blew out my account on the GBPUSD
I plan on watching your sixths for a while in tandem with my CoG and will determine which I feel is better. I am definitely incorporating your RWB into my system as before I lacked a good filter. I also lacked Stop Losses. This is what my charts look like now:
http://reh.getmyip.com/usdcadexample.gif
As you can see the CoG calculates the mean and deviations close to the Sixths but bends along with trends to give a better idea of movements.
I'll let you know how it goes. Thanks again!
For me, a strategy needs to be A + B + C = action. If that equation is proven wrong; I have a quantitative formula to go back to and refine it for the next trades.
When I trade using my "instinct" my mind reverts to greedy thoughts. I know this about myself. So many times I have thought "wow, that's a lot of profit... I wonder how much more I can get!" only to have it reverse.
My old strategy was a breakout just like yours and used center of gravity lines; similar to the principle of your sixths. I would only trade within the outer lines taking profit the moment price touched one of the middle lines within the CoG. I found this to be incredibly accurate for catching the retracements even as the lines redrew over time.
http://reh.getmyip.com/example1.jpg
See in my example; note the close-to-mean dotted blue line which is my TP for this pair, the GBPCHF. I made several entries and reset my TP every 4 hours as the CoG lines repainted. Eventually, it came back to touch my TP, never to return. This is not a perfect example; just my most recent before the 50 pip increment martingale you can also see here blew out my account on the GBPUSD
I plan on watching your sixths for a while in tandem with my CoG and will determine which I feel is better. I am definitely incorporating your RWB into my system as before I lacked a good filter. I also lacked Stop Losses. This is what my charts look like now:
http://reh.getmyip.com/usdcadexample.gif
As you can see the CoG calculates the mean and deviations close to the Sixths but bends along with trends to give a better idea of movements.
I'll let you know how it goes. Thanks again!