I now understand, whenever leaving the desk, I will have an active profile which contains the H1 chart of any pair with a running EA. Following your example, the profile is named 'Bob'
All the best ... meph
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DislikedThanks for posting. Since I am working two jobs again I simply dont have time to do this so I appreciate it that some will do this. It is a great teaching tool when you understand the basics of the system.Ignored
DislikedHi Bob, can you tell me why you not consider using recovery system when traiding TT? If it works with CT it should work only better with TT I gess and with less stress coz we are with trend...Ignored
DislikedA recovery system has limits. In other words you can only do so much and then you just close out and take the loss. If you dont at some point you end up Martingaling the trade and we know that at some point the perfect storm comes and blows your account. In trend trading if you are on the wrong side of the trade and you can have a reversal you can go 1000s of pips before you get a good retracement. In counter trend trading you are entering at a point where you think price has exhausted and most of the time it works. If it doesnt counter trading...Ignored
DislikedThanks for your answer, it is paradoxical but makes sense a lot.
At the same time i think it is best to trade this system using stop loss multiplier .5 - .75 for the swing stop. It will still catch those nise runs and will not suffer much in range periods.There are many of such runs as in the chart below that do not need big SLIgnored
DislikedNB:
Been using your system lately and having a lot of success with it. I agree with the 1H.. With my work schedule I seem to be missing a lot of trades. I get home and ceck on things and find they have already went past the entry points.
I want to start looking at this system on the Daily Charts. What would be the conversion for the 240 MA from the 1H chart to the Daily chart? I believe you said to convert the 240 MA from the 1H to the 4H it changes to 60MA. So, what would it be on the Daily chart?Ignored
DislikedSandFX, this is for you, as I decided to check what the Daily charts would look like. My opinion is that the TMA doesn't play very well with the 10 MA ........ BUT when I looked at the 4 Hour charts, I like what I see, the TMA and 60 MA really spot the trend; check out this recent NZD.
Thanks for bringing this up, I will be watching all currency on 4 H from now on and post any setups!
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DislikedNot much to be seen on the charts this late on a Friday, seems like most are over extended to the high side, like EUR-USD, or downside like USD-CAD, with the trend. Either that, or there is no clear crossover and the price action is flat, see the AUD-JPY.
Hopefully there will be some great pullbacks, with trend continuation, next week - see example chart.Ignored