I made an EA for this strategy and backtested results (1 year) show that it is a loosing system.
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DislikedHey,
Are you sure that your first Tp is not too far ??
The distance between SL and entry should me the same than entry TP1.
I've found a similar trade than yours and it had been a BE, not a loss.
Let me knowIgnored
DislikedMy SL should be 1 pip below the low of the recent candle.
Distance between the entry point and the low of a recent candle is 3 pips.
1:2 RR
RISK = (3 + 1)SL + (3)SPREAD : REWARD = (14)TPIgnored
DislikedI have been trading this system for about 3 weeks live on a penny account and my M1 EU trades with a 1-2 pip spread are making consistent money. My trades on other currencies with 3-4 pip spreads are really struggling to keep their heads above water. I seem to have to work twice as hard at keeping those trades profitable. The SL are too far back so even though I set them to my chart to my brokers spreads, I will close them out manualy when my real fib tool SL is hit. If I let them go to the real spread SL they would have sank completely by now....Ignored
DislikedI made an EA for this strategy and backtested results (1 year) show that it is a loosing system.Ignored
DislikedThe stoploss is always 3 pips above. I just put this way to simulate the target. with 1:2 RR.Ignored
DislikedYou didn't wait for the candles to close with the stoch closing in the gray before you entered, .Ignored
DislikedIf you look only to color you could be mislead. Someone complain before that the indicator repaints. If you consider color it does repaint. It you consider values (thats what matters. right?) it doesn't changes/repaints.
Consider the following
Stoch alone bellow 20. (Above 80 its the same logic)
whenever the Stoch drop bellow 20 on candle close the last line segment becomes red.
If the value goes up 20, the last line segment will be gray. But if the next value goes again bellow 20, we'll get another last red segment. (an inverted V with the edge...Ignored
DislikedHello Rohule, may I ask what indicator you use at the bottom of your chart (showing daily, 4h and 1h candle stick time frame) ?
Good trading to youIgnored