Guys, tell me please, if possible on points.
How do you choose pairs for analysis / trade.
As I understand it, the choice is based on the power indicator?
P.S. For the outputs I use this indicator. Look at these levels. Often help.
That means use the power indicator to COMPLEMENT price action.You cant ignore price action.
There is no one rule for all.Do what you are comfortable with.Remember that RP's time zone is such that at London open he is 4 hours behind London and when he wakes up for NY open he wants to check what happened while he slept so that he can look for trend continuation opportunities or reversals.The last point is very very important thats why he picks awesome trades.I am only 1h ahead of London and the indi doesnt help me much when London starts because the action is starting right before my eyes so to speak.
Then there are other things mentioned with time zones and what you are comfortable with.Do you prefer calm currencies or very volatile ones etc.Beginner traders like me are encouraged to NOT trade GBP crosses and other high adrenalin crosses like EURNZD etc.Indeed this is good advice unless you want to take the risk.
Personally,i believe a day trader thrives on volatility so if i cannot learn to trade pound yen,euraud,xauusd etc then im doing something that doesnt suit my style.
GBPJPY like other volatile ones is so volatile you need to time your entry very well or else small stop losses can easily be taken out...on the other hand, you dont really want a big stop loss either...
Always customise a system to suit your own style.Rp is a clever trader.Trades only about 3 hrs a day and because of his time zone he does things the way he does and it suits him well.I am deeply indebted to this thread .
All the best!
Here is how my USDJPY hourly trade turned out - at least how I tried to manage it (and I am not that happy with how I did that.)
I call it the chicken out stop. As soon as you get a reversal take the profit and run. Of course the trend corrects then carries on and I enter again on two such occasions. and again take the chicken out stop.
What I need is a trailing stop that follows the edge of the cloud. Any suggestions on that?
Here is the same chart in M5.
M5 is more comfortable for me as there is less on the table and I do not have total faith in my trailing stops in a HTF.
(I am working on solving that.)
One more thing, is an AO that draws lines on the chart. I have it set to draw a blue line on a cross above zero and a
red line on a cross belwo zero. It not only draws the line but gives a sound alert and a pop alert.
This AO version was programmed by cja at https://www.forexfactory.com/showthr...2#post11223652
A big thanks to him. I hope it is a useful tool to others o this thread.
Also a big thanks to Ichikuse for the great explanations and examples.
EA Kijun-sen Stop v2.mq4
I will check out that ea Ichikuse and let everyone know what I find out.
Hozit fellow forex lads
I have been reading this thread from front to back the past week. I want to thank RP for sharing his knowledge and patience. I admire your consistency. Also a big thank you to golden way, ichikuse and other members subscribed to this thread. While reading through the past 165 pages there has been no arguments, only a community sharing and helping each other.
I am a full time employee with a dream to be a profitable/consistent trader one day. By reading through this thread I have seen many of you evolve into better traders. This serves as proof that one can be a profitable discretionary trader. I have been a victim of strategy hopping myself and therefore want to commit to this strategy with the hope to also evolve and find my own comfort zone.
I will look at the LO and NY open if my work schedule allows me. Looking forward to learning from the community.
LOC has a built in Tenkan Sen trailing stop. However, I have not been able to get it to work. (I am still trying.)
So, I am currently using an 11 period, smoothed moving average of the median price, with a one or two pip buffer added.
This seems to follow the Tenkan Sen closely enough to do the job and LOC handles this trailing stop perfectly.
I really like being able to walk away from a chart after taking an entry and let a trade manager like LOC take care of it.
I don't mind prospecting for an entry but I find that the the babysitting of a trade in progress is very time consuming.
Even an M1 chart can take more than hour to close a trade. Of course, the longer they take the more pips they produce so
that is the good part about that.
I also found this Ichimoko Ea that some people might like to try.
I must admit that I am not a big fan of eas but that doesn't mean that there isn't one that actually works well.
Iam still trying ... I got the LOC trailing stop on the tenkan sen working. (Don't ask me what I did.)
So now to see if it is a good SL strategy.
I will be off line tomorrow but hope to get some charts posted after that.
You couldn't lay out here indicator shown in the picture.
Different automatic trailing stops experiment.
(Not a range bar chart, but the thinking on trailing stops will apply there.)
I used several trailing stops in this M1 chart:
First was the Kijun level with a 1 pip buffer.
Second was the yellow dotted line with an 11 smoothed median moving average, with a 1 pip buffer.
Third was a magenta dotted line with an 11 smoothed median shifted 5 to the right with a 1 pip buffer.
Fourth method was shifting the stop below each new fractal, with a 1 pip buffer.
Part way into the move the kijun would have closed the trade, as shown with the ellipse.
Sometimes the kijun is not hit and keeps you in for the trade duration as well as any of these other stop loss strategies.
No one strategy is perfect but these all get you out pretty close to the end of the run and within a few pips of each other.
All of these can be managed by LOC Partial Trailing, or perhaps by other trailing stop software that can be found if you look
hard enough, or have someone code it for you.
I know I need to try and stay in these trades by moving to a higher time frame but that means I have to monitor them longer and 50.8 is pretty good for 59 minutes, most of which was left up to the SL trade manager.
Hey guys, what strenght indicators are you using? Forex Power Indicator site is gone
Hey peeps, how are you guys doing? I am back from holiday, so ready to start trading again. Winnersedge tool didn't work, maybe you can use mataf.net or look for ferruxfx's strength indi if you use metatrader...
Another thought on trailing stop losses: Why not use a larger value Kijun as a stop loss?
In this chart I have the light blue Kijun 9 that we use for entries. Rather than also use it as a trailing stop loss, I added a pink Kijun 16.
The K16 avoids the premature stop and keeps us in the trade. The experiments continue.
In both of these trades the Fractal Stop proves to be superior.
I have not found the perfect trailing stop. You just have to pick what seems to be the best
one to use and realize that there are times one of the other ones would have done better.
Take what the market gives you and be grateful for it.
Okay I am going to quit posting for a while and go back to the range bars.
I once used the Ferrufx one that Patje mentioned and i liked it although i no longer use strength indicators.
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