Anybody trading short Eur/JPY?
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DislikedI cancelled my buy because the ATR (from the bottom set last night) says that the TP4 is unlikely to be reached on a buy. I guess if you're going for something less than the TP4 it may still make sense. See Ace's previous post on the ATR filter for a second entry if your first is stopped out.Ignored
DislikedATR indicates that price shouldn't move to 4x TP on GBP/JPY which is why i cancelled the long order as well. Not saying that price will not move up but, on average it won't move to my 4x TP. We're looking at a loss this week, but as always, nothing to be worried about.
Future winners will compensate for the losses, and provide us with a handsome gains
On a side note, i encourage people to look for filters. These filters should be present on the 4Hr and daily. Don't look for filters in time frames lower than that, because they will only hold value...Ignored
DislikedOn a side note, i encourage people to look for filters. These filters should be present on the 4Hr and daily. Don't look for filters in time frames lower than that, because they will only hold value for a while, unlike a longer time frame filters. I've got a couple of ideas for filters as well, and will share if I get some interesting feedback.
Also if you have any criticism against the system please share. I really appreciate everyone's thanks but would also like to see some 'negative' feedback as well. That may sound weird, but it allows us...Ignored
Just something to think about.
As for my constructive criticism...
The fixed TP bothers me. Fixed TPs tend to work better during fast breakout periods. Try looking for a dynamic way to take your profits. Like, weekly pivot points sound good. Maybe set an inverse relation to the range. If the range is larger, use a smaller multiple, and if the range is smaller, use a larger multiple. Generally speaking, if that first 4h bar is large, the week may have exhausted its momentum, which may require a smaller TP to stay within the week's expected ATR.
Or maybe you can get the average week's ATR (use period 52 for one year), and set your TPs according to that. ATR - (Open - Close of 4 hr bar) and then divide that accordingly, so you have a safety buffer.
DislikedHey Ace I was looking around and wasnt able to find your post on how to use ATR to filter the trades. Just wondering what you do and how you use it.Ignored
DislikedI am kinda confused, I read your previous post on the ATR filter ace. But, how does one figure from the ATR(16) you said you use, with the little decimal number say 3.123...
How does one figure it most likely wont hit a certain TP that week? say TP3 or TP4...how can you tell?
ThanksIgnored