Starting to see instead of just looking.
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
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DislikedMitch your efforts are aprecciated... but everyone be very careful with this system in the case if you are going to immediately start out trading on the live account... GoldMinner indicator is reason of my hesitation... monitor 1m chart and you will see why.Ignored
DislikedMitch,
Thanks for sharing the system. Like you, I work full time, which means scalping isn't really an option for me either. The longer I am in this "game", the more convinced I am that the big money is made in the higher time frames, anyway. Plus, it's usually a lot less stressful!
I will be eager to try out your method on a demo account and see how it does.
You mentioned the method was viable for ALL pairs. Which pairs have you tested this on to date?
ScottIgnored
DislikedScott,
I am testing all pair on IBFX. I'm about to do some analysis to see which did better than others. I will report my findings.
Good Luck
MitchIgnored
DislikedHi,
I am a little interested in, and confused about, trading times. How long do you wait until you take trades on sunday night? And do you mean the forming of the daily bar according to GMT?
Cheers,
ArchieIgnored
DislikedThanks, Mitch. I will look forward to your analysis.
If you have time, could you also post your trades as you take them starting next week? I think that would be helpful to all of us as we try to get a handle on exactly what you're doing.
Also, have you been live since December or just on demo?
Cheers,
ScottIgnored
DislikedDamonl,
What I've been trying to figure out is when to take profit (without letting greed take over). I ususally make my trades Sunday Night and things usually go well till Wednesday. When I let things ride into Thursday or Friday I usually end up giving back some $$ (still quite profitable I must say). So lately I have been taken back some profit before Wednesday (cutting my trades in half) and then letting everything ride till Wednesday night. Depending upon my profits for the week, I either cut my trades in half again or let them ride one...Ignored
DislikedOne thing that I like to incorporate into daily trading is the Average True Range (14). I use that value as my s/l when i open the trade and then I adjust it along the way using the closes of the bars that follow, or adjust it if the ATR decreases in value, based upon the last close in the case of we had a close higher then the previous close in a short trade..
As long as i can move the stop tighter I do it.
I think that you will find you will stay in trades much longer just using this simple formula.
Hope it helps......Ignored
DislikedMitchP
Do the indicators change at the day change OR can the indicator change colour through the day depending on how far the day ranges.
For example; FXDD changed the day over an hour ago, so looking at the USDCAD the HMA is red and going down . Goldminer, RSI and CCI are all going down but are green , green and going down respectively.
If CAD dropped significantly, would the colours of the indicators change through the day OR would they only change the next day?
StephanIgnored
DislikedOne thing that I like to incorporate into daily trading is the Average True Range (14). I use that value as my s/l when i open the trade and then I adjust it along the way using the closes of the bars that follow, or adjust it if the ATR decreases in value, based upon the last close in the case of we had a close higher then the previous close in a short trade..
As long as i can move the stop tighter I do it.
I think that you will find you will stay in trades much longer just using this simple formula.
Hope it helps......Ignored