Broker = The Collective
Goal:
Make 20 pips - spread per trade.
Use a variable trading range above and below the initiating candle.
Currently using 125 pips above and 125 pips below close of the daily candle.
Determine entry, exit and stop loss based on a % of 125 pips above and below the close of the daily candle.
Game Plan:
1.1.1. Start with the Close of the 21 UTC_GMT Candle, if a Friday, or the Close of the 23 UTC_GMT Candle, or the Open of the 0 UTC_GMT Candle.
1.2.1. Take the Fib Tool and add 1.0, .833, .668, 0, -.668, -.833, -1.0
1.2.2. Use 100.00, 83.30, 66.80, 0.00, -66.80, -83.30, -100.00 to display the % and %$ to display the price
1.2.3. Use Close as the description of the 0 line.
1.2.4. Update the Fib Tool to add or subtract more lines to make your trading easier.
1.3.1. Put the 0 line of the Fib Tool at the Close of the 21 UTC_GMT Candle, if a Friday, or the Close of the 23 UTC_GMT Candle, if a Monday through Thursday Candle, or thr the Open of the 0 UTC_GMT Candle.
1.4.1. Put the 100 line of the Fib Tool 125 pips above the Close or Open used in 1.3.1.
1.5.1. Buy at .668 and Take Profit at .833. Profit Target is 20 pips.
1.6.1. Sell at -.668 and Take Profit at -.833 Profit Target is 20 pips.
1.7.1. Stop Loss TBD, recommend SL is sometime before the other order is triggered.
1.7.2. Stop Loss Idea 1:- see Post #7 and #8.
1.7.3. Stop Loss Idea 1 Comment: Wondering if sl needs to be a bit larger (potentially at the Close with a Reverse to the Buy or Sell Entry?)
1.8.1. Money Management is up to you.
1.9.1. Only move the Fib Tool for the next trade when you take profit. Use the Close of the Day when the profit was taken or you can also use the Open of the next days candle.
2.0.1. Repeat 1.3.1. through 1.9.1.
((As a note: the first trade was started on a Friday using the Close of the 21 UTC_GMT. Price at the Close of the 21 UTC_GMT Candle is similar to the Open of the 0 UTC_GMT Candle.))
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No back testing has been done.
Forward testing starting with Friday's Trade.
If anyone would like to create an Indicator, have at it:
Provide the ability so that UTC_GMT is the basis for determining when the indicator starts.
Provide the ability to use the Open, High, Low, or Close of the initiating candle.
Provide the ability to input a fixed number of pips for the trading range....above the Open, High, Low or Close of the initiating candle.
Provide the ability to input a fixed number of pips for the trading range....below the Open, High, Low or Close of the initiating candle.
Provide the ability to use a % for the Buy Entry, a % for the Sell Entry, a % for the Buy Take Profit, a % for the Sell Take Profit, a % for the Buy SL and a % for the Sell SL.
The %'s would also be the basis for drawing lines on the screen to display the Buy Entry, Sell Entry, Buy Take Profit, Sell Take Profit, Buy SL and Sell SL.
Goal:
Make 20 pips - spread per trade.
Use a variable trading range above and below the initiating candle.
Currently using 125 pips above and 125 pips below close of the daily candle.
Determine entry, exit and stop loss based on a % of 125 pips above and below the close of the daily candle.
Game Plan:
1.1.1. Start with the Close of the 21 UTC_GMT Candle, if a Friday, or the Close of the 23 UTC_GMT Candle, or the Open of the 0 UTC_GMT Candle.
1.2.1. Take the Fib Tool and add 1.0, .833, .668, 0, -.668, -.833, -1.0
1.2.2. Use 100.00, 83.30, 66.80, 0.00, -66.80, -83.30, -100.00 to display the % and %$ to display the price
1.2.3. Use Close as the description of the 0 line.
1.2.4. Update the Fib Tool to add or subtract more lines to make your trading easier.
1.3.1. Put the 0 line of the Fib Tool at the Close of the 21 UTC_GMT Candle, if a Friday, or the Close of the 23 UTC_GMT Candle, if a Monday through Thursday Candle, or thr the Open of the 0 UTC_GMT Candle.
1.4.1. Put the 100 line of the Fib Tool 125 pips above the Close or Open used in 1.3.1.
1.5.1. Buy at .668 and Take Profit at .833. Profit Target is 20 pips.
1.6.1. Sell at -.668 and Take Profit at -.833 Profit Target is 20 pips.
1.7.1. Stop Loss TBD, recommend SL is sometime before the other order is triggered.
1.7.2. Stop Loss Idea 1:- see Post #7 and #8.
1.7.3. Stop Loss Idea 1 Comment: Wondering if sl needs to be a bit larger (potentially at the Close with a Reverse to the Buy or Sell Entry?)
1.8.1. Money Management is up to you.
1.9.1. Only move the Fib Tool for the next trade when you take profit. Use the Close of the Day when the profit was taken or you can also use the Open of the next days candle.
2.0.1. Repeat 1.3.1. through 1.9.1.
((As a note: the first trade was started on a Friday using the Close of the 21 UTC_GMT. Price at the Close of the 21 UTC_GMT Candle is similar to the Open of the 0 UTC_GMT Candle.))
------------------------------------------------------------------------------------------------------------------------------
No back testing has been done.
Forward testing starting with Friday's Trade.
If anyone would like to create an Indicator, have at it:
Provide the ability so that UTC_GMT is the basis for determining when the indicator starts.
Provide the ability to use the Open, High, Low, or Close of the initiating candle.
Provide the ability to input a fixed number of pips for the trading range....above the Open, High, Low or Close of the initiating candle.
Provide the ability to input a fixed number of pips for the trading range....below the Open, High, Low or Close of the initiating candle.
Provide the ability to use a % for the Buy Entry, a % for the Sell Entry, a % for the Buy Take Profit, a % for the Sell Take Profit, a % for the Buy SL and a % for the Sell SL.
The %'s would also be the basis for drawing lines on the screen to display the Buy Entry, Sell Entry, Buy Take Profit, Sell Take Profit, Buy SL and Sell SL.