DislikedHi hollowhead, ask your opinion. Consider this possible operation failed? or maybe I forgot something and ought not go? {image}Ignored
Hi jmss - it's a hard one. When I asked bobi about SL he said he didn't use one and hedged a position the other way. I have done this, and am currently hedged on the EJ using the T4F (similar place to your chart). It broke up, reversed and crossed the 100% (a trend reversal signal which should go down to opposite target 23.6%). It's now gone up again over 100%, so I have a 95 pip lock at the moment. So this tells me price isconsolidating. My overall view of EJ is that I am looking for it to go higher.
- T4Y_1130 broken 23.6% should reach 50% 1.3755
- T4Y_680 - 50% broken by 59 pips should reach 1.3639
So, my plan is to keep the lock until I get another long signal on T4F or T5_103. If that trade profits it will unlock the hedge and give me a positive net pips. If it fails again, I guess I will hedge again and look to unlock again - eventually it has to unlock somewhere.
I have done similar on EJ and Oil already. I was short it crossed the 100% I opened a short (hedging the long) let it hit the TP, left the original trade open and it reversed all the way back to hit the original target. They were sweet trades.
The hard thing with the T5_103 template is that I don't see a natural place for SL or hedge other that a signal the other way, but that causes the R:R to be about 3:1 which in conventional trading theory is really bad - but this is by no means conventional trading!!
I am still finalizing my trade entry/exit rules, but I am thinking that I will only take a T4F trade in the direction of a previous set target by 965, 680 or 1130 (or T5_1030). I will hedge the reversal (break of the 100%). And then look to use another long entry to unlock it.
I hope that makes some sense. This system is relatively simple in finding entries and exits, but trade management is a real challenge.
I also currently have three positions open on GU, 2 short and 1 long. It will be interesting to see how it pans out - it could get ugly .
I will post charts with these two later on, but they could take some time to unlock (or fail spectacularly).