I am currently DEMO TESTING a variation of my "LUCKY 7" Progression Sequence targeting longer term "Swing-Type" Trades. This should be of interest to anyone who has less time to follow the Markets.
This set-up can be Traded MANUALLY much more easily than my typical "LUCKY 7" set-up since it uses much larger TP & SL parameters. Of course, I will be using the EA to make things easier.
Also, I will only be looking to enter 1 or 2 Sequences per Week instead of looking for new entries every day. I expect that most Sequences will last the good part of a week (or maybe more) to close.
Here are the settings I am using:
http://img2.freeimagehosting.net/uploads/7f618459a7.jpg
Here is a Chart showing a "LUCKY 7" Swing Sequence on GBPUSD that I entered on Monday, May 19, 2008 at 10:01 AM EST - SELL @ 1.9503. This Sequence is currently OPEN and on the 2nd Progression Level and is 140 Pips IN PROFIT as of this writing.
http://img2.freeimagehosting.net/uploads/33f7f598af.jpg
For my Entry Criteria, I am using just a 100 EMA on a 1 Hour Chart and will look to enter when Price touches (a closed candle) OR breaks the EMA for the first time in the current Week.
I anticipate that since these Swing-Type "Sequence Of Trades" will take longer to mature and develop that I will use more manual intervention in managing them, such as moving Stops to BreakEven, closing early when in profit and possibly Trailing my stops. Since this is a "work in progress" I will detail my Trades and note whatever intervention I have employed.
I will Post my results in this Thread.....
Dan
This set-up can be Traded MANUALLY much more easily than my typical "LUCKY 7" set-up since it uses much larger TP & SL parameters. Of course, I will be using the EA to make things easier.
Also, I will only be looking to enter 1 or 2 Sequences per Week instead of looking for new entries every day. I expect that most Sequences will last the good part of a week (or maybe more) to close.
Here are the settings I am using:
http://img2.freeimagehosting.net/uploads/7f618459a7.jpg
Here is a Chart showing a "LUCKY 7" Swing Sequence on GBPUSD that I entered on Monday, May 19, 2008 at 10:01 AM EST - SELL @ 1.9503. This Sequence is currently OPEN and on the 2nd Progression Level and is 140 Pips IN PROFIT as of this writing.
http://img2.freeimagehosting.net/uploads/33f7f598af.jpg
For my Entry Criteria, I am using just a 100 EMA on a 1 Hour Chart and will look to enter when Price touches (a closed candle) OR breaks the EMA for the first time in the current Week.
I anticipate that since these Swing-Type "Sequence Of Trades" will take longer to mature and develop that I will use more manual intervention in managing them, such as moving Stops to BreakEven, closing early when in profit and possibly Trailing my stops. Since this is a "work in progress" I will detail my Trades and note whatever intervention I have employed.
I will Post my results in this Thread.....
Dan
