Hi all,
I've been following a system for a few weeks now, unfortunatley it's 'propietary' so I won't be able to reveal it exactly, however I'm wanting to tweak it a little. Perhaps a little 'open source' experiement.
Here's the guts:
Check chart at start of a new daily bar for an IB On the previous day (IB defined by lower high and higher low).
Check trend (simply by a MA visual check)
Please a buy/sell stop 5 pips away from the H/L in the direction of the trend. Stop losses are stated by the currency pair and TP is set at 2x the stop loss (the 2:1 factor I like!).
That's it.
I'd like to refine this a little. I'd like to get everybodys opinions on how we can better determine the trend and better set the stops and take profits.
I'd like the risk factor to be 1:2 (risk 1 to 2 reward).
I'm thinking something allong an MACD or MA slope for trend? Or something more exotic perhaps?
Stu
I've been following a system for a few weeks now, unfortunatley it's 'propietary' so I won't be able to reveal it exactly, however I'm wanting to tweak it a little. Perhaps a little 'open source' experiement.
Here's the guts:
Check chart at start of a new daily bar for an IB On the previous day (IB defined by lower high and higher low).
Check trend (simply by a MA visual check)
Please a buy/sell stop 5 pips away from the H/L in the direction of the trend. Stop losses are stated by the currency pair and TP is set at 2x the stop loss (the 2:1 factor I like!).
That's it.
I'd like to refine this a little. I'd like to get everybodys opinions on how we can better determine the trend and better set the stops and take profits.
I'd like the risk factor to be 1:2 (risk 1 to 2 reward).
I'm thinking something allong an MACD or MA slope for trend? Or something more exotic perhaps?
Stu