{quote} Hi Emmanuel, Thank you for sharing your BPP on AU. May I have 2 questions? Here in this thread we talked about reversal quite a bit and whenever people ask about reversal I noticed you reply you need at least 2 weekly candles. In the above case, you say you were seller last week, 7-11 August. What made you to be a seller from last week? Yes, monthly is reacting at 50 EMA, but W1 candle the week before is only the first bearish candle after bullish run and is an inside bar not even making lower low. The other question refers to position building....
Hi Okoso,
answer to your second question:
The exit rule for D1 chart trading is when the APB/HA candle closed with change in colour must be consistently applied. The test results using this rule is better than Big E's rule which he tested when the TDI crosses in the opposite to the entry.
You are correct that when we follow this HA exit rule, it can be that there are no maximum 5 open ME positions because the retracement is not deep enough to build up positions to the maximum 5 positions. When trading the corrections like this AU pair in past 2 weeks, the volatility can be thin and we should take profits whenever the market present itself. However, when the retracement is deep, then we should be prepared to make maximum 5 ME orders with risk and money management taken into consideration.
Look at my most recent trades on the chart below:
Details are written and should explain clearly how this is done. Any trade manager EA can programmed easily do this for you while you have little to do once you initiated the buy or sell instruction input parameter.
Hope this explains better how MEME trade management is done.
Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
