Attachments: Simple Daily Trend Reversal Trading System

Simple Daily Trend Reversal Trading System

#141
Edited 10:15am Nov 15, 2017 10:02am | Edited 10:15am

beethoven
| Joined Jan 2016 | Status: Trader | 50 Posts

my still didn't triger
im exact 0 GMT, should i enter from mini retrace enter or be patience
also gold entered sale in my 4h, and G/chf also showing like next candle trigger.
i try to follow the rules

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#142
Nov 15, 2017 10:07am Nov 15, 2017 10:07am

ebeckers
Joined Nov 2017 | Status: Trader | 376 Posts

Quoting mrdfx

Disliked

{quote} Buy order on AUDCAD entered.

Ignored

Just curious.. whats your exit strategy when an order goes the wrong way ?
Although its still way too early lets assume AUDCAD drops another 30 pips in the upcoming hours. What are you gonna do ?
Do you just let it run until it it hits stop loss (or hit your profit target ) ?
And when in profit, do you trail your stop-loss, or do you just set-and-forget it
And do you use some other strategy to exit trades which go the wrong way ?

Thx!

#143
Nov 15, 2017 10:31am Nov 15, 2017 10:31am

mrdfx
Joined May 2017 | Status: Trader | 3,885 Posts

Quoting beethoven

Disliked

my still didn't triger im exact 0 GMT, should i enter from mini retrace enter or be patience also gold entered sale in my 4h, and G/chf also showing like next candle trigger. i try to follow the rules {image} {image}

Ignored

Interesting your price feed is slightly different to mine, obviously the server time from you broker is reason for that. Stick to the rules and when confirmed. I'm still monitoring the current candle on GOLD H4, and will wait for proper confirmation.

Truth is like poetry. And most people f*cking hate poetry.

#144
Nov 15, 2017 10:39am Nov 15, 2017 10:39am

mrdfx
Joined May 2017 | Status: Trader | 3,885 Posts

Quoting ebeckers

Disliked

{quote} Just curious.. whats your exit strategy when an order goes the wrong way ? Although its still way too early lets assume AUDCAD drops another 30 pips in the upcoming hours. What are you gonna do ? Do you just let it run until it it hits stop loss (or hit your profit target ) ? And when in profit, do you trail your stop-loss, or do you just set-and-forget it And do you use some other strategy to exit trades which go the wrong way ? Thx!

Ignored

My exit strategy is based on price action and monitoring the trend. Fro example If I see that AUDCAD rejects the reversal signal and turns further downwards then I will normally close out and take the loss after around 50 pips. If I leave the position running overnight I will set a hard SL, otherwise I close manually generally.

For TP I will let it run most times until I get the next signal, but sometimes if I see a pullback forming and I'm already up 50+ pips I'll close it and take my profit. I don't normally set any kind of trailing stop.

So in a nutshell I don't follow any strict hard rules when it comes to TP & SL, I monitor the trade in the moment and go with the flow of the market, and make those decisions as the trade develops.

Truth is like poetry. And most people f*cking hate poetry.

#145
Nov 15, 2017 10:45am Nov 15, 2017 10:45am

mrdfx
Joined May 2017 | Status: Trader | 3,885 Posts

Just a little update about AUDCAD. With the AUD employment data coming out later today, I'll definitely be setting a hard SL just in case the news comes out negatively for the trade. Alternatively the news could send this trade flying into profit. Lets wait and see..

Truth is like poetry. And most people f*cking hate poetry.

#146
Nov 15, 2017 10:50am Nov 15, 2017 10:50am

rockknmike
| Joined Aug 2014 | Status: Trader | 38 Posts

I think It is more risky when the SMA is crossed on a long candle bar ... did you experienced that before ?

#147
Nov 15, 2017 11:48am Nov 15, 2017 11:48am

mrdfx
Joined May 2017 | Status: Trader | 3,885 Posts

Quoting rockknmike

Disliked

I think It is more risky when the SMA is crossed on a long candle bar ... did you experienced that before ?

Ignored

Sorry I'm not sure I quite understand what you mean?

Truth is like poetry. And most people f*cking hate poetry.

#148
Nov 15, 2017 12:12pm Nov 15, 2017 12:12pm

ebeckers
Joined Nov 2017 | Status: Trader | 376 Posts

GBPCHF confirmed.. didn't take it yet since its retracing atm... will go long when price goes up again and closes above the daily S/R line at 1.30345 ;-)

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