Used time go your lastmanstanding indicator that really helped me with the understanding of markets moves. Just subscribed to your thread and I hope will learn something more. Good luck and let's make some pips!
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DislikedI must confess. I have been making bank with a discretionary trading system. It may not work for you but here it goes. I buy on confirmed bullish candlestick patterns, and I sell on confirmed bearish candlestick formations. Currently, when a trade reaches 100 pips of profit, I add another position in the same direction with half the initial lot size. If the position garners another 100 pips of profit, I add another lot which is a quarter the size of the initial lot size. I close a position when and if it closes beyond a stop-loss or a confirmed...Ignored
Disliked{quote} Hi Jay, Thank you for introducing a system that does not use a "hard stop loss". It enables one to avoid "stop loss hunting". It has opened up a whole new way of trading. My only query is "how do you set your take profit targets?" Have a great weekendIgnored
DislikedSir Can you clarify how to calculate ATR (14) profit? I am confused.Ignored
Disliked{quote} I simply take the ATR(14) value and add or subtract it to my opening price and use it as a take profit. For example. For the buy on GBPCHF yesterday the ATR(14) was 0.0082 and my opening price was 1.31255 so my first take profit was 1.32075 (1.31255+0.0082) and my second take profit was 1.32895 (1.31255+0.0082+0.0082) while the last order was left without a take profit. https://en.wikipedia.org/wiki/Average_true_range It is an indicator in your MT4 installation. {image} Once you attach the ATR(14) indicator to your chart, you...Ignored
Disliked{quote} Good Thinking Jay! Does it now mean you enter 3 positions at the beginning of a signal so you can close the 1st at the ATR X1, the second at ATR X2 and the third trade is left to run. If this is the case, do you use same lot size in the different trades? I ask cos this is a modification of what we were doing before now.Ignored
Disliked{quote} Yeah, I updated the system on June 15th, post 185 https://www.forexfactory.com/showthr...7#post11169897 Lot sizes are currently 0.5, 0.25, and 0.25, so as to equal 1 lot. However, I don't use the trailing stop loss or the 100 and 200 pip take profit targets anymore so I guess a version #4 is due at some point.Ignored
Disliked{quote} According to my most recent update version #3. https://www.forexfactory.com/showthr...7#post11169897 I currently use 1 ATR(14) as my first take profit, 2 * ATR(14) as my second and I leave one trade open to being closed by opposite candlestick pattern confirmation or stop-loss. Explaining further if I have a buy trade I would take the value of Average True Range (ATR) for 14 periods and add it to my opening price to obtain my first take-profit. Next, I double the value of the ATR obtained earlier and add it to my...Ignored
DislikedHello Jay, i want to drop my weekend gift here. AUDUSD AND AUDJPY gave buy signals on Friday. Meaning we need to use it at market open on Sunday right? I can see the signal but don't know the candle pattern formed, i think you can help with that. {image}
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DislikedHello Jay, i want to drop my weekend gift here. AUDUSD AND AUDJPY gave buy signals on Friday. Meaning we need to use it at market open on Sunday right? I can see the signal but don't know the candle pattern formed, i think you can help with that. {image}
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Disliked{quote} Yeah, I updated the system on June 15th, post 185 https://www.forexfactory.com/showthr...7#post11169897 Lot sizes are currently 0.5, 0.25, and 0.25, so as to equal 1 lot. However, I don't use the trailing stop loss or the 100 and 200 pip take profit targets anymore so I guess a version #4 is due at some point.Ignored
Disliked{quote} Hi Jay, great system, I've started following this one back end of last week. I notice how you've changed the rules a few times, what are your TP levels now, since you still open 3 positions I assume you have some rather than waiting for opposing signals? Also, do you not use a stop loss at all anymore? Just wait until opposing signals at the end of the day like you used to? If so, can you explain why? Don't you get scared that the market could move massively against you and potentially empty your account?Ignored
DislikedBUY on BUY, close on SELL and SELL on SHORT - this is clear, OK
But what about cases when we just close previous sell order without opening new order? Sorry again if my question was answered before...Ignored