Anything above the line is an uptrend, below the line is a downtrend.
- Joined Jul 2011 | Status: Member | 8,292 Posts
What do you do if trade is still open at the close on Friday? Do you carry it over the weekend?
For me, if the trade is with the recent trend, and it is in profit or not far from entry, I would hold.
Here is a chart of AUDUSD showing that holding would work quite well into this week.
But as OP is following the GBP pairs, and lots of fundamentals recently for the pound, might not work so well.
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return:
-1.0%
{quote} ++++++++++++++++++++++++ OK, looks like you're entering @ 15% above/below range. Got it. Also looks like your TP is 50% above/below range, or 35% TP. Correct? What I'm unclear on is the SL. You mention a ratio of 1:0.9. So your SL on a long would be 75%, or 40% SL? And SL on short would be 25%, Assuming you draw your fibo from the bottom of range. Thanks
So in this trade for Buy stop the TP is 62pips, SL is 71 pips. And for Sell stop the TP and SL are the same 62/71. So we have around 1:0.9 trade. I could actually make a tighter SL just to make it 1:1 because when I was backtesting there really wasn't a trade that was close call for the SL when it was a loss it went way beyond the SL.
I'm not saying this is perfect but the proposal was too big of a gap between the TP and SL it was around 1:3. So I've put in the numbers in the fibo and TBH I really don't know if its % or what does the fibo show so I can't tell you other than put in the values I gave and try it out. And also back testing a strategy is one thing real live trading is a whole another thing, when trade management comes in to play. I'm sure I would move the SL according to market situation and also move around TP or give it a trailing stop etc...
Anything above the line is an uptrend, below the line is a downtrend.
- Joined Jul 2011 | Status: Member | 8,292 Posts
While we're throwing around the statistics, how about 90% for getting the direction correct? {image}
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return:
-1.0%
- Joined Jul 2011 | Status: Member | 8,292 Posts
Update, I cut the JPY pairs, GBPNZD hit take profit at 2.04, will close all going into the close
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return:
-1.0%
- Joined Jul 2011 | Status: Member | 8,292 Posts
Hottest thread right now, not even a mention of an INDICATOR, pure price action, congratulations to all that made pips, I'm sure that you all join me in giving 4ecstasy a huge THANKS for sharing this system
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return:
-1.0%
- Joined Jul 2011 | Status: Member | 8,292 Posts
Posting for posterity, may not see a week like that for awhile...
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return:
-1.0%
- Joined Jul 2011 | Status: Member | 8,292 Posts
Traded this system manually this week. Took profit on GN for 67.2 pips! Gonna keep trading it.
Well it's all right, riding around in the breeze
Well it's all right, if you live the life you please
Well it's all right, doing the best you can
Well it's all right, as long as you lend a hand
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return:
-1.0%
- Joined Jul 2011 | Status: Member | 8,292 Posts
Extracting Elusive Euro pips? Extraordinary 
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return:
-1.0%