Hello all.Thanks for the great assistance to newbies by giving out your free info.I have tried adding my BB and MA to the RSI indicator window as explained in this thread but unfortunately,it is still not going through.I wil be gald if anyone could tell me how to go about acheiving this.My chart type is MT4.Also,i will like to know if there is any form of expert trader files already created for this method.I will be glad if i have a response as soon as possible.
- #683
- Oct 31, 2006 5:04pm Oct 31, 2006 5:04pm
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
- #685
- Oct 31, 2006 5:54pm Oct 31, 2006 5:54pm
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
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That sounds like a good plan Steve.<o></o>
I've been struggling with the best way to manage the trades after Fozzy entries. (Thanks Fozzy!!!) <o></o>
I manually back tested 8 pair from 10/1 to 10/27.<o></o>
I started out using the ATR as the stop (suggested by Beach Bum, thanks BB) with a 40 pip trailing stop after the trade was 40 pips in profit. I then calculated the High and Low from one signal to the next. <o></o>
I observed using a 40 or even a 50 pip Trailing Stop Loss didn’t give enough breathing room. I took each trade down to an hourly chart and watched it develop (Shift F12). The price would gradually move in the direction of the signal then one huge hourly bar would first take out the trailing stop then continue a large run in the direction of the signal. I got a little discouraged so I don't have final numbers. That method just didn’t seem to capture enough of the big moves while still taking many losses. <o></o>
I'm going take my data and start over using the low of the previous bar or ATR what ever is greater as my trailing stop, Initial stop ATR.<o></o>
I know the Risk:Reward is out of whack trading it like this but since the original stop doesn’t seem to get hit before a signal in the other direction it will lessen the Risk and still keep us in the larger moves. After this I will work on taking profit. Hopefully I will have some results to post here soon. <o></o>
></o>That sounds like a good plan Steve.<o
></o>I've been struggling with the best way to manage the trades after Fozzy entries. (Thanks Fozzy!!!) <o
></o>I manually back tested 8 pair from 10/1 to 10/27.<o
></o>I started out using the ATR as the stop (suggested by Beach Bum, thanks BB) with a 40 pip trailing stop after the trade was 40 pips in profit. I then calculated the High and Low from one signal to the next. <o
></o>I observed using a 40 or even a 50 pip Trailing Stop Loss didn’t give enough breathing room. I took each trade down to an hourly chart and watched it develop (Shift F12). The price would gradually move in the direction of the signal then one huge hourly bar would first take out the trailing stop then continue a large run in the direction of the signal. I got a little discouraged so I don't have final numbers. That method just didn’t seem to capture enough of the big moves while still taking many losses. <o
></o>I'm going take my data and start over using the low of the previous bar or ATR what ever is greater as my trailing stop, Initial stop ATR.<o
></o>I know the Risk:Reward is out of whack trading it like this but since the original stop doesn’t seem to get hit before a signal in the other direction it will lessen the Risk and still keep us in the larger moves. After this I will work on taking profit. Hopefully I will have some results to post here soon. <o
></o> - #695
- Nov 1, 2006 6:33pm Nov 1, 2006 6:33pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
- #696
- Nov 1, 2006 6:40pm Nov 1, 2006 6:40pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
Just a few observations: Set a T/P when you enter the trade and stick to it until it's hit or the trade stalls at a significant level. Use multiple lots and scale the trade to maximize gains. There's no reason you can't acheive a profit greater than the ATR if you use that value for the S/L.
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o
That sounds like a good plan Steve.<o
I've been struggling with the best way to manage the trades after Fozzy entries. (Thanks Fozzy!!!) <o
I manually back tested 8 pair from 10/1 to 10/27.<o
I started out using the ATR as the stop (suggested by Beach Bum, thanks BB) with a 40 pip trailing stop after the trade was 40 pips in profit. I then calculated the High and Low from one signal to the next. <o
I observed using a 40 or even a 50 pip Trailing Stop Loss didn’t give enough breathing room. I took each trade down to an hourly chart and watched it develop (Shift F12). The price would gradually move in the direction of the signal then one huge hourly bar would first take out the trailing stop then continue a large run in the direction of the signal. I got a little discouraged so I don't have final numbers. That method just didn’t seem to capture enough of the big moves while still taking many losses. <o
I'm going take my data and start over using the low of the previous bar or ATR what ever is greater as my trailing stop, Initial stop ATR.<o
I know the Risk:Reward is out of whack trading it like this but since the original stop doesn’t seem to get hit before a signal in the other direction it will lessen the Risk and still keep us in the larger moves. After this I will work on taking profit. Hopefully I will have some results to post here soon. <o
- #698
- Nov 1, 2006 7:08pm Nov 1, 2006 7:08pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
Just a few observations: Set a T/P when you enter the trade and stick to it until it's hit or the trade stalls at a significant level. Use multiple lots and scale the trade to maximize gains. There's no reason you can't acheive a profit greater than the ATR if you use that value for the S/L.
></o>I have no idea how I would set a profit target. Shouldn’t it be flexible? I always open 3 positions and keep the 4 hr tunnel on my charts to have some idea of where price is in relation to the 4 hr 55MA and fibs but don't see how you can limit yourself to an end point.<o
></o>Do you set your position size by a certain % of your account balance?