Thank you RobinHood! I was struggling with mt SL's, now I'm not! Thank you so much!
Green pips!
Green pips!
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DislikedDo you only use an exit signal to exit the trade in profit, or do you use a fixed risk-return?Ignored
Disliked{quote} I am not sure who you are asking the question, but I will tell you my opinion. Personally, I only ever exit when the indicators tell me too as you never know how far a trade can go. So how do I know when the indicators are telling me to exit? There are many, many ways the indicators can tell you, but you have to decide which way(s) you are going use as there is no one perfect way to exit every trade using indicators. For example... 1. When the RSI dips below the 50 Purple Line. 2. When the 2 ma's in the upper window cross. 3. When either...Ignored
DislikedRobinhood, Thank you for all the help so far. I do have a question though because, for some reason, my head can't wrap my head around it. I understand if we trade the 4HR TF, to check the Daily TF to confirm the trend. If unsure, check Weekly TF. But for some pairs, I get confused. For example, GBPCAD, 4HR is flat (RSI is below 50), Daily is showing a downtrend but the RSI is at 51, Weekly is up and RSI is right at 50. I feel like with all the pairs out there, just avoid this pair. Or GBPNZD. 4HR has crossed over 7 bars ago, but the daily TF just...Ignored
DislikedRobinhood, Thank you for all the help so far. I do have a question though because, for some reason, my head can't wrap my head around it. I understand if we trade the 4HR TF, to check the Daily TF to confirm the trend. If unsure, check Weekly TF. But for some pairs, I get confused. For example, GBPCAD, 4HR is flat (RSI is below 50), Daily is showing a downtrend but the RSI is at 51, Weekly is up and RSI is right at 50. I feel like with all the pairs out there, just avoid this pair. Or GBPNZD. 4HR has crossed over 7 bars ago, but the daily TF just...Ignored
Disliked{quote} I completely understand your frustrations. I used to have them sometimes trading the 4 hr. Forex too. BUT, I finally wised up and started trading Daily charts and taking guidance from the Weekly chart. So you might want to consider doing that also. 1. You don't NEED to trade a bunch of different pairs. Why not just pick the best trending 1, 2, 3, or 4 pairs?? It's a much smarter and easier way to trade the Forex. 2. I DON'T TRADE UGLY charts. Look at the Weekly GBPCAD chart. That's one butt ugly chart and so you should not be trading it....Ignored
Disliked{quote} This makes total sense and I greatly appreciate you still taking the time to help me out. I have this problem that I feel like I have to watch a bunch of pairs to catch every move. So, over time when the handful of pairs I watch aren't making moves, I start adding others which is detrimental to me mentally. It's a curse. It's funny that you said I should go to the Daily, I have been looking at Daily charts all evening. I use to trade 5-15M, so I thought 4HR would be a good medium but after looking at the Daily's for the last 4-5 hours, I...Ignored
Disliked{quote} You're welcome. A couple of observations about the USDCAD... {image} 1. On the Weekly chart, price basically went down to and bounced at/near the lower trendline, so that's not a good sign for the shorts right now. 2. The way I enter (if I was ignoring that trendline) would be to wait for this current weekly bar to close, and then enter if/when the next bar takes out the low by a few pips. This is a very important rule for me when I trade anything...Forex, stocks, futures, commodities, etc. 3. Plus, the smTMMS Oscillator has not CLOSED below...Ignored
Disliked{quote} Funny you posted that USDCAD trendline. After I made that post, I drew that exact trendline after I sat down for the night and starting going through charts (I enjoy it) And that is what's cursing me. Be patient and letting the trade come to me especially those 4HR/Daily TF's. I had to delete the MT4 app from my phone. I work in a secure area with no cell phone access, so we leave our phones in the lobby. I'd go out every few hours and check the trades... Sometimes I'd exit trades if I am in a good profit even though the indicators aren't...Ignored
DislikedAwesome. Thank you for all that. Granted, the challenges were for $5k accounts. I am currently in a $100k challenge using this method only. Hopefully, I'll pass it and become funded, 80/20 profit split. The problem with these prop firms, is there profit goals are outrageous which is why most fail. 8-10% in 30 days. If you could get 10% monthly, I'd be a billionaire hedge fund manager... I apologize for all the questions. I've read all 300+ pages and have been editing the word document that was posted throughout the thread but some of the information...Ignored
DislikedAfter banging my head against the wall and researching all weekend about what I could do that didn't change the method in regards to confirming with the higher TF. I've decided to stop switching TF's and just add the higher TF RSI to my trading chart (i.e. On my 4HR, I have the Daily RSI. On my Daily TF, I have the Weekly RSI.) RH stated he WILL NOT trade against the RSI on the higher TF, so I figured I'd see how this works. Now, this may not work for you, but when I look at the higher TF and see only a few indicators pointing in the direction of...Ignored
DislikedAfter banging my head against the wall and researching all weekend about what I could do that didn't change the method in regards to confirming with the higher TF. I've decided to stop switching TF's and just add the higher TF RSI to my trading chart (i.e. On my 4HR, I have the Daily RSI. On my Daily TF, I have the Weekly RSI.) RH stated he WILL NOT trade against the RSI on the higher TF, so I figured I'd see how this works. Now, this may not work for you, but when I look at the higher TF and see only a few indicators pointing in the direction of...Ignored
Disliked{quote} I did exactly the same for a period, higher TF RSI overlaid on my normal indicators to confirm direction. I found it worked well and gave me clearer signals, i have a similar issue to yourself, getting cold feet when everything on HTF didn't match my direction. I'm currently playing with moving averages for my direction confirmation but may well revert back to the HTF RSI as it was nice and clear to work with. Paul.Ignored
DislikedInteresting discussion on using HTFs. It's also interesting that as time goes on, most of these FF threads show traders trying to improve things by adding this or that. I prefer going as simple as possible, hence using Big E's system at its simplest. So here's a question - would you buy this? {image}Ignored
Disliked{quote} To answer my question, I like to look at the bigger picture, also in its simplest form. Trusting my eyes as the best indicator. Would you buy this pair? I posted three charts here, all using plain candles. First H4, then D1, then the monthly. {image}{image}{image}Ignored