My IBFX platform is giving currently a buy signal on UCHF. about 3 hours until candle close. I see adownside tail piercing the 89 SMA. I think it could retest the roken support line. I would trade it with SL 2071 and 0.8 TP1 2125 and 0.2 TP2 2140 if it is the situation at the close of the candle.
, my candle has just closed. Everything looks good so far, so I'll take the signal as soon as it's formed (hope the next 4h candle). I don't have that tail, but the two previous candles are sitting right on the 89MA. Would you use 1h for early entry?
I have seen the signal too, but it's no longer there
... so I'll take the signal as soon as it's formed (hope the next 4h candle). I don't have that tail, but the two previous candles are sitting right on the 89MA ...
I don't like the look of E/U as MA's are close and mixed, but G/U is OK for me, with the trend and found resistance on 89MA. 200 MA may be a target.
My IBFX platform is giving currently a buy signal on UCHF. about 3 hours until candle close. I see adownside tail piercing the 89 SMA. I think it could retest the roken support line. I would trade it with SL 2071 and 0.8 TP1 2125 and 0.2 TP2 2140 if it is the situation at the close of the candle.
After reading a great deal about this system, I've been trying it in realtime on a demo this week, and I've been getting slaughtered... I decided to take some time this weekend to run throught the various examples that Philip posted in his original PDF about the system. I've started to get better results, but there's one thing that I see as a point that I don't understand, regarding setting stop losses to limit risk.
I very much like Phil's guideline to set the stop outside the previous bar, as it makes sense to avoid any area that the price has traded to so recently. Also, Phil says he never uses a stop of more than 48 pips, so for the time being I've adopted that rule as well. The problem is that I keep coming across example trades in Phil's writings that don't seem to conform to these concepts.
For instance, in the August 2006 trading examples, the third and fourth trades indicated come on signals that are created by very long candles. It would not be possible to set a stop outside those candles without accepting more than 48 pips of risk. Accordingly, I passed them up, only to see that Phil took them, and they were good trades. So my question is: why would one take a trade with such a large stop required, or, if one sets a stop inside the previous candle, how does one determine where to set it, and what about those trades made them so attractive as to be worth the extra risk...
I particularly want to hear from Phil on this, but others' opinions would be welcome as well
Thx!!
