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Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 180 replies
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Disliked{quote} driven18 I believe that the necessary setup was not given to place an order... Only take orders when the previous day's R4 is higher than the current day's R4 AND (BOTH) the previous day's S4 is lower than the current day's S4.Ignored
Disliked{quote} I think you are wrong: 1st trade(Sell), S4 is inside previous day S4, 2nd trade(Buy), R4 is inside previous day R4Ignored
Disliked{quote} previous day's R4 is higher than the current day's R4 AND (BOTH) the previous day's S4 is lower than the current day's S4 The second trade S4 of current day is lower than S4 of previous day ... I think .... Maybe ...Ignored
DislikedHere's how I'm setting up my GBPUSD. Experimentally, I'm using the Trend Channels indicator on TradingView to determine H4, H1, M15 trend directions / support and resistance levels and then setting up my risk management around those levels instead of arbitrarily setting up 2:1 brackets. Similar to an EMA, Trend Channels merely just tells us what direction price wants to move on any timeframe giving the simplest of edges. I'm still risking more then I'm taking in this trade, but its definitely less. Essentially just adding top down analysis in conjunction...Ignored
Disliked{quote} aren’t you falling into the same trap you described in the original post? you’re adding subjectivity to the system and I can’t see a reason to do so… other than being bored i am not hating by the way! We know losses can’t be mitigated entirely, so why try?Ignored
Disliked@FireScape,say you enter a buy at R3 pivot to TP at R4 and the trade gos against you, have your SL at the central white pivot and a buy limit there too,and add buy limits and SL at S3 pivots and S4 pivots, unless you are caught in a big trend you should come out of it with just losing your spread costs,seeing most trades are winners anyway with this system,if you get spanked in a big trend the winners should easily cover it....thanks for posting this system by the way , very interesting !Ignored