50 pips a day keep the doctor away!
My Fix Plan: SL 20 pips & TP 5 pips 4 replies
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DislikedYou right,sorry for confusion.I realized about this after I while.Somehow the signals aren't as clear on MT4 as Umairs' but I will give a tryIgnored
Dislikedno prob, i try a little bit, also i use a WMA for the calculation (RAINBOW)
looks pretty good will try tomorrow oanda 5 and 10 sec chartIgnored
DislikedBTW, I would like to know how are you doing with the method today? I'm having trouble because I get 3-4 winners of 5 pips and then a loser of 15 pips, then 3-4 winers of 5 pips and other big loser again...Ignored
Dislikedlooks a little bit confusing but i think with screentime u can increase profitability...Ignored
DislikedUmair thanks for sharing..
This system is a recipe for disaster when not used in the right conditions. In essence it looks great with hindsight but if the market you're trading isnt making a large directional move your entries will be too late 90% of the time and you will end up at a loss or breakeven(if you're lucky) I've tested it with Interactive Brokers using test amounts with their BookTrader which enables 1 click orders.
So my take on this is if you want to minimise exposure during a potentially large move in order to trade with bigger lots, this method may be an option but doesn't make all that much sense.
Good luck.
PS if you want to scalp and have something that really works more often than not, try Philip Nel's 5min system. The signals are less frequent but probability is increased using a trend following mindset.Ignored
DislikedYour points are well taken. For what its worth, I mitigate loss by using multiple time frames. I always trade with the 4 hr trend confirmed by the 1 hr or 30 min, plus the 5 min. I then trade the 1 M. I never trade the 1 min if it is not going the same way as at least the 5 min and the 30m or 60m. This has been a life saver many times.
Having daily SR lines in place is vital too, IMO. Being in what looks to be an excellent trade can turn disastrous if you unknowingly hit a SR line.
Finally, if you truly are trading with the trend; have not overextended yourself in the trade financially, you can almost always ride out a reversal by simply waiting till the trade turns back your way.
Just my 2 pips worth...Ignored