If the daily, 4h and 1H are in red down slop you take a trade and get stopped out, 1H slope goes green for a few hours and then turns red again would you re-enter as soon as it turns red??
I wait until all 4 TF are the same. D, 4 hr, 1hr, 30m. I would reentry. I am looking to get back in the trend. You take a few losses to get on the large gains. Confidence and Consistency.
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Joined Nov 2007
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Status: Student of the Markets
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Pete, just wondering if you tried the EA at all? I am thinking of monitoring the daily's and setting up the chart with the EA when i see a new slope change. this will allow me to enter without delay at the first valid signal. was going to use the 24-4-1 timeframes.
also, i tried the EA in strategy tester (i had never previously used this). for some reason, thru ibfx, it only gave me testing data from october til now. it might be due to the fact i did the test while they are closed. but, with that limited data set, i found the best results by not using any stop loss but allowing the EA to close the position when the slope changed back. if you think about it, most times you get stopped out, you wind up going back in on the same pair in the same direction but at a worse price. i am planning to use it without SLs and hopefully we can compare results to see which works better.
Pete, just wondering if you tried the EA at all? I am thinking of monitoring the daily's and setting up the chart with the EA when i see a new slope change. this will allow me to enter without delay at the first valid signal. was going to use the 24-4-1 timeframes.
also, i tried the EA in strategy tester (i had never previously used this). for some reason, thru ibfx, it only gave me testing data from october til now. it might be due to the fact i did the test while they are closed. but, with that limited data set, i found the best results by not using any stop loss but allowing the EA to close the position when the slope changed back. if you think about it, most times you get stopped out, you wind up going back in on the same pair in the same direction but at a worse price. i am planning to use it without SLs and hopefully we can compare results to see which works better.
hello nate,
Good observation, if you observe, you will notice that pete's exit plan is a bit different from ematrader but same concept. I think pete is using a method that suit is trading personality..... he emphsizes using exit method that best suits and be consistent with it.
I totally agree with your exit method of letting the slope runs without sl and exit at the change of the slope. good system if your equity can cope with about 500pips drawndown.
Nice ideal but needs large chunck of equity to run such exit method without sl
I stop by the EA thread every now and again. Last time I was reading they had some kinks to work out. I am not too fond of EA in general. I like to be in control of my trades. I also like to know how much I am risking going into a trade and I can only do this with a hard SL. I do not completely agree with your statement I always get in back into the trade at a "worse price". Sometimes I get back in at a retrace at better price. Overall, the system has been profitably for ME. Let me know how your test goes, but please do not trade without a SL whether it be 100 pips or 1000 pips. have some kind of net. Thanks.
