As I've stated previously, I'm very pleased that I found this thread and the strategy that Imran has developed. My success rate is at 80%, which I'm pleased with. The past two weeks its been climbing. Here are a few questions:
1. My entries are very good, but I tend to get out of my trades early with a nice profit but the trend will continue to run. It's the small retracements that get me spooked. I'm finding the red indicator is extremely important here and am learning and trying (lol) to follow it through the small retracements. Any thoughts?
2. I've been slowly pulling back on my consulting work to begin trading full time. I occasionally miss the start of a good trend because I do need some sleep once in a while. I know there is a rule/guideline for entering a second time, but there also seem to be other opportunities to enter which I'm trying to record. Chandra made the following comment about this the other day.
Consider Main Direction as the side the Red Lag is compared to the mid level (0.5). Red Lag > 0.5 = Take Long signals only; < 0.5 = Take Short signals only. It is not 100%, but seems pretty good and simple. If they don't agree, it is a choppy market and just wait. It will delay entry in some good moves and keep you away from some, but surely it will save a LOT more in bad trades. (I am using it in 5M EURJPY). One can also consider Red Lag crossing 0.85/0.15 level as a change in Trend direction.
Any additional thoughts on this.
3. I presently use an MT4 broker with a fixed spread of 8 pips on the GBP/JPY pair. I'm okay with this, but would like to figure out a way to reduce my outlay for spreads/commissions. I'm thinking of an ECN/STP broker. Anybody have any thoughts on this?
WHEW!!! Hope this isn't too lengthy. This is only my second post, but the total is growing...lol!
Thanks again to everyone for making this thread one of the best that I've seen.
Steve
1. My entries are very good, but I tend to get out of my trades early with a nice profit but the trend will continue to run. It's the small retracements that get me spooked. I'm finding the red indicator is extremely important here and am learning and trying (lol) to follow it through the small retracements. Any thoughts?
2. I've been slowly pulling back on my consulting work to begin trading full time. I occasionally miss the start of a good trend because I do need some sleep once in a while. I know there is a rule/guideline for entering a second time, but there also seem to be other opportunities to enter which I'm trying to record. Chandra made the following comment about this the other day.
Consider Main Direction as the side the Red Lag is compared to the mid level (0.5). Red Lag > 0.5 = Take Long signals only; < 0.5 = Take Short signals only. It is not 100%, but seems pretty good and simple. If they don't agree, it is a choppy market and just wait. It will delay entry in some good moves and keep you away from some, but surely it will save a LOT more in bad trades. (I am using it in 5M EURJPY). One can also consider Red Lag crossing 0.85/0.15 level as a change in Trend direction.
Any additional thoughts on this.
3. I presently use an MT4 broker with a fixed spread of 8 pips on the GBP/JPY pair. I'm okay with this, but would like to figure out a way to reduce my outlay for spreads/commissions. I'm thinking of an ECN/STP broker. Anybody have any thoughts on this?
WHEW!!! Hope this isn't too lengthy. This is only my second post, but the total is growing...lol!
Thanks again to everyone for making this thread one of the best that I've seen.
Steve