I hope your health is better…
Sorry, I was travelling for the last 2 weeks and had very limited internet time.
I’m still testing my ‘H4 scalping technique’ with more and more confidence (still demo)... I have started to forward test it on 8 pairs. It requires monitoring the trades at the opening of each H4 candle (I usually miss one during the night).
I’ve also tried the Daily with mixed result, still positive but I feel like we’re almost trying to get in the same trades that in your other thread but from the daily chart, with less information (missing the inner S/R). I was wondering if monitoring the D1 wouldn’t mean to trade the monthly from the daily candles as you trade the daily from the H1 candles in your other thread? Let me explain my reasoning:
For H4 I put cycle lines from Monday to Monday (or Sunday to Sunday) to materialize the week. 1week is 30 H4 candles which is very close to the 24 H1 candles in the day so instead of playing the intra-day fib and the swing fib, I play the ‘intra-week fib’ and the swing fib. So I trade the same way that you do in your Fibonacci thread although I use most of the time the break out of the swing fib (what you call scalping), but I monitor how price react to the inner fibs of the Intra-week fib and also to the retracement fib, up-trend fib, downtrend fib, range fib and so on.
For the Daily I tried to replicate that but since the month never match with the weeks I added some cycle lines every 4 weeks which makes for a Lunar Month with 13 LM in a year 13 x 4 = 52 weeks. Once again 4W x 5 candles (6 if there is a Sunday candle) = 20 or 24 candles, very close to the daily technique. I don’t respect strictly the limits of the LM but find good Top/bottom around them, the main purpose of the LM is to give a scale on which to gauge P/A. I pretty much fib each bar except the inside bars. Actually on the bigger bars I sometime set my SL at the 38 or 62 level and not at the top/bottom or look for good S/R in H4.
But maybe I should take even less trades but out of the LM fib as you do with the intraday fib?
Please give me your view on that.
I usually open 3 trades at the Break-Out of the fib. If the B/O is set at 68/32 then TP1 is 0/100 and initial TP2 is at 138/-38 it then move with the fib to T1. If the B/O is 0/100 TP1 is at 138/-38 and initial TP2 is at 200/-100 it then move with the fib to T1 as well. I let the last trade run as far as it can, pulling the fib behind and the SL with it unless I see a nice T3 Target (skunny style).
Here is my question: You mentioned earlier closing 80% of your position. How do you technically do that? I mean can you close only a part of a trade or do you have to open for instance 10 distinct mini-lots with the same entry and different setting for TP and SL? Is there a way to open ten lots at once? I don’t see how to do that in MT4…
Thanks in advance.
To close a portion of your trade in MT4 platform just select the trade you wish to close and before selecting the close trade button select the amount of the trade you want to close first, an instance would be if your trade is 1 full lot change the amount to 0.8 to close 80% the remaining 20 will continue to run. I forget what the maximum is for mini lots but if I rmember correctly its more than 10 mini lots.