DislikedWish I could help ya, but I'm still trying to really figure that out myself.
I'm currently using 17:25 - 19:30
Though I don't believe anyone else is. Just testing a theory that came to my head........from absolutely zero information, just popped in there.
UPDATE:: A/U just brokeout, next candle has started off as a re-trace...
UPDATE II :: 3 trades entered...... +66.3 Pips
EUR/USD - Open @ 22:15 Eastern U.S. time
Enter: 1.29985
Stop Loss: 1.30325
Take Profit: Actually I just manually closed this.......well all three actually.
Closed: 1.29617 @ 22:28 : *+36.8*
GBP/USD - Open @ 22:24
Enter: 1.65061
Stop Loss: 1.69585
Closed: 1.64970 @ 22:29 : *+9.1*
USD/CAD - Open @ 22:26
Enter: 1.21602
Stop Loss: 1.21445
Closed: 1.21806 @ 22:30 : *+20.4*
NOTE:: All of these could have been better, U/C & G/U especially, but I am a bit lost on working the trailing stop with FXCM......Yes I abandoned MetaTrader after just one day......I'm more familiar and comfortable with FXCM's Marketscope 2.0, with the exception of the \\\\"trailing stop\\\\".
SO if anyone can assist me with their trailing stop, it'd be much appreciated. Thanx.
And now that I was trading on a platform I'm comfortable with, and felt more confident with using.....I can praise the system introduced to us by Nomoretoxic......Even if it is really just day one of success, yesterday I was too lost to count so I'm giving myself a mulligan.Ignored
Here's an advice that will save you many headaches (and $$$).
Trailing stop off 5 minutes charts will lead you to the land of frustration so quickly you won't look back at trading again.
When I started on the box, I knew by heart it was a profitable system because for the first time something made sense to me. That's the reason I didn't bother to backtest. Many years later, it paid off big time.
But.....
two things almost put my trading to rest, using the box.
1)Straight breakouts. A true killer. Just look back on my post how many fakeouts I pointed out.
2)Trailing stops. Oh man this is a real bummer. You have no idea how many times I trailed the stops (in all shapes and flavors) just to see me like an idiot, how the market went in my favor afterward.
At the beginning of this thread I didn't put much weight on trade management. I suggested a 1:1 risk/ratio and I also said that 20 pips is attainable with this system. I can't recall right now but for some of you keeping a record, if I ever suggested even indirectly trailing stops for this system, please disregard that line.
Summarize - stick to your guns and once you have an order in place, let the market do whatever....You'll see it's better that way eventually.If you fell of and have a scratch on your knees, well get up, lick up your wounds and keep on running.
Hope it helps.