My own developed benkyalate system
Can someone please answer my questions? I know I'm not the only one here looking for answers on these... 
Hello all.
I just read the ENTIRE thread and downloaded almost every indicator. I do have some questions in general that I would like to be answered if possible
Paulus, most of these questions are directed towards you since I am looking to trade off the M1 charts.
1. For scalping on M1, the lines are constantly moving up and down. When you place a trade, do you set your TP at the beginning of that trade, or keep adjusting it as the price keeps moving? For example, if your trading off the solid outer lines, do you place your TP at the opposite solid outer line right away, or keep adjusting it based on the movement of all the lines?
2. I see people using this system(s) differently. Some people placing trades off the dotted lines closest to the middle line, the dashed lines, and even the solid lines. Some people are just trading off the solid outer lines. Some people are trading off certain lines, then adding another lot when it gets to the middle line. So basically my question is this: What is the best line(s) to trade off of for the M1 chart, and what line should I be taking my TP?
3. STOP LOSS??!!! I know everyone is trading differently, but please, if you are using a SL with this system, where are you putting it? I've seen anything from 100-400 pips, outside the previous candle, to even NO SL AT ALL. I personally am not a fan of using SL, but for scalping on the M1, should I be using a SL? And if so, where/how much?
4. I never understood this part of this thread: When exactly do you add additional lots onto a trade?
5. I hear people saying they wait till the close of a candle before they get into a trade. So if the price hits the line their trading off of, and the candle closes outside the line, do you take this trade even though the price is not touching the line at the close of the candle?
6. When is the best time to be trading the M1 TF? For example, the London Open till the New York Open?
PAULUS:
Congrats on achieving such awesome results on the M1 Time Frame! Could you please post specific rules for how you trade this? SLs, TPs, Templates, Times to trade, MM, etc?
Thanks guys, you are all wonderful people for sharing your knowledge with others. Thank you Oan, Paulus, Behof, eTrader, and everyone else!
- #1,607
- Dec 10, 2008 12:01pm Dec 10, 2008 12:01pm
- | Joined Nov 2008 | Status: Trader | 2,055 Posts
Can someone please answer my questions? I know I'm not the only one here looking for answers on these...
I'll answer what I can.
1) don't know how to answer this question
2) don't know how to answer this question because you want to know in 1minute time frame. But I can tell you that using the godfather template, i trade from dotted red/green and solid red/green lines. take profit is usually at the middle cog line. However this is for 4H or 1 hour time frame.
3) don't know how to answer this question. But on 4h/1h, I usually put a SL of about 100-200 pips. sometimes even more.
4) this is referring to the martingale theory. Some people aren't comfortable with this so it is really up to you. If you don't understand the martingale, do a search and read up about it.
5) depends on all the other indicators. What do the other indicators say? Do the indicators show a possible reversal in trend? If so, take the trade. If not, don't take the trade. Remember the rule: cog merely says "high probability" it doesn't guarantee a trade.
eg: the cog band is trending up. your last candle just touched the bottom solid green line. but that candle is a hammer with a very long shadow. Eventhough the shadow touched the solid green line, but the candle closed far away form the solid green line. do you take the tradE?
answer is, it depends on all the other indicators. What are the indicators saying? If everything says that price is ready to go long, then you are probably safe going long.
6) don't know how to answer this questoin
good luck in your testing
- #1,617
- Dec 11, 2008 4:44am Dec 11, 2008 4:44am
sure all people can have it ...
but tell am sure of it...coz if i post it now people will come back and
say why the price pass the line over 20 pips ?
some people will not demo it...
they need it to be ready ...
so am holding on for awhile ..
just to be more sure of things..
then all great people here will have it..
- #1,618
- Dec 11, 2008 7:23am Dec 11, 2008 7:23am
- Joined Aug 2007 | Status: Trader | 1,616 Posts
PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
- #1,619
- Dec 11, 2008 7:49am Dec 11, 2008 7:49am
Yes the trade goes 100 pips 200 pips and 300 pips agains you. the more it goes against me the more I make
Do you meen that the price well always come back ?
....ok.. what was you maximum minus in a trade?...how many pips did the market go abainst you?...do you use a SL ...I don't think is necesary
. Honestly did you had a minus trade?...ever...whith this sistem
I had some on the news
- #1,620
- Dec 11, 2008 8:48am Dec 11, 2008 8:48am
Don't confuse yourself too much lol. Maybe an example will make things clearer.
Eg: 4h chart is downtrending. 1hour chart signals a sell, I enter the trade.
4h chart is dwontrending. 1hour chart signals buy, I don't enter the trade.
Hope that clarifies some things.
PS: that is the general rule of thumb. If you trust your abilities, you are always welcome to trade against the trend. Just be sure you know what you are doing.
If I use deadsoul template on 1h, usd/jpy then TRACK-TREND tells me that 1H and 4H is down.
But
The 4h COG is UP.
And on 1H there is BUY signal.
So what is the trend?
TrackTrend or COG on 4h?