Yes, does that mean the 20 day ATR divided by 2 or 3? Does anybody have that indicator? Thanks!
1M & 5M Scalping System (Scalping Paradise) 21 replies
DislikedATR is the average trading range. So if you are taking 20 days, you add up all the pips in the 20 days, divide by twenty and you have the average pips it moves in one day based on the last 20 days.Ignored
You take profits at 8am. But what time zone is that?
I think I would also do better if I did that. I anm Central USA.Ignored
DislikedHere's the indicator
How are you useing it to T/P
DislikedMany thanks to tkimble and all who have contributed... have just discovered this thread today.
Would really appreciate if someone can give me a reference to the post or any compiled document that contains the latest rules for this system as laid out by tkimble with valuable contributions from others.
DislikedHello JillyB - If like this day you were bought and at 08.00GMT you are in losses but not stopped what have you do plz? Close or left run?Ignored
I did intend to go on a Sell trade last night, but didn't as the filter I'm trying out at the moment contradicted the trade and was showing a Buy possibility. I wanted to see what would happen so decided to stand aside on the trade.
As for the system - my rules are that I exit the trade at 8.00am (or just before) - London open. If the trade is not profitable at this time - but hasn't been stopped out I leave it until 1.00pm (I've had to adjust this to 12.30pm in the last few weeks for DST as it's set to be half an hour before the main news in the US). This is the latest I will exit and will take a profit or loss at this time.
Todays trade would have been a losing trade for me and would have been stopped out at -43 pips. (40 pips + spread).Ignored