Let me try to break this down smaller......
A bar just closed and we are now looking at the bar taht just closed and asking ourselves 1 question. That question is "Where is price going to go today" The answer of course is that price is going to go up or it is going to go down. Now it could go up and then go down and then even end up at the same price as yesterdays closed bar, but the bottom line is that everyday price either goes up or down and some days both.
So....Unless there is a major break price is going to go up until it hits resistence. At this point it is either going to stay there, push through it or rebound and head back down to support. If it pushes through, chances are the EA will not even get us in a trade. If it stays there and ranges the EA might read a reversal and get us in a trade, but the s/l should be very tight. If the trade reverses, I assure you that the EA will get us in a trade, trail stop that trade and move to our t/p.
The same thing happens when price goes up, except we are betting that it comes back down.
So, are job is to determine daily support and reseistence points and make a play based on those numbers. Simple.
A bar just closed and we are now looking at the bar taht just closed and asking ourselves 1 question. That question is "Where is price going to go today" The answer of course is that price is going to go up or it is going to go down. Now it could go up and then go down and then even end up at the same price as yesterdays closed bar, but the bottom line is that everyday price either goes up or down and some days both.
So....Unless there is a major break price is going to go up until it hits resistence. At this point it is either going to stay there, push through it or rebound and head back down to support. If it pushes through, chances are the EA will not even get us in a trade. If it stays there and ranges the EA might read a reversal and get us in a trade, but the s/l should be very tight. If the trade reverses, I assure you that the EA will get us in a trade, trail stop that trade and move to our t/p.
The same thing happens when price goes up, except we are betting that it comes back down.
So, are job is to determine daily support and reseistence points and make a play based on those numbers. Simple.
DislikedHey Blackwolf..... We are doing it differently still. Once we determine our areas where we think the market will move the other way, then we let the EA locate our entries based on the programming. Also, an exact number is not needed. We are using a range for the EA to start looking for trades. Let's say you have support at 1.2500. You would set your Lower Range at lets sat 1.2510, and set your threshold to 70. This means that when price gets to 1.210 and until price gets to 1.2440, that 70 pip range, the EA will be looking for the entry parameters...Ignored
"Keep your eyes on the helpers" - Mr. Rogers
