Make money Not pips
I think some of Pupsdad's confusion has come from the wording of the rules that simplecoders put down. i.e.
...
(3)* Divide the range by 4 ( 25% of the previous 24 hrs daily range)
(4) For Buy order Previous 24 hrs close + (3)*
(5) For Sell order previous 24 hrs close - (3) *
(6) Stop Loss; For buy order the stop loss is the opening of sell order and for sell order it is the opening of buy order.( This is the only difference with original rule posted by $ aly in the first post)
The +/- (3) * doesn't mean 3 pips but refers to the result of point...
1- puts your order +/- spread (no 3 pips)
2- set your TP= TP-spread
my above rules aren't so hot i only subordinate the first post rules
it's better to trade without any offset pips but if you want to decrease your risk :
1- puts your order +/- spread (no 3 pips)
2- set your TP= TP-spread
my above rules aren't so hot i only subordinate the first post rules
To make things clear, 3 does not mean 3 pips, it is rule no 3. I also do not make any offsets.
