DislikedEh, eh...nice question! It's not so simple to explain how I use my SL...usually looking at the market I try to understand if it is a wrong trade or I only need some patience. Espacially with GJ sometimes I had also a 400 pips drawdown, but then it came back to TP...!
F.e. if a market acts as GBPUSD in these days (stalling on monthly R3) usually I move SL not to close my position. Other times if it goes on in the "wrong direction" I close my position at SL.
This is the less mechanical part of my system, and for this reason I never built an EA...Ignored
4H Strategy with RSX and Murray Math
- #222
- May 29, 2009 7:01am May 29, 2009 7:01am
- Joined Apr 2007 | Status: Trader | 1,021 Posts
Thanks Zappolo,
So I guess you put your SL above monthly Res.Am I right?
If not could you tell me please what is your SL now?
We had a big rise today,So how did you handle that?
Thank you for your time
Mike
So I guess you put your SL above monthly Res.Am I right?
If not could you tell me please what is your SL now?
We had a big rise today,So how did you handle that?
Thank you for your time
Mike
Failure, is a wonderful teacher!
I have been followin and trading with your system and think you have done a very nice job!!! well done... I have started to look and see if you could us Prabolic SAR for either a entery or exit and though as its your system, what you think??
look forward to your feed back
- #225
- Jun 1, 2009 6:03am Jun 1, 2009 6:03am
- Joined Apr 2007 | Status: Trader | 1,021 Posts
Failure, is a wonderful teacher!
Hi all, sorry for my silence but I had been out for work all week and my internet key got broken!
Coming back to my positions I know that it has been a high risk choice, but I never close my positions! GU was too overbought so the question wasn't if it would have tanked, but only WHEN!!! The same for USDCHF (oversold/rise).
Next week, looking at how market will move, I'll state if to move the TP to 0 pips (the opening price), close with few pips in red or let the TP where it is!
As you can see when I opened my GU position TP hasn't been taken for 14 pips....my mistake has been to take the Murrey level as TP and don't remember that every support/resistance isn't a stated price but a 10-30 pips zone. Be sure that next time I'll remember it!!!
The mistake on USDCHF is that as you can see I opened my long without a clear break of RSX. To avoid this error I changed my levels on RSX to 18 and 82 (instead of 20 and 80). In this way we could have a clear break signal!
Coming back to my positions I know that it has been a high risk choice, but I never close my positions! GU was too overbought so the question wasn't if it would have tanked, but only WHEN!!! The same for USDCHF (oversold/rise).
Next week, looking at how market will move, I'll state if to move the TP to 0 pips (the opening price), close with few pips in red or let the TP where it is!
As you can see when I opened my GU position TP hasn't been taken for 14 pips....my mistake has been to take the Murrey level as TP and don't remember that every support/resistance isn't a stated price but a 10-30 pips zone. Be sure that next time I'll remember it!!!
The mistake on USDCHF is that as you can see I opened my long without a clear break of RSX. To avoid this error I changed my levels on RSX to 18 and 82 (instead of 20 and 80). In this way we could have a clear break signal!
