At 1.15 gmt yesterday or 3.15 on the charts...... I sat on my hands. I had already made some pips, and was not entirely sure it was still going up. So I did nothing. I won't follow any strategy blindly. If you miss pips, then it doesn't cost you anything.
Last night, I recalculated on the close of the 11.45 (chart) candle and entered a BO. This trade did not work out.
I am convinced that when setting PO's at the days close for the following day, you must enter both a SO and BO. I do not beleive a oco (one cancels other) will work as in last nights case the BO would have canceled the SO which is where the price went finaly. Will you take a small loss by using both, yup, but only if the price wavers around and it also depends on how far apart your PO's are.
I do not beleive that a 100 pip SL should be used. So for those that are saying because it broke the 38 mark coming up, your SL should be at the 61 mark going down...... I am sorry, I simply do not see it. It's way to large a SL for this strategy. I could be (and probably am) wrong............
I will continue to use this strategy along with my standard one. I will take breakout entries based on the calculator and my normal signals...... I am in one now after several pins and divergance.
No strategy will be 100%, everyone knows that and therefore you shouldnt be surprised when it doesn't work.
If Bobi/we are convinced that price is going to come back up to the 7th phase, then it's simple.......... you take your losses (not 100 pips) and look for another entry. If it's dropped down as far as it has and you had a sensible SL, then you will make back more than you lost on it............ that is providing it comes back, which is something Bobi is convinced about.
What has happened here, as someone else pointed out, does not make the system right or wrong and as SFX pointed out, there may very well be a correction in price. Does that mean that it will NOT hit the 7th phase.......... who knows.
A correction doesn't always have to be a huge drop in price, it can be a sideways movement for several days. We could do this AND then hit the 7th phase......... so the game is not over yet.
*EDIT*
Sadly I had moved to BE to soon and my trade was stopped out.... only for me to return to the machine to see the huge rise 8o)
Last night, I recalculated on the close of the 11.45 (chart) candle and entered a BO. This trade did not work out.
I am convinced that when setting PO's at the days close for the following day, you must enter both a SO and BO. I do not beleive a oco (one cancels other) will work as in last nights case the BO would have canceled the SO which is where the price went finaly. Will you take a small loss by using both, yup, but only if the price wavers around and it also depends on how far apart your PO's are.
I do not beleive that a 100 pip SL should be used. So for those that are saying because it broke the 38 mark coming up, your SL should be at the 61 mark going down...... I am sorry, I simply do not see it. It's way to large a SL for this strategy. I could be (and probably am) wrong............
I will continue to use this strategy along with my standard one. I will take breakout entries based on the calculator and my normal signals...... I am in one now after several pins and divergance.
No strategy will be 100%, everyone knows that and therefore you shouldnt be surprised when it doesn't work.
If Bobi/we are convinced that price is going to come back up to the 7th phase, then it's simple.......... you take your losses (not 100 pips) and look for another entry. If it's dropped down as far as it has and you had a sensible SL, then you will make back more than you lost on it............ that is providing it comes back, which is something Bobi is convinced about.
What has happened here, as someone else pointed out, does not make the system right or wrong and as SFX pointed out, there may very well be a correction in price. Does that mean that it will NOT hit the 7th phase.......... who knows.
A correction doesn't always have to be a huge drop in price, it can be a sideways movement for several days. We could do this AND then hit the 7th phase......... so the game is not over yet.
*EDIT*
Sadly I had moved to BE to soon and my trade was stopped out.... only for me to return to the machine to see the huge rise 8o)
