I normall set my S/L above the previous High or Low. However, I am always aware of the PA. GU, EU, AU are actually stagnant, if EU gets above the 1.4290 area, I may be closing.
FS
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I suppose, you mean the high/low of the previous candle (not the swing high). So, when the next candle opens, do you move your S/L to the high of the last candle?
As I can see so far for this method: The TDI cross is a relatively reliable signal. But versus candlestick price action (pinbar, outsidebar at S/R lines), it puts you a bit later in a trade, so we have to handle bigger stoplosses. To be profitable, you need good money management and also a lot of experience (feeling for the market).
Hi Fitness09. TDI is flat now (=exit rule). I have S/L at BE. If it retraces, I'll have no loss.
edit: just stopped out: 0 pips. It's ok.
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Hi Milton - I did not take this trade but went back to evaluate it... did you enter at about 8am est when the previous candle closed. judging the FF posting times and your price it would seem so...
One observation that may help future entries is if indeed you entered at 8am est you could save yourself some aggrivation by waiting to enter when the lower TF 5m or 15m has a TDI down cross as well in concert with the Signal TF in this case the 1 Hr down cross. Using this method would have got you in about 50min later and may have kept you in the trade as you bypassed all the chop that may have led you to move the stop prematurly. Likewise you could use the FREE trade rule which I use all the time... when up 10+ pips sell half this way you lock in a small profit and let the rest run and no matter what happens you bank at least the 10pips.
I suppose, you mean the high/low of the previous candle (not the swing high). So, when the next candle opens, do you move your S/L to the high of the last candle?
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My Stop really depends on the PA and Trendlines and stuff. AU has a wedge, so a break above that TrendLine, will get me out. GU is doing wonderfully
I actually don't move to BE unless a new retrace or consolidation occurs 30+ below my Short Entry.
Here are a couple of nice, short duration GBP trades that closed if profit. With the drop in the Dow and the pending FOMC news, I adjusted my position size to just one lot and reduced my stop loss and profit target to 1 x ATR instead of 2 x ATR. I have been watching these pairs for a few days and noticed the incredible GBP rally. I was waiting for a signal to short these pairs. The GBP/AUD signal came a few hours into the Asian session and the GBP/CAD during London. I am currently all flat and will not look for any more trades until London tonight after the dust settles from FOMC. There is still room for much more of a sell off for these pairs on the 4 Hr chart.
I missed some great bounce/retrace price action from the AUS crosses and wish I had paid more attention to those during the Asian session. Look at your charts. The AUS/USD, AUS/JPY, AUS/CAD and AUS/CHF all bounced over 300 pips. I wish I had been prepared for that! Good trading all.
Hi Milton - I did not take this trade but went back to evaluate it... did you enter at about 8am est when the previous candle closed. judging the FF posting times and your price it would seem so...
One observation that may help future entries is if indeed you entered at 8am est you could save yourself some aggrivation by waiting to enter when the lower TF 5m or 15m has a TDI down cross as well in concert with the Signal TF in this case the 1 Hr down cross. Using this method would have got you in about 50min later and may have kept you in the trade...
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Hi FX-Trader. Thank you for your help. Indeed, looking at the 5m/15m for an entry after 1h signal is an interesting possibility. I checked my GBPUSD trade, it was ideal to look at the 5m chart for entry.
Hi FX-Trader. Thank you for your help. Indeed, looking at the 5m/15m for an entry after 1h signal is an interesting possibility. I checked my GBPUSD trade, it was ideal to look at the 5m chart for entry.
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Yes, absolutely, however, you trade your time in front of the charts for the simplicity of this system. This system let's you win AND have a life. The more comfortable you get with this system, the less time you should spend trading.
Managed to get in on the 4hr 1st candle (CET chart). Saw the 1hr signal but it's been a bit flaky today so waited to see whether the move would run to the 4hr. Currently knocking on 6200.
still 44 pips so cant complain!