Forex Bible System

perfect trade

Hi everyone:
Exking asked me to explain more about sl and adjusting sl and tp for each currency pair.

If you look at the Eu chart you see the daily range=150.41. I am experimenting with dividing this by 5 or 6 which results in 25-30 pips; if your last price swing can be contained within this result I am testing if it makes for a safer trade.

The tp is based on this result also. I set a tp around twice as much as the result used above and frequently more based on what the 1h chart is indicating; if it agrees with trade direction I may set the tp higher.

Presently experimenting with scaling out of 1/2 of the trade at 10 pips adjusted up or down according to the daily range compared to other pairs. So far I've just scaled out1.2 of trade at 12-15 pips if a pairs daily range is larger than average; this works best during busy trading volume.

Moving sl to b/e after scaling our of first 1/2 of trade makes it a free trade and I try not to look at it too much and leave it to work for me and wait on another trade..

All of this is personal for each trader. Taking 10 pips with a 15-20 pip sl works well too...simple. It just seems a pair with more daily range can handle a few more pips and scaling out of a trade is something i've been trying to learn how to use.

Good luck with this. Thanks Cubby, exking and everyone else posting on this thread. Let's learn this.

Steve

out1.2 is a typo...its out 1/2.

Thanks a lot Steve,
I just took this:

I'm still in this one:
I didn't put 15pip SL

Just scaled out of gj long at +20 since it can be a huge mover. Experience helps...look at the daily range...its low...but I know better than to just be mechanical. Gj makes huge moves but lately has been consolidated alot. Therefore i scaled at 20 instead of the standard 10. Since Gj is so volatile I closed 2/3 of my lots and set sl=b/e and let it run to top of last "supply" level to the left as shown by red line around 121.80.

It could run much higher but I'd be elated if it takes out my tp=121.80.

Notice how 5m max macd changed from negative to positive at the entry arrow...another hint this might be getting momentum.

Finally, I try my best NOT to draw any lines but a trendline connecting the last 3 swing lows sure would be another sign of the upmove into the 1h trend. I tend to look for trendlines and use them but don't draw them. Otherwise, I miss the advantage of trendlines.

In the spirit of helping,

Steve

SL hit.
This was good but I missed it.

News could have jerked Eu's chain. Just heard on Bloomberg radio China lowered interest rates giving the Euro zone hope....wish I understood news...

Anywho, we're likely to get another eu short signal and I'll likely take it.

Steve

what the hell is going on, 100 pips movement on a single M1 candle on every pair..

Sad Day, I got Robbed....

Not having a good day...

PipDizzle your last trades were against strong trend... you need to watch on that...

What do mean

it means, for exsample last pic gpb/usd price is going strong up, so better chance to win is to enter only on buy signals and ignore sell signals...

I am trying to exit when price close above HMA in oposite direction

Eur/usd = +40 pipis
usd/chf = +15 pips

Good idea,
I'll check that if I find some time.

I will start use luktom visual order editor to menage my trades.
I set the default settings tp10 and sl20
So when you open a trade it will automatically set tp and sl for you.

there is also setup to close half trade at +10 pips and other half at +40 pips or breakeven. but you need to enter at setup what lot size to close at TP1.

it instals like EA...
ps: when you want to change setups you need to detach from chart and attach it again.

here is configuration meaning:

 

1. ol_sell_color - sell orders color
2. ol_buy_color - buy orders color
3. cl_color - cancel level line color
4. be_color - break even line color
5. sl_color - stop loss line color
6. tp_color - take profit line color
7. use_be - specifies whether to use the break even function
8. default_be_level - default break even level
9. be_offset - break even offset (adds offset value to the open price and sets BE there)
10. use_cl - specifies whether to activate the cancel level function
11. default_cl_level - cancel level default value
12. use_timer - specifies whether to work in asynchronous mode (see comments below)
13. delete_on_deinit - remove lines after removing the EA from the chart
14. cp_color - close part line color
15. cp_style - close part line style
16. cp_level - number of pips, after which a part of positions should be closed
17. cp_closedlevel - number of pips to close the next part of positions or a number of pips to close the part of the postion opened at market price
18. cp_lots - how many lots of the position to close
19. default_sl_level - default SL level
20. default_tp_level - default TP level
21. default_trailing_stop - default trailing stop level

I dunno what this indicator is but I tried installing it and I get nothing

it is not indicator, it is EA....
Put in expert folder...