DislikedFair enough, I understand that, it is your your call
I get that. I guess my problem was and still is: how do you define the perfect entry: as low as possible for the long trades or as high as possible for the short ones?
But then I guess this issue is a universal problem for any forex system
Best,
MichaelIgnored
Trade Entires:
Is there such a thing as a perfect set up? My ideal scenario would be the following for long entries for reversals (and they do happen):
PA moves with ATR(1) at 75% or higher of ATR(7)
RSI moving above 50
TDI cross within the last 2 or 3 candles and moving up from the 32 region
5EMA broken to the upside
Day chart showing recent trading range of swings with 500+pips (next resistance level 500pips away)
For short entries:
PA moves with ATR(1) at 75% or higher of ATR(7)
RSI moving below 50
TDI cross within the last 2 or 3 candles and moving down from the 68 region
5EMA broken to the downside
Once you develop an understanding for what the candles and the PA patterns are telling you, it gets easier. For day charts there is some great info on You Tube from Oz Trader - obviously he is selling his wares, but worth a watch and worth spending a couple of hours digestiing the charts and candle patterns. Disclaimer - I am not endorsing his training classes / other services and I have not subscribed to anything that he sells.
I like this approach - minimal to no indicators - he occoassionally has one or two MAs on the chart - all Price Action and simple for day charts - wait for day candle to close - analyse patterns / support / resistance and go from there.
"To live with Passion, it takes Courage and Grace to survive"