Hi 60Minuteman,
Have you found it needful to have the 50sma on your chart when trading this method on the daily timeframe? It kind of appears that if I just take them as they appear, without the 50sma, the results are still positive and I catch more moves and even reversals.
I am typically looking at taking entries on the pullback after the high or low of the setup candle is broken.
Specifically around a 50% retrace on the setup candle with a 60pip stop and 180pip limit.
Still back testing so any thoughts or advice will be appreciated. Please see my GBP/USD daily chart below.
http://img687.imageshack.us/img687/4681/60mm1.jpg
Have you found it needful to have the 50sma on your chart when trading this method on the daily timeframe? It kind of appears that if I just take them as they appear, without the 50sma, the results are still positive and I catch more moves and even reversals.
I am typically looking at taking entries on the pullback after the high or low of the setup candle is broken.
Specifically around a 50% retrace on the setup candle with a 60pip stop and 180pip limit.
Still back testing so any thoughts or advice will be appreciated. Please see my GBP/USD daily chart below.
http://img687.imageshack.us/img687/4681/60mm1.jpg
Consistency = Steady growth = Solid equity