Peter
I wondered if you could let us know the changes you made when trading
this stategy from the original posted by Paulus and how your stop loss differs
Many Thanks
Geoff
Geoff, i have continued to use the 1:3 risk reward, but have changed the stop position, ie. a lot further away from current price action, above resistance if short, below support if buying. My stop position is subjective, no black/white rules.
Other than that, all is the same.
If you look at the trades i've listed here at this thread, you'll get the idea.
Peter
I wondered if you could let us know the changes you made when trading this stategy from the original posted by Paulus and how your stop loss differs
Many Thanks
Geoff
Just another thought not a rule change just my little grey cells working
Peter.. Hope you dont mind me using you but as your post your entry etc Im just using you for this exampe hope you dont mind
ATR average true range
take the last 5 days ( 1 week ) divide by 5 we have the average move
If the avarge for the day is 200 pips and we eneter a short when it has already moved down 180 pips from the days high irrespective what session that was done in and our target is 50 pips below the low of the average true range then the odds of us getting our TP must be reduced..after all the swap would have to perform or move more than its average over the past 5 days.
here is the chart for Friday on a daily time frame
Top line - hi of Asian that day
Red - My Fill
Green - Peter E Fill
Black line this is the 5 day ATR - notice how the low of the day almost to the pip reaches it then stops
Lower black Line - Peter E TP .. below the average true range
I have seen an indicator on FF that will plot 2 horizontal lines on your chart showing the ATR for that day but for the life of me I cannot find it
here is a losing day this week when the EU session is don and the london opens and goes up...not allot you can do
If you look at the Lower low ...Lower Hi counts ( definition of down trend ) it all looked good.
Before our short signal came along we had just had a higher hi technicaly breaking the sequence of our down trend..although in any trend if course this will always happen.
Perhaps this type of signal should be ignore untill the last lower low at 1 is broken again and our down trend resumes ...we then look for...
Ignored
I was looking at your chart, and the way it hits a low, retraces and hits almost the same low looks like a double bottom pattern. This could be the reason for that massive breakout. If I shorted it down there I may have shat myself.
Just another thought not a rule change just my little grey cells working
Peter.. Hope you dont mind me using you but as your post your entry etc Im just using you for this exampe hope you dont mind
ATR average true range
take the last 5 days ( 1 week ) divide by 5 we have the average move
If the avarge for the day is 200 pips and we eneter a short when it has already moved down 180 pips from the days high irrespective what session that was done in and our target is 50 pips below the low of the average true range then the odds of us getting...
Today wasn't too clearly from eur open to london, why do you people entried? I found it flat.
Ignored
It was a clear downtrend but since the high of the trend was taken out I then waited for a long opportunity. It all ended in a loss. This is based on the rules.
It was a clear downtrend but since the high of the trend was taken out I then waited for a long opportunity. It all ended in a loss. This is based on the rules.
Ignored
That was correct techniclly if a low or hi is taken out then a trend change is probable
