Hugh, may I ask what broker platform you are using? I am using Oanda; the new daily candle apears at Midnight EDT. When does your new daily candle begin?
Thanks!
Thanks!
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DislikedHugh,
What advantage is there to wait for a daily candle to be a contrarian candle running opposite to the trend? After all, in a downtrend, we are simply trading a breakout making a new low of the contrarian candle. Yes, it makes sense to trade with the MA trend, but why must there be a contrarian candle? It would seem ANY candle would work...be it green (up) or red (down).
I'm guessing the contrarian candle represents a retest of the price action direction and protects our pending trade if price is making a reversal?
Good trading!
BC2...Ignored
DislikedHugh, may I ask what broker platform you are using? I am using Oanda; the new daily candle apears at Midnight CDT. When does your new daily candle begin?
Thanks!Ignored
DislikedI use Vantage FX UK. Their candle close is midnight GMT.
The candle close will give different traders different views of the same price action but not much can be done about that and it is the method more that matters.
A note about the euraud trade. 200 pips takes the take profit below the last swing low so I'm just going for 100 on this one and reducing the stop accordingly.Ignored
DislikedSorry if this sounds like a stupid question... You said you are reducing your sl for the euraud trade. Since your taking off half your profit, are you in turn setting your sl at 50 to keep your ratio at 2:1?
Btw, I also wanted to mention that what I like most about your method here is that there is no pressure to take a trade on the spot. I love that you can debate it in your mind for awhile and be in no pressure to lose your entry point.
Thanks again for everything!Ignored
DislikedHi Hugh,
I made two live trades with EU and EJ last night on Oanda. EJ is currently +50 pips and EU is +25 pips. I made small lot size trades to be cautious with a new strategy, but there were some other pairs that could have been traded, as well.
Just to protect myself, I have moved my SL to BE+1 on both pairs. I know moving the SL is not in the rules, but I hate to see a winning position end up a loser.
When I am trading multiple pairs simultaneously, I like to view the group as a whole, and generally set a basket goal. When I reach that...Ignored
DislikedHey Hugh your a smart guy for coming up with simple rules to effectively extract pips from the market keep up the great effort to gain on a daily basisIgnored
Dislikedhello Guys, will you please look at my daily and monthly e/u charts n tell me , should i put a short order at low of green candle that is 1.2431 sl 100 pips at 1.2531 and tp 200 at 1.2231? Thanks.
BomiIgnored
DislikedNo worries. In this case I think letting it do it's thing, win or lose, would be better in the long run.Ignored
Disliked++++++++++++++++++++++++++++++++
Respectfully. I have done some testing on this matter and results show a slight improvement (1-2%) in favor of moving SL to BE after a given point. Most of my testing involves this move occurring after approx 1/3 move toward target.
This theory has only been tested on 1hr & 4hr charts so it may or may not stand up.
DarrylIgnored
Disliked++++++++++++++++++++++++++++++++
Respectfully. I have done some testing on this matter and results show a slight improvement (1-2%) in favor of moving SL to BE after a given point. Most of my testing involves this move occurring after approx 1/3 move toward target.
This theory has only been tested on 1hr & 4hr charts so it may or may not stand up.
DarrylIgnored
DislikedFor some reason I can't read your name without seeing diamondBBW!Ignored
DislikedCareful with the breakeven approach Bob. Unless you are going for high r multiples (high reward versus small risk), breaking even on 2:1 RR trades is not wise. Worth doing solid backtesting with various exit scenarios to see which works out best for your risk profile and your account.Ignored