Some word to think in setting SL.............
SETTING THE STOP LOSS: the purpose of setting the SL to 19 in the scripts is that on Gbp/Usd and Eur/Jpy with 4 pip spreads one needs a bit more “room.”
If you decide to trade others, like the Eur/Usd you should drop it immediately to as little as possible with the ASL script. Also, often, once you are a bit more skilled, you may often drop the SL to as little as 7 or 9 pips on an entry even on Gbp/Usd and Eur/Jpy.
This 19 pip setting will also allow you to set it where you want it after entry, but avoid you being stopped out prematurely on a price swing within the entry candle.
The other reason for using 19 is that the Risk of each trade is determined by the number of pips use for the SL in the A_SetLotSize script, which is 15. You will need to decrease the SL almost immediately on entry, but this setting allows you to earn more per trade, while keeping extremely low risk exposure on each trade.
The smaller the SL you can learn to manage a trade with, the smaller your risk will be IF you leave the 15 pip in the A_SetLotSize script that sets the trade sizes.
PAT
- who has done a very rapid job of code merge, peer review and optimisation on the SimpleADRV1 indicator.
