For weekly pivots it is enough that you onetime a week (preferably the first day) update the weekly chart. The same goes for monthly. Update the monthly chart first day of month and then you can use the proper monthly pivots for its 30 days.
NOTE: Market is in a sideways and one of the key levels should break to start a new trend or continue the previous trend. Just you should keep in mind that targets must be limited and never aim for much pips. Preferably close your positions at the end of that day. The nest week should be a catalyst then we can plan for very profitable trades.
For weekly pivots it is enough that you onetime a week (preferably the first day) update the weekly chart. The same goes for monthly. Update the monthly chart first day of month and then you can use the proper monthly pivots for its 30 days.
NOTE: Market is in a sideways and one of the key levels should break to start a new trend or continue the previous trend. Just you should keep in mind that targets must be limited and never aim for much pips. Preferably close your positions at the end of that day. The nest week should be a catalyst then we can plan for very profitable trades.
I backtested manually on some pairs using EJ method applying a starting/closing trade on next bar that is opened after one was closed with an arrow.
Here's some results:
AUD/JPY - March 2006
short 87.05 out 86.30 = +75 pips
long 86.30 tp 87.08 = +78 pips
short 87.08 tp 86.89 = +19 pips
long 86.89 out 86.46 = -43 pips
short 86.46 tp 83.96 = +250 pips
short 83.91 tp 82.74 = +117 pips
long 82.74 tp 84.07 = +133 pips
total : +629 pips
USD/CAD - March 2006
Thanks for the post. What kind of stop/loss did you use?
long 1.1332 tp 1.1614 = +282 pips
short 1.1614 tp 1.1579 = +35 pips
long 1.1579 tp 1.1663 = +84 pips
short 1.1663 out 1.1685 = -22 pips
long 1.1685 out 1.1672 = -13 pips
short 1.1672 out 1.1689 = -17 pips
long 1.1689 out 1.1711 = +22 pips
short 1.1711 out 1.1663 = +48 pips
total : +419 pips
GBP/CHF - March 2006
short 2.2994 tp 2.2723 = +271 pips
long 2.2723 tp 2.2751 = +28 pips
short 2.2751 out 2.2785 = -34 pips
long 2.2785 out 2.2743 = -42 pips
short 2.2743 tp 2.2631 = +112 pips
long 2.2631 tp 2.2698 = +67 pips
short 2.2698 out 2.2723 = -25 pips
long 2.2723 tp 2.2794 = +71 pips
short 2.2794 tp 2.2640 = +154 pips
total : +602 pips
EUR/JPY - March 2006
long 138.08 tp 140.20 = +212 pips
short 140.20 out 140.36 = -16 pips
long 140.36 tp 141.74 = +138 pips
short 141.74 tp 141.54 = +20 pips
long 141.54 tp 141.82 = +28 pips
short 141.82 tp 141.20 = +62 pips
long 141.20 tp 141.37 = +17 pips
short 141.37 tp 141.31 = +6 pips
long 141.31 out 140.66 = -65 pips
short 140.66 out 141.11 = -45 pips
long 141.11 tp 143.96 = +285 pips
total : +642 pips
Everyone can check and it seems that only few trade will be closed with low pips loss, while most of trades are in huge profit as you can verify by yourself.
Ignored
What kind of stop/loss did you use for this test. Thanks for doing the work.
Ishay,
In MT4 when you are watching a chart say eurusd weekly then weekly chart for eurusd is updated. In other words if you want to update all the time scales for eurusd you should click the buttons of M1,M5,M15,M30,H1,H4,D1,W1, MN.
So, just to update wekly and monthly charts you should push the W1 and MN button.
Example: in the picture below the H4 chart will be updated.
Ishay,
In MT4 when you are watching a chart say eurusd weekly then weekly chart for eurusd is updated. In other words if you want to update all the time scales for eurusd you should click the buttons of M1,M5,M15,M30,H1,H4,D1,W1, MN.
So, just to update wekly and monthly charts you should push the W1 and MN button.
Example: in the picture below the H4 chart will be updated.
Ignored
Could you please give us more information about risk reward ratio that you use for trading?
Ishay,
risk-reward ratio is the proportion of stop loss to take profit. e.g. you enter a position with 20 pips of stop loss and 40 pips of take profit. Then the risk-reward ratio for this wil be: 20/40=0.5. The less, the better.
Then The ratio depends on the target that you have in mind for your trades. targeting is a very vast issue in trading. So we need talk about the risk management and targeting method before.
Have a nice weekend,
Ibo
Quoting Ishaypesok
Disliked
Could you please give us more information about risk reward ratio that you use for trading?
Sorry for delay, please feel free to send me your suggestions, complaits and notes. I would like to thank Zander for his essential assistance with the development of this part.
Sorry for delay, please feel free to send me your suggestions, complaits and notes.
I would like to thank Zander for his essential assistance with the development of this part.
ATB, Ibo
Ignored
IBO,
As always, a great read. Thanks again for sharing your expertise and thoughts. I plan on reading this a few times and will follow up with any questions...
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