DislikedHi guys,
I Think the symphonies 5m works wonders. However due to personal commitments I can't be trading full-time. I am looking to go higher 4h would be ideal but i can go down to 1h. Is there anyone who is using these TFs for their active trading? I would be very grateful if you please share your thoughts of how good the system is on theses higher TFs. Please don't misunderstand me, I have a lot of respect for the work done here and symphonies system. I would use it in a flash for 5m time frames.
ThanksIgnored
I'm using the 1h TF in all my live trades. it works for me because i can set my fibo targets and walk away for anywhere between 6 and 8 hours. if i miss out on a 1 hour signal, and find the market has started trending for hours before i can get to set an entry, i will look towards the 5 minute chart for entry in order to avoid the whipsaws. As long as i identify the overall trend, then i can still get in even after the market has moved. If you have a target set(limit) then you know exactly how much you will make and you can walk away until it does. One word of advice..Make sure there is no high risk news coming out during your trading session to where you have to be away from the computer for more than +8 hours. The market will be moving rapidly and you will not be there to monitor your trade. I do not set any stop loss until my trade gets to +10. At this point i set my stop at +1. risky yes, but this is my style. 40% of my trades will go against me -30+ pips or more (well over 5%) and close my trade if i have a stop too close, so i allow it to move over 5% of my account before i decide to close, because whipsaws have rapid moves. For me this works fine, keeps me in the trade when the whipsaw has finished it's move. At the same time, if you are trading small lots, your account might not move that much against you. that part all depends on your lot size. i have a small account for the moment so 5% is a bigger loss to my account. In the markets you can expect a 20 or even a 50 pip move against you. but if you have a big account and trade small lots, then 50 pips most likely won't be 5% of your account. I have to be able to endure more than 5% of pain to my account before it moves in my direction(anywhere between 40 and 50 pips). after the whipsaws , the market moves in my direction and starts to put me into profit. but like LHDT and eval says " based on a 1000 dollar account, use x amount of money management" . i do not have a 1000 dollar account yet, so i do not follow these rules. my account is too small to only allow a 30 or 50 pip move against me. i have to endure some pain before the market will move in my direction. this is about 20% or 30% of my trades.
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You (the trader) are '''the Holy Grail'' indikator!
