Follow the monthly candle and be profitable
Thanks for the Script to place the orders automatically! I will test that out next week.
**UPDATE**
25/27 trades were winners for me. 2 are in limbo, and they actually went a few hundred pips away from me. But, I'm still ahead for the week.
Nevertheless, I think I'll use a S/L of 100 pips (or maybe 80 pips) next time. I think most of my winners happened really quickly, so it's almost as if it doesn't happen quickly it may not happen at all. Better to get out quick and move on!
**UPDATE**
25/27 trades were winners for me. 2 are in limbo, and they actually went a few hundred pips away from me. But, I'm still ahead for the week.
Nevertheless, I think I'll use a S/L of 100 pips (or maybe 80 pips) next time. I think most of my winners happened really quickly, so it's almost as if it doesn't happen quickly it may not happen at all. Better to get out quick and move on!
I am NOT an expert. I post to learn from others.
- #524
- Nov 5, 2014 8:51am Nov 5, 2014 8:51am
- | Commercial User | Joined Apr 2013 | 1,178 Posts
Thanks for the Script to place the orders automatically! I will test that out next week. **UPDATE** 25/27 trades were winners for me. 2 are in limbo, and they actually went a few hundred pips away from me. But, I'm still ahead for the week.
great results ... I will ask you leave ... I'll make these entries next week ... and I will put 15 pips tp and 60 pips Stop ... congratulations !!!
- #528
- Nov 5, 2014 10:49am Nov 5, 2014 10:49am
So I calculated that 25/27 trades is a 92.5% win rate. That's pretty cool!
I really like the 20 pip T/P, but I still don't know the best S/L. My gut tells me 80 pips.
Here's another idea: We set regular 20 pips T/P. For S/L, we do not use a S/L but a pending order in the opposite direction. So, for instance, if the price goes 80 pips in the opposite direction, we close out our original trade and place a trade going in that direction (if we BOUGHT we would now SELL). The key difference here would be that we would not close the trade after 20 pip T/P. Instead, we could let it run all week and close at the end of the week.
Basically, the idea would be that sometimes a currency may have a dramatic move in the opposite direction. So it might continue to move against and against us by a few hundred pips. For instance, if I had followed this plan this week, I'd have 100% win rate and be up 25 trades x 20 pips AS WELL AS up by a few hundred pips on the trades that ran against me initially.
Food for thought!
I really like the 20 pip T/P, but I still don't know the best S/L. My gut tells me 80 pips.
Here's another idea: We set regular 20 pips T/P. For S/L, we do not use a S/L but a pending order in the opposite direction. So, for instance, if the price goes 80 pips in the opposite direction, we close out our original trade and place a trade going in that direction (if we BOUGHT we would now SELL). The key difference here would be that we would not close the trade after 20 pip T/P. Instead, we could let it run all week and close at the end of the week.
Basically, the idea would be that sometimes a currency may have a dramatic move in the opposite direction. So it might continue to move against and against us by a few hundred pips. For instance, if I had followed this plan this week, I'd have 100% win rate and be up 25 trades x 20 pips AS WELL AS up by a few hundred pips on the trades that ran against me initially.
Food for thought!
I am NOT an expert. I post to learn from others.
