I think a HA color change with a decent candle size would be filter enough for me.
- #24
- Mar 27, 2015 3:43pm Mar 27, 2015 3:43pm
Why not a trailing stop? One could set a ridiculous take Profit, say 500 pips, and follow price with a conservative TS, 25-30, maybe 50. Moving the hard stop to BE seems essential too. How did you lose 175 pips if you had a 30 hard SL? Not following your own rules perhaps?
For the AUDJPY, I had a 175 pip SL and a 400 pip TP. It was different because I was trying to predict a new trend change. If trend changes to new direction, we have the potential for a big upswing.
I suggested the 30 TP and 30 SL for trades where you are just following the prior HA candle each week.
For instance, on Sunday evening when the market re-opens, I will place 10-15 trades with a 30 pip TP and SL. I might make some minor variations to try out new things, but the idea is to use conservative numbers with lots of trades (i.e., high volume). Eventually, if the system works with 10-15 trades, I will start to increase to 40-50 pairs each week. And then we can increase lot size very slowly.
Your suggestion for BE and conservative TS is a good one. It could be interesting. Anyone have an EA that can do that for us?
I am NOT an expert. I post to learn from others.
- #33
- Mar 29, 2015 6:50pm Mar 29, 2015 6:50pm
Hi all,
I placed my weekly trades. A few notes:
1) Exotic pairs might not be so good for this system. Firstly, it's hard to set TP or SL or 30 pips on many of them. I don't know why, but my broker simply won't let me I think it's because of the spread being higher. Anyways, I had two trades (USD/NOK and USD/DKK) close almost immediately after opening them. It was strange. I dunno what happened but I think my SL was like, extremely tight or something and they just lost instantly. Not sure. Anyways, maybe we should stick to the mainstream pairs or at least pairs which allow 30/30 TP and SL.
2) I think what I really should be saying is: "Follow the current Heiken Ashi weekly candle". For instance, many trades the last 3 or 4 candles are the same, so you just follow that direction. But I found that a few had a "color change" and I go with the new color. Take a look at the picture and notice that I placed a BUY order on this chart. You will see what I mean.
Why do I do this? Because the HA candles are calculated on prior candles CLOSING. So this week's candle is based on the price close of LAST week. So, we go in the current direction of the HA. I think this logic makes sense, but please understand this is what I did this time around. It applied to a few pairs but not many as most just followed the prior candle anyways.
I placed my weekly trades. A few notes:
1) Exotic pairs might not be so good for this system. Firstly, it's hard to set TP or SL or 30 pips on many of them. I don't know why, but my broker simply won't let me I think it's because of the spread being higher. Anyways, I had two trades (USD/NOK and USD/DKK) close almost immediately after opening them. It was strange. I dunno what happened but I think my SL was like, extremely tight or something and they just lost instantly. Not sure. Anyways, maybe we should stick to the mainstream pairs or at least pairs which allow 30/30 TP and SL.
2) I think what I really should be saying is: "Follow the current Heiken Ashi weekly candle". For instance, many trades the last 3 or 4 candles are the same, so you just follow that direction. But I found that a few had a "color change" and I go with the new color. Take a look at the picture and notice that I placed a BUY order on this chart. You will see what I mean.
Why do I do this? Because the HA candles are calculated on prior candles CLOSING. So this week's candle is based on the price close of LAST week. So, we go in the current direction of the HA. I think this logic makes sense, but please understand this is what I did this time around. It applied to a few pairs but not many as most just followed the prior candle anyways.
I am NOT an expert. I post to learn from others.
