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Follow the monthly candle and be profitable

  • #1,681
  • Apr 16, 2015 6:42pm Apr 16, 2015 6:42pm
Quoting Opemipo
{quote} How do adjust ur tp n sl to a factor of adr?
Easy, just do the math

Take AUDNZD as valid signal for long entry today

The ADR (10) is 84 pips

Set a Stop Loss for 42 pips and Take Profit for 84 pips (or vice versa depends on your trading strategy)

The factor for ADR for Stop Loss is 0.5 and the factor for Take Profit is 1.0

This gives Risk / Reward of 1 : 2

Every pair has a different ADR so using a set of numbers like 50 SL and 100 TP is not logical - I'm sure Spock would agree

For instance, EURGBP is 58 pips and GBPAUD is 233, you may never reach 100 TP with EURGBP and yet miss out on pips with GBPAUD

What are you thoughts? Does that make any sense? Have any better ideas, let's hear them

It takes a lot for me to IGNORE you, but you can try.
  • #1,682
  • Apr 16, 2015 8:25pm Apr 16, 2015 8:25pm
Quoting Robinho
I wish to just have an idea that I have observed. New candle D1 closed, entry in the opening of the next candle D1. One can put a breather 10-20 pips to a pending order in the direction of the closed D1 candle. Follow new color D1 D1 candle candle diferente. The 2nd day usually always follow the 1st candle that changed the direction.
With all due respect I suggest that the strategy presented in the quoted post deserves a new thread, dedicated to this trading idea, and should begin ASAP

Robinho, your thoughts?
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  • #1,683
  • Apr 16, 2015 9:24pm Apr 16, 2015 9:24pm
You can even open the new topic,,, I'm focused on something else,,, would like the friends continued to make entries as it is very do.
  • #1,684
  • Apr 16, 2015 10:27pm Apr 16, 2015 10:27pm
my daily yesterday ..

SL : 100 , TP : 50 or 100

look previous bar, is it big or small..

Big = strong
Small = weak

lets not complicated things. if ti works dont fix it.

Attached Image (click to enlarge)
Click to Enlarge Name: daily17042015.png Size: 10 KB
Look for it and you will find it
  • #1,685
  • Apr 16, 2015 11:27pm Apr 16, 2015 11:27pm
Quoting Robinho
You can even open the new topic,,, I'm focused on something else,,, would like the friends continued to make entries as it is very do.
I was afraid of that reply

OK, I will log 100 trades, if I stick that long, then I will be expert for this method

It takes a lot for me to IGNORE you, but you can try.
  • #1,686
  • Apr 16, 2015 11:33pm Apr 16, 2015 11:33pm
Quoting braveh4rt
my daily yesterday .. SL : 100 , TP : 50 or 100 look previous bar, is it big or small.. Big = strong Small = weak lets not complicated things. if ti works dont fix it. {image}
To make it more realistic, you should do some Position Size trades

(I am assuming you are showing demo account)

50 pips is not all the same in every pair

What do you say?
It takes a lot for me to IGNORE you, but you can try.
  • #1,687
  • Apr 17, 2015 1:01am Apr 17, 2015 1:01am
Quoting Erebus
{quote} Easy, just do the math Take AUDNZD as valid signal for long entry today The ADR (10) is 84 pips Set a Stop Loss for 42 pips and Take Profit for 84 pips (or vice versa depends on your trading strategy) The factor for ADR for Stop Loss is 0.5 and the factor for Take Profit is 1.0 This gives Risk / Reward of 1 : 2 Every pair has a different ADR so using a set of numbers like 50 SL and 100 TP is not logical - I'm sure Spock would agree For instance, EURGBP is 58 pips and GBPAUD is 233, you may never reach 100 TP with EURGBP and yet miss out...
Good approach! Show us ur past/current trades result to claim this. What is ur thought abt 25ts?

Pls share ur template.

Phemmy
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #1,688
  • Apr 17, 2015 1:59am Apr 17, 2015 1:59am
Quoting Opemipo
{quote} Good approach! Show us ur past/current trades result to claim this. What is ur thought abt 25ts? Pls share ur template. Phemmy
What you need template for? You only need plain chart with 2 colors candles

And the ADR indicator of course

There are many posted here already

See this chart, I think it meets trade criteria

Not a good example because the ADR is close to 100

So I have TP 104 and SL 52

Attached Image (click to enlarge)
Click to Enlarge Name: 17-04-2015 4-29-21 PM.png Size: 241 KB
Attached File(s)
File Type: ex4 ADR_Rm_Up_Dn.ex4   9 KB | 393 downloads
File Type: mq4 ADR_Rm_Up_Dn.mq4   4 KB | 481 downloads
It takes a lot for me to IGNORE you, but you can try.
  • #1,689
  • Apr 17, 2015 2:15am Apr 17, 2015 2:15am
Quoting Erebus
{quote} What you need template for? You only need plain chart with 2 colors candles And the ADR indicator of course There are many posted here already See this chart, I think it meets trade criteria Not a good example because the ADR is close to 100 So I have TP 104 and SL 52 {image} {file} {file}
Thanks! I just love d temp. So if adr is more than 100 we shld not take d trade?

What abt trailing stop?
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #1,690
  • Apr 17, 2015 3:14am Apr 17, 2015 3:14am
Quoting Opemipo
{quote} Thanks! I just love d temp. So if adr is more than 100 we shld not take d trade? What abt trailing stop?
NO NO NO

for ADR to use 0.5 = 1/2 or Half the ADR for Stop (or whatever is logical for YOU)

so if ADR is 200 pips, use 100 for Stop Loss and 200 for Take Profit

Trailing stop, YES, write it in your trading plan as per your own parameters / risk tolerance

Here is your template & indicators

such is the level of breast feeding required; why I don't do threads anymore

Attached File(s)
File Type: zip Opemipo.zip   52 KB | 494 downloads
It takes a lot for me to IGNORE you, but you can try.
  • #1,691
  • Apr 17, 2015 3:16am Apr 17, 2015 3:16am
Quoting Erebus
{quote} To make it more realistic, you should do some Position Size trades (I am assuming you are showing demo account) 50 pips is not all the same in every pair What do you say?
hi Erebus,

for position sizing, its more complicated. i just see the probablility. High probability is small TP, but can increase the Lot size.

yes still demo the method and used to it.

50 pips is not alwasy the same with every pair , yes agree. better see chart for the S&R , or daily pivot can be used also for target.

the entry now the important, open daily candle. Dont miss it or you will have the asia session high / Low which usually make TP faster.
Look for it and you will find it
  • #1,692
  • Apr 17, 2015 4:44am Apr 17, 2015 4:44am
Quoting Erebus
{quote} NO NO NO for ADR to use 0.5 = 1/2 or Half the ADR for Stop (or whatever is logical for YOU) so if ADR is 200 pips, use 100 for Stop Loss and 200 for Take Profit Trailing stop, YES, write it in your trading plan as per your own parameters / risk tolerance Here is your template & indicators such is the level of breast feeding required; why I don't do threads anymore {file}
Thanks for breast feeding.

Phemmy
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #1,693
  • Apr 17, 2015 5:18am Apr 17, 2015 5:18am
hi
my setup work with fibo
i risk only % and no 50 or 100 or.... pps
i risk 1% per order , so i use fibo for sl/tp
sory Robinho , i dont want to comfuse...

Attached Image (click to enlarge)
Click to Enlarge Name: my.png Size: 48 KB
  • #1,694
  • Apr 17, 2015 5:53am Apr 17, 2015 5:53am
Quoting braveh4rt
{quote} hi Erebus, for position sizing, its more complicated. i just see the probability. High probability is small TP, but can increase the Lot size. yes still demo the method and used to it. 50 pips is not always the same with every pair , yes agree. better see chart for the S&R , or daily pivot can be used also for target. the entry now the important, open daily candle. Dont miss it or you will have the asian session high / Low which usually make TP faster.
Well, if you ever want to trade for real, Position Sizing is very important

Support & Resistance? Pivots?

Forget about it for this method - show me the S & R or Pivots on this chart

Everybody should be rich this week on this pair alone

Maybe next time......
Attached Image (click to enlarge)
Click to Enlarge Name: 17-04-2015 8-46-35 PM.png Size: 78 KB
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  • #1,695
  • Apr 17, 2015 6:30am Apr 17, 2015 6:30am
Quoting Erebus
{quote} Everybody should be rich this week on this pair alone Maybe next time
I think you missing the point that Original strategy has 100 SL and 50 TP not the other way around

Looking at your own chart you will actually take a LOSS 2 times out of 4, guaranteed. Yeah, speaking about rich..

Just look at the chart again here:

Attached Image
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #1,696
  • Apr 17, 2015 8:37am Apr 17, 2015 8:37am
So getting back to the original method of the monthly candle)))))))))) can anyone tell me the results so far this month just doing the single trade off the monthly candle for the 28-29 pairs? Thanks
  • #1,697
  • Apr 17, 2015 9:33am Apr 17, 2015 9:33am
Quoting sheppy
So getting back to the original method of the monthly candle)))))))))) can anyone tell me the results so far this month just doing the single trade off the monthly candle for the 28-29 pairs? Thanks
So how do you do? are you demo it also ?

here my update , my yesterday open already close all now.

Attached Image (click to enlarge)
Click to Enlarge Name: daily-17-done.png Size: 17 KB


small gain with consistency is better than going break even in the end of the day.

Demo make it a habit, especially go on opening candle of Asia session, whichever your timezone is .

Green Pips to you all
Look for it and you will find it
  • #1,698
  • Apr 17, 2015 2:46pm Apr 17, 2015 2:46pm
Quoting Erebus
{quote} Sure, no problem, Font size is adjustable I use Font Trebuchet MS as it is very neat {file} {file}
Thank you!!
  • #1,699
  • Apr 17, 2015 2:49pm Apr 17, 2015 2:49pm
Quoting Erebus
{quote} NO NO NO for ADR to use 0.5 = 1/2 or Half the ADR for Stop (or whatever is logical for YOU) so if ADR is 200 pips, use 100 for Stop Loss and 200 for Take Profit Trailing stop, YES, write it in your trading plan as per your own parameters / risk tolerance Here is your template & indicators such is the level of breast feeding required; why I don't do threads anymore {file}
Is those colored buttons on top left could be find in this ZIP file?

Thanks
  • #1,700
  • Apr 17, 2015 2:57pm Apr 17, 2015 2:57pm
Quoting Arman2013
{quote} Is those colored buttons on top left could be find in this ZIP file? Thanks

NO
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