DislikedHello sunshine, Im interested with your trading method, and im applying it to my trade.. Im looking for your guidance, here i provide some screenshots of my trade today. Shorting GBPUSD. See if u can help me to understand your method more.. 1. Monthly chart down trend, last bar is down, then look for short signal in daily chart.. I decided to short when it breaks the LSL ( CMIIW ), Question : Am im doing the right trade according to your method? 2. Please give me advice about my SL, is it true that i put it there? 3. When to quit the trade? Nb...Ignored
yes u are doing the right thing
but i will explain more and make clear below, if not clear to u then please ask again, thank you.
Question 1:
Monthly chart down trend, last bar is down,...correct
... then look for short signal in daily chart...correct...
I decided to short when it breaks the LSL...correct, more correct to say...to wait until the monthly closes below the LSL.
...or
u can short as soon as the month finished formed its red candle, no need to wait for the Monthly price to close below its LSL.
...got it ? so a Red or Down Monthly close tells us to go to Daily and look for shorts there...got it ?
Question 2:
Am im doing the right trade according to your method?
Yes, u are doing the right thing.
( what is CMIIW ? )
Question 3.
Please give me advice about my SL, is it true that i put it there?
Yes, correct.
or,
u may place the SL a few pips above the Daily high but i have since scrapped that because in Daily the distance is quite far above so i reason that if price goes all the way right up to its Daily open then the trade is not worth it. so now i recommend to place SL at Dly Open of the 1st red bar.
Question 4:
When to quit the trade? Nb : Please just give me any advice or comment, about my SL or TP or anything, im looking to understand your method more
...our Method is a Trend Following Method that means we let our trades ride to to catch the most pips possible with the most entries, but now i have decided to introduce a regular profit taking or PT into our strategy...that will make us feel good and also it will steadily rise our equity curve.
...this is what i mean:
new PT strategy;
- if distance from SL to entry is 50 pips then we enter 50 pips as our PT into our open trades, ok ?
- if distance from SL to entry is 100 pips then we enter 100 pips as our PT into our open trades, and so on.
- if our PT was 100 pips but price moved only 70 pips in our favour then we move our SL to breakeven plus the spread. so whatever happens now, we are protected against a loss.
How to enter if we are looking at a M+Dly combination ???
- M closed down, go to Dly and enter short after 1st down Dly bar completes, and/or
- enter when price violates or breaks the low of 1st Dly down bar. no need to close below it.
- we enter our Stop Loss every time at the Daily Open of the Signal bar.\
- the same thing we can do when trading off the Wkly+4hr combo.