Setup AO crossing zero initiates looking for trade. Price is on correct side of cloud.
Draw s/r, trend lines, divergence, etc. Is initial target price big enough to make trade worthwhile?
Enter when price action confirms breaks of s/r, trend line etc.
Is initial target price big enough to make trade worthwhile?
How would you determine the target price and what is the thought process to determine if it is big enough to enter the trade and make it worth while (assuming from a R:R perspective).
Easy week for DAX, several trades taken but not based on this system (was watching range bars, must admit that begin to love them as Renko charts, but more aggressive than waiting the price out of the cloud, thus could not post something). Today will post 1 short in DAX from around 307lvl. Target was 200lvl, but must admit that closed the trade at about 250lvl when price retraced.
I usually enter trades out of consolidation, so I'd like to see at least 20 pips of space before seeing any resistance areas on the chart. thats me you have to decide whats best for you. I know people who trade for 10 pips at a time and make good money but doesn't suit me psychologically.
Hello to everyone. Thank you rockypoit for sharing your knowledge and your support. I have a few questions if you don't mind answering.
1. When you analyze the charts and choose the ones you like, do you check other time frames or you just look at the time frames(range bars) you trade?
2. Do you consider before entering a trade higher time frames trends?
3. Will you take an FX trade that looks good to you but the Forex Power indicator is not showing the values you want to see?
4. Do you enter the market using stop orders or market orders?
1) No I don't look at other time frames, just range bars.
2) Not usually unless there is some very strong reasons for trend like GBP and Brexit. MY main focus is previous 4 hours.
3) Once in a while but with expectations of getting smaller wins.
4) Market orders.(this is strictly personal, I once forgot I had an order in place and wound up taking a nice sized loss)
Trading with range bars ichimoku cloud & awesome oscillator
