Just to help out some of you trigger happy traders, this can traded on any timeframe. At 1526, you could've generated 3X your risk on the 1M chart. Of course, you would want to adjust your stop.
Hope this helps.
Reno
Hope this helps.
Reno
DislikedHi Renofaith, I appreciate your method here. Just a question about your add on trades: how far away from your initial entry do you place them, and what is their stop loss and take profits?Ignored
DislikedMy apologies, I should have read more thoroughly. I see that you set your initial add-on order 3 pips away from your first entry. So the only thing I'm unclear on is where you set your stop losses for the second and following orders? At the fractal again? {quote}Ignored
QuoteDislikedThank you for commenting Dreamliner, on my 4H chart I set my initial entry with a stop about 5 pip away from a fractal bar or just a low/high of a most recent candle. I want plenty of wiggle room.
QuoteDislikedIf that value happens to be 32 pips, I'll purposely kick out my 2nd entry a bit further than 32 pips, perhaps 3 to 5 pips extra and then set up entry 2.
QuoteDislikedMy third entry I will kick out 32 pips with a 32 pip stop, etc., etc. All entries will have 32 pips from entry to stop, I simply separate the 1st entry from the 2nd entry just a few pips.
QuoteDislikedIf entry 1 is triggered and reverses, game over @ -1%.
QuoteDislikedif entry 2 is triggered and reverses, game over @ almost -1%
if entry 3 is triggered, and reverses, I'm still risking the same --original-- 1%, although I'm ahead 1% from entry 1.
My entry is always 1%, when entry 6 is triggered I'm instantly up 15X my original risk!
My bank does not pay that well.
Hope this helps.
Reno
DislikedOk I'm getting it now, appreciate your updates. I would assume it would be easy to set buy stops 32 pips above each order using a 32 pip trailing stop per order. This would mean we wouldn't need to set any audio alerts and it would be a little more "set and forget" for those working full time.Ignored
QuoteDislikedIf setting 6 entries helps, make sure that all trades go bye bye if a stop loss is triggered.
DislikedAwesome thread renofaith. I trade part time due to work as well. This is easy to follow and execute. Many ThanksIgnored
DislikedHi everibody, Thanks Reno to share your system; it seems easy to trade. I try on a demo account at the moment and now i'm in on eurgbp 4h. Is ok the entry? Thank you. There is now a possible entry on eurusd 4h Now I post the screenshot of both. Another question: How can you be so sure that the cross go in your direction to open 6 trade? Thank you. Leonardo {image} {image}Ignored
DislikedHi everibody, Thanks Reno to share your system; it seems easy to trade. I try on a demo account at the moment and now i'm in on eurgbp 4h. Is ok the entry? Thank you. There is now a possible entry on eurusd 4h Now I post the screenshot of both. Another question: How can you be so sure that the cross go in your direction to open 6 trade? Thank you. Leonardo {image} {image}Ignored