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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
Lets make that the most popular pair, EUR/USD. Sorry
Here's the shot of the minute chart of the EUR/USD. You may have to check your own charts on this one. I need practice on screenshots. I missed the trade, one would've netted 3R on this one.
Thx Reno
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM1oneminute.png Size: 32 KB
Hi 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?
My 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?

Quoting Dreamliner
Hi 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?
Quoting Dreamliner
My 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}
Thank 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. If 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. My 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.
If entry 1 is triggered and reverses, game over @ -1%.
if 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
OK thanks Reno, I appreciate the update. It always helps me to be clear in my own mind if I repeat something back. So for clarity, do I have the following correct?

Quote
Thank 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.

Initial entry is when candle crosses through the 8 EMA (and closes above) and CCI (24) is above the zero line. Initial stop is 5 pips below the previous fractal/low of most recent swing low. This stop loss, if triggered, would be 2% of your account.

Quote
If 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.

So let's say entry is at 1.2532 with the initial stop loss of 1.2500. Then second entry will be, say, 35 pips at 1.2567, with a stop loss of 1.2535 (32 pips). This stop loss also, if triggered, would be 2% of your account. Both of these positions will have a trailing stop loss of 32 pips.

Quote
My 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.

Makes sense. And they all have trailing stops at 32 pips, correct?

Quote
If entry 1 is triggered and reverses, game over @ -1%.

Or up to 2% of account, according to your first post.

Quote
if 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

Have I got it right?
Yes, Dreamliner. Thank you for the specifics, I appreciate that. A couple of things to add for the sake of being flexible, I plotted fractals for a few obvious reasons (we're visual creatures). I absolutely use fractals when I can, but only about 50% of the time i.e. if a trade is boasting a stop of 65 pips and -my- criteria is max 50 pips per trade, I'll -find- the 'next best' stop, perhaps the low of the previous candle.
In addition, it takes the close of so many candles to create a fractal.
I wont skip a good trade for the sake of a fractal.
Everything you -sent- was spot on.
Hope you enjoy trading as much as I!
Thx Reno
Ok 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.
Still practicing my screenshot, please pardon me for any mistakes.
1. Yes, I'm cherry picking good trades, I will post losing trades soon.
2. Notice the red trend line.
3. Notice the divergence on the CCI.
4. Notice the nice fat pin bar.
5. Notice my stop is not at the fractal, it's only 40 pips, I could have placed a 50 pip stop (my max) and netted 10R.
6. The thick blue line is roughly 20R!
7. Were you trading at 1600 that day? It was 10/19 if the screen shot doesn't come through.
Hope this helps.
Thx Reno
Attached Image (click to enlarge)
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Quoting Dreamliner
Ok 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.
I set 2 entries to begin with. No need to clutter my terminal. My cell alerts me with any stops. If setting 6 entries helps, make sure that all trades go bye bye if a stop loss is triggered. I set my alarm for every 4 hours (a few minutes prior) if I have no active trades.
Thx Reno
Quote
If setting 6 entries helps, make sure that all trades go bye bye if a stop loss is triggered.

OK so you have trailing stops on all 6 trades, but if one of them hits (I guess that would be the last trade entered) then you close all trades?
Quoting Dreamliner
{quote} OK so you have trailing stops on all 6 trades, but if one of them hits (I guess that would be the last trade entered) then you close all trades?
If entry 3 is triggered, reverses, and stops you out, make sure you manually delete the remaining 3 entries.
Thx Reno
Hi Reno
this strategy so far so good

I add the following :
1- Very good support and resistance indicator (attached ) , just hide the low time frame levels ......, it is very good for targets and make the view more clear
2- RSI 24 (level 50) , it is very helpful to filter some wrong signals from CCI 24


Attached File
File Type: ex4 19488_11435327322.ex4   24 KB | 190 downloads
The only targets I shoot for are entries and stops. Anything else would clutter the screen too much for me. Anyone trading the majors the last few days should be having a field day with this system.
Awesome thread renofaith. I trade part time due to work as well. This is easy to follow and execute. Many Thanks
Hi 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
Attached Images (click to enlarge)
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Quoting ItsReal307
Awesome thread renofaith. I trade part time due to work as well. This is easy to follow and execute. Many Thanks
Thank you for the kind words. I have strategies for smaller TF, I use on days off. I'm very happy with this strategy while I'm working. Glad to hear you're enjoying it. Thx again and Happy Thanksgiving
Reno
Quoting toscano
Hi 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}
Hello Toscano,
Your stop on the EG appears to be perfect. The entry on the EG appears to be at the low of the previous red candle. I try to get in on the close of my trigger candle. On your EU chart, it appears as though you could have many entries. My stops have to be larger because I'm anticipating larger than normal retracements. I've read some traders scalp the 4H charts with success. If you can make money with a different strategy using some of my ideas, I want you to do what's best for you.
Happy Trading
Reno
Quoting toscano
Hi 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}
... your final question. There are thousands of indicators to tell you buy, sell, or walk. I have no signs that tell me any entry will trigger. I do follow FF. They have lots of forecast information, a calendar, and a host of other pieces of information.
Some experienced traders actually trade NFP. That's generally a big mover.
One thing I try to target on my charts is the formation of a bearish harami.
Hope this helps
Thx Reno
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