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Originally Posted by Kent
My question to those who use/trade with this indicator.
If after entering a trade do you keep the stop at the same level till it hit by the stop level (hard stop of 50). Or get out at reversal signal.
I entered for long at USD/JPY 116.50 and got out at +46 when I got a reversal signal. But If I had stayed with the same level of stop loss I would be in trade still  Now USD/JPY is above 118.00.
So it is better to get reversed or keep the stop at same level. I know the manual says we should not trail the stops. I reentered again at 117.25 and it reveresed and got out with 5 pips.
Anyone who use/trade this indicator? Can you explain what I am doing wrong or I am going by the rules. |
One way to approach this mentally and emotionally is to consider the alternative situation. What if the market kept moving opposite to the RSI implied trend, and your position didn't close out at the "reversal" position close condition? Your profit would have been lost, and the hard stop(loss) might possibly been triggered. The 5m time frame will have more "reversal" position closes than the 240m time frame, however, the hard stop(loss) is also larger on 240m than 5m.
On a different note, attached is a ICWR ea that does not use any of the ICWR indicators, the ea calculates and modifies the active wave fibo from within. Again, set the user variable "Lot.Margin" to the amount of margin required to trade 1 lot on the account the ea is attached to, eg, 1000 for standard accounts 100 (or 50) for mini accounts.