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GBP/USD - Update,
Current Open Position :
------------------------
signal time : 9:00
Position : Short
Entry Price : 1.7560
New STOP : 1.7460
Target : 1.7395
Close half the position when you have a profit of X amount of pips. Then set your stop on the other half at breakeven.
Hi forextrades,
Actually What I do , I Know Previously before trading Major Support & Resistance Levels and have @ same time the daily pivots in chart to see the inner day movements .
My Interest in such trading style is that :
1 - I do trust using 50 EMA as a smoothing device for the price movement.
2- The main drawback of the 50EMA is when price ranges - it will get many crosses -- This is the main advantage in Knowing the Direction using StepMA ... as it filtered Whipsaws with great accuracy.
using Major S & R -- Daily Range -- for exits is the Best I found..
I will try to scale out as you said and open multiple contracts - and take profit in stages like moving stop today and taking profit as well.
Thanks for sharing, in what way do you utilize the HMA and what do you mean by 3D Rainbow Chart? Thanks again.
3D Rainbow chart is based on Alan Hull's Multiple Moving Average... Read his Active Investing pdf file to know how to use it... http://www.alanhull.com/
Short term group (traders): EMA 3,5,7,9,11,13
Long term group (investors): EMA 21,24,27,30,33,36
Add EMA 55 to validate the candle cross with this setup (to trade like Nina) and there you can use HMMA as the filter for entry and exit... or use any other filter you like (CCI, RSI, StepMA, Fisher, Ravi FX Fisher whatever...)
but HMMA is more than enough to find the good entry and exit points after a considerable amount of screen time...
3D Rainbow chart is based on Alan Hull's Multiple Moving Average... Read his Active Investing pdf file to know how to use it... http://www.alanhull.com/
Short term group (traders): EMA 3,5,7,9,11,13
Long term group (investors): EMA 21,24,27,30,33,36
Add EMA 55 to validate the candle cross with this setup (to trade like Nina) and there you can use HMMA as the filter for entry and exit... or use any other filter you like (CCI, RSI, StepMA, Fisher, Ravi FX Fisher whatever...)
but HMMA is more than enough to find the good entry and exit points after a considerable amount of screen time...
Cheers,
--
Hi Linux .. can you post a screen shot and mark on it entry and exits please ?
thanks
22,Dec,20
Linear Mode
