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I have added in Daily, Weekly & Monthly for those of you who want the longer term outlook, the MAJOR TREND can be turned ON/OFF by accessing the input tab.
As stated earlier you can load this Trading Signals indicator and the Standard G#MACD indicator and there are no problems with the computer speed or cpu usage.
Normaly i use for EUR/USD, USD/CHF, GBP/USD & USD/JPY
To set pending order (normally i'm waiting graph start new day (6AM - malaysian time)
SELL
1) GMACD - main trend H4 (for Major Trend) - RED color (DOWN Trend)
2) Set 'SELL LIMIT' at price (BUY STOP-1) + 5 pip
3) Set 'TP' at 20-40pip or using Price at SELL STOP-1 or SELL TP
4) Set 'S/L' at BUY STOP-2 TP price + Spread.
BUY
1) GMACD - main trend H4 (for Major Trend) - GREEN color (UP Trend)
2) Set 'BUY LIMIT' at price (SELL STOP-1) + 5 pip
3) Set 'TP' at 20-40pip or using Price at BUY STOP-1 or BUY TP
4) Set 'S/L' at SELL STOP-2 TP price + Spread.
I dont know it work for you or not. But it work for me :-)
Good Luck!
BTW, how do you define your spread? The spread of which 2 price?
There's not really much to tell really. Dolly tells you possible entries and targets. I err on the side of caution and take 10 pip targets which almost always hit. You also need to be aware of what is going on in the market and have other indicators on hand. If I get a dolly entry, I switch to 15 minute timeframe and monitor the Stochastic to help decide if I'm going to let the trade run to target, or close earlier.
I use a 20-25 pip stop loss as well. Please remember to use a stop loss. It can save you.
As for when to enter, I've had best results entering pending orders around the end of the Asian Session up until the end of the European session, then I stop completely before the US traders get in the market and mess up the technicals
is 20-25 pip stop loss sufficient? whipsaw might kill it all. I have put stop loss at 40 pips and it always being hit and the market goes in my favour direction again.
There's not really much to tell really. Dolly tells you possible entries and targets. I err on the side of caution and take 10 pip targets which almost always hit. You also need to be aware of what is going on in the market and have other indicators on hand. If I get a dolly entry, I switch to 15 minute timeframe and monitor the Stochastic to help decide if I'm going to let the trade run to target, or close earlier.
I use a 20-25 pip stop loss as well. Please remember to use a stop loss. It can save you.
As for when to enter, I've had best results entering pending orders around the end of the Asian Session up until the end of the European session, then I stop completely before the US traders get in the market and mess up the technicals
@jafar
you put 10 pips target and 20 pips for stop loss, means you will have Reward : Risk ratio for 1:2 , if the system goes 50% chance, you will lose for sure.
Could you please kindly explain this?
@jafar
you put 10 pips target and 20 pips for stop loss, means you will have Reward : Risk ratio for 1:2 , if the system goes 50% chance, you will lose for sure.
Could you please kindly explain this?
I've seen systems working with totally random ways and heard people saying it will never work.
150k out of 10k in 1 year on demo account.
after statement was posted, noone said anything...
totally random= you toss a coin and buy if its tails ect. first you put 0.1 lots, TP25 SL100, if you hit SL, TP50, SL100, if SL, TP100 SL100. After that you double your lots every time you hit SL. If you hit TP you restart.
It was working with 11 currency pairs for a year on the demo. It made good profit.
I'll post you the link if I can find it
I've seen systems working with totally random ways and heard people saying it will never work.
150k out of 10k in 1 year on demo account.
after statement was posted, noone said anything...
totally random= you toss a coin and buy if its tails ect. first you put 0.1 lots, TP25 SL100, if you hit SL, TP50, SL100, if SL, TP100 SL100. After that you double your lots every time you hit SL. If you hit TP you restart.
It was working with 11 currency pairs for a year on the demo. It made good profit.
I'll post you the link if I can find it
This is what I call "GAMBLING"...
While we are seeking for a "TRADING" here
Anyway, no trade today using Dolly system every currency will made a reversal movement (11Dec06) but too risk to enter..
This is just a thought, Dolly has those days when it opens in the BUY/SELL areas and common thoughts are that is a non trading situation.
Check out the 2 screenshots they are exactly the same time and timeframe
The 1st picture is Dolly in the standard setup based on the Daily CENTRAL PIVOT
The 2nd picture is Dolly altered to be based on the DAILY OPEN
Do you think it worthwhile to have the indicator so it can swap between being setup on the PIVOT or OPEN ???? to catch trades on days like today. Or should Dolly be based on the Daily OPEN so then any day would be a trading day?????
Just thinking out loud - what do you think, perhaps start another thread based on this trading idea/setup???
every currency will made a reversal movement (11Dec06) but too risk to enter..
Linear Mode
