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I would like to know if I got everything right. I am enclosing a color MACD indicator wich I think is great for a visual signal of histo retracement. Also, what would you think about setting a stop loss at 2 X ATR and the profit level at the same amount of risk? I suppose that the money management you suggested earlier (SL=15 pips - TP=30 pips) in system #1 refered to a 5 min chart as in the image? I am having a hard time to establish my stops and limits whatever the system I'm using and I realize that it is probably the most important aspect of trading.
Finally, what wouls be an acceptable gap in time between the MACD signal and the S/R signal in system #1?
Thanks and regards,
Chamane
I think the MACD settings are 11,12,11 and you are showing a 21 in the center instead of 12.
Yes that is correct. There is also another place to enter the trade. When your dealing with anything bigger then 1m,5m charts then you might want to see when the price moves just past the 15min and then go to the 5minute chart and see if there is an entry there.
I look for a cross in the 5 minute S/R. Either one will work. It all depends on were your comfortable with the entry.
Hi Joesmoe, thanks for system (v2/h1 timeframe) which I tried yesterday/today on demo account and looks promising as you said there is only problem when to exit Last couple of trades I went with Stoploss 30 and Takeprofit 60, and wit trailing stop 15-25. I think there were better results if I monitored every single one, but hey works good as is. My problem is when I go with stoploss 15 pips that in 1/3 of trades hit stoploss. I like it and I will play more on demo for now. What do you think to start with $500 on live, 0.1 lots?
Thx.
Alt
This was great work. Thanks for posting your results. Study Fib Lines as well as Trend Channels, Bolinger Bands. This will help you find your exit. Exiting is the hardest part of trading. Rule of thumb is if your winning more then loosing then figure out the proper math to exit while your still in the green. Once you learn about some of the great ways to learn exiting you will then turn that into patience and start waiting for better exits. It will come natural.
Thanks again for posting
JS
P.S. Anyone else have anything they can add to help ctrlstudio's?
I would like to know if I got everything right. I am enclosing a color MACD indicator wich I think is great for a visual signal of histo retracement. Also, what would you think about setting a stop loss at 2 X ATR and the profit level at the same amount of risk? I suppose that the money management you suggested earlier (SL=15 pips - TP=30 pips) in system #1 refered to a 5 min chart as in the image? I am having a hard time to establish my stops and limits whatever the system I'm using and I realize that it is probably the most important aspect of trading.
Finally, what wouls be an acceptable gap in time between the MACD signal and the S/R signal in system #1?
Thanks and regards,
Chamane
chamane,
You are correct with both of those trades. Now comes practice. Demo of course tell you know it in your sleep and you can actually feel the movement in the market. Martial artists will tell you after they practice so much that the opposing guy throwing a strike actually feels like its in slow motion. Trading is no different. You will learn to feel the rythmn and will get good at finding the best entry and exits. This comes from practice.
Money management is very tuff to teach. You have to study that one. Maybe we might get some feed back from other. Look through this forum. I don't have any rules on it. If you look at my trades they are all closed at different times with no patterns. So that one will have to be up to you.
Thanks for the MAC D signal and the #1 Signal. I will take a look at them tomorrow.
You are correct with both of those trades. Now comes practice. Demo of course tell you know it in your sleep and you can actually feel the movement in the market. Martial artists will tell you after they practice so much that the opposing guy throwing a strike actually feels like its in slow motion. Trading is no different. You will learn to feel the rythmn and will get good at finding the best entry and exits. This comes from practice.
Money management is very tuff to teach. You have to study that one. Maybe we might get some feed back from other. Look through this forum. I don't have any rules on it. If you look at my trades they are all closed at different times with no patterns. So that one will have to be up to you.
Thanks for the MAC D signal and the #1 Signal. I will take a look at them tomorrow.
JS
Thanks for your answer. What is Number 3 indicator made of? Does it repaint? And in system #1, what chart are you using to get 100-300 pips a day?
Last couple of trades I went with Stoploss 30 and Takeprofit 60, and wit trailing stop 15-25. I think there were better results if I monitored every single one, but hey works good as is. My problem is when I go with stoploss 15 pips that in 1/3 of trades hit stoploss. I like it and I will play more on demo for now. What do you think to start with $500 on live, 0.1 lots?
Linear Mode
