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Haven't been active on the forums for a while, but I'm glad to see the system getting finessed a little. You've moved over to a forum that should be able to offer significantly more assistance.
My personal stop loss works a few ways. Depending on what happens with the trade.
If its 5pm-6pm EST I usualy close half my trade at 30 pips and ride the rest tell I get to the opposite directional set up.
If its choppy then I usually sell half at 10 pips and set a stop loss at 10 pips. My take profit is 30 pips or opposite directional set up.
If its the middle of the day I use 30 pip take profit and 15 pip stop loss.
You will get the idea after a few days of watching this live.
You will also find that there are better times to trade for better profits and you won't mind staying out of the bad trading times.
There are no hard and fast rules to money management. Learn to make up different rules as you see the flow of the Forex. Each time day and season has its time and place for different rules.
I hope this was helpful.
JS
REAL TIME OBSERVATION: Exit red dots do not show on 5-min graph until 2 bars after high point of peak is drawn. How then do you get out on the first red dot when the red dot has not been drawn yet??
Where do the two indicators go. I believe the S/R goes in experts/indicators but how about the MACD ? Expert/Indicators as well ? Is there an alert ? Thanks.
I have studied the chart from post #12 with the Red (Entry Color) and Green (Exit Color) arrows and I am still not sure how you figure the entry point on all the trades. On the bottom (MACD Indicator) there are 5 Red Entry Points but on the chart you have an entry between the 3rd and 4th entry on the MACD indicator. And it did not cross the 0.00 line. Also you stated that sometimes depending on the time of day "If its 5pm-6pm EST I usualy close half my trade at 30 pips and ride the rest tell I get to the opposite directional set up." Does this mean you have multiple trades going on at the same time or will the trade open and close before a new one opens? I think where the problem lies is that--what is very obvious to someone who uses something everyday is not always so obvious to everyone else looking at it for the very first time. I will admit that I am New to the Forex Market and I have tried a few EA's but I want to learn to manually trade and of all the systems that I have studied yours seem the most interesting and promising of them all. So if you would be so kind as to try and give a more detailed explanation for a Newby it would be greatly appreciated
When you say Opposite Directional Set-up are you talking about when it crosses from one side of the 0.00 to the other (and do we ignore the red line on the MACD Indicator? And if that is what determines an Opposite Directional Set-up how can you have more than one trade open? Because then you would have a long and a short trade going at the same time. Again I am confused lol.
Any clarification again would be greatly appreciated, because I really want to learn this system throughly.
Oh when you load the indicators to the chart in the MT4 platform. Insert/Indicators/Custom there are 2 files shown "Support and Resistance (Barry)" and "Support and Resistance" Do you load both or--if not--which one?
Haven't been active on the forums for a while, but I'm glad to see the system getting finessed a little. You've moved over to a forum that should be able to offer significantly more assistance.
ffaspector,
Good to hear for you. Ya so far has been nice. There are alot better traders in this form.
Your Setup was only a inspiration for me to make my very safely but very heavy Setups easier to use.
To "Trading for a Living" along the prices line is no easy solution in this world.
To be a successful Trader you have to make your own rules that works only for your own psychology.
Use the Setup on a Demo, look what works for you and make your own rules.
The explanation of the "WATL" indicator is the "wati.rar" file.
Here is a new version of my Setup with implemented "Tick-Smoother",
"DayBreakout" and (inspirated from "Yard-Stick-System" at this forum) adjusted "StopATR Auto" for better entrances and exits.
MACD Scalper
Linear Mode
