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That trade set up looks very easy to use. No guess work on the entry.
Just a few questions. :-)
On the entry, do you enter the market as soon as the lines cross at the current market price?
I've placed the indicators on some other currency pairs and it looks to work on those pairs as well. But that is only looking back and not testing it Live. since the indicators repaint, it might look like it works on the other pairs when looking back when in fact, it does not.
Thanks for your contributions! Much appreciated!
mikelac,
Yes you can as it the touch or as they cross. If they touch you might get in early. That is riskier because it could reverse on you and never really cross.
If you wait tell they cross you are more likely to have it move that direction. You can loose alot of pips that way and can effect the ST as well. You can go to a 1minute chart if you want and look for S/R and wait for it to cross.
Don't look back at pairs in the past. It won't work. This is one you will have to trade demo for awhile and watch it as it comes. The #3 does repaint but that means nothing as long as the #3 appears and the 5m ADX touch or cross (again your choice) then take the trade.
So now I made it through the whole thread and in the meanwhile also the last two open trades are closed ( demo only ) with reaching TP of 25 Pips...
Looking at this ( made 7 Trades ...all at TP ), I will certainly stay with this system and demo it as much as I can.
As far as I can see, you are most of the time on the safe side if you either put the SL to BE as soon as the trade is gone at least 50 to 60 pips in your favour, or keep your TP small and have the SL under/above the last candle by 1 or 2 pips.
A lot of questions are about the SL and according to my experiences I think this is very difficult to answer. Many, many times I was stopped out of good trades because I set the SL either too close or pulled it to BE too early...
It depends on many things like the vola of the pair you are at, the "power" the market has at that time ( today, for example, I took a trade on demo with EUR/USD when the "3" appeared...I waited a few minutes and the market seemed to stay there, but I wasn´t sure about that because there was no Fibo-Level or such a thing. So I set an SL of 33 pips because I was sure that the market would retrace....the price went on until a few pips close to my Sl and then turned )...
It also depends on your personality, your account size and so forth...often enough I set an SL of 100 pips to give the trade room...as long as I am in the direction of the trend, which is also something to consider.
So on the first sight it seems easy....and, of course - you can make it easy by setting a fixed SL and done - but I think, it is not that easy at all...
Anyway - I will try to follow this thread and contribute if I can :-)
Thank you all guys and happy pippin´
4rexlady
4rexlady,
Glad to have a lady present here at the thread. I'm glad you had great success. Keep it up and thanks for all the wisdom.
Hi i was looking at GBPUSD and saw the #3 appearing on the 15mins chart. Using Setup #3, checked the 5mins and saw red crossing over green 7:30am. Coincidentally if we were to Sell at 7:30 by the end of the 7:30 (15mins chart) we would see the #3 appearing for a Buy signal. Lol
1) from your experiences does this happen often?
2) and in such cases do we reverse the trade and go long which would have been quite profitable (due to retrospect).
3) If #3 Buy signal appears on 15min chart and the 5min chart already have the Green over Red, do we Buy straightaway?
Hi i was looking at GBPUSD and saw the #3 appearing on the 15mins chart. Using Setup #3, checked the 5mins and saw red crossing over green 7:30am. Coincidentally if we were to Sell at 7:30 by the end of the 7:30 (15mins chart) we would see the #3 appearing for a Buy signal. Lol
1) from your experiences does this happen often?
2) and in such cases do we reverse the trade and go long which would have been quite profitable (due to retrospect).
3) If #3 Buy signal appears on 15min chart and the 5min chart already have the Green over Red, do we Buy straightaway?
saintanic,
Look at the image below. You have the wrong 1,2,3 for my system.
Linear Mode
