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I am only able to watch the market in asia and euro session since I am currently in asia. What am I supposed to do when I get a signal around this time, euro afternoon but wont be able to check the trade for around 8 hours?
Common sense tells me not to take that trade because I couldnt close or adjust the stops (later in advanced). How are you treating signals that appear approaching the end of your trading day?
Thank you for sharing and teaching Simba.
EDIT:
Also, I an see how this system could have trades that last longer than someones trading session.
Do we keep them overnight? (Kinda close related to the 1st question)
Hi,
1-Your commomsense is right,I approach the trading signals that last longer than my trading day by1- either putting a stop at the chandelier 1h,and leaving it there,without adjusting for a few hours..and readjusting the following morning..or..2-closing them at market if I have a small profit and chandelier is far away,since risk/reward does not justify ,for me,leaving them open....I will require to do so in a few days,but for the moment,just stay with the posted drill rules for each day
2.If I lived in your timezone ,I would probably do not trade GBPUSD,I would trade USDJPY(you can trade it with this system,JUST NOT FOR NOW,THE RULES..sorry )or EURJPY,but this pair I would not trade with this system.
You can do the drills with the chandelier from tomorrow,on the GBPUSD,and then,once we are finished,you can use for USDJPY(It can be used too with USDCHF,JUST NOT FOR NOW)..with a slightly different SETUP.
Sorry for late reply,and hope it reached you on time..
POSITION SIZE:0.2 LOTS PER 5K IN DEMO ACCOUNT
ADDITIONAL POSITIONS:NO.
DEMO ONLY
CURRENCY PAIR:GBPUSD ONLY
STOPS:SEE BELOW REGARDING THE CHANDELIER,Chandelier stops,set at 1h tf,AT CLOSE OF 1H bar,so,the price can rebound,penetrate,etc the chandelier,but you exit only at close of 1H bar when the 1h chandelier has definitively changed colours.
EXITS:THE SAME,REGARDING CHANGE OF COLOUR OF 4H TREND xpMA,as yesterday template.
TAKE PROFIT:NONE,IF 4H xpMA CONFIRMS A CHANGE IN COLOUR,YOU JUST EXIT(We are trying to ride a potential trend,if pertinent)at close of 4h bar
TEMPLATES TO USE :
1-Yesterday`s one(5m chart with%R+4HMTF xpMA,etc)
2-Additional one(I attach the indicator,no attached template,you just put the indicator on a 1h gbpusd chart),you need to monitor,every hour,the second one,which is basically the indicator I attach,Chandelier stops(use the standard settings already in the .mq4), in a gbpusd 1h tf.This is so because the Chandelier is valid only AT CLOSE OF BAR,and the best settings for this system are,for Chandelier stops,to be set at 1h...so,..
You will have to monitor 2 charts,the 5m one and the 1h one(this one every hour ..)
POTENTIAL GREY AREAS:
1-IF you have to leave the screen(you have a life,haven`t you ),OR have to go to sleep(after all,we are trying to ride a trend,the longer the better),OR whatever that does not alows you to monitor every hour the 1h chandelier stops..you put the stop,(market if touched),at the 4h chandelier level(just change the level of the second template from 1 h to 4hand you will see the level..when you can go back to the scren you switch back to monitor 1h level,and corresponding rules(CLOSE OF 1H BAR)
2-What happens if valid signal,but Chandelier are on the opposite side? you do not take the signal,because ,if you took it,you would be without stop..to take a long the protecting stop must be BELOW your entry..viceversa for a short(above)
2-Flexibility:SAME AS YESTERDAY,regarding Fibopivs,etc
OTHER:the first day we did 2 trades(-15 and +30=+15 pips),the second we did one(+30pips),so these are 45 pips that we won..AND FORGET,the third day we lost 9.1% of the account,so,either open a new demo account or just check with your actual rules how long(probably several days) does it take us to increase it by 10%..recovering the drawdown..this is the target of this drill..enjoy
I extended the Williams' PR to give alerts as per Simba's rules. It's hard coded to use 5 minute GBPUSD at 90 periods... It's my first code in MetaTrader, hope it's not too ugly
Anyway, maybe someone finds it useful...
Hey Zathar,
You did a great job on the Williams Alert. Would you or anyone else be able to make an Alert for the Chandelier Stops Indicator? Where I work I don't have access to my charts and this will help me keep positions open longer.
Thanks
Hope you took the entry signal,and are checking the chandelier stops every hour.See Pic.
ZATHAR and ericbach have mentioned something about adding alarms to this indicator,and this will be perfect.
I am also working on MTF Chandelier so that we can put the indicator(1H) on the 5M tf.
Hey Zathar,
You did a great job on the Williams Alert. Would you or anyone else be able to make an Alert for the Chandelier Stops Indicator? Where I work I don't have access to my charts and this will help me keep positions open longer.
Thanks
Here's the Simba's Chandelier indicator which gives an alert when the trend changes (when the stop flips from blue to red or vice versa). Also attached the latest version of Williams Alert, which gives alerts only once per 5 min bar. Somebody posted it earlier, but it had a small bug (wasn't drawing the indicator after the alert).
Here's the Simba's Chandelier indicator which gives an alert when the trend changes (when the stop flips from blue to red or vice versa). Also attached the latest version of Williams Alert, which gives alerts only once per 5 min bar. Somebody posted it earlier, but it had a small bug (wasn't drawing the indicator after the alert).
My resistance 1 is at 9724 and not at 9709 like on your chart.
My charts are ibfx which are GMT times.
Could you please post you fibo pivot indicator you are using?
Hi Dan,
My MT4 charts are set at CET.
I attach the indicator,mmm,there shouldn`t be too many disparities due to timezone,anyway take into account that yesterday we had a wide range day
so,this could be the reason
)or EURJPY,but this pair I would not trade with this system.
Linear Mode
