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Another thing to note in general about this system, besides the fact that it keeps you out of many many bad ones, but actually even the 18 pips SL at most times is never materialized, because many times you get out of a bad trade much before the SL is hit. On average your bad trades are about 10 pips loss, compared to the average good trades of 25 pips without even mentioning about a decent number of trades with 50 pips. In summary, this system is defiantly not a losing one, the questions is only how profitable.
We can also consider adding a rule; that if we've had a losing trade then the subsequent trade is set a TP at the same number of pips as the previous loss. This method can best be tested with an EA.
Put SL 4 pips above or below from the last top (resistance) or bottom (support), consider tops and bottoms form last AO cycle.
I'm not familiar with using the AO, what exactly do you mean by the top and bottom of a cycle? And I assume buy the SL you mean if you are enterying a buy to put the SL 4 pips below the bottom right? And for a sell, 4 pips above the top + the spread(3) = 7, right?
Thanks Wookie, I had already found that actually, and that's why I was saying that I felt stupid for the previous comment. I have all of the indicators added now, I'm just setting up how to use them.
As we see now, the GU has made some nice moves today, which could have given as over 200 pips with this system. We must admit that even though this move was not the usual, but it is not something very unusual. What I mean by this is, that such moves happen all the time a least a few times a month. So we see very clear, that harvesting some of these mega trades a month, keeps you in the plus for a while, and is a good ground for helping the average trades throughout the month to accumulate to nice profits.
I'm not familiar with using the AO, what exactly do you mean by the top and bottom of a cycle?
In each round from positive to negative or reversed we look at the tops and bottoms it made at that cycle. So, now when a new cycle is forming we use the previous bottom or top as a SL + 4 pips, the way you described it yourself in the second part of your question.
And I assume buy the SL you mean if you are enterying a buy to put the SL 4 pips below the bottom right? And for a sell, 4 pips above the top + the spread(3) = 7, right?
Willis, have you looked at the ATR thing yet, I can see potential problems with the results of the ATR since it's a little lagging in realtime, maybe we should leave it as an option to switch on and off. This method could also be implemented with some of the other rules too, in order to help with testing.
I have all of the indicators added now, I'm just setting up how to use them.
Linear Mode
