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Can you please post PSAR indi you're using and a pic showing a typical trade? The indi and a template would be nice.
Quote:
Originally Posted by Jeeves
Hi all,
I'm seeking the same answers as you guys.
I use it a very simple way:
As a Daily breakout
I use an indicator called 'Parabolic_4cNK' with only the long/short dots active - I 'Black' out the other two colours - & I enter at the price of the matching colour Psar:
Red Psar + red arrow = Short trade
Green Psar + Green arrow = Long trade
If the market is Ranging the signals will come thick & fast, then I use a TP of 80, an intial stop of 25, and a breakeven + 25.
If the market is trending the signals will be fewer. If no signal is given at the open of the next days bar, and the Psar continues in the same direction, I let the trade run, & exit at the close of the first bar that displays a signal.Then I place a fresh set of stop entries according to the new signal.
It's a very simple system, it works for me, & as I said - I've used it on a demo account for two months without one losing trade-Cable only.
Thanks. So you only trade in the direction of the sar. But what is the entry for those longs -- a break of the green arrow to the left of it? And what's your rule for exits?
Thanks. So you only trade in the direction of the sar. But what is the entry for those longs -- a break of the green arrow to the left of it? And what's your rule for exits?
This should explain it.
Please remember that this is only the way I trade the system. It may be right, but it could also be very wrong. I believe it was originally a counter trend trader.
It works for me, & thats really all that concerns me!
Thanks, that's what I thought you were doing. It looks like you would have had a nice run of winners in the long move down the last few weeks. The most recent candles are kinda tight though, so might have had a loss in there.
Thanks, that's what I thought you were doing. It looks like you would have had a nice run of winners in the long move down the last few weeks. The most recent candles are kinda tight though, so might have had a loss in there.
Not really. I didn't trade them, but if I had I would have moved to using a TP.
If I ever trade a counter trend - which is rare! - I always use a TP.
If you check them again you will see that a 25pip Tp would have been fine. You could infact have been bolder with the TP.
As I say...it's a great system.
