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Don't forget about divergences (as seen in my previous post of GBPUSD). A good (simple) confirmation is divergences with RSI or Stochastics or MACD. There is an indicator that automatically marks regular and reverse (hidden) divergences. I haven't played with it yet. I don't remember where I found it. Here it is.
Don't forget about divergences (as seen in my previous post of GBPUSD). A good (simple) confirmation is divergences with RSI or Stochastics or MACD. There is an indicator that automatically marks regular and reverse (hidden) divergences. I haven't played with it yet. I don't remember where I found it. Here it is.
I use original indicators and like filter i use braintrend1 & braintrend2 to confirm signal....
This are my OP with this method: +850 pips in 3 days
I think i must improve my money management but it's so hard....
Hi Metastock,
Money management can actually be pretty easy. I have attached a spreadsheet I found on the net. It will tell you how many lots to buy based on your risk and available capital.
How to use it:
Enter your account balance in B19 - don't forget to update this as your account grows or shrinks!
Enter your % risk in B20 (I would suggest the 1.5% in there - if you want to get aggressive, enter 2.5%)
When you get a signal, enter the pair in column A
Enter L or S for Long or Short signal
Enter your entry point in column C
Enter your target in column D (you don't have to live with the target, it's simply used for risk/reward calculation)
Enter your Stop level in Column E
Column I will tell you how many MiniLots to purchase. If you are using standard lots, divide this by 10 and round down (round up if you're aggressive)
At the bottom of the spread sheet are the pairs this will calculate for - if you trade more, you can add them. I don't think this spreadsheet has been updated in a while...
I would suggest that you update them weekly. PIP calculators can be found on the web - here is one (only major pairs + CAD + AUD)
Unless the market goes on a wild ride, you could probably just update this every sunday.
I am writing a script for this for MT so that you could just drag it onto the chart and it will do all this automagically for you, but we just had a baby, so I've been busy...
Thanks for the QUICK response! When you say that you place it just on the other side of the arrow, do you mean:
For a long scenario:
1. you place it even with the bottom of the arrow?
~or~
2. you place it a certain amount of pips below the bottom of the arrow?
or neither? If #2, then what would that value typically be?
Thanks again!
8
YES, thats what I mean.
I only placed 2 trades this week and I still cut myself short on each one. If I just wouldn't of put my stops to close I could of easily had +1000 pips. Placing stops is a fine art that each one has to master.
I only placed 2 trades this week and I still cut myself short on each one. If I just wouldn't of put my stops to close I could of easily had +1000 pips. Placing stops is a fine art that each one has to master.
Hi forex11,
I enter the trade manually but I have a ATR trailing stop ea which I am trying out at the moment. On 4hr g/j I have a trade running and the t/s is 423. At the start of each 4hr candle, this t/s changes value. Maybe if it works out you might be able to use it.
I can post it here or I can send by email to you.
I enter the trade manually but I have a ATR trailing stop ea which I am trying out at the moment. On 4hr g/j I have a trade running and the t/s is 423. At the start of each 4hr candle, this t/s changes value. Maybe if it works out you might be able to use it.
I can post it here or I can send by email to you.
yes, you can post it her, and thank you very much.
This looks like a silly question (oh well, yes it is ), but i want to know how i can attach this indicator to chart templates so it will automatically load each time i open the template?
Anyway, im impressed with this indi, already using it on real acc, and the result is quite phenomenal for me. thanks to papa bear for sharing this, forex11 and all others. okay stop, i know you dont need more compliments, especially from newb like me..haha..the system it was proven in making profit.. im still counting pips (+150 pips x 2 post and still rising) on H1 usdjpy.. many thanks..
Money Management
yes
Linear Mode
