VERY SHORT TERM
By
tymen1 at 2008-08-30
Knowledge Assumed :
Having read much of the Candlestick thread and being able to find quality patterns on the Bollinger bands.
Charts required :
Only the main chart with timeframe ranging from 20 minutes to 1 hour.
Restriction :
Trade only currency pairs with a maximum spread of 3 pips.
Method :
1) Set a PCI stop loss 3 pips higher/lower than the extreme wick of the pattern.
No rush here – as long as it is done before you enter the trade.
2) Enter
2 amounts on the open of the entry candle by clicking the Direct Deal ticket. (DDT).
(DDT
preset to
2 amounts).
Watch the floating profit/loss window
It will be negative since the broker has charged a spread.
Now let….. - n = the floating profit/loss at this point.
3A) Watch the floating profit/loss window.
Close
one amount with DDT when the floating profit/loss = + n
(DDT
preset to only
1 amount).
3B) Watch the floating profit/loss window.
If after entry (2), it becomes -2n then close the trade for a loss.
(DDT preset to 2 amounts).
4A) Watch the floating profit/loss window.
If after 3A, It rises to +n again, close the remaining amount.
4B) Watch the floating profit/loss window.
If after 3A, it fall to zero, close the remaining amount immediately.