Yes. You also get some fakeout signals too, if during the bar there is a momentary crossover, but by the close of the bar price has retraced to a point where there is no crossover.
I got a signal like that in the 5:45 GMT bar. Just a few minutes into that bar, while price was down near 2.0723, the 5ema was below the 10ema, and stochs, MACD, and RSI were all in line. I got the signal then. But by the close of that bar, price was back up to 2.0729, with the EMAs were NOT crossed. The next bar closed with the 5ema still 1 pip higher than the 10ema, the next two bars closed with the 5 and the 10 equal, and it was the 6:45 bar before the 5ema closed below the 10ema. And of course by then, MACD was already negative, and RSI was already below 50. Having gotten in at the signal would have been a loser.
I’ve gotten into several immediately on the signal, when they turned out to be false signals by the close of the bar. Sometimes you do that a few times before you learn!
I really like having the advance warning. It’s nice to have a few minutes before the close of the bar to look at the chart and see what’s been going on if you’ve been away for a while when the signal comes.
One way to take part and let part ride, if the target is in the 15-20 pip range, is if you open with 1 lot, then set TWO pending orders: One pending order for half a lot with a regular S/L and a T/P, in this case 2.0647 for the S/L, and 2.0700 for the T/P. For the other pending order, just set a trailing stop on the other half lot for a trail of about 15 pips.
Worst case, you get stopped out of the second half, if price goes in your favor a little bit, then turns against you a little bit before ultimately hitting the target. This is more likely with larger targets. So if I have a target much over 20 pips and I can’t be here, I’ll just set a T/P for the whole thing. And in that case, if I can’t logically set a target at least equal to the S/L, and if I can’t be here, then I’ll stay out of that trade because I don’t like to get in trades where I need to risk 37 pips but only have a 17 pip profit possibility. That’s just me.
With EFX, you can set part of your position with a normal S/L and a T/P, and set the other part of the position with an order that allows the full 37 pip S/L until the target is hit, and THEN turns it into a trail of whatever size you set. A NIFTY little feature!
I also don’t like to set a 10 pip stop, because too often that’s not enough wiggle room. That’s because I’ve gotten 60 or 70 from a 100 pip movement by allowing 15 pips of wiggle room on the way up. If I set only 10 pips trail, I’ve frequently gotten only 20 or so out of a 100 pip trend, just because it needed room to retrace 12-14 pips before continuing upward. No perfect formula here, it’s just a matter of preference and feel.
Jeff