Do write the guide? In general, when will your S-SR line becomes “invalid” or “expires”?
Thanks in advance
Having only had a quick back check would it be feasible to simply place the SL behind the candle of the crossover? This would often only be 100 to 150 pips however.
Regarding the TP would there much point in placing one since we will usually have lots of time to check the progress?
This is not a strict rule but I normally take note S/R lines the last 3-5 previous days and sometimme I go as far 12 days.
I never do that and I necer trade D1 Macfibo the way vessel traded it so i cant comment on it really but i could imagine trading Macfibo in D1 need different approach in its exit (not waiting for 5x8 in d1).
As presented in your v1.1 documents, is the RED s/r line more significant than the GREEN s/r?
I mean, when a 5x21 happened, and there’s a GREEN S/R in between 100 and 127 level, should we ignore the trade?
Hi Sufiansaid, congrat to yr system. I have a theoretical question: if at the time of 5x20 sign someone can not start a trade by a certain reason but after several hours the situation (price etc) is the same - can he enter later on?
This was not so theoretical with EU on Friday between 05.00-08.00 GMT.
5x20 short sign was given at 05.00 GMT (when a normal European is sleeping).
Price was paractically the same until 8 am (when a normal European start to work).
Those who started the day with a EU short 3 hours [B]after [/B]the 5x20 sign could harvest a profit on more then 261fibo.
Regardless the above case my question: what is your years-long experience, concerning this [B]late[/B] entry, after the sign [B]if the circumstances are the same[/B]. Thanks in advance.
In my opinion, signal is the better entry unless u r willing to take the risk…
Let’s wait for Suf’s opinion…
As i stated before i am not as rigid with sr lines in main signal. But to answer you question, sr lines tlhat havent been obeyed atleast twice is not significant hence tend to be ignored and you can enter the trade. But do take note there are times the “red lines” gets broken and the green line got obeyed. pare, id advice you to stick to previous days high low as your sr line.
Honestly i dont quite get the question sorry…can you rephrase the question please.
For the sake of people who are quite “visual”, this is the FOREX TRADING TIME based on +0800h GMT
Based on the schedule, when is the best time to trade and not to trade? TIA!
so for a 1000$ account do you suggest to trade 0.01 lot size or more?
In my opinion, if you trust the system and your S/R, price action analysis (in case you use them) ensure you that the signal is valid and the price is going in a profitable direction or even a small retracement will give you an even better entry for it will give you more pips @ TP.
It applies to Friday’s EURUSD, as I recall, a small retracement after the signal would be a good entry point even after missing the signal. On the other hand, I remember looking at the chart when the price was hit 127.2, I caught myself on thinking if I should enter to harvest atleast some pips, but I decided to stay aside and watch since I wasnt able to trade the whole week (was on holiday, that’s why I was away from this this thread so long, sorry for that). After it hit 161.8 I was pretty sure it would get 261.8, so I think it is just a matter of additional analysis, if there are no significant S/R on the way, why not enter for targeting further levels.
It depends on your money management, I would suggest more, like 0.2 lot size
If I understand your question correctly, that’s what you usually should do according to the system; fixed SL at 38.2 level (hope I got it correct, I’ve been flying since 6 CET, so my brain is a bit lagging) or close trade when 5EMA crosses 8 SMA. On the other hand, at D1 TF and greater the levels may have a larger amount of pips than your max risk percentage allows, so you can set a SL just according to you 2% or whatever percent of max risk you allow yourself to have.
It all depends on what you mean by when is the best time to trade and not to trade. I am going to tackle this question based on the rules I’ve set to my own trading (ofcourse based on statistics).
I would say the best time to trade is 1500H until the 2359H as Macfibo has the best winning % compared to others.
Thanks!
That’s what I thought. Here’s the attachment again.
Btw, what’s with the NOT TRADING during Mondays, pare? =)
I will explain in basic way how I do my Money Management. But I have to say now that my way of MM is not the BEST way. It might not suit you. You need to identify your risk profile.
I always set that even if I experience 10 consecutive losses, I would still have 50% of my trading capital (again! this might not be good for you… you might want to set 20-40%). I will initially calculate 5% of my account as my [B]fixed risk[/B] for the first 10 trades. Say I have a starting account of $1000, meaning I am risking $5 loss per trade for the next first 10 trades.
Now from here, setting your position size is very straightforward. Now in Macfibo you see that I set my SL at 38.2 which usually set a 1:1 risk. Example, say your SL is 30 pips, so you set your position size that gives you 30 pips = $5
Position Size = $Risk/SL-pips
= $5/30-pips
= $0.16 (depending on your broker, perhaps you can go 0.10 or 0.15)
This is my basic money management just to give you an idea. It is not new…
Monday Asian Session tend to have slow movement. Up to you but it is a rule I’ve set to myself.
Noted, thanks!
Hi Sufiansaid, I am a newbie to the Forex but have been reading your forum, thanks for sharing the system and spending time to respond to queries - appreciate it! I am looking to backtest on currencies, I have downloaded trade inceptor for charts but it only has H1 data going back to March this year, I also use IG index spreadbetting which has a chart tool, but this only goes back to Jan this year on H1 charts (goes back over 10 years on D1!) - just wondered if there was a chart package you know of, or a way of backtesting on H1 charts for the last couple of years to get the 500 sample. Many thanks!