Awsome trading Greg. Some nice trades this morning on the 5 Minute charts.
thanks
I just took this trade on the 15 min chart. I normally do not look at timeframes larger than 5 min for this strategy, but since I’m busy at work today I missed the two trades on the one minute chart I would have taken.
Unfortunately it went against my trade and hit my stop just under the 0.0 fib line.
Hi Greg.
Got a couple of questions for you:
-
When do you decide to take your profit? Is there a candle signal you use. I notice you don’t take much profit per trade normally. I assume your stop loss is more than 8 or 9 pips? So although your trade success is about 70%, I assume your pip success is not so high?
-
I have the Donchian Channels with my broker, but there is no centre line. Is this important? And I assume it is dead centre to the outside lines?
Thanks for your help.
Wayne.
Blizard, what indicator use you for the fib lines (pivot point, profit target#1, profit target #2, etc…) ?
Thks
That was a nice clean trade DarkLighter good work. If you notice on the other trade you posted however, there was strong resistance and also you had a group of candles cutting through the trend line which means the trend line may not be valid. I have posted your setup and added a few notes.
Your second trade was perfect and it worked out well.
thanks
Some really nice setups today on the GBP/USD. The Pivot points gave me extra confidence as they played strong resistance / support levels in all of these entries.
thanks
Thanks Blizard !
No Worries!
Thanks Blizard. I completely overlooked the resistance there.
Hi Blizard, on that first set up I got stopped out a couple of times and unfortunately didn’t get to chance to trade for the rest of the day so I missed the entry again after it hit my daily pp at 1.6156 which then turned into a nice move, is there anything I could have done to have avoided the 2 losses before that? I had shorted at 8.08am gmt and 8.18 gmt
Hi blizard
As per the rules, SL is always at the opposite dot, how about TP, how do u decide to take profit?
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Based on Risk Reward ratio, 1:1 or more?
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Based on S&R and/or Pivot point?
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Based on no of pips?
thanks
Guys found something interesting.
Heya, im not sure if your interested, but i have found a way to make Stockneon’s EA run profitable.
It only takes 0.5 pips each time, but sometimes catches more.
I have a second EA running which closes the trade at 0.5 pips.
Not huge profits, but if run across multiple currencies, on the 5 min chart could provide a nice income.
There are 2 issues:
-
The EA will trigger trades when the candles move past either trend line, even though we are using only one trend line based on the current coloured dots (as per Blizards strategy).
-
Also if you start MT4 when the EA when it has gone beyond the trend line it will place a trade which you are notwanting to do a while after the trend line has been broken.
But if across multiple currencies, it could generate a nice number of low level pips.
Nothing sexy but who wouldn’t want an extra few pips a day on top of manual trading?
If Stockneon or someelse wanted to fix this it would work quite nicely.
If your interested let me know and i’ll post the other EA i have and what my setup it.
Im still testing it at the moment.
But so far 4 trades yesterday:
- 2.2
- 0
- 0.5
- 0.7
Below is todays setups, so two entries. So on the 5 min chart it is feasible. Maybe 2-3 trades a day on EURUSD.
