Let’s say for example you are short AUDUSD. If you then get stopped out, do you enter short again but at the higher price or do you skip that trade completely?
If you DO re-enter at a higher price, when will that be? When you get some kind of candle confirmation?
I re-entered a stopped out trade much higher than the first signal and THAT signal ALSO got stopped out. I’m talking about the AUDUSD H4 chart from Friday. Went short, stopped out, went short again 30+ pips above my previous entry and got stopped out AGAIN from that strong move.
Great idea thanks! I also think that, after a break of supposed resistance like that trade, to wait for some confirmation in the form of candle patterns or something where you can clearly see rejection finally happening, signalling a possible top or bottom.
Thanks bud, hope you have an awesome trading week. Keep us posted with your trades
I have been using this system for a while making small profits here and there but there is one thing I dont understand.
How do you know when to place a trade? When the trade bar crosses the buy or sell indicators(Red / Green) or only when the bar closes in the indicators?
The reason I ask this is I placed a trade on the EUR/USD 1.3225 this evening on TF 5min to sell as all targets for the indicators were met but changed on the following candle and the one there after and eventually the candle I placed the trade on was further out of the “sell zone” as the indicators extended higher 1.3235 and more…What should be done?
Thanks again for sharing this, as I said I have had my fair share of profits using this system but just struck out now.
I’ll try to do a further resume of what stated in the first post of the thread
check dynamic cog (the one on your price chart) direction, if it’s up -> you look only for long signal, if it’s short -> you look only for short signal
assuming we have a long situation, when price test a green line on dynamic cog we have a entry, but as dynamic cog repaints, we need further confirmation that is given in phase 3 and 4
check where static cog is in term of candles, if it is below -4 is a good confirmation signal, if it’s below -8 is a strong confirmation signal
line static cog, is it below 30? if yes, it’s a further confirmation, even more, is it showing divergence with the price? is yes, again an added value to your entry
Hope it was of help, and btw: trading M5 charts can be done but due to repaints I don’t advice it, M30 and higher is best