Hello!
I’m looking for help with a strategy, i like to think i have one but i tend to look for the same things in each currency and through losing alot realising it doesn’t work!
i get about 30minutes at 7.45 gmt and an hour about 19.00 gmt. i’m happy to leave my trades open overnight.
i like the 4 hour chart things seem to be more reliable with that for the hours i do.
i use stochastics and a 200 period sma to help me. when the chart is under the sma and the stochastics are coming back down through the 80 mark on the sma i will enter. i use a 25 pip stop loss and have a 100 pip limit.
Now the Help i need is
1-narrowing down the best 4 currencys for this strategy or time frame
2-getting in to early (when it looks like it will go down it always goes up to whatever my stop loss is before going to hit my limit)
3-some advice on getting out of a trade or maxamising profit (if the chart gets to 97 pips before turning the other way i get nothing)
4- and last of all maybe some fine tuning or tips to what i already do.
Thankyou anyone that takes the time to read and answer all of this!
Well i think u got a good strategy there, cuz it looks so much like mine, Wat u need is a trigger to buy/sell, if u depend solely on stochastics for ur entry signal your problem will persist. look for an entry trigger like the ADX and Psar.
you really get 2 very short windows to check charts, and place trades.
i bet you feel rushed in times to make decision, else very keen to place some trade, after all you looking to trade
my suggestions:
the 4H timeframe is great for start, though due its nature make sure if you use SL orders they have room…this is not a timeframe with tight 15 pips stops!
there is no particular best pair list to trade. I always like to take the position where the signal seem to be stronger overall…but in the same time keep spread in mind…
If you dont find a trade DONT TRADE! dont just enter a position because there isnt any better in the moment. If you think you would like a price, but you dont have the time to wait, use PENDING ORDERs! They might get you to the action when you are not there, and sure they give you the desired price. I love when a pending order gets hit while asleep, even more if TP gets taken out before i wake up.
But what if you miss a trade? Nothing!! There is always something later.
Trading is not a rush game, wait for your high probabilities, and then go in. Might have some boring days when you dont have a position on…but so, what?!
The end of the week/month profit counts!
I am so sorry i broke a rule of the forum by dropping my email, i didn’t know the rules and hardly on forums though. I’ve learnt alot from this site for free and wouldn’t have the conscience to do things otherwise.
Anyways i meant Parabolic sar Tom.
So Tony24, try this for trigger, when PSAR appears on direction of the trend.
Enter when ADX >20, +DI >20, -DI<20(long) and ADX>20,-DI>20, +DI>20.
I am so sorry i broke a rule of the forum by dropping my email, i didn’t know the rules and hardly on forums though. I’ve learnt alot from this site for free and wouldn’t have the conscience to do things otherwise.
Anyways i meant Parabolic sar Tom.
So Tony24, try this for trigger, when PSAR appears on direction of the trend.
Enter when ADX >20, +DI >20, -DI<20(long) and ADX>20,-DI>20, +DI>20.(short)
I suggest u backtest to help with minimum takeprofit for each trade. Using pivot points and Fibonacci lines also could help to determine ur limits/TP.
I don’t like trading more than two pairs, GU and EJ, am sure 2pairs can help you meet your daily/weekly target.
Well that’s all i got for you bro, take care, good trading.
[QUOTE=cfxland;189825]
So Tony24, try this for trigger, when PSAR appears on direction of the trend.
Enter when ADX >20, +DI >20, -DI<20(long) and ADX>20,-DI>20, +DI>20.
[QUOTE]
Hello thanks for all your help, i undertand the adx which apears to be very usefull but i’m confused about the DI’s is that the DMI indicator or something else and if so why is 20 so significant? 50 is the halfway mark on mine?
+DI is one of the 3 lines on the ADX indicator.
By default on mt4 it is the dotted green line the other pale dotted line is the -DI and the solid line is the ADX line
you are supposed to wait for +D and -D to cross and buy if +D rises higher above -D and sell if +D falls below -D
I don’t know how well it works though.
