I’d like to know how can u move your trade to BE, when u are sleeping? As I was reading, u guys seem not to use trailing stops and even if u did, that wouldn’t work as if u just moved and fixed your S/L to BE. So tell me how u manage to do that? Or I misunderstood something.
i dont know if you can do this…
but maybe as price moves your way you take some of the profit.
then if you go to bed …set take profit to a value lower than what price is currently at…
this would effectively be like a stop loss at break even…
i dont know if you can do this on mt4 but you can try.
I use Marketscope 2.0 for the trading platform (FXCM).
I have downloaded a strategy called “Breakeven Strategy”. This allows me to place a trade with my SL and Limits, then set the point where my trade is moved to BE.
For example:
I take a long at 100
Set SL at 90
Set Limit at 150
Open BE Strategy and set Min profit ( +1 to take 1 pip)
Set Lead gap of 20.
When the trade hits +21 pips my SL is moved to +1 pip.
I can’t get the oil chart, my broker doesn’t offer such option, I guess… Anyways, I wouldn’t actually take this setup, because I would be traiding straight into the BRN, which is 80.00, and for me the candle doesn’t look obvious enough and doesn’t stand out that much (the candle should have a bit more longer tail to be good for me).
The positive is that it’s with the trend, but I’m really not sure about the resistance level from which the price bounced, was it that significant?
Just my thoughts, feel free to correct me if I’m wrong.
Well now I’m not so sure anymore if the level it was at was really significant hehe. You’re right it wasn’t really obvious and sticking out from the rest. Anyways it’s alright, I’ll learn as I go along. Hope the others could comment too. Thanks for your time I appreciate it!
No problem, answering helps me to think and learn more and more!
Actually I would like to read Johnathon’s thoughts on his setup.
P.S. I finished the whole thread. To be honest, I haven’t read such a long thread before, but this, as I mentioned before, is definitely worth reading!
Is there any algorithm that can be made to recognaise such opportunities? I know that Esignal and some big player have their own algos for this but I’m not sure if it can be done pn MT4 cause of latency and the MQL language limits.
This looks good to me assuming the Price Action follows as the entry signal, although as I have marked my lines on the D1 charts, my line is a little higher than yours at 98.859
As it stands I am monitoring 10 pairs for setups, and I mark SR levels on Sunday evening before the open (GMT), and this week shows some very prominent levels and potential setups that could come this week or next. It’s the first time in two months that I have seen charts looking so promising. Is anyone else thinking the same, the challenge may be selecting the pick of the crop and not over exposing ones self to the market on multiple pairs.
Haha I might finish the whole thread today and I’m taking notes along the way. Downloaded all the vids off his site too to my smartphone. Have a good day y’all!
No not A+. The Pin does not stick out and it is very small. Pretty solid area to short so this may possibly go lower but the PA is not convincing at all.
