To be honest mate I’m not going to answer the pips question and I’m sorry if I’m being evasive but I do have valid reasons.
The problem is what I may make in pips is actually zero indication of what you may make. Once you’re in a trade things like trade management and psychology become very important and each trader’s results will differ enormously.
For instance we could both get entered into the same trade and I come out with a loss and you come out with a 150 pip winner! Believe me it is possible.
Secondly forget about pips they are irrelevant. It is more important to master consistently wining trades, proper trade management and proper [I]money management.[/I] That is far more important to understand than actual pips won.
I know why you want to get a better picture of pips won, because that way you can say to yourself “well if I win 150 pips per week at 20 dollars per pip then I will make $3000.” I know because I used to do the same thing myself!
When moving a stop and taking profits do you all typically do that manually, or set it up automatically? For TP it is easy enough to set up a few positions to automatically take profits at specified levels, but what about moving the stop to BE or some other desired level? I don’t see a way to do that automatically in MT4. Does anyone use any type of custom script to manage this, or is a manual interface your preferred method?
I can see an advantage to setting up your whole trade plan automatically ahead of time, it removes any emotion once the trade is entered, helps to keep you from checking in on your trade too often, helps to keep you ‘locked’ into your plan.
Looking at EUR/GBP, you have an arrow indicating a short, but the bar is a BUEB (Bullish Engulfing Bar), indicating long. From that swing high with the overall trend down you’d want to see a price action signal indicating short, a pinbar, or BEEB.
For GPB/CHF it is the exact opposite situation.
Close up of the BUEB
Now I’m very new to all this, and I’m just regurgitating stuff I’ve only learned recently because it helps me continue to learn, so of course my advice carries little weight
Yep bang on and for bullish engulfing bars we need to see them at swing lows. They are reversals and we need to pick price to reverse so with a BUEB we are picking price to change from a low to go back higher.
This would be going long from a high and hoping to go higher if that make sense.
I’ve been wondering the same thing! I missed out on some profits overnight because of this. Good thing it eventually went back down to that level… (CAD/CHF H4)… I use OANDA fxTrade.
edit: for automatic handling of a trade’s levels in MT4 (e.g move trades to BE when first TP is hit), check out steve hopwood’s multi-purpose trade manager…
EURGBP candle closed…hmmm it covers the swing low… do you guys thing selling is a good opportunity here… but nevertheless its still valid because of the obvious engulfing bearish
Hey, I do not like this kind of solution because third part soft have bugs and in trade I recommend use clear soft from broker. Any complaint will be simpler because of no third part soft participation (eg. plugins or bridges to MT4). The better solution is set sms alert price on broker platform if they have this kind of option or on alertfx.com
