yo … is bro phantom around? is found out about his system on friday from bro jado…
Going to try it out on the live account with only 0.01 lots… (Mini account) when the market open in a couple of hours time. Below is what i have found out (see whether is the same as yours)
EURUSD - Short (But Gann Hilo still indicate long)
The decision to hold the UJ position on the weekend was sound, our position has held without any loss over the weekend. Have just entered two trades on charts I’ve been watching. Here’s the trades currently running with this system:
Am still experimenting with the 75PIP trailing stop, none has moved far enough yet to lock in some profit. Fingers crossed we’ll see more positive action.
EDIT: Since posting i’ve closed the GC trade at -25PIPS. Realized there were support levels along the 4H chart. Will follow this trade to see if I made the right call getting out or whether I should have let this run.
Still holding the UJ trade from last Friday. t/S has kicked in so 27PIPS are locked in profit so far. Currently:
UJ - LONG - Entry: 89.252 Current: 90.053 +80.1 PIPS
GU - SHORT - Entry: 1.58532 Current: 1.58279 +25.3PIPS
EU - SHORT - Entry: 1.46950 Current: 1.47687 -73.7PIPS
The EU trade I may close out. Considering adding a 50PIP hardstop when entering a trade. and then a 75PIP T/S. Will hold the EU trade to see if a reversal does happen. When looking at the EU chart there doesn’t even look like there should have been an entry. Will be looking at a better way to confirm entries and avoid fakeouts.
In hindsight of the trade I closed yesterday prematurely, turns out the GC short was testing the support level and overnight would have made a very nice move into profit from 1.63406 entry price to 1.62556 currently (+85PIPS).
Note to self: JUST TRADE THE SYSTEM and don’t look at the other charts. There would have been locked in profit on that one.
Are you using MT4? If so, go into the trades window on the terminal and right click the order you want to add a trailing stop to. Hover over the trailing stop option and click custom. Set number of pips for the S/L. Remember if you’re using a 5 digit broker to have the decimal place, 75PIP is 750PIP in the T/S window.
You wont see the trailing stop added to your chart UNTIL you move in a positive direction of that stop. So for example if I set a 50pip stop loss (500 entered into the dialog box), a stop loss would only be active on my chart ONCE the price has moved +50pips. Thus when price moved to +51 pips we’d see a S/L added to the chart which auto updates when price goes higher and higher. It’s a good way to protect the profits and am exprimenting to find the best way to but trades that go bad like that EU I’m currently holding.
I beleive that’s the modify order window. Look at the two attachments I have and see if you can follow where to go. The first is the order window, right click on the order you’d like to have a T/S entered on.
Hover over the menu options when you right click, you’ll see one named Trailing Stop. A secondary menu will show up, click on custom.
See second picture for what the window looks like for setting the T/S. Then just hit okay and you’re done.
Is anyone that is testing/using this system having a hardstop when entering the trade? When might be the best time to exit if the trade has gone against you. Trying to cut losses.
If u are using MT4, u definitely have that window. That is the “Terminal”, press Ctrl+T from your MT4, it will appear at the bottom, then go to “Trade” tab, look for the order that u wish to set Trailing Stop, right click on the order and select “Trailing Stop” and set your trailing stop accordingly.
ok, i got it… the points means the pips right? Lets say i set it as 55 points.
The price for GBPUSD that i short is 1.5837 and i put a stop loss at 1.5937. So what happen when the price reach 1.5782 (which is 55 pips) in my favour?
If I’m not mistaken your initial S/L will be removed and a new stop loss is put in place at the first pip/pipette above your trailing stop. Thus price would have to be at least at 1.57819 (5th decimal) for the stop to be updated.
Also remember, 55 points in that menu means 5.5 pips. If you’d like a T/S to be actually 55 pips, enter a value of 550 as a custom T/S.
that EU short your holding, I have the same exact one, its no good any more I closed it for loss of 60 pips Thats for me.
how ever Im sure ill be shorting that again soon. as long as it stays below 148.19
and THE UJ you have ,I have the same one 3 pip before you ;). that one is going to drop if the 4hr bar closes below the 89.48 Im going to close it!
I think explaining through words is a bit confusing. I drew this up in photoshop to help explain. See the attachment. It’s drawn for a long position but illustrates how it works and is exactly the same but in reverse for a short position.
The reason the T/S works is because remember, we’re trailing price by a set amount of pips. To lock in profit, it must move MORE than we set the trailing stop to be. This means price will be higher.
Ex. 55 pip trailing stop. Price moves 56 pips in our favour. Because the T/S must trail 55 pips, we have one pip profit garunteed. This can only happen IF price goes higher than out T/S. Thats why it will never trigger until that level is reached. Hope it makes sense.
