I also bought dips below the open in EURJPY. Well, I didn’t mention this in the strategy but I am way agressive when the trend is confirmed.
Look, lets make it easy …
The trend is your friend, when we identify the bigger trend, the price will always try to go back to the bigger trend after the intra-day choppy action.
This explains if you go in MN1 chart for EURJPY, see how long it have been bullish? with entry around 136 using this indicator.
This is the main point, we take trade in acceptance with W1/MN1 and set our target from ATR.
I am now backtesting to see which percentage of ATR should work, and how many times it did work, and what are stops calculation.
Right now, It’s just an indicator that represents the trend, and I have been using it to ride the bigger trend, that’s all.
For EURJPY trade, I moved stop to protect +5 and letting it run, it should be ok. It should violate 166, and go to 167. let us see what happens.
Seems interesting. I swing traded stocks and made much more than day trading them. Having a bigger stops keeps you from getting whipsawed. I’m tired of watching charts all day. The point of trading is for the freedom, not to be slave. Anyway, looking forward to the next post.
GBPJPY made 160 pips from open (entry price) in the daily candle. So I closed my position and leaving one part open with a stop tightened to cost in case of any bounce.
This is what you can do “locking in pips” and letting a few parts ride the big move.
EURJPY violated 166 as expected, now looking at 167.
No new entry signals found. But EURCHF is preparing a bullish setup, watching it closely
Topchess, nice thread! I too have been experimenting with “regular” HA bars on a multiple time frame basis. I have to admit the “smoothed” HA bars are very visually appealing. My only concern is that they are so smoothed that they lag actual price action. Often times a significant move has already occurred by the time the bar changes color, thus requiring a large stop for what sometimes amounts to a small profit. I’ll take a look at the charts with this indicator and experiment to see if entries and stop losses can be improved upon. Thanks again for your contribution!
Any MT coders here?
I would like some indicator created.
BTW regarding risk/reward, I do not think even though you miss some of the move, you still get most of the move, it depends on how do you trade, and did you trade the advised pairs? I have had a very good performance ongoing trading with the indicator usually my stop is very wide and my target too.
now, i have a question about the stop loss, i read your previous posts, and i didn’t exactly find it
for now, i’m placing my stops below/above the most recent relative low/high…so low -20 pips, or high +20 pips. on 4h, this is usually within 100-150 pips, which is not bad, considering the potential profit is usually 200+
but still, i’d like to know if you’ve found a way to tighten that up…cuz smaller s/l means lower risk/reward and bigger positions
Hello topchess,
I have downloaded files, extracted them and I can pull then up in Metaeditor,but now what?All I see is a written out program in a window.How do I apply this program? I tried reading the help section,but I can;t figure it out. thanks for your time …josh
jimac those files are the source code, save them to your C:\program files"your platformwhateverbroker you have"\experts\indicators you have to open them in your metaeditor, compile them, then restart your console and you should find it under custom indicators
This is a Fantastic system. I’ve been looking for something like this for a while. I’m hoping to resurrect this post so that we can continue the disucssions. I’m hoping that we can post examples of entry and exit points so that I can better understand and practice this system.
Tymen just directed us here from his candlestick thread, as a place to learn to use candlesticks with longer timeframes … but is this thread still updated??
That’s OK… let’s figure it out ourselves. I ran this system on the H4 chart for a little over 18 hours. Woke up to an 85 pip gain. Lets practice trading this system and post examples of what we come up with… we can learn from each other.
