Home for lunch so could get a pic. Moved stop to +10. Was up +100, but now around +40.
Congrats Sweet Pip, I am so happy here
My bad, please read it as ema1 high and ema1 low. Yes they are just only accessories to make it easier to see chart.
Congrats Sweet Pip, you have a new status now
Ok, got stopped out at +10ā¦thatās ok.
Question is would we re-enter long again since all the conditions are met again?
I see a double top has formed, so maybe it would be wiser to wait and see if a reversal startsā¦hmmm.
Sorry, I forgot to remind you. Itās FOMC statement effect. You should move SL to +50 the time price had moved to +100, but I understand because youāre at the office.
Good idea. I was thinking a trailing stop of 50, but on second thought, perhaps a script would be betterā¦will work on that.
Why do not you use your computer at the office.
Canāt install any unauthorized softwareā¦that would be MT4
However, another option would be a mobile device & version of the platformā¦Iāll have to check on how much that would cost to setup.
Good news is that MF Global Canada will set me up on their MT4 mini accountā¦just waiting for the paperwork to be completed and my funds transferred from FXCM.
The only concern I have is their margin requirements depending on the pair, minimum margin required is about $300 ( which is what, 50:1 leverage) so that will limit the number of positions I can have open at the same time. However, if I can get consistent with this method, then I really only need a couple of good trades per weekā¦less is moreā¦lol
I am sure you will succeed as long as you remain patient in making decisions. Do not rush to entry.
Sometimes there are so many opportunities but our action is limited by the MM. Btw Iām actually tired of talking about MM, but because it is important then I still recommend to use mm.
Talk to you later Sweet Pip ( in the next 5 hours), happy trading.
Yes, I think Iāve got the money management part figured out, now I just have to get the consistency part figured out.
What I like about this method is that it gets you to buy low (on the dips) and sell high. Itās hard to buy on the dips psychologically, I feel. Kinda goes against natureā¦you see price falling and you want to go with it, however it usually turns out rather short lived if itās against the trendā¦lol.
The standard signal, however, does let you go with the flow. So now we have a signal for trend continuation and trend reversalā¦pretty cool!
Joe I agree with you,
You don t need need indicators if you focus on fundamental analysis.
and even that is good but not enough!
Hello Tom, nice to meet you
Hello Sweet Pip, In accordance with our discussion earlier in ym here I uploaded this GBPUSD pair to distinguish between the standard signal and the code signal .
Happy trading
Trying another one. Short AUDUSD at .8686 using the Code signal. I missed the optimal entry at the 61.8 fib line, which is a 20 pips diff from where I did enter. Stoploss is 30.
I drew 2 fibs ā¦1 from the double top to the first low before the pullback. The 2nd fib from the high of the pullback to the 2nd low. Now there is convergence at the 127.2% extension of the first fib, and 0 line of the 2nd fib and the pips at that point is about 80. That will be my first target.
If it does continue down to 161.8% of the first fib, then it converges nicely with the 127.2% of the 2ndā¦for a total of 120 pipsā¦thatās the 2nd target.
So how will it all turn outā¦lolā¦Iāll be amazed if it does
It almost made my first target while I was sleeping, and may still, but being Friday and not wanting to hold a trade over the weekend, I decided to close for +30.
I agree, the fundamentalist studies the cause of market movement, while the technician studies the effect. So you need to understand both to trade properly, donļæ½t need to use them both to the fullest thou
hi joe
i want to know if your previous strategy is no longer profitable? besides your previous thread is much more understandable to a newbie than what you are into now. i think you need to make your setup simpler to understand. lastly, whatās all about this your standard and code signal? thanks for the whole lot of work you have been doing.
Hello MrsAmandaT, thank you for your kind respond and for using this method. If you like to grow your account 32%-35% each month you must follow the MM rule and also you must discipline to follow the enrty rule.
Happy trading
Hi Joe thankyou so much for your great work and introducing us with code that is brilliant to me while i was checking if it works without giving false signal i was trying it on USD/CAD 30 mins chart and date was between 1st october to 2 october there was a standard signal market went up and then on 2nd oct it came down n went like 70 pips down from EMA while supertrend was above ema so it gave us unseen code signal. but i was suppose to go up after this but it didnt move up n fell down further so i was jus wondering if there is any other idea of stayin away from false signal thankyou