Hi, I am Joe and I always set my target profit to 100 pips from 1 open position and that means I will close my position each time my profit reach 100 pips. My SL is 27 pips and always trade in 30m time frame. Any pair but I prefer to trade Euro.
In strong bull/bear trend I sometimes make more then 100 pips ( 200 or even 300) as my indicator is very strong and trend follower ( that means I will open new position on reversal).
Open long position when all indicators are pointing up ( green ) and short position when they are all pointing down.
Hi there, as I mentioned above this was old fashioned indicator and I’ve been trading it long enough for living.
In fact I am reluctant to make this thread because there are so many expert in this forum but I decided to release it only to help some nubie how to open and close position and why we need to stay with trend as long as possible. This indicator will lose only when trend change it directions.
Zigzag input 8,3,1
RSI 14
Accelerator (custom)
MACD (custom) + EMA 2 ( apply to 1st indi)
CCI ( Mr. Edward Revy from Forex Strategies Revealed)
sa_MTEI_supertrend ( Mr. Edward Revy from FSR)
Fibo retracement (especially 38.2% and 50.0%)
Double top/bottom (daily,4h,1h, 30m,15m)
as I’ve mentioned before, condition for long occur when all these indis are pointing up and short when they are all pointing down.
You need to familiar with duble top/bottom in all tf mentioned above and you can use zigzag to identify them.
You must cross check all indicators signal before you click down your mouse to open posisition ( this is the main secret to survive because you will only can be defeated if trend change its direction ). Target profit is up to you ( 50, 60 or 100 pips from 1 open position) and I suggest that your risk/reward ratio is 1:2. My risk reward ratio is 1:4 ( risk is 27 and reward is 100).
This is the sample of situation where you must wait even though the candle is climbing up. Why do you need to wait? because RSI ( below 50) MACD (below 0) Trend and CCI are still in red and double bottom in 4h is 1.3824.
Yes I did, I post that link because I didn’t know how to copy paste files mq4ex4 to attachment. btw it’s so easy to follow the clue in that post 10 to obtain all indicators you need but in case you have problem I will find another way to send them.
Short GU 1.6112
SL 1.6139
Target 1.6012
And after reversal open another short from new open candle just below red trendline and target profit is 1.5912
