On the top chart, at time 2007.10.18, 17:00, there are two squares within the two red horizontal lines where as on the bottom chart for the same trade, at time 2017.10.28,01:00, there are four squares within the same two red horizontal lines.
I would like the grid size (number of squares) to remain the same between the parallel lines throughout the trade/chart. How can I set this up? Platform is MT4
Sorry to be asking too many questions, but please clarify these two points:
What do you mean by saying âYour overall view of the mechanics is wrong !â
I understand about S and R and trend.
What I was thinking was what if I identify the direction of a trend, then place the SL at say 2 squares away and keep shifting this in the same direction until it is hit or has made say a distance of 4 squares to give a 2:4 or 1 to 2 profit ratio ?
with chart open hit your F8 button on the keyboard.
This will bring up your chart properties window.
In the common tab select scale fix and input your upper and lower scale. Also your show grid should also be selected (in this example it isnât as I donât use MT4 generic grid).
Sometimes the obvious solution is the correct solution.
Thank you Bob. That was so useful to know. Cheers.
What do you think of what I said about quickly placing SL based on the height of the one or two squares?
hitting f8 did not bring up the page on my screeen. I had to use properties to go there.
HI Clem, you will quickly learn in trading there is no right or wrong with anything you do.
Understand your theory with setting SL based on squares - but its more common to set your SL based on whatâs happening in your chart and your trading strategy rather than having a set number.
This could be (but not limited to!) swing highs/lows, support, fractals, previous candles.
You want to have your SL set where it gets you out of a trade when you are wrong - but not stopping you out just with normal price movement.
Potentially having a one size fits all approach with setting SL can result in you getting stopped out when you have picked a winner.
Hope that helps
Yes, I understand and absolutely agree. Thanks.
What method or methods have you found to be profitable? Could you describe them in detail or at least briefly?
Hi Clem, would suggest you go through SL again in Babypips or youtube SL as there is heaps of info on it. As mentioned there is no one way or best way for anything in trading.
Key things with setting SL is how long you want to stay in the trade & what time frame you are trading on
I use Fractals mainly. If I was short on the AUD/USD I would have SL just above previous fractal as shown on yellow line - but as mentioned there are many other options
