(Question attempt #3) @Richard_Able-Trading Please answer this directly: How are you setting the stop and the limit?
This is a forum where traders come to talk trading.
You pride yourself in your strategy and wanting to help others by answering their questions.
I’m seeking help through asking you direct questions about your strategy.
The point is simple: You’ve stated multiple times that your strategy is built on objectively stacking indicators to increase the “probability” of “hitting your limit before your stop”.
Your strategy is simplified to an equation:
Prob(hitting stop before limit) = (1) Objective stack of indicators + (2) strategic positioning of stop / limit order(s)
(1) No issue
(2) How are you determining where the stop and the limit orders need to be?
The problem is that you’re over-simplifying the mechanics of trading. I can teach a monkey to know that a stochastic reading above x means y, and below t means z. You can’t teach a monkey how to apply discretion around choice of where to set stops and limits.
There is nothing objective about your strategy- it is actually 99% subjective (unless you have evidence to introduce that supports my question that I’ve asked 5 times about setting stops/limits).
The Prob(hitting stop before limit) 100% relies on where the trader places their stop and limit.
Agreed and that’s the reason I always prefer using RSI with other technical indicators either when I’m swing trading with turnkeyforex or trading 1 minute charts with xtb. Simply not to enter the trade too early
Right! You can never predict what the next market movement would be. And as all technical indicators show the same information, it is up to you to choose the indicator that you can use easily and understand what it shows, if you want to use them.
I don’t think that any indicator is better than the other. And calling any one of the overhyped indicators just because it didn’t work for you is not right. You might need to do some more research and try using it again. It’s a good indicator and it has proved to be so for a lot of traders at different levels.
Yes, that’s true. But before acting on RSI, I prefer getting confirmation from other trading signals because overbought and oversold assets don’t always turn around right away. So, I use moving average crossovers to know the right time to make a trade.