Hello Clint
Thanks for your interest in my plan.I will try to clear up the points you mentioned.You are right with this plan only one currency pair is traded as it moves across the chart so most of the time there will be an open trade’on the books’.
At,or close to) to the end of a run the WMA5 makes a direction change which I called a small spike–it is really just a small peak
indicating the chart has (or just about to)reversed direction.This is what I call this a trade point (TP).with trades actually made at the opening of the first block(candle) after the TP…On the trades
on your chart you show the trades at the closing of the block.
Notice that sometimes the trade indicated by the WMA5 is before the chart actually reverses!!This usually gives much better prices.
Just a reminder that when a trade is opened the WMA5 is followed —if it clearly crosses the WMA12 keep following the WMA5 until the next TP where trades are made—IF THE WMA5
DOES NOT CLEARLY cross the WMA12 the open trade is closed and wait for the next TP to open a new trade–OR,–
when trade is closed you could open a new trade in the direction the WMA12 is going–follow to next TP to make trades.
As for the difficult 19 days following your C trade here is how I
would handle it–At trade C a buy is opened–follow WMA5 to next TP -make trades at 1st block after the TP–follow WMA5 down to the next small peak at about the 23 Oct–make
trades–follow the WMA5—but here it DOES NOT clearly cross the WMA12–so the open trade is closed–now wait for the next TP to open a new trade ,which is about the 26 Oct,open a buy-follow WMA5 as usual to the next TP and carry on with a more normal chart.These flat/choppy charts are always difficult,but as you know with practice one learns ho best to deal with them
without losing a bunch of money .I you see such a chart starting you can always close an open trade and just wait for the chart to begin normal runs again.On a choppy chart like this the trades will be small.sometimes even losing a few bucks !
This is a brand new plan and so far all I have done is some back testing and the results were so good I wanted to share it with
other traders,especially newbies and anyone having difficulty
spotting entry and exit points,even thought not properly tested yet.So as a result I can not at this time give you the stats you requested.
Just for interest sake–The results of back testing the GB-JPY
1 day charts for the period 1 Jan to 11 Nov 17
Total of 27 trades–total pips gain 4392 (Avg.about 262 per trd.)Best trade was + 618 pips, poorest trade was + 40 pips.I tried to do the trading as close to what would be done in regular trading,but you know the results would not be this good in actual
trading with real money.
I hope this has helped clear up a few points–if you still have questions please ask…I’d also appreciate any comments pro
or con
Good trading