Ruilima do you mean that your SL should be your BE?, meaning that your SL should be your opening price?
when we confirm a HL or LH, the price should well always move in the opposite direction to your confirmed HL or LH, hence your SL=BE??
no i mean that after open a trade with a SL of 20 pips (for eg.) the first objective is trailing the SL pip by pip until the SL is at the open price.
so you open the trade and the price moves on pip in your favor you reduce one pip at the SL and so on until you get the SL at BE. after that the trade becomes “risk free” and can begin to think in the exit
hello ruilima i was thinking about doing the M15 scalp on the 1 minute chart of this method but on the consolidation times … like around 1600 - 1900 the E.U tends to move in ranges, i thought it would be a good time to scalp what do you think?
try it. and post your results
any trades for today ?
i am wathching for usd/jpy now…there got a lower high…but still blurr on how to enter market…:)
take care about that pair for now. i prefer the way gbp usd looks
how about eur/jpy ?
i`m in…but right now i am -5pips
eur jpy may toock a while to go up. it may go a litle bit lower. it had made a lower high in the 5 min and breack the previous low
it hit SL…but
i ride eur/usd and gpb/usd and got 50 pips
it just happen…im in loss…but i dont set the SL…so.just wait the price to up if im lucky…
o…need to careful before enter market…
I can see 4 recent or near cross overs at the moment.
The GBP USD is heading back up again (after I got caught out the first time) - pic 1.
Ill get it next time though.
The EUR GBP had a nice smooth downtrend and just pierced the the daily low MA so lets look for those higher lows. - pic 2
Same goes for EUR JPY , the price has stagered downwards and so its not so clear if this is a genuine reversal or a continuation of ‘stagger’ (excuse poor terminology) - pic 3
EUR AUD - I just bought in to this one - anyone else in it? The candles dont look as good as I would have liked but at the moment it is still trending downwards so ill try and lock in every pip as I go along. pic 4
there´s anyone trading this system today?
yes:
short gpb/usd - 25pips and counting
long eur/gpb - 10 pips…
today i am at + 50 pips…in the morning i lost about 50 pips rapidlly
Can I ask why? Is it to do with your stop loss not being at your BE as mentioned a page ago by Rumilia as a way to control loss?
i never got to BE
i entered too early
quick question, how many periods for the moving averages on the daily for the high and the low? NVM GOT IT! read previous posts.
No doubt the strategy has merit… But the idea of lower highs and higher lows
etc. is very subjective. Personally I can see both higher highs and lower highs @ the same time.
The problem I see is that even during a nice move ex. GBPUSD still will retrace
50+ pips. So in this screenshot , if we say MA high 2day is our entry in this case, the trailing stop logic IE pip for pip would seem to be around 25 pips from entry but that would equal a 50 pip move from the high with only a retracement room of 25 pips.
It seems that if we are to sell against the daily trend by identifying weakness on a 5 minute chart, at best we should be looking to lock in profits faster?
alright another quick question. when you’re looking at the daily chart for the price to cross either the high or the low MA, are you waiting for the candle to close? or are you just looking to see where the price is currently at? and then check the 5M chart when you see it cross?
*EDIT
Ok, NVM FOR THIS QUESTION ALSO. we’re looking for the LIVE price, of course. right?
So you are very stable actually ! lol