I am liking the sound of this method anyone still using it…
Toby a quick question, my broker for instance is for USDJPY 99.539, am i correct in saying 100 pips from there is 100.539?
I think I dont make enough profit as when I say 100 thought it was 99.639, this is not 100 pips am I right? sorry for the dmb question.
also it looks like and inside bar going to form on USDJPY, is this looking positive for the long trade?
Also another dumb question, when you have an inside candle you place it 5 pips away from the top or the bottom, do you place it away from the close of the candle or th e lowest or highest wick of the cANDLE?[/QUOTE]
Answer to your question: place the buy stop 5 pips plus spread away from the highest wick. That way you get some kind of confirmation that the price is going your way.
I started demo this system last week. So far I got 1 winner 1 looser and I am in with the USD/JPY. As per the rules buy stop 100.166 SL 99.666 TP 100.166. Currently this one on the green side.
For close candle later on I see the following opportunities
EUR/USD 21 sma seem some kind of flat. Let see at the close of the candle
I just read the the entire forum and the risk/reward of 1:2 is the key of the success of the system. I saw one post of a win rate of just 50% and the account went up by 21% in 5 months. As Toby said every win rate over 35% is a profit.
Looking forward to hear from you Icequebe.