thanks for that reply Toby. helpful information again.
one thing, do you mean USDCHF in any of that? up above u’ve got usdchf for a sell stop and I thought i was seeing that on my chart too so went for it. right now i have gbpusd around 23 pips and usdchf -16 pips unfortunately. See how we go. But yeh want to see if you meant usdchf in any of what you wrote because you said it twice.
Toby, bear with me, i’ll get there. I’ve read the instructions many many times and I’m sure I understand them. I’ve even just now switched to a GMT demo broker to make sure i’m seeing the same graph as you. Attached now should be a screenshot of what I’m seeing for the USDCHF. You’ll see that my broker includes the sunday trades as a bar which start from 5pm Sunday. This is the small yellow bar third from the right on the 29th. However, I basically ignored this bar and took the “inside bar” as the next bar (second from right, or mondays bar). This bar is inside the friday bar (4th from the right). I therefore set a sell stop 5 pips below the monday bar (second from the right). This was then hit with todays bar (right).
So…was I meant to include the Sunday bay in with the monday bar?? combine them? Because if I include the sunday bar (which goes lower than the monday bar then I agree, my trade would not have been executed yet…100% agree with that). BUT if I disregard the short Sunday bar, then even with 5 pips below the monday bar, the trade has been executed and i’m in it now. Thanks for your time. Understand its a pest, but hopefully i’m clearing things up for onlookers too!!. =)
hi toby guess u must be a full time trader but with lots of time on your hands working less than 1hr a day and earning good $$$.
just curious, how you know when to take profit for the 2nd position after bringing the SL to BE? Also u take every position that is valid but will that expose you to larger losses should the trade goes against you?
what’s the name of your broker? and can you tell me the low price of the last bar? i have 4 brokers at the moment the low price of the last bar is between 0.91219 - 0.91239, and my pending order still has not hit yet.
your right that the reason why money management is vital here,. if your not sure about what your doing keep it simple follow the rules and you will be fine do only one posistion at a time, ( i’ve wish i did not mention the other strategy that im using, its confusing really for newbie, sorry guys) cheers mate!
Littemay: I am also using mt4. Whether or not the sunday bar is shown is a function of the brokers server, not mt4. Cheers
Toby: That screen was with IBFX in mt4. Price of the very last bar (current) is 0.91215 - 0.91772.
Price of second bar in (monday) is: 0.91296 - 0.92083. Price of Sunday bar, third bar (Some question on whether we count this or not) is 0.91243 - 0.91326
So…if we use monday bar only, then the sell stop is at 0.91246 and therefor hit!
if we use sundays bar included into mondays (ie we use sundays low point), then SS is at 0.91193…which is not hit!
This has all be done just by taking 5 pips down from the lowest inside bars
Do you have a sunday bar at all toby?
I’m thinking you guys have sunday bar included in your monday bar with your brokers?? …maybe…
May I ask what broker you use Toby. Maybe what 2 brokers just incase I cant get access to them.
USDCAD: Moved stop to break even last night. No loss.
AUDUSD: Locked in profit last night just under previous S/R area. Stop hit for 17 pip gain.
USDCHF: Locked in profit last night just under previous S/R area. Stop hit for 12 pip gain.
GBPUSD: Still in trade. Currently +40 Pips. Locked in 19 Pips.
I am very conservative and move my stops to BE or higher ASAP. Works well for me. So, this week so far I am +48 pips if GBPUSD hits my stop and more if it doesn’t.
This is my second week using this system. I have entered 10 trades. So far 0 losers, 1 BE and 9 winners. 339+ pips total so far.
Hello All,
is anyone onto the GBP/JPY? does that MA Qualify as an upward trend?
My Trade us as follows
Buy Order 120.863
SL 119.863
TP 122.863
i hope i am doing it right
regards
Michael
working less than 1hr a day and earning good $$$.