This is where where Dennis is pulling the wool over your eyes, he has a trade plan, Post 1650, and then totally ignores it, here it is (copy & paste below). See how he ignores the 200 pips stop loss and is still claiming the GBPNZD a roaring success in the recent post as you rightly questioned, good for you!
And the “limit order” I’m taking that as a Profit exit? Usually limit orders are for entries, so quite confusing instructions. At any rate, that is also exceeded and totally ignored. So the risk to reward is 200 pips loss and 100 pips profit the way I read that? Not good either people, need to see Dennis explain this a lot better.
Now anyone with an ounce of common sense can see that is just plain ridiculous. Really, since no one else will do it, especially Dennis as it would expose the fraud, every time he posts a new S/W entry, I will place a demo trade and let it run until he calls it closed, either profit or loss, and I urge everyone else to do the same, takes no longer than reading 1 post. After he explains the profit taking level and stop loss level in detail first however.
Lots of people seem to want a complete trading system with my Strong Weak rankings, so here we go
Wait for the close of the daily candle then compute the Strong Weak rankings.
- If the currencies ranked #1 and #8 give us a new pair, Enter the trade immediately with a Market Order
- Set a limit order of 100 pips above your entry price ( or below if short)
- Set a Stop Loss order 200 pips below your entry price ( or above if short)
- Trade will exit automatically when the limit order or Stop Loss is hit
On Edit: when you read his instructions, it quite funny to see his need to explain where to put the stop loss - above or below, LOL, I mean really?
If the instruction “Place a stop loss at 200 pips” is not clear enough, and you don’t know which side, you really shouldn’t be trading!