OK, it seems that people are confused. I thought I explained it well but I guess not.
When to enter check list:
PRICE CLOSE ABOVE/BELOW 200 SMA?
YES - MOVE TO NEXT QUESTION
NO - STOP
PRICE CLOSE ABOVE/BELOW SUPERTREND? BLUE FOR LONG, RED FOR SHORT?
YES - MOVE TO NEXT QUESTION
NO - STOP
This seems to be the part that most who do not get it are confused with.
IF THERE IS A ESTABLISHED S&R INFRONT OF YOUR TRADE, LONG OR SHORT, PRICE MUST CLOSE AT LEAST 30 PIPS AWAY FROM THAT ESTABLISHED S&R.
IF THERE IS A ESTABLISHED S&R INFRONT OF YOUR TRADE, LONG OR SHORT, LESS THAT 30 PIPS AWAY, PRICE MUST BREAK AND CLOSE THAT ESTABLISHED S&R BY ANY AMOUNT.
Stop Adjustment:
ONCE PRICE MOVES 30 PIPS IN YOUR FAVOR, ANYTIME DURING OR AFTER INITIAL ENTRY CANDLE, MOVE STOP LOSS TO BE +3.
FOR EVERY 10 PIPS OF TOTAL MOVEMENT, NOT JUST CURRENT PRICE, MOVE BE +1.
MY INITIAL STOP IS 100 PIPS UNLESS THERE IS AN ESTABLISHED S&R THAT IS CLOSER THAN 100 PIPS.
YOUR STOP CAN BE WHAT EVER YOU WANT.
Closing trades:
IF PRICE CLOSES ACROSS SUPERTREND. DOES NOT MATTER ID SUPERTREND CHANGES COLOR OR NOT.
IF PRICE CLOSES ACROSS 200 SMA.
IF PRICE CLOSES ACROSS S&R IN OPPOSITE DIRECTION OF CURRENT TRADE.
That is all the basics. Every other nick knack question is answered throughout the thread. If you are not going to take the time it read all the answers people & myself graciously posted, that is on you.
But its really not that hard. The system is simple. Do not complicate it.
-ILZ
