- price obviously closed bellow the 200 SMA
2)closed below the super trend
3)was 30+ pips away from the established S&R
please let me know where i’ve gone wrong or right… thanks
I think you should have entered on the close of the candle before. The 30 pips only matters if the S/R is in the way, not when price has broken it.
Would you mind talking about how you feel your exit system is working for you please? I have tried a couple of these daily systems with less firm rules for getting out of the trade and always seem to piss my profit back. I know a win is a win and all that but I strongly believe that getting out of a trade is the most important part of any system.
The general consensus seems to be using support/resistance levels to move your stop loss to and using price action to exit manually as needed. ILZ only uses support/resistance levels or the movement of the SL for every 10 pips of movement in his favor dependent on which will result in more profit. If a new support/resistance forms that is further in his favor than the 10% movement adjustments, he will jump his SL to that point and continue riding the trend until price takes him out via the stop loss.
Personally, I struggle with giving up that much profit. However, I’ve done my backtesting based on Ilz’s model and know that it works. I have not had time to change the rules and run a new backtest. The concern is that you could exit a trend early and miss a big wave that covers some of the smaller losses.
I am going to run 2 demo’s. One with a trailing stop of 150 pips and one with a manual stop that will follow the Barry S/R indicator on the four hour chart. With the amount of entry signals i think it would almost be better to get repeatedly exited from the trade with small consistent profits vs the much more rare home run trade.
Your trade is 100% correct according to the rules.
How far was his SL? Can’t see real good numbers on this…
Good point. I think he will need to modify his SL to 100 pip minimum.
hi, guys. my S/L was initially at 100 pips. I’ve got a small question and sorry if its already been answered.
So when my trade goes 30 pips in my favour it says i move my SL to +3. is that +3 above the price i sold the currency?
Move SL to BE+3. If you go short, SL would be BE-3. If you go long, SL would be BE+3.
Guys,
I’ve attached a word document of what i believe is all the relevant information about this system to this thread. Hopefully this makes it easier for people to understand. If i’ve missed something that is extremely important feel free to let me know so i can add it in
Thanks…
ok, thx. are you the thread OP on another account perhaps?
nope and from what ive gathered hes a wanted man haha. ive just included what i believe the valid information is.
these are the 4 trades i took. i know i should of waited for the 2nd candle but i calculated the broker times candle wrong. school boy error. lucky its a demo account :18:
let me know what you guys think
Yep, I think all trades need to wait for the next candle. So far this week has not been good to me with this method on 4H and D1 time frames. Lot of loosing trades.
Hi Abrsive,
How is your trading with daily chart so far? There were few valid entries today eg. USD/CAD, AUD/CAD, AUD/USD & XAU/USD. Did you go for those trades?
[QUOTE=“Jesdan;501988”]Hi Abrsive,
How is your trading with daily chart so far? There were few valid entries today eg. USD/CAD, AUD/CAD, AUD/USD & XAU/USD. Did you go for those trades?[/QUOTE]
This week i have +212 pips and +2.5% of realized profit. Also +165 pips of unrealized in open trades. It’s an extremely volatile week, but surviving. I did open those trades, except the XAUUSD… I don’t trade it. I just hope that these are true trend moves as opposed to news aided false breakouts. I do expect these to retrace a bit though.
Price: 105.538 SL: 105.360
Price: 0.89410 SL: 0.89524
Price: 1.60553 SL: 1.60444
-
Have these been done correctly?
-
Every when do i change the stop loss? some of the trades are up by 100+ pips after 30 mins. Shall i move the stop loss after the 4 hours or shall i move is consistently…
Does anyone know how he got the spread and the quote and stuff to appear all flashy on the chart? I’m trying to do this for some other charts but I can’t find those objects.
Thanks
if you go to the front page of the thread and download the .zip file the indicator is called daily signals i think…
enjoy it 