Hows that system panning out, working well?
I'm toying with it. Currently I'm short in cable medium term at 1.8419 anyway.
Here is my long entry. 1:2 risk reward hit ...
Below is my long today (first trade on GBP/USD). The entry is signalled at 1.7317.
I missed the entry and got in at 1.7327 on my MT4 chart.
I put Stop Loss at 1.7305 which is below 38.2 of sell-off candle.
However, as you can see because of my late entry on MT4 I have had to put Take Profit at 1.7364 but if ideal trade entry was established, would have put TP at safer 1.7355 level.
So Entry on charts below was 10 pips late.
TARGET HIT. = 37 pips (including deduction of spread).
RISK: 22 pips = including deduction of spread.
Time of trade: approx 30 mins.
Approx. 1:2. Ideal 1:2.
So we have approximately 1:2 risk to reward ration there. The idea was to have a 20 pip stop and a 40 pip take profit which has been achieved had I not missed the entry by 10 pips. Nonetheless we made it.
Hope you can make sense of the trade.
Here are the details of the trade in pictures. Ideal entry is on CLOSE of marked candle (with vertical red line) You can see my MT4 entry, stop and TP. Note that my entry is 10 pips late so my take profit is less than the "official" target of 44 pips at 37pips instead as stated above.
****please note that the red line at the very top of the screenshot is not the take profit, it is another long entry for a pending order trade I have set using another strategy.
Tot up and strategy discussion.
For intents and purposes of reporting I am using "1 lot +++--- 1 pip" to mean "1 net pip"
Yesterday we had 1.5 lots traded for the downmove:
First target hit closed 1 lot @ 80 pips
The second target was not hit so last 1/3 of position stopped out for 10 net pips.
Total pips: 90 pips.
Total risk: 50 pips.
1:1.9 risk reward.
Todays trade: 1/2 lot traded as contrarian against established downtrend on GBP/USD.
Total pips - 37 (18.5 net)
Total risk: - 22 (11 net)
Net pips: 18.5 pips
Risk: 11 pips
Risk: reward = 1:1.682 (3 decimal places).
Got a few quick questions, Your XO indi whats the settings on it? Also i am using FXfreedombars_v3 and find that when i use a 15min timeframe the 5 min blocks dont come up, only the 15min do. Any ideas on why this is? (my CCI's are all on 2 and TF's are 5, 5, 15, 15).
Let me know what you think, by the way its a great system!
I am not using M5 timeframe is the answer my friend. And the XO settings are exaplained in the post above. Here they are again:
M15; M15; M5; M1 --- KirPER 6.5;4.5;6.5;6.5
Just searched through the posts and found the different freedom indi however i am still getting different 2 blocks at 13:15 which doesn't look right.
Could you please post up your freedom indi and the XO you are using suk, i would really appreciate that.
I understand you are not using 5m TF however your freedom indi in the screenshot above has 5m blocks and for me when i am in a 15min TF they dont show up only the 15min blocks show up?
LIVE TRADE 80 pips target...
I'm in live at the signal with target of + 80.
1 lot in direction of trend...
SL @ -40. TP @ +80
Half position now closed at 1.7225. Remaining stop pulled up to 1.7259, targeting 1.7200.
Profit: 50 pips x 0.5 net pips = 25 pips.
Remaining 1/2 from has 20 pips (x 0.5) locked in, targeting 1.7200 for further 75 pips x 0.5.
Update coming soon.