for exit, it's difficult part of trade, for me :
1. If profit more than 7 pips, I'm locking my profit +1 pips.
2. If profit more than 10 pips+spread, I'm locking my profit +spread pips. for example +3 pips (because EJ's spread is 3).
3. If profit more than 30+spread, I'm locking my profit 10+spread. (ex: 13 pips).
4. If profit keep running, I'm exit when candle outside Bollinger Bands And Or if RSI period 5 close on TF M1 and M5 is over (Over Bought or Over Sold). Sometime I change RSI with period 12 close. B'coz RSI 5 is too fast.
5. Sometime I set my TP with Support & Resistance (if you are familiar with spud fibo, it's ok, use it).
Attach is indicator that only display the value of RSI from TF M1 to H4.
And TP indicator that I used.
In my main chart, Simple MA 5 Open is : blue, yellow and red. I'm using MA in color.
Is this for me ?
if you set "chart on foreground" option on chart common properties - you can see well and bars and HAshi
Vasiliy pip Sniper - is a simple macd, preset for each TF differently - such settings obviously has been optimised for specific currency so they might work good for some pairs and not so good for others
iTrend has price-BBands; bulls, bears - absolutely different indi
Thank you for your info, fxbs.
thank you for sharing you experience
SU, what is "continuation" indi in your chart in very bottom?
- one more Q - how you using pivot points with your setup?
8,664.66 + 428.79
Nikkei 8,664.66 + 428.79
Lets wait on London open and see where it decides to go. Bias is on the upside from looking at Nikkei.
Took my first trade tonight with the system. Tradeable long came in at 8:40 GMT however the rise was too extreme for me to jump in on next candle.
At time of signal, price was 1.2460, went as high as 1.2473. Price action was swinging around since euro open so I set orders a 1.2450 for 2 lots. Triggered at around 8:50 GMT. Target of 25 pips each hit at 9:20 GMT.
I like so far! 50 pips (2 lots) on first trade. Also took your advice with the NIKKEI and in accordance with the hourly and 4 hour (my requirement for trades) only waited for the long set up.
So, what have I learned so far...
If you get a signal yet the price has risen/fallen quickly before open of the tradeable candle, wait for a small retracement (ideally 50% of the jump) and then get in.
Thanks again and I will for sure update later.
Also, if anyone is interested I have an MA indicator that changes color when price crosses and closes beyond the MA line. Ive applied it twice to my charts in place of the 5-MA lines. Let me know.
Thanks Jack, please share
Please share your MA indicator..
Hello fxbs, here it is the DM Continuation, I'm sorry, I only have ex4 file