nasi lemak style! wachaaa... em, nyum nyum mamam...
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DislikedUSDJPY
Short @ 114.46
SL @ 114.93
Let's wait and see...
Your comments about TP are exactly my concerns too.
Conventional wisdom (eg Van Tharp) is to let profits run until signal reverses.
You might find this recent thread by Soultrader of interest:
http://www.forexfactory.com/showthread.php?t=54070
Backtesting is one way to refine this and create greater certainty and trust in any system. (I'm a Douglas fan as well).
Like others have already said, the simplicity of this system appeals.
MM is key as Bam Bam states, but that is really about stop loss, exits and position sizing. Stop loss is only for worst case scenario not for exits.
First we need to know "expectancy", ie win/loss ratio; $ size of wins:losses; and frequency of trades.
Stats and probabilities help to settle and calm emotions....
Each to his own....
Anyways, thanks Bam Bam for sharing what works for you.
cheersIgnored
DislikedAnyone short USD/JPY? A bit of a late entry but shorted @ 114.34
HenylocIgnored
DislikedGood news everyone. I was able to write an indi that will display the stop loss on the chart automatically for each pair. In that case, we don't have to calculate and check the H4 charts so often. I'm still testing it on each pair. Will upload later.Ignored
DislikedGood news everyone. I was able to write an indi that will display the stop loss on the chart automatically for each pair. In that case, we don't have to calculate and check the H4 charts so often. I'm still testing it on each pair. Will upload later.Ignored
DislikedLooks like it's working fine. For USDMXN, I just divide the ATR by 2. If it's still too much, divide by 2 again. If you want to add in other exotic pairs like USDSEK or USDZAR, let me know. You can display the text in any corner of the chart. Any font, size and color. And any X and Y coordinates too (rows & columns).Ignored
DislikedBanzai,
I'm not into MQL programming just yet, otherwise I would have tried to implement this extension of your code myself:
Since obviously MQL code can look at multiple timeframes at once, I'd like to see an indicator along the lines of yours (or an extension to your existing indicator, whatever), that looks on the 1D timeframe whether we would have a preference for long- or short signals (5 over 50 or 5 below 50). If this information snippet was presented on the main chart, like your stop loss information, we wouldn't have to switch timeframes at all, and we could scan multiple pairs much easier. Simply printing an arrow down or arrow up somewhere on the screen would do - these chars can be taken from the wingdings character set.
What do you think, is this difficult to implement?
happy trading
OhkaIgnored
DislikedThank you Bam Bam, for a very easy system. I've been testing & monitoring it today and I find it very easy to implement.
One question popped up: if on the 1-HR chart the time series has gone down all day, and because of that, now later on the day the trend on the 1D chart starts showing a short preference as well, would you then immediately enter at that crossing of 5/50 EMA on the 1D chart (assuming the 1HR downtrend is still intact) - or would you rather wait for the next 5/13 EMA crossing on the 1HR chart?
bye
OhkaIgnored