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Thanks Perry! So, using a 6E 4range chart, you place your stop at 12pips (3 points), right? Where do you place your target - the MM line or elsewhere? Thanks a bunch!
Just so make sure I understand, the FI is set on the HMA13 only, correct? Do you EVER take trades where everything looks awesome EXCEPT the FI? Any circumstances in which you do so? Thanks so much. This is a very VERY good setup my friend. The drawdown on a loss is 3x the gain, but the win/loss ratio more than makes up for it. From working sim the past few days, I've been doing 12-24 pips/day. If one is careful and "to the letter" on trades, do you find this to be the case in live trading?
Perry, I hate to keep pestering you with questions, but genuinely
appreciate the help.
Today has been a real chop-fest in the 6E. What did I miss
that I should have been aware of to prevent the first three
trades on the attached screenshot?
Also, an issue I'm experiencing is once the move comes,
it happens extremely fast. Sometimes I can't tell the
direction immediately, short or long, and when I finally obtain
confirmation, the price has moved so swiftly that I have missed
the chance to enter one tick above the high or below the low
of prior five candles.
Southsea,
could I entice you to show a screenshot of your trades,
especially on a day like today that I experienced as choppy.
I'm not trading live either yet.
Thank you.
Thanks for your response, gulabv. The wick of the first candle is below the EMA 5 so it might not technically be considered one full candle. If that's the case I will have learned a lot.
Yes, the Chop indicator has been flashing all day. I thought I had snagged a trade between chops but it looks like I have not. Thanks for the second pair of eyes.
Thanks again for your response.
P.S. Opex Friday isn't the most conducive day to trade profitably.
Have you looked at the DMPlusSignals indicator which identifies the entries for this method? If you use that, you can let the indicator identify entries, and you can concentrate on determining the quality of those entries, rather then counting bars on the screen, and squinting to see if squiggly lines are going up or not. Indicators are our friends!
And Yes, I would also love to see the charts of some of people who trade this system profitably. That goes a long way in helping others get a feel for how best to use the methodology.
I hate to say this, but I have never looked at the DMPlusSignals indicator for ENTRIES. I've read this thread 3X+ and no where is that entry mentioned. Price action first, indicators for confirmation. I mention this only because it makes me feel less like a fool for asking you to say a little more about it if you have found that method to be successful for you.
Yes, there's nothing more I would like to see than charts of other traders who are using this method. I swear, once I begin to trade it live successfully, I will be showing off my daily charts daily.