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I used a 5 min, 10 min, 30 min and a 610 tick, 987 tick and 1597 tick chart for your method. Couldn't find the sweet spot yet. Example for 2 trades on 987 tick chart.
TRO I'm curious how you came up with the 20 tick rule. I'm assuming this method would work with other instruments but that 20 tick rule would need to be tweaked to suit that instrument. Also, do you use the 20 tick rule on all forex pairs or do you use a different level for different pairs based on their average day range/volatility/etc.?
Blz
By the way I pulled at 20 tick short off the 6B using this setup, thanks.
lovely. how about money management? i think you mentioned previously you don't have a profit target? where's the exit, next red bar? how do you manage your stops? i see what you mean when the trade works, how about some where it doesn't?
* Price either goes up or down.
* No one knows what will happen next.
* Keep losses small and let winners run.
* POSITION SIZE = RISK / STOP LOSS
* The reason you entered has no bearing on the outcome of your trade.
* You can control the size of your loss (skill) but you can't control the size of your win (luck).
* You need to know when to pick up your chips and cash them in.
Expectancy = (Probability of Win * Average Win) - (Probability of Loss * Average Loss)
You can not control the probabilities of wining or losing.
You can not control your average win size.
The only part of the equation of the equation that you can control is your average loss size.
Account balance = $1000
Maximum Risk per trade = 2%
Maximum Risk dollars = $1000 * 2% = $20
POSITION SIZE = RISK / STOP LOSS
STOP LOSS = 10
POSITION SIZE = 20 / 10 = 2
THIS HAS BEEN POSTED MORE THAN ONCE IN THIS THREAD.