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The one that would fail would be at 15:45. That's if you closed your short before it hits the target and revers. The area that you pointed wouldn't be considered as valid for me. It broke above EMA just for a couple bars. Most of those bars never left EMA. The one before close seems nice but again Red Line is showing direction down and BL still below it.
I don't think that you should take this method as your trading approach. It's very raw and I don't know how good it's gonna work. That's why I didn't want to share it on this stage. I don't want any one to take it as a proven method and then tell me that it doesn't work and I don't know what I'm doing. I know that some people gonna point on every setup that failed just trying to prove me that it doesn't work. That's not what I need. I shared it so some people with more experience could look at what am I doing and maybe point where it fails and what would help me to fix it.
I'm not saying that you cannot use it for yourself. I just don't want you depend on it. I don't want any one to fail because of my ideas.
nah i wouldnt use it IRL.. i just like seeing how people think and what ideas they have for setups/methods.. that info can always help others.. i wasnt trying to point out the failures per se, but trying more to understand which setups you would take and those that you would not have taken.. but dont stop posting because like i said i think its all good info!
dont believe anything you hear and only half of what you see
I like the concept of using moving averages as a entry.
This is something I have been playing with on FX. Kind of like Pandawarrior but modified.
1. You look at the much longer time frame and identify S&R. You wait till you have a consolidation period on the daily (or whatever)
2. Once it breaks, you then go for a entry upon the first pullback on a timeframe at least 5 times lower. Daily would be 4HR or if you started on 1HR it would be 5M etc...
3. You enter upon stochastic or new trendline break and your stop is just above/below that price action.
4. Your exit is either a 61% or 100% ext. dependent upon the last large pullback on the highest timeframe.
5. Stops do not get moved as it is common for price to come back and visit.
Simple, but seems to be from backtesting to be decent.
Yes, I will when I get a chance on my trading computer. Sorry to @Vovan.
I forgot in my earler post that you either enter on trend break or Moving average like Vovan's examples... etc.. I will do it this weekend most likely. Nothing new here, as I have put together systems like this before, but some revelations for me are on exits lately I think.. Exits are everything.
With Forex, you can use much smaller units. It works quite well on larger timeframes with less static.
I don't have the financial capacity currently to do something like that on TF daily. I have not tested smaller timeframes with techniques like this yet as I have been focusing on longer term. I am happy with my current system on intraday.
Opened my charts this morning. Saw a nice setup with great target. I missed the first entry and got in on the second one where I would add a second contract.
Then I figured out that it's switch over day and I'm on the wrong contract (thanks @bluemele). I closed it in panic and guess what. It got to my target right after that.
The question is: Why everybody traded yesterday? The day before switch over?