No trading advise
Not my system.
Arrow only for confirm.
Histogram, historic indicator only for explore
Do your own MM.
Trading in H4.
Rule set by Sam69
I look for candle close at a level by first touch.
This means price moves up/down from a major level to next one and touches it first time. If this candle closes above/below it I will buy/sell it at this level,
Confirmed rule by FerruFx
"you always wait the candle to close ... then the direction is defined by the side where the candle closed. Below the level = SELL, above = BUY."
Stop loss - If you're looking to place a trade on a 4 hr charts - place the stop loss at the high/low of the previous daily candle or the previous frachtal of the H4 TF. That way you give your trade enough room to breath and time to mature. Don't place them on the same timeframe you're looking to trade, but that is not possible with a small account After that, trail the stop-loss using the low/high of the daily candle (low/high depending on where the trend is) Money management is a universally acclaimed principle and I am not banning it just that it's not enough. You need to preserve your capital, having a high-probable entry and managing your trade away from the fire i.e placing your stops too close.
There is a better alternative: Dont use SL (as you lose immediately so and so much points) but use Attache Lock (AL) or freezing loss, by enter a trade with same lot size, at the point where you want to set SL, then wait for clearer situation. But if capital allow, cut loss early at broken fractal level in M15 is easiest practice.
For tp set TP at next higher/lower fibo level, or nearest Resistance/Support level in H4
Not my system.
Arrow only for confirm.
Histogram, historic indicator only for explore
Do your own MM.
Trading in H4.
Rule set by Sam69
I look for candle close at a level by first touch.
This means price moves up/down from a major level to next one and touches it first time. If this candle closes above/below it I will buy/sell it at this level,
Confirmed rule by FerruFx
"you always wait the candle to close ... then the direction is defined by the side where the candle closed. Below the level = SELL, above = BUY."
Stop loss - If you're looking to place a trade on a 4 hr charts - place the stop loss at the high/low of the previous daily candle or the previous frachtal of the H4 TF. That way you give your trade enough room to breath and time to mature. Don't place them on the same timeframe you're looking to trade, but that is not possible with a small account After that, trail the stop-loss using the low/high of the daily candle (low/high depending on where the trend is) Money management is a universally acclaimed principle and I am not banning it just that it's not enough. You need to preserve your capital, having a high-probable entry and managing your trade away from the fire i.e placing your stops too close.
There is a better alternative: Dont use SL (as you lose immediately so and so much points) but use Attache Lock (AL) or freezing loss, by enter a trade with same lot size, at the point where you want to set SL, then wait for clearer situation. But if capital allow, cut loss early at broken fractal level in M15 is easiest practice.
For tp set TP at next higher/lower fibo level, or nearest Resistance/Support level in H4