DislikedACartwright,
Do you use the standard indicator settings and just apply them to your 1hr chart or do you adjust the settings of any of the indicators?
TrkIgnored
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DislikedACartwright,
Do you use the standard indicator settings and just apply them to your 1hr chart or do you adjust the settings of any of the indicators?
TrkIgnored
DislikedACartwright ,
thanx , I'm going to be looking at applying the the X50 template to my hourly charts soon ,I'm having good success with the 5min charts but I must admit prefer slightly longer time frames.
your SL and PT I imagine at least double in size. I think I'm going to have to work with 45-65 pip SL on hourly charts rather than the normal 20-30 on 5min charts.
Thanks for the input AC.
TrkIgnored
DislikedTRK,
You might want to consider a SL which is derived from the technicals on your chart, rather than just using some arbitrary number.
In other words, think about placing SL at a price where, if hit, you would consider the trade dead. That might be, for example, the other side of the present or previous bar, or some S&R pivot level, fibs, etc.).
Then, you can determine where you expect to take profit (also from the technicals on the chart) and weigh the risk against the potential reward in order to determine if the trade will be worth your while.
Arbitrary SL is not necessarily a bad thing, but if you are a tech trader (as most forex traders are), your charts should be able to guide you in all of your decisions, not just price movement.
Good trading...Ignored
DislikedAnyone still trading LIVE this system?I want to know more about it's results,what is it's win/loss ratio and drawdown.Ignored
DislikedAnyone still trading LIVE this system?I want to know more about it's results,what is it's win/loss ratio and drawdown.Ignored