100-300 Pips Per Day Any Pair Any Timeframe Using 2 Indicators - page 26
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I have some questions would like to ask you.
About the ATR value of USDJPY was 0.2340
Dose that mean we should set ours stop loss as 2340pips?
thanks a lotIf ATR value is 0.2340 and price is 93.65 going downwards, you set stop loss at:
price+1+1ATR = 93.65+0.01+0.23 = 93.89
and profit level at:
price-1ATR = 93.65-0.23=93.42
Chamane
If ATR value is 0.2340 and price is 93.65 going downwards, you set stop loss at:
price+1+1ATR = 93.65+0.01+0.23 = 93.89
and profit level at:
price-1ATR = 93.65-0.23=93.42
ChamaneSorry, I went fast on this one. I forgot the spread. You also add the spread to the value of the stop loss.
Hey Joe, great thread and systems, keep it simple. The only thing you might add is the Trix indicator from the Cobra THV3. Fantastic simple indy that auto draws divergence and suggested entries and exits but I dont think it will clutter it up or confuse anyone like a lot of these suggestions. Thanks
Todd,
Thanks for the post.
What we are having on set up #2 in this thread is knowing right when divergence is happening live.
So for example if the #3 comes up and we wait for the reverse from the peak and take the trade in on the 3rd Mac D bar down and it ends up being a false set up. What we are trying to find out is if we could have saw that coming.
So if we have a trade that Sets up that we are looking to go with the reversal trend and it ends up being a different set up all together then we would have seen that and instead of taking the trade set up #2 we would have taken the Divergence trade instead because we were looking for both trades at the same time.
I hope that makes sense.
So will THV divergence tell us divergence before we take a trade on set up number #2. If so will you post a picture explaining it. That would be awsome if that works out that way.
Thanks again for your post
JS
Hi to Joe Smoe & all followers of this thread.
There are some thoughts(the pic- it says for itself) I'd love to share it with you.
Personally I found it useful in my trading , hope it'll do for you as well.
* "broken mirror" is a reversed divergence.
Good luck & more pips!redneedle,
Thanks for your post. Do you mind putting the #3 indicator up and changing to 1hr as well as putting Mac D 11,12,11 and see if we would have caught the broken mirror before we would have taken a trade on Set up #2.
I'm trying to find out how close we can tell before we take a trade #2 that we might have noticed that it will be divergence. That way we can look for both at the same time.
One thought is if it does not come that close then maybe we look for the broken mirror in the 15m-30m time frames at the same time we are looking for trade Set up #2 in the 1hr time frame. If we see divergence in 15m,30m it might give us the future in the 1hr as well. Just some thought. Need some help figuring this out. So whom ever wants to help that would be helpful.
Thanks for your post always good to hear from you.
JS
Can we get a ea started with this simple setup. I think it would help with the timeing and management of trades. Something simple such as a break of support or resistance by 2 pips and the slope of macd going in the direction of the support or resistance line. intrabar entry of course. If atr could be configured into the entry for stops and takeprofit that would be great.Not as a trailing stop , just the indicator value as stop and take profit. If your trading multiple pairs it's kind of hard to manage all of them.
Krock,
I agree lets get one started. Lets tweek it tell its profitable. Then we can get it out to the followers of the thread.
JS
Here's my record for today:
USD/JPY: + 15 pips (8:31 ET)
EUR/USD: + 18 pips (9:09 ET)
GBP/USD: + 29 pips (9:28 ET)
EUR/GBP: - 24 pips (10:59 ET)
Total: + 38 pips
I used 1ATR for profit only and 1ATR+1+spread for stop.
For the last trade, if I had chosen last swing low instead for SL, price would have reversed and reached over 30 pips of gain afterwards and I would be talking about a total gain of nearly 100 pips for this morning only. I will have to work harder on SL. But I am satisfied for this week as I think I made significant progress with system #1. Great system!
Chamanechamane,
Good work you are getting the hang of this.
JS
just my 2 cent, I use method#2 wait for "3" or "2", when S/R appear, wait for reverse candlestick pattern like doji, shooting star... then switch timeframe to M1 and looking for entry at there (S/R breakout or retracement)
each trade only 10 pips TP, keep repeating until H1 price reach min bband, if break min bband, we can trade until lower or upper bband.
I still demo this method, so far 23 trade only lose 1mancai,
Very nice record. Trading does not need to be about a bunch of indicators. Love the way you go down to a lower time frame and look for a signal. This works great if your going for smaller amounts of pips. Good information for the candle lovers. Candlestick patterns are great.
Post a couple of your trades with pictures. would love to see some of your explainations of candle patterns and Bolbands
Thanks for the post
JS
I started to use method#2 some days ago on a demo and it looks very promissing right now. I use support and resistance and bollinger bands for my sl and tp. I don't have a certain pip amount for sl and tp.
pete,
I'm glad it seems to be working for you. We'd love to see your take on support and resistance and bollinger bands for your sl and tp.
Lots of people on this thread are looking for some help with that.
Maybe a trade or two with a pic might help alot out here.
Thanks for your post
JS
Can someone tell me which trading setup is better?. I want to concentrate on one first. Is the second setup also capable of 100-300 pips a day?
"If its 5pm-6pm EST I usualy close half my trade at 30 pips and ride the rest tell I get to the opposite directional set up.
If its choppy then I usually sell half at 10 pips and set a stop loss at 10 pips. My take profit is 30 pips or opposite directional set up."
May I know what is "opposite directional setup"? Is it the next MACD cross or the peak of the MACD?
Can someone tell me which trading setup is better?. I want to concentrate on one first. Is the second setup also capable of 100-300 pips a day?
"If its 5pm-6pm EST I usualy close half my trade at 30 pips and ride the rest tell I get to the opposite directional set up.
If its choppy then I usually sell half at 10 pips and set a stop loss at 10 pips. My take profit is 30 pips or opposite directional set up."
May I know what is "opposite directional setup"? Is it the next MACD cross or the peak of the MACD?anskaven,
Both trade set ups are equally good. I use them both depending on which situation presents itself. 1hr (Trade Set Up #2) comes most the time once a day. It can go through divergence for a few days. During those times I use trade set 1.
Both will bring 100-300 pips a day. Of course not every day is that possible. But 95%-97% this will happen. If you use multiple pairs to trade with.
I would try this. Look for trade set up #2. If you don't see many or any pairs that you like with this trade then go to Trade set up #1. There are always great set ups and chances to make pips with these 2 trades. It offers a trade set up during any kind of market cycle.
Read through the thread about SL and TP. There are some great ideas and ways others do money management. Pick what you like and demo it for awhile.
Ask a few others in the thread what there thoughts are on which one is the best set up to start with. I've done both so long I can't remember which one I did first.
I put an attachment to explain "opposite directional setup" for both trade set up #1, &2. When price is trending strong It has a definate direction.
Set up number 2:
When the price changes direction and goes the opposite of the strong trend the you have a reversal or opposite directional setup. I have bad choice of words sometimes. I hope the picture helps.
Set up number 1: When price crosses 0.00 Mac D you have "opposite directional set up."
Thanks,
JS