Appreciate the answer. I assumed the rules are from your own backtest and trading experiences and not someone else's rule? Sorry what is DMI?
I've discovered Directional Movement after "playing" with indicators & setups on tradingview. EMA34 (barclose above or below for going long or short) is my preferred setup, a confirmation by Directional Movement is nice. Google for a definition, it was developed by Welles Wilder. @ all : the GBP / USD long setup has developed well.
The palladium long setup I posted on page 4 is not valid anymore, I don't think it will breakout on the downside as of now. Palladium now trades around 1,970 - the original SL was above 2,000 so it'd be a smaller loss.
I'd now close the longposition in Natural Gas - at a small loss, and actually go short. This may become a 4R winner as I'd place the Sl only 1.5 points above entry, but the profittarget a full 6 points below entry. Natural Gas now trades @ 1.831, so it'd be 1.846 for the SL, 1.771 for the profittarget .
Very unfortunate, Natgas would have resulted in a breakeven trade. I'm now a shorttermbear for the GER30, would go short with an SL of 15 points above entry, TP 90 points below entry for a potential 6R winner. Now trades @ 12,718 points.
... and the SL in the GER30 would have been triggered, now I'd be long with an SL of, again 15 points SL below entry and profit target of 60 points above entry, 12,738 right now. Very annoying, those whipsaws, but that's part of this game, unfortunately.
As a long term setup (potentially valid for months, depending on how the price develops), I'm now a bull for the FX pair € vs Canadian Dollar, symbol EURCAD. I'd go long with an SL 200 pips below entry, TP 600 pips above entry . The pair currently trades @ 1.5406 .
The long setup in the DAX / GER30 worked out, it would have been a 4R winner . DAX now at around 12,800 .
2nd long-term bullish setup this week is palladium, now looks very strong on the long side with the long term support line in place. I'd now go long with a 100 point SL below entry , 400 points TP above entry. Now trades at around 2,008 .