1) Price within 20 pips of the CURRENT daily low (ClLo < 20): This is OPPORTUNITY ============================================ PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.
It's easy to bash others. It is really a pity you spend so much time putting me and others down, when you could take that same time and share the knowledge that you claim to have and help your fellow traders. The real question is: Where's your thread?
And where is your answer to my question on the previous page. BTW, I agree with your basic logic of "daily high/low" and no indicators.It is the only factual part of the daily price movement.
You know what bugs me about you You supposedly are a good trader, yet you can't spell out your strategy clearly with exits and all You are either selling smoke, or you are afraid simplicity will give you only 5 min fame I don't know ANY serious trader doing online what you are doing. I thought you were down to earth good old fashioned no bullshit black man. But now I am not so sure.
In fairness, TRO does offer an 'exit plan'. The trailing stop,which is one way,but it does not necessarily mean that TRO trades, if in fact he does trade at all, using the trailing stop.
1) price within 20 pips of the CURRENT daily low - that is OPPORTUNITY 2) red candle closes 3) green candle closes - note the high price of the green candle. 4) enter long at the green candle's high price 5) STOP LOSS IS 10 PIPS 6) Take whatever profit you can. 7) If the rules do not mention it, then it is of no concern. So long as 1, 2 and 3 are true in your example then 48 would be the long entry.
1) price within 20 pips of the CURRENT daily low - that is OPPORTUNITY 2) red candle closes 3) green candle closes - note the high price of the green candle. 4) enter long at the green candle's high price 5) STOP LOSS IS 10 PIPS 6) Take whatever profit you can. 7) If the rules do not mention it, then it is of no concern. What is not clear about the above rules? Exit strategy is based on you creating your own EXIT PLAY BOOK. MAXIMUM RISK = 2% * ACCOUNT BALANCE. STOP LOSS = 10 PIPS. (INCLUDING SPREAD) POSITION SIZE = RISK / STOP LOSS. It is up to the trader to determine what risk they are comfortable with. Some traders think 2% is too high, so they make adjustments to the above equations. Some traders think 10 pips is too tight, so they make adjustments to the above equations. âI am not forcing you to accept my concepts. I only request the traders to review the market from time to time keeping in mind my concepts and if found suitable use in the trades or just ignore. Thanks for your opinion.â
The trailing stop is one way to exit. Sometimes, instead of using trailing stops, you exit part of the position, move the stop to break even and let the rest of the position ride. That is one way of capturing the bigger moves.