TP ( close all)
I do have a split TP strategy also but on this post I will show just the close all scenario
Targets are worked out by taking the ATR of the last 5 days and adding that average points total to my 'fill' price.My thinking behind this
If the last 5 days have had an average move of 80 points why set a tgt of 30 ?
If the last 5 days have had an average move of 30 points why set a tgt of 80 points ?
Measure high to low of each day for signal candle and 4 days previous giving 5 days
We end up with
80 +70 + 100 +120 +30 = 400 now divide by 5 = 80
We now have a TP of 80 pips which is the average this swap has moved in the last 5 day
Our fill is 20000 so ur TP is 20080 easy peasy lemon squeezy
A 'close all' on 5 day ATR is quick we only want a daily average move in our direction to close dont forget .. not much to ask ...with 10 or so swaps open you will be spoilt for choice and turning your money and account over which is the name of the game.
Stop is a couple pips below last swing low for longs last swing high for shorts
When to take a trade
What ever works best for you in your time zone I take 9pm here in the UK approx although my daily candle wont close for another 3 hrs ( midnight) Im sound asleep in nods vile by then so 9pm is fine for me its swing and rounds abouts on the fill it all evens out.
set to 40 HLC/3 line at 0.00
set to K - 5 D - 3 Slowing -2 Price field low /high ma - simple ....line at 50
This is simple stuff but with the stop at swing high or low we have a good support or resistance..also we only want an average move in our direction.
Like all my systems identify the main direction and enter on a retracement
If CCI above zero we look for long CCI below zero we look for short.
CCI is below 0.00 stochastic moves above 50 and ticks down the tick down hasn't got to finish below 50
Enter on a red candle,if green you can enter on the following day but no more and only if red
CCI is above 0.00 stochastic moves below 50 and ticks up the tick up hasnt got to finish above 50
Enter on a green candle,if red then you can enter the following day but no more and only of green
Here is a chart showing entries this example is on usdchf, i have highlighted one long and short to show position of indicators
The blue lines are stop positions not exact but it gives you an idea of the swing high low stop.
Without doing the maths we have a def loser on the 2nd arrow the rest look winners..
I will post more and answer question when i can this method made me 6000 pips not so long ago I have moved the stop to swing high low FROM signal candle high low and it seems better
Please use money management a large stop doesn't mean a large loss it means you trade smaller.. protect your account please traders...hehe