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Understood. Wht did you not take the Long trade a couple of bars later. Maybe you are waiting too long to see if the trend pans out. If that is the case, you will always enter too late.
Can you help answer these questions from other members on NexusFi?
Hi Perry
I was trying to use the 8 Range chart for the setup guide before looking at the 4 Range.
So I skipped the 1st setup on the 4R for a long as the 8 range at the time was not allowing it.
Well that was how I was reading it.
How did you go today?
Do not wait for anything. If you have a setup according to the Rules, TAKE THE TRADE. Your stop can be very tight, below the entry bar, so that if your are wrong, there is only a small loss.
Do you mind sharing with me what your profit targets are at the moment?
And from what you say above your stop is just below the setup bar? Is that the case all the time?
Entering as you do (ie: as soon as a setup is evident) What win loss ratio do you average?
and do you trade the system if an instrument is range bound or do you wait for a trend to form?
The answer to all your questions boils down to the size of your account. The bigger the account the strategies are different. With a good size account, I prefer to trade 10 contracts with lesser trades per day. With this in mind it is totally different to someone with a small account and can only afford to trade 1 or 2 contracts.
As a beginner, try 1 or 2 contracts and go for 4 ticks profit. When you have got confidence in taking the trades, then with 2 contracts, take profit on one contract after 4 ticks, and move your SL to BE+1 on the second contract. Let the second contract run. The initial SL should be 1 tick below the SETUP bar, which is normally 5-6 ticks. This will also minimize your losses. When you build confidence AND build your account try 3 contracts and then 4 and so on. You will then make lesser trades with more contracts.
Hey perryg,
first I'm completely new to this forum,but not to forex,ES etc.
Just zapped through your thread and search for an automated EA for your system.
It's based on manual trading,isn't it?
Don't have much experience with NinjaTrader as well....using mt4 primary
best regards and happy further trading
Phanti from Germany
* About the Dmplus bar on the bottom, when the ADX is above the red and blue line, it says on the left top END TREND, meaning we should not look for trades ? Or is that indicator only valid as described in this thread while in a trade and to see when the trend is finished ?
* Do you work with a dom to enter your trades or with charttrader ? When you defined your entry point do you enter market order ? Or do you set a limit order in the dom to start the ATM strategy ?
