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  1. #11
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    6th
    For timeframes greater than 5 mins I use a risk manager - which gives precise / exact measures.

    I firstly use a support / resistance tool and my eyes to see that there is no / not much in the way between entry and profit - that is a must. Then I use a risk manager to ensure each stop is the same amount .

    For example if using a stop of say, $10, each time – I ensure the loss is always $10 or less - as I do not want a $20 loss wiping out two profitable 1:1 trades

    For timeframes 15min or below I place ALL the support / resistance, pivot lines, etc., on the chart BEFORE I trade so I can easily see the places to enter from and target

    Having the s/r lines drawn beforehand is an important key - easy to reject any blocks to a profit - or where to take / consider a strategy for say a 1:1 in a potential 1:3 or 1: many trade. ie where to bail when it all goes against me.

    That is when it hits 1:1 - I may consider moving the stop to entry plus commission break-even for some pairs such as EURUSD which whipsaw all the time

    risk manager is a must for trade that I have lots of time to place, say 15 mins and above
    Be aware of wizards, for they are subtle and quick to anger.
    that not forbidden is mandatory.
    Anyone but o'brien

  2. #12
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    of late i have heard of, and been trading EURUSD 1 hour - from the 1 hour candle beginning at new zealand time 11pm (23:00 hours) based completely upon the body of the 10 PM (22:00) candle.

    that is based upon the 14th candle of the forex trading day ( the candle starting at 22:00 hours nz time) : if the candle body is green (bullish) buy : if the candle body is red (bearish) sell - stop of 100 POINTS / profit 100 POINTS

    seems to have a better than average win rate.

    this is anothers trade - but i do remember noticing something similar to this 10 years ago - but was unable to trade it - however another trader was and ended up winning as my 2 year back testing gave an extra-ordinary high hit rate above 90% -THIS PARTICULAR trade in not it - similar.

    i will back test this. at the moment - demo trade is winning.

    this is JUST a trading idea - shared - should anyone else back test this please let up know as across different brokers it would be useful to know if there are differences.
    Last edited by wizAlvin; 26-06-2024 at 10:09 AM. Reason: clarification
    Be aware of wizards, for they are subtle and quick to anger.
    that not forbidden is mandatory.
    Anyone but o'brien

  3. #13
    Guru
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    back testing shows no advantage. a highly managed approach shows limited potential only
    Be aware of wizards, for they are subtle and quick to anger.
    that not forbidden is mandatory.
    Anyone but o'brien

  4. #14
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    MT4 only atm



    New:
    I have created an indicator based upon my Mario Singh Trend Rider Indicator where the two EMA’s may be altered. The Default values remain as 12 and 36, however these may be altered to any desired INTEGER, such as 50 and 200; 12 and50; 36 and 150; etc..


    As previously various other of the displays my be may ‘non displayed’.


    A display of the output is:
    https://snipboard.io/5KnVSh.jpg


    Is this of interest?


    https://drive.google.com/drive/folde...xu?usp=sharing
    Last edited by wizAlvin; 13-11-2024 at 12:52 PM. Reason: add link
    Be aware of wizards, for they are subtle and quick to anger.
    that not forbidden is mandatory.
    Anyone but o'brien

  5. #15
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    Dec 2010
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    near Mangonui Northland
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    https://drive.google.com/drive/folde...26?usp=sharing

    A simple guide of one way to create simple support and resistance levels on a forex chart using the line chart. The link above is to the following description and to a video guide - my first ever so likely not great.

    First: Select the time-frame you wish to work with. Here, Daily.


    Secondly: Select ‘Line Charts’, (press Alt+3).


    Thirdly: Zoom out ( - ), to increase the number of visible bars.


    Fourthly: Select the level indicator you wish to use. Here, horizontal line. Perhaps box for a wider zone.


    Fifthly: Place the horizontal line on the upper or lower extremity of the most upper or lower portion of the line chart.


    Sixth: Repeat the prior step – OR – double click the current or any level indicator you are using, then holding the Control key shift a duplicate level indicator into a new level position where three or more points touch the chart line-chart. Or so very nearly touch. Holding the Ctrl key allows the original level indicator to stay put and a duplicate to be generated and moved.


    Subsequent steps: Place level indicators as you see fit.


    Last Steps: Return to the candlestick or bar chart of choice and expand the chart / diminish the number of bars shown to meet your needs
    Be aware of wizards, for they are subtle and quick to anger.
    that not forbidden is mandatory.
    Anyone but o'brien

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