Again BKG, thank you for your successful trading system. I follow your simple guidelines becuse the method is clean and it works.
Just for me, however, I pick better (trending) pairs when I also analyse the H4. Basically, I will not enter a trade if there is too much noise (as you call it) on the H4. The H4 pair must be trending (even somewhat mildly) with both SMA's (3 and 10) headed, with angle and separation, in the trade direction.
At the opening candle yesterday on both the EUR/CAD and the EUR/AUD (both pairs closed below the 10 SMA, and drew a (D1) FIBO on each chart; the pairs were both below the 38.2% fibo retracement which is important to me I also use the 3 SMA on the D1 chart for crosses withthe 10 SMA and trend information. Since the 3 and 10 SMA's crossed on both closing candles, both pairs looked great for a short entries. You can see the results. I have closed half of my position and placed a new stop between the current price and my entry price so I will still have a profit if the trade is "stopped out."
Thank you BKG, and please share your thoughts.
Judy
Just for me, however, I pick better (trending) pairs when I also analyse the H4. Basically, I will not enter a trade if there is too much noise (as you call it) on the H4. The H4 pair must be trending (even somewhat mildly) with both SMA's (3 and 10) headed, with angle and separation, in the trade direction.
At the opening candle yesterday on both the EUR/CAD and the EUR/AUD (both pairs closed below the 10 SMA, and drew a (D1) FIBO on each chart; the pairs were both below the 38.2% fibo retracement which is important to me I also use the 3 SMA on the D1 chart for crosses withthe 10 SMA and trend information. Since the 3 and 10 SMA's crossed on both closing candles, both pairs looked great for a short entries. You can see the results. I have closed half of my position and placed a new stop between the current price and my entry price so I will still have a profit if the trade is "stopped out."
Thank you BKG, and please share your thoughts.
Judy