jz166 wrote:Thanks for the stats, dchappy.
questions to all:
1. do you guys ONLY trade @ the open, especially London session?
2. entry. do you consider the signal HA bar body size when take a trade?
3. target. do you always close the trade at or close to the other side of LRC? do you let the profit run?
4. Once you get the signal, do you enter the trade right away, or will consider the stop loss size (say, no more than 25 pips no matter what)?
To me, I trade mostly within NY session, I get out half position at the middle line and move my stop to break even, and try to hold on the other half to the other side of LRC. Normally my stop loss size is 20-25 ticks, and the potential profit is around 30 ticks, so the risk/reward is not that good.
I can tell DM (Dchappy Method) works pretty well @ London open, but for some reasons not that well during NY session, that's why I try to add MZ to improve my odds. I also use Bill Williams stuff to catch trend trade, like today.
btw Lis, today I didn't take that trade in the morning, I just wanna use as study example.
Hi jz : Every trader does it differently . This may answer a few of your questions .
1. I only trade London 2 hrs
2.& 4. I am always cautious when entering after a strong trend . Usually I will put a limit order a few pips below the closed signal bar & then move it up when there is a new signal bar formed .This way the market has to come to me and I'm not chaseing . This keeps me out of " iffy " trades .
3. I try to let it run to opposite channel or wait for HA to change .
Experiment , keep stats & see what works best for you . Each market has it's own personality . Trade well..
Lis : enjoy your holiday .......Chappy