On IBFX...or MT4...the candles are solid Green or black. To which ones do those correlate above? Anyone?
Also, TRO...understand your point about Stop Loss....but the SRDC 1 method reccommends stop losses from 20 to 50 pips....I just wonder, from your experience with this method...what is the draw down that on the average a 10 pip win could sustain?
Thanks for the help.
BP
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- TheRumpledOne
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BP wrote:On IBFX...or MT4...the candles are solid Green or black. To which ones do those correlate above? Anyone?
Also, TRO...understand your point about Stop Loss....but the SRDC 1 method reccommends stop losses from 20 to 50 pips....I just wonder, from your experience with this method...what is the draw down that on the average a 10 pip win could sustain?
Thanks for the help.
BP
That's a math question that is answered with a MONEY MANAGEMENT table:
You can see the win rate you need to be profitable based on your target, stop lost and commission.
EXCEL spreadsheet attached.
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- MoneyManagementChart.xls
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IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
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TRO and others...
To understand better this system...I will post the buy and sell stops that I put up last night.
I do not quite understand the system in its entirety. But I put Buys at the top of the previous day's candle and sells at the bottom of the previous day's candle for the GBP and Euro....
GBP 9584 - high
9506 - low
Eur 3037 - high
3004 - low
But there is a little more to it, and I await education. Also, TRO if you could explain a little more the spreadsheet above.
Thanks!!
BP
To understand better this system...I will post the buy and sell stops that I put up last night.
I do not quite understand the system in its entirety. But I put Buys at the top of the previous day's candle and sells at the bottom of the previous day's candle for the GBP and Euro....
GBP 9584 - high
9506 - low
Eur 3037 - high
3004 - low
But there is a little more to it, and I await education. Also, TRO if you could explain a little more the spreadsheet above.
Thanks!!
BP
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BP:
There is NOT anything more to it really.
So long as you trade in the direction of the candle color you know the entries.
Read this:
http://www.optionetics.com/articles/article.asp?id=8558
to understand the Money Management Matrix.
There is NOT anything more to it really.
So long as you trade in the direction of the candle color you know the entries.
Read this:
http://www.optionetics.com/articles/article.asp?id=8558
to understand the Money Management Matrix.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Please do NOT PM me with trading or coding questions, post them in a thread.
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Ok..maybe
TheRumpledOne wrote:BP:
There is NOT anything more to it really.
So long as you trade in the direction of the candle color you know the entries....
So, first....bull candle = green candle - correct? Bear candle = red candle?
Then, for GBP, I should have only put a Sell Stop order at 9506 with a TP of 9496? Because today's candle was red? And there would be no buy order at all?
Please clarify this strategy....the SRDC method has you put a buy at top and a sell at the bottom...no matter what.
Thanks TRO for all of your help,
BP
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Long on green candle at the top of previous day's candle body.
Short on red candle at the bottom of previous day's candle body.
Each day you can place entries at the top and the bottom. Why?
Because at the OPEN price of the candle, the candle has no color!
Today, the GBPUSD ran up, reversed, and crashed through the bottom.
No entry at the top but the bottom paid off nicely.
And SRDC has you enter at the HIGH/LOW of the previous day... NOT THE SAME as the top/bottom.
Short on red candle at the bottom of previous day's candle body.
Each day you can place entries at the top and the bottom. Why?
Because at the OPEN price of the candle, the candle has no color!
Today, the GBPUSD ran up, reversed, and crashed through the bottom.
No entry at the top but the bottom paid off nicely.
And SRDC has you enter at the HIGH/LOW of the previous day... NOT THE SAME as the top/bottom.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Please do NOT PM me with trading or coding questions, post them in a thread.
Please do NOT PM me with trading or coding questions, post them in a thread.
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Forgive me for being persistant...
TheRumpledOne wrote:Long on green candle at the top of previous day's candle body.
Short on red candle at the bottom of previous day's candle body.
Each day you can place entries at the top and the bottom. Why?
Because at the OPEN price of the candle, the candle has no color!
Today, the GBPUSD ran up, reversed, and crashed through the bottom.
No entry at the top but the bottom paid off nicely.
And SRDC has you enter at the HIGH/LOW of the previous day... NOT THE SAME as the top/bottom.
TRO,
First I appreciate this so much, and in no way want to bug or bother you....I am just trying to get this...and after a couple of days, I suppose I will.
Last night I entered in at the Top and bottom for both GBP and Euro...obviously it became a red candle. I made 10 pips on the GBP and Euro on the short side...but then it entered my long on the euro and I got stopped out with -45 pips. So, I put both long and short orders in...when do I find out what color the candle is, so that I cancel the other order? Or do I have it all wrong.
Just need some tutoring here. I just want to be able to do this at the end of the day for the next day...or if someone makes an EA for it?? But seriously I just want to understand what to do 100%.
I owe you for your help TRO.
Thanks,
BP
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