rowdy wrote:winny wrote:incomesolution wrote:Thanks for the quick reply Winny
Very helpful information and congratulations on your success!
Can you tell me more about your SL (the ebook suggests 7 pips)
Also, how you use the trend to determine your trailing stop?
I assume you use MT platform,
Now for this I personally like TRO's Toptrend and the Snake.
This is my trailing stop. Please have a look at the chart that I refered you yesterday. In pic 3 you see the buyzone together with Toptrend and Snake. You see that Toptrend points up, Snake points up and Buyzone is triggered. You take that trade. Your stop would not be the other side of the buyzone, but when either toptrend is hit, or snake turns, whatever you feel comfortable with. My friend, this works.
Thanks Winny, I want to study this further. I really appreciate you giving such details. This morning was interesting. At the London Open, all the signals said go long and you were right. You could have had a nice 8 pip scalp. However, then the trend topped out and moved the other direction. Scrictly by your rules, it would be difficult to take the reverse trade because by the time toptrend and snake said go short, you were already out of the sell zone. However, if you had taken that trade you would have absolutely cleaned house! So I am curious, did you take the reverse trade anyway?
You should have taken the short at 07:00 gmt, all signals were red.
You would have made a small + during the hour.
At 08:00 gmt a new buyzone was formed, all signals were red again.
You would have taken the trade. You would have made at least 30 pips.
At 09:00 gmt same procedure, same signals, you would have made 70 pips.