Patch wrote:Which of the dashed blue lines do you use, and why. What is the top and what is the bottom blue lines?
Please see here:http://kreslik.com/forums/viewtopic.php?p=28800#28800
Patch wrote:It looks like you entered on the lower blue line. So you have a 3 pip entry target on an M1 chart of GBPUSD. So you have a 7 pip profit target, correct? and a 6 or 7 pip stop loss. yes?
Default target profit is 6, stop loss 7. It might change as I take the trades depending on how the orders get filled.
Patch wrote:Does your trading plan include a single reversal, close and reopen trade in opposite direction if price crosses the short target entry?
No. I only trade once per hour. If it busts, then so be it.
Patch wrote:Or can you change your entry target for long and short to 2.2.
I do not see any point in doing that for now. This method has been tried and trusted and I'm not going to mess around with it
Great traders have laid it all out already, and all I want to do is use it
Patch wrote: I don't know what statistics Michal and TRO ran on FX BZ. Looking at the Wick, short distribution if you make the entry at 2 pips don't you have about a 9 of 10 winning trade likelihood if I am reading the distribution right. (see below attached).
Sorry Patch, I'm not going to Yale. I'll be honest and admit I have no idea what you are talking about
Patch wrote:Also have you considered lowing you profit target and stop loss? I wonder what would happen?
I'd rather stick to the trading plan for now.
Patch wrote:I will put the tails indi back on my chart over the weekend. I was putting some ideas together with charts and removed the tails part to lessen clutter and confusion. I miss it though.
I'm sorry, I'm not the right person to chat about wicks and tails. I have no idea what they are all about
Thanks for your interest.