There are updates on the way. Particularly I am keen on the bottom three multi-timeframe indicators- developing a count that must be 7+ for a trade to be validated at the time of the main multi-info + Javier Econome signal.
Here are today's two trades. Bearing in mind it was New Year's Eve...
The first signal was too early - needs to be 8am GMT (my chart's 10am GMT). That's okay - just wait for 50% retrace of entry candle, especially if it is a range candle (rule of thumb, largest range of last 10 candles). Waiting patiently for this allowed for:
Stop 1 (20 pips) or Stop 2 (34 pips). I prefer not to have a bigger stop than 34 pips, but there was also a stop 3 (3 candle stop of around 44 pips).
Notice that the high is also marked at a 100% expansion of the 4 candle move at the start of the day - a confirmation to get out at the reversal signals by candles and not be greedy.
Look closely at the WPR_MA - it was clearly too overheated during both signals, which also confirms it is worth waiting for a retrace of the entry candle - this reduces risk and allows for higher profits.
Entry 2 was again a range candle, so wait for the 50% retrace. This has been hit, with the 60 pip stop option at the time of the signal (i.e. no trade), reduced to 38 pips if placed above the entry candle. However, in such a case, I prefer to just have a 30-34 pip stop and take chances, if at all.
The trade goes to 31 pips profit, but then time has beaten us, because it is already approaching 5pm UK time. It's time to decide either to take the small profit, and leave the scene, or hold overnight for the targets, which will be looked at again if there is a short signal tomorrow.
Breakout area for swing long to be in play is marked.
News about Brexit will dominate as Government goes back to work.
