I am not using M1 or MMath, The last screenshot and template I posted is what I use with M5, M15 and M30 charts open. Usually, I am aiming to take profit @ 61.8% ADR. But I also am watching very closely the 200SMA, 61.8% retracement, 61.8% Fibonacci Extension (the green one), Open Line, PDL, PDH, PWL, PDL and previous large Semafors. I trade JPN225, HK50 and DAX, all these levels work on them but other symbols may be different. If price is reaching any of these levels then I watch, sometimes it can be a sharp retracement, sometime it will plow straight through and other times it will stall there and then ether retrace or continue the trend.BabLeBaobab wrote: Tue Dec 20, 2022 10:32 am Hello Mister FourXXXX, I was asking myself about the same thing before Giant is telling you. I was asking me about how to manage this kind of strategie.
Need a strong trend so are you watching the TMA slope to evaluate the strenght of it?
Do you watch for a special set up on M1 to reenter in M5 on this set up?
I imagine that you are watching the ADR level and the MMaths and the nearest supports or resistance to thing about end of moove or not
How do you place the SL (just below the green point in upmoove ? or below the trend line that 'd signify inversion of the moove)?
Or are you just systematic and the RiskReward pays the loosing trades?
Have you some preetablished rules about that.?
Thanks for all that you share for us.
My initial stop will be past the last white or larger semafor and once the trade is moving well in my favour I use the 36 EMA trailing stop in my EA on M5 (just click the Yellow MASL button). Don't leave the EA running on other time frames just on the M5 and once you open a trade on M5 don't change TF or the Symbol or you may have problems with the EA.
The TMA slope will show the strength of a trend, if the background is grey on M5 look at taking profit at the edge of the bands except at the open or if there is some news. In a strong a trend, I would normally close a trade if price has moved outside the TMA bands and is about to reenter the band area. Usually, you will get another signal to enter following a retracement back into the ribbon with a small semaphore like the chart above from Xards thread.
There are losing trades and there are losing days sometimes but most days are positive for me. There are also trend days, usually one a week, they are the days I get in and keep adding to my position. These days are when you can really make big money. It is possible to open trades and just let the 36EMA trailing stop close the trade with no take profit set. Read the book I posted here about making the most of trend days. viewtopic.php?p=1295498030#p1295498030