so first trade I was stopped out after a run up of about 100 pts. Ended break even, so lost out on potential profits, but that's how it goes if you want to catch as big of runs as you can. 100 pts is nothing compared to catching a trend of 200, 300 or even more points.
A revision of my previous indicators: I stated them wrong before.
Red dots = 1.5 ATR
white dots= 2 ATR
blue dots = 2.5 ATR
top black line 1.75 ATR
bottom black line =2.25 ATR
I use the red dots for a long entry if 4 hour candle closes above it and blue dots for a short entry if 4h candle closes below it.
the black lines I use as my stops and the white dots I use to add to a position if I think it is worth of doing so.
so this trade is long and I follow my rule not my heart and brain. My heart and brain say go short but my rule says long because 4h candle closed above or at red dots. (see black arrow on chart). I have another method where I use my heart and brain that I may show at some time, but it doesn't make money like this although it does okay.
Current trade
Entry close of 4h candle above red dots = 3411
stop loss below black dots just below it. I know it's not the black lines, but I wanted to give a little more room being that candle closed right on the red dots. It's up to you how tight you want you stop.
let's watch how this plays out. I move my stop loss up with each move up of the ATR's. In this case, for now I will move my SL up as the black dots move up. this is open to change. I can always tighten my stop. but never increase my stop.
A revision of my previous indicators: I stated them wrong before.
Red dots = 1.5 ATR
white dots= 2 ATR
blue dots = 2.5 ATR
top black line 1.75 ATR
bottom black line =2.25 ATR
I use the red dots for a long entry if 4 hour candle closes above it and blue dots for a short entry if 4h candle closes below it.
the black lines I use as my stops and the white dots I use to add to a position if I think it is worth of doing so.
so this trade is long and I follow my rule not my heart and brain. My heart and brain say go short but my rule says long because 4h candle closed above or at red dots. (see black arrow on chart). I have another method where I use my heart and brain that I may show at some time, but it doesn't make money like this although it does okay.
Current trade
Entry close of 4h candle above red dots = 3411
stop loss below black dots just below it. I know it's not the black lines, but I wanted to give a little more room being that candle closed right on the red dots. It's up to you how tight you want you stop.
let's watch how this plays out. I move my stop loss up with each move up of the ATR's. In this case, for now I will move my SL up as the black dots move up. this is open to change. I can always tighten my stop. but never increase my stop.
Comment:
Trade terminated. No need to wait o be stopped out when it is apparent the trade isn’t going your way. So feel free to terminate a trade early if it doesn’t feel right and wait for next entry signal.
Order cancelled:
Loss 23.75 points