Welcome jspritejsprite » Mon Aug 01, 2016 5:56 am wrote:Hi all,
Newbie here... I'm trying to follow Nanningbob's HGI method, at the moment just doing the trend trading signals on the 4H charts (stop orders on the red angle down arrows/green angle up arrows and market entries on the large red/green arrows). I know I should probably be looking for a more precise entry on the M15 or something rather than just market orders but one thing at a time
Just want to check I'm following this as intended, and have a few questions:Thanks all for your advice and happy trading!
- Should I be filtering the signals I receive based on the CSS readings, i.e. only trade a trend signal IF the CSS chart is showing that both currencies are in a trend (i.e., above/below the +/-0.20 line)
- What are the white lines that appear above/below the large red/green arrows for?
- I've placed some pending orders and have one sell position open @ 102.23 on the USDJPY at the moment, but unsure at this stage where to put TP/SL - for now have done a SL at 103.00?
Should I do TP of 30 pips and do another stop every 20 pips as suggested in Bob's PDF, or is this just "one potential method".- I also realise now that its an Australian Bank holiday so probably not a great time to trade atm... but I'm trading on the 4H so would expect these trades to be open a day or two?
I am not going to give you advice on how to trade with HGI except to say that there are many ways to use this tool. Its accuracy will amaze you and as such, your own method to trade with it should be found. You started in the right place with following what NB has been doing for quite a few years but ultimately, you need to find your own way. Most of the crusty old buggers on this forum will agree with me.
Basically, you must remember that CSS, HGI etc are tools. They are the best tools I have ever seen or likely to see. Start on a higher timeframe (TF) until you develop your confidence in them, well before venturing to the lower TF's.
The white lines are white because in the settings, the colour is default white. You can change that colour to your personal preference. As for what they are, you will see that they occur (mostly) somewhere within the bar. On H4 it can be confusing as they may be anywhere within that 4 hour period, it just tries to tell you when that signal occurred relative to the 4 hour candle it came on.
HGI is so accurate that your SL (if you use one - another point of conjecture) can be set tight, but not too tight as to stop you out whilst waiting for the move to come from the signal. The signals (depending on TF) may take off immediately or as in most cases on higher TF's, slightly delayed. This is where the amazing bit comes in: when other indicators are telling you that the trend is down, you may get a signal telling you to go long... watch and be amazed!
Hope this was some help, there are far better traders on this forum that are willing to help. The only thing we ask, is that you inform yourself with what has already been written and answered before.
Once again, welcome to SHF.
Rgds
RM
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