cruxs wrote:Hi Prakash:
1. Is the take profit, for the second order in scenario 1, the same as the first order? (500 pips)
HI cruxs
Thanks for your EA.I will work on this EA but give me some time.
Let me explain you y this system works.
We all know currencies move 1000-2000 pips every year.
Lets us take last move of EUR/USD,When it moved from 1.2 to 1.35.It has moved almost 1500 pips.
if you bag 100 pips of this move and if you say that you have made a killer move.I don't think so.
As i told you,First position should be at b/e before you enter the second position.Always only one position should be at risk for any pair.
For every 20 pips if you keep on stacking for 500 pip move(i.e., If you keep on adding position for every 20 pips of this 500 pips move) at the end of it you will have 6500 pips.
But if you keep on stacking for 1000 pips with 20 pips stacking then you will have 25,500 pips.
Power of this method is not pin-point entries but being in the trend.That's it nothing else.I can pay 2000 pips for 25000 pips movement.I think this is best risk:reward we can get.
For every position i add,My TP will be 1000 pips.But as i keep stacking,i will just take out some profit and let my other positions run(if you feel that this trend is over and you are losing more positions then take out some profit).If i have 15 positions then i will close 8 of them and let other position run.
2. In scenario 2 I have to wait for the comeback just for the current candle? If you can post an example, an image, of scenario 2 would be very helpful.
Suppose at the start of the day,i enter with 30 pips s/l.My position can come across two scenarios 1.position surviving and adding next leg on the same day
2.position dying with 30 pip s/l.
As i explained in detail about the first scenario.Let me talk here about the second scenario.
Most of the time by positions die with 30 pip s/l but i would like to add one more leg.So, i will wait till it come back to the open of the same candle on the same day.
suppose we are in up trend(price closed above the open of previous down bar).At the start of the day i entered at the open(assume it at 1.3000) and s/l at 1.2970.Assume price has hit my s/l and position is closed.
Now i will wait till price coming back to 1.3000 and i will enter by position there.y?
If price is forming opposite trend then price will never come back to the open position if it comes back then retrace for the day is over and we are in the right direction.
Actually your results are pretty impressive but you can still make some more profits if we can hold on for some more time.
Hope i cleared all your queries.
Regarding money management i will explain in the next post.Till then please think about what i have written in this post.
If you have any queries,Let me know.I will explain them further.
Regards
Prakash