Ok so here is my plan this week on H1. I am just sharing as I go for anyone that's interested...
I am going to use MATRIX to alert range wavy, trend wavy and trend arrows once candle has closed and I will have two filters before opening a position:
Current hurst cycle must be 4+ bars closed red for shorts, blue for longs
(as shown by i-trade-hurst-tma indicator 5/10)
Next candle must open outside TMA band (0.2 ATR). I use TMA true as more accurate looking back on chart when posting.
Enter at market at candle open OR If next candle opens inside TMA band place order to enter at the band (less spread). Red band shorts, blue longs.
If an opposite signal (like a range wavy) comes before a position has been filled then we discard that previous signal and now act on the new signal.
I will be using SL for this strategy as planning to trade this H1 timeframe in isolation and will place SL a couple of pips (to cover spread) behind the HGI signal we are trading.
If an opposite signal comes along before TP is hit then early exit rules will be the same as entry .. I will probably wait for 4 hurst cycle bars to close against and then either next candle open or 0.2TMA band to get out at best price.. or it may be prudent to get straight out - tbc!
For TP I will be using Murrey Math Lines which are based on Gann Octaves.
(Plenty of info out there on these... in a nutshell my understanding is that the high and low of the last 256 periods are taken as 0/8 and 8/8 lines, with the lines inbetween providing 8 octaves which price tends to range between. Beyond 0/8 and 8/8 we have -1/8, -2/8, +1/8, +2/8 as extremes which price will usually reverse from until broken through which creates a new octave and a new trend breakout).
For this strategy as a TP I will count the next even line from the point of entry i.e. 0/8, 2/8, 4/8, 6/8, 8/8.
Once TP is hit I will aim to re-enter with another order at the TMA band and the same rules. If an opposite signal comes along before new order is hit then I will delete my order and trade the new signal.
If a signal in the same direction comes along then I will trade this signal seperately and additionally (i.e. I have entered off a range wavy and then a trend wavy comes along.. this will be a second trade in the same direction.. then a trend arrow comes and that will be another.. so potential for multiple trades on each pair = plenty of action to keep me busy on H1).
If price action goes beyond 0/8 or 8/8 I won't enter any further position away from the center 4/8. I will await a reverse signal back towards center or a breakout and a new octave to trade.
I will post a few live trades this week as examples as I did last week. Bring on the pips :hi: |
