forex Tips MT4 and MT5

[wizAlvin]

6th
For timeframes greater than 5 mins I use a risk manager - which gives precise / exact measures.

I firstly use a support / resistance tool and my eyes to see that there is no / not much in the way between entry and profit - that is a must. Then I use a risk manager to ensure each stop is the same amount .

For example if using a stop of say, $10, each time – I ensure the loss is always $10 or less - as I do not want a $20 loss wiping out two profitable 1:1 trades

For timeframes 15min or below I place ALL the support / resistance, pivot lines, etc., on the chart BEFORE I trade so I can easily see the places to enter from and target

Having the s/r lines drawn beforehand is an important key - easy to reject any blocks to a profit - or where to take / consider a strategy for say a 1:1 in a potential 1:3 or 1: many trade. ie where to bail when it all goes against me.

That is when it hits 1:1 - I may consider moving the stop to entry plus commission break-even for some pairs such as EURUSD which whipsaw all the time

risk manager is a must for trade that I have lots of time to place, say 15 mins and above

[wizAlvin]

of late i have heard of, and been trading EURUSD 1 hour - from the 1 hour candle beginning at new zealand time 11pm (23:00 hours) based completely upon the body of the 10 PM (22:00) candle.

that is based upon the 14th candle of the forex trading day ( the candle starting at 22:00 hours nz time) : if the candle body is green (bullish) buy : if the candle body is red (bearish) sell - stop of 100 POINTS / profit 100 POINTS

seems to have a better than average win rate.

this is anothers trade - but i do remember noticing something similar to this 10 years ago - but was unable to trade it - however another trader was and ended up winning as my 2 year back testing gave an extra-ordinary high hit rate above 90% -THIS PARTICULAR trade in not it - similar.

i will back test this. at the moment - demo trade is winning.

this is JUST a trading idea - shared - should anyone else back test this please let up know as across different brokers it would be useful to know if there are differences.

[wizAlvin]

back testing shows no advantage. a highly managed approach shows limited potential only