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I´ve been followed this great forum and trading on demo account. My favorite TF is 15 min and 1H. Considering Higher Time Frames Which would be "Entry Close to Exit Point" in pips?
For example: If AIMS BOX TF 1/5 Min= 15 pips so entry close to exit point is less than 15 pips.
AIMS BOX TF 15 Min?
AIMS BOX TF 1H?
I´m sorry about the english, it´s not my native language. I´m from Brazil.
Welcome Again! I know you've been with us for some time but just not active in the forum. Good you've decided to get involved.
Close to Exit in pips is different for each pair, time frame and session. So if you take the 8 Major Pairs namely
EUR/USD, GBP/USD, USD/JPY, EUR/JPY, USD/CHF, USD/CAD, EUR/GBP, AUD/USD or lets say, you also include GBP/CHF and GBP/JPY it will all depend on the pair.
E.g. there was a time when 100pips was ok for GBP/CHF or GBP/JPY but today 50 is enough.
Here is a simple forumla
Take a standard ATR (Average true range Indicator) or may be use THV3InfoPanel. (set ATR to 140bars/candles or 200, set to multiple of 2)
What ever time frame you like, check what is the ATR e.g. ATR x2 of the last 500 canldes on H1 EUR/USD = 42. for m1 its 7 and for m5 its 13.
Using this you can have an idea what would be best stop loss for your pair/time frame.
Once you establish that, whenever you have a setup see if the upper aims level, or the blue or red line is within this range. Do not take a position more than this range or even half of it. So if it reverses you will exit with minimum loss but at the same time you dont want your stop loss to be too close that it gets hit needlessly while the market is doing just its normal breath in and out.
Here is a Rough Guide.
Important Point to Note: These Stop Losses are only meant as a guideline and should be used only when setup is right. meaning entry 1 pip +- spread of an AIMS Level and Red Line is within the suggested range. The close you are to alligator lines the better.
If the distance between the Upper AIMS level and Lower AIMS Level (intelligently selected) or the distance between the Range high and low is more than the suggest SL, you may consider not taking the trade or adjusting your position size accordingly thereby minimising risk at one end.
ps: it does not mean let the stop loss get hit and do nothing. In most cases you will get a black dot or opposite colour dot depending on your settings giving you potential exit signal or it will close on red line giving you ultimate exit signal.
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What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Welcome Again! I know you've been with us for some time but just not active in the forum. Good you've decided to get involved...
Dear Immy,
I have no words to thank you. Fantastic!
May I ask one more thing? As you´ve said the setup is universal and can be applied to anything, Commodities, gold etc. We can make some adjustments in the AO indicator. But I do not need to change the AIMS box size (15 PIPS) when I use Higher Time Frames. Am I right?
Thanks for your support and have a good night.
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These settings for AIMS Wave or eWAve (for orange) and for Entry Alert were designed specifically for M1 and M5 strategy. I suggest you change the settings of the Entry Alert to 0 and 0. You dont need it. Moreove,r in the AIMS Box, Set it to zero as well. This way you will be able to apply the same template to all time frames. Unless you want ot have separate template for separate time frame and pair :ymsick:
cheers
I must sleep now1
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
These settings for AIMS Wave or eWAve (for orange) and for Entry Alert were designed specifically for M1 and M5 strategy. I suggest you change the settings of the Entry Alert to 0 and 0. You dont need it. Moreove,r in the AIMS Box, Set it to zero as well. This way you will be able to apply the same template to all time frames. Unless you want ot have separate template for separate time frame and pair :ymsick:
cheers
I must sleep now1
Hello Immy,
Sorry to disturb you again, but the AIMS Entry alert V5.1 is a little bit different from yours. I posted a picture below to show where I must change the settings to 0.
Thank You so much and Have a nice day.
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Again let me clarify this id only for when trading other time frame than m1 and you dont know the settings. Having said that pleae change that and one above to zero.
Cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Btw ijust came back to base from s one hour mountsin bike race with friends. Ah the lovely slovak weather in summer and the village is lush green quite and serene
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
immy wrote:Btw ijust came back to base from s one hour mountsin bike race with friends. Ah the lovely slovak weather in summer and the village is lush green quite and serene
