SWING Trades using the FXTradepro quotLUCKY 7quot Progression Sequence
I'm currently DEMO TESTING a variation of my LUCKY 7 Progression Sequence targeting longer term Swing-Type Trades. This is supposed to be of interest to anyone who has time to follow the Markets.
This set-up can be Traded MANUALLY a great deal simpler than my typical LUCKY 7 set-up as it uses much bigger TP SL parameters. Of course, I will be using the EA to make items easier.
Also, I will simply be looking to enter 2 or 1 Sequences each week instead of searching for new entries every day. I anticipate that most Sequences will last the good part of a week (or perhaps more) to shut.
Here are the settings I'm using:
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Here's a Chart showing a LUCKY 7 Swing add-on GBPUSD that I entered Monday, May 19, 2008 at 10:01 AM EST - SELL @ 1.9503. This Sequence is currently OPEN and about the 2nd Progression Degree and can be 140 Pips IN PROFIT as of the writing.
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For my Entry Criteria, I'm using only a 100 EMA on a 1 Hour Chart and will look to input when Price touches (a closed candle) OR breaks the EMA for the first time in the current Week.
I anticipate that because these Swing-Type Sequence Of concessions will take longer to grow and develop that I will use more manual intervention in managing them, like moving Stops to BreakEven, closing early when in profit and possibly Trailing my stops. Since this is a work in progress I will detail my Trades and note whatever intervention I've employed.
I will Post my results in this particular strand....
Dan
