Signals of this robot consists of 2 indicators, one indicator gives targets based on Elliot waves and Fibonacci levels, also it gives some limit for better entries on possible corrections in waves.
The second indicator gives trading direction of current moment which has around %60-65 percent correct signals and Winrate.
this indicator in this latest version now has a formula for stoploss which is not too close to be simply stop hunted with a shadow. and not too far to reduce the allowed lot size for trade.
I recorded a live video from how I trade using these signals and how I manage them when it goes into profit:
so you should never risk more than 0.5 to 1 percent of balance per stoploss distance of a trade.
for example if you have an account with balance of 1000$ , the allowed risk per trade for that stoploss is 5 to 10$ max allowed.
for example on this signal :
https://t.me/Marketz_Gold/22893
#XAUUSDe
T.F.: #M5
Signal: Buy-New
Price: 3040.47
Buy StopLoss M5:3032.72
M5 Buy 1|1 target1: 3048.05
so trading direction is a buy signal, the entry for market is price of 3040.47
stoploss is : 3032.72
in forex standard trading accounts , each 1 dollar price change of xauusd, on 0.01 lot size has 1 $ profit or loss ( without swap and commissions )
so if your balance was $1000 and your allowed risk is $10 , if you trade this signal ( 3040.47-3032.72= 7.75 $ ) , you are allowed to only use lot size of 0.01 lots . never trade large on a single trade.
because if you face a huge draw down on your trading account it will be too hard to return to your initial balance:
For example if you face a 20% draw down on your account and your balance reduces from $1000 to $800, with that reduced amount you should take %25 profit to return to your initial $1000 balance which according to my experience on prop accounts is usually not possible.
so never risk too large on a single trade and do not gamble with your hard earned money.
****************************
then when there is a buy-stop or sell-stop signal, it means that if you have a position in profit, save profit and wait for a better signal.
there are multiple conditions
1-reversal candle engulfing patterns.
2-Macd crosses in the opposite direction
3-RSI goes against our signal direction
4-Parabolic SAR and some other moving conditions…
so when for example a buy-stop signal comes and you have a positive trade you can close it or do move stop to breakeven. or trail you stop loss behind the price in positive area.
or if your loss amount is small you can take that small loss and wait for a better signal.
or you can do nothing and wait for initial stoploss to hit. and maybe price continues again in your favorite trade direction.
**********************************
The provided analysis have educational purpose only. please do your own research and analysis before trading and do strict money management before entering a trade.
Risk Warning:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.5% of retail accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
