Does this seem feasible to you guys?
RULES ON HOW TO TAKE PROFITS:
Market Environment Signal (Yellow Flag)
- There is no existing trend in any pair, and most of the markets are choppy, this is in reference to the other pairs not the current pair you are trading. It’s better to close at optimum ratio since choppy
- Indecision or Doji candle has formed in your traded pair (signals pause or choppiness and not trending environment)
Orange flag signal
- The pair you are trading has formed higher lows.. Or lower highs against your trade and has printed on the Daily Chart. (day has finished) and today the higher low/lower high printed on 4h.
Red flag signal
- The pair you are trading has formed a Reversal signal against you. (rejection candle, two bar reversal)
- This should be near a support/resistance line
- Far away from mean
FLAG SIGNAL PROTOCOL (Always adhere to flag signals)
Yellow Flag only signal: Take profit at optimum level, or recommended TP (1:3 minimum)
Yellow+Orange Flag signal: Take profit early
Yellow+Red Flag signal: Take profit early
Orange Flag signal only: You may want to hold in case of trend.
Red Flag signal only: If not formed at importance support/resistance, also not far away from mean and no yellow flag signals, you might want to hold.
Optimum Ratio is the Goldilocks Ratio: as suggested it should be 1:3
What do you guys think?
