From reading some of the journals on the Black Dog Forex forum i decided i was restricting myself by only taking trades which qualified in the candles immediately after the MTF3 signal appeared. A lot of the guys trade retracements following the relevant signals which go back to the 15 ema & then bounce off it.
Its exactly the same set of rules applied to wether its an actual trade or not but just a case if watching if the price touches or gets within a pip or two of the 15 ema and then reverses.
Thought i’d keep my eyes open for any of those potential set-ups and sure enough today i got one on the eur/usd where the original MTF3 signal was too far away for my normal trade but then retraced back to the 15 ema and bounced back down for a total gain of 18 pips. It only dipped beyond the 15 ema by a couple of pips but rules are rules and i had to close it out – it actually gained another 70 pips by 6pm.
it was actually a much better set up than the original MTF3 signal because the entry point was closer to the ‘escape route’ of the 15 ema so less risk and this ema was also all the way out of the 50 channels so basically all the boxes ticked.
Running total +184 pips
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