just levels to watch... that's all
dazz
dazz
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DislikedSomething that helps me....
I generally need two reasons to consider pulling the trigger. An untested supported / resistance level concept Will (wmd) started in this thread can be one. But I generally need another (three is even better!).
This can be anything. Something as simple as a trend line is my favorite. When you get both of these and a 50% or 61.% fib level .. it's a beautiful thing.
Get three reasons, and with the larger trend... add some PA -> DEADLY!
basic example of two reasons to enter...
dazzIgnored
Dislikedsomething about those dam clusters price breaks out from of isn't there!
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DislikedTrade Update:
AudUsd- 230 pips
Hooks make for the best sr levels.Ignored
Exits (from earlier on the thread)
"I usually look to close half of my positions when my r & r is 1 to 1. So if i set a 50 pip sl, then i will close half the position at 50 pips and ride the rest as far as it can go.
My usual expectation is for at least 60-100% retrace. I mark potential targets on the way up and use those for exits.
Although this style of trading has positive expectancy i try to remain flexible on tp targets. Some times i will close out positions for just 10 pips because the chart indicates that my level will not hold.
Dont get stuck on the idea that the exit needs to be such and such pips and nothing else. You have to take whatever the market gives.
I never move move my sl above the entry level. I will have closed out all my position long before the price ever reaches there. My sl is more of a fail safe against extreme price movment. This does not mean that you can't move your sl. Locking in some element of profit is always worth it. This depends more on your style.
I hope this doesn't sound wishy washy. But in a word, be flexible. A few pips in the hand is worth several in the bush."
As promised, here is a little extra info
Will says: "and ride the rest as far as it can go"
It's dymanic. He does not always let it ride. Well before he enters a trade, a decision has been already made from market analysis... this a scalp, this is a retrace, this is a turning point for a longer term move, etc. A planned take profit could be 20 pips, it could be 1000.
Will says: "I mark potential targets on the way up and use those for exits"
He marks "potential obsticles" (which become potential targets) to price moving further in his direction. This could be a trend line, support and resistance level, etc.
Will says: "I never move move my sl above the entry level."
Sometimes he does. If he is expecting a longer term move, once price has made a new support or resistance level (which will form an obsticle to price reversing on him), then he often moves his stop at point. Well before that though, he would have already taken some money of the table.
Will says: "be flexible"
Thats because he reads price action. He let's price structure tell him what he needs to do.
I will add an example soon....
I hope that helps
dazz
Dislikedupdate on previous post (please see post 1411) .... lets see how she goes....
dazzIgnored