SP & Olarion thank you for the vouch!
- | Joined Dec 2007 | Status: Only trade with acceptable risk. | 440 Posts
Never Trade without a defined risk, never, never, never.
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DislikedHi Olarion.
I'll let SP answer your question, but if I may. Just think about it like this. Is it worth aiming for a target less than 1R? You risk 1 unit to get less than 1 unit return. That to me is a definite no. So the reward should be at least more than 1R and more in the region of 1.5R minimum.
In your example EUR/USD, it would be much safer to skip the daily open trade and rather trade the weekly close. This is a stronger level IMHO. Especially because of the fact that it's Tuesday and price has been trading mostly above that weekly close....Ignored
DislikedVery good.
I botched it up today. I should have been short from yesterday when the weekly high was hit the first time. I am distracted and it shows.Ignored
DislikedThanks. Ah, you mean UJ. The previous week's high on EJ was not yet reached...Ignored
DislikedOk. Does that mean that i will have my stop-loss above the take-profit! Kinda like two stops above market price. Right?
Edit:Sorry that was an example for a long entry.
Sorry, i mixed up everything. I guess you have explained it well and i get it , let me try it out.Ignored
DislikedI wanted to make this experiment public. I have started to average in to a short position at last weeks low in Cable. I am in my test account for this as I am done in the main account for the day. I have the intention of holding this. I still spend a lot of time each day on trying to hold trades. Hopefully this won't stop out and I can have a successful experiment. I missed the original retracement to the level so I have broken into thirds and have two thirds in now. Last third will go in at the aqua if it gets there. Aqua is last week low. Price...Ignored
DislikedRight now looking like this may be coming back above the low. If it does I will enter long on a retest. I am determined to see this through. I want to hold a trade for at least two days, three if it keeps going up.Ignored
DislikedAn important part of Peter Crowns' method is that he does not move the stop to breakeven on the second half of the trade. He leaves it at the other end of the inside bar. This means that if you get 1/1 on your first half and the other goes back and stops out you will lose the spread. It also means that you will not be stopped out when price just tests the inside bar and then goes off to profit.
I want to restate my earlier thought that I don't believe this method has the same power it did years ago. We don't have the strong trends for many months....Ignored
DislikedThe lesson is simple: control your risk and protect your capital, the profits will take care of themselves.Ignored
DislikedHi,
Can someone please tell me what is the daily open time Seneca is using.
Is it GMT-5? I am in US-Eastern time zone. So is the daily open: Midnight E.T? for my time zone?
Thank you for your help.Ignored
DislikedI made so many mistakes today it makes me sick to think about it. I have a million things going on outside trading. I am dealing with contractors every day on the new house. I am sick and can't stop coughing. My kids are sick and can't stop coughing. I am sleeping late while trying to trade and I am up early to handle the workers. I shouldn't be trading at all this week.
Ignored
DislikedHi,
Can someone please tell me what is the daily open time Seneca is using.
Is it GMT-5? I am in US-Eastern time zone. So is the daily open: Midnight E.T? for my time zone?
Thank you for your help.Ignored