What do u guys think about this daily pin?? any takers? I will personally wait for a break and see then.
Cheers
Matias
Cheers
Matias
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedWhat do u guys think about this daily pin?? any takers? I will personally wait for a break and see then.
Cheers
MatiasIgnored
Disliked211,
I reckon you have hit the nail on the head "Exits" Not much thought is given to how to get out of the trade but loads on to how to get in. It took me a while to settle on my approach (I use a bar count). A few ideas you could look into would can be.
- Risk to reward ratios
- Bar counts
- Trailing stops
- Fixed targets
- support and resistance
As you guessed you will have to work it for yourself, some help might be if you are a trend trader then go for something that will keep you in the trend while it lasts. Or a swing trader might target the last swing high or low of the pair as a place to exit.
Enjoy
AdemacIgnored
DislikedOk look at your post and you will se that you have answered your own question
Seriously though... Ademac has touched on this pretty well so I will just tell you what it is that I do.
I actually grade each one of my trades and based on the grade determines if I trade multiple lots and scale out or one lot and shoot for a specific target.
A trades get 3 lots which total no more than 3% of my trading account. B trades get 2 and C trades get 1.
Additionaly as the grade of the trade steps down each lot is only worth 1% of my account value.
The lot value is based on where my stop will be.
Hope this makes sense.
SteveIgnored
DislikedThanks for the reply ademac. I think what I'll do is close some lots at certain smaller targets(such at 25pips or 40pips) and let the last one run with a trailing stop. But I'll also check that last lot each day to see if I should get out at a support/resistance level or not.
I noticed you mentioned "bar counts" but I'm not familiar with that term. Can you tell me a little about those? Thanks.Ignored
DislikedIts my preferred method of exiting. All i do is count back 1 bar and +/- 10 pips + spread from the high/low and set my stop there. then each day i move it to the previous days high/low +/- 10 pips + spread.
The concept behind doing it this way, is the old traders adage "Cut your losers short, and let your winners run." I have found that it gets me out of most trades that end up losers for less than my 1% risk, it averages about 0.35%. This works for me as i am still a young trader and i need to preserve my capital as i get better but at the same time allowing me to catch a big trend that builds your account.
I know other traders that use a 2 bar count on the 4hr, so if you look into this kind of approach then back test it to see how it performs over time. and what your tolerance levels are as it may take 3/4 days before it get to break even some times, the general minimum is 2 days to break even or better
Enjoy
AdemacIgnored
DislikedOk, I think that makes sense. So if you are long on a trade, you would set your stop 10pips+spread below the previous day's bar? And if you were short, you'd put it at 10pips+spread above the previous day's bar?Ignored
DislikedIf that's right, what do you do on Sunday's bar since it's usually small? Disregard it? And what if Friday's bar is also small because it's not a full trading day? Thanks!Ignored
DislikedWhat do u guys think about this daily pin?? any takers? I will personally wait for a break and see then.
Cheers
MatiasIgnored
DislikedIts my preferred method of exiting. All i do is count back 1 bar and +/- 10 pips + spread from the high/low and set my stop there. then each day i move it to the previous days high/low +/- 10 pips + spread.Ignored
Dislikedhi Ademac, wouldn't it make more sense to correlate it to a daily range? 10 pips cushion means a very different level on protection on EUR/GBP and EUR/JPY, for example. What do you think?Ignored
DislikedI added a sell order below the pin if it's a false signal
Waiting to see how it plays out.Ignored
DislikedJust wondering if I'm recgonizing this pattern correctly, but it appears to be a dblhc on the eur/usd daily chart with a bottom bounce off/near the 38% Fib level. If that's right, then one would look to place a buy order 10pips+spread above the last daily candle according to the rules?
Anyone have anything else to add or correct me if I'm missing something?Ignored
DislikedJust wondering if I'm recgonizing this pattern correctly, but it appears to be a dblhc on the eur/usd daily chart with a bottom bounce off/near the 38% Fib level. If that's right, then one would look to place a buy order 10pips+spread above the last daily candle according to the rules?
Anyone have anything else to add or correct me if I'm missing something?Ignored
DislikedOK here is my 2 cents on this one.
Although there is a DBLHC on this pair the current daily trend is down as indicated by the RED trend line.
Now that we are in a down trend we see that this pair has retraced back to the 61.8 Fib of the last reference high and to the 38.2 of the High point of this new trend. Now I am no expert but I would be leary of taking this signal long.
However as you have and Mike have indicated you could play this with an entry +10 + spread above the high of the last bar which should keep you out of a false break to the upside.
SteveIgnored
DislikedOK here is my 2 cents on this one.
Although there is a DBLHC on this pair the current daily trend is down as indicated by the RED trend line.
Now that we are in a down trend we see that this pair has retraced back to the 61.8 Fib of the last reference high and to the 38.2 of the High point of this new trend. Now I am no expert but I would be leary of taking this signal long.
However as you have and Mike have indicated you could play this with an entry +10 + spread above the high of the last bar which should keep you out of a false break to the upside.
SteveIgnored