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DislikedWell, tried it today and I lost -151 pips on GU today, over 5 trades, trading the 5M.
Probably not the greatest day to start being friday.
One trade could have been +50 but got stopped out at BE, should have just taken 50 as it was really a news reaction at 7:30.
Looking back my entries could have been better. It seems that the best entry is with the color change, you can't just jump in because the colors agree and hope it continues.
Also I noticed that the BB changes color right along with the TM, so what is the point of even bothering...Ignored
DislikedWell, tried it today and I lost -151 pips on GU today, over 5 trades, trading the 5M.
Probably not the greatest day to start being friday.
One trade could have been +50 but got stopped out at BE, should have just taken 50 as it was really a news reaction at 7:30.
Looking back my entries could have been better. It seems that the best entry is with the color change, you can't just jump in because the colors agree and hope it continues.
Also I noticed that the BB changes color right along with the TM, so what is the point of even bothering...Ignored
DislikedIt seems that the best entry is with the color change, you can't just jump in because the colors agree and hope it continues.
Also I noticed that the BB changes color right along with the TM, so what is the point of even bothering with the BB? Is there a better way to use it instead of just reading only the color?Ignored
DislikedThis will show what I'm looking for. The lines show the colour changes, the arrow up and down show the next higher low and lower high for the trades.Ignored
DislikedThis will show what I'm looking for. The lines show the colour changes, the arrow up and down show the next higher low and lower high for the trades.Ignored
DislikedI'm familiar with looking for H/L/H sequence through using sonic. ( Stopped using that because there were some good trade because of it, but also a lot of fakeouts)
My questions would be when do you enter using trendmagic and H/L/H, do you wait for it to pass to the other side of TM or just when it looks like a continuation from a lower high (short) or higher low (long).
Also when it hits the lower high, how do you know its not just going to continue upward? Or are you just using the direction of the TM + the higher low as your bias?Ignored
DislikedLook at the chart again 3 posts or so up. Right side, last arrow, the green candle before is the lower high. It wouldn't have been a lower high if it had continued.... enter the other side of TM line.
cheersIgnored
DislikedHere are my stupid stupid trades from friday, Oct. 16th. Any comments of how I could have done better, using this threads method, are welcome.
Trade are marked with a green or red dot for long or short. The trades are all taken on the 5M on GU. I only trade GU.
My breakout box is set to 11:00 -13:00
1. Short loss: Had just got up TM and BB were red and price was close to it, so I got in short. Almost as soon as I got in both turned blue so I got out.
2. Long BE: Got in right after both tm and bb turned blue. Waited for the news. Could have...Ignored
DislikedHere are my stupid stupid trades from friday, Oct. 16th. Any comments of how I could have done better, using this threads method, are welcome.
Trade are marked with a green or red dot for long or short. The trades are all taken on the 5M on GU. I only trade GU.
My breakout box is set to 11:00 -13:00
1. Short loss: Had just got up TM and BB were red and price was close to it, so I got in short. Almost as soon as I got in both turned blue so I got out.
2. Long BE: Got in right after both tm and bb turned blue. Waited for the news. Could have...Ignored
DislikedIt seems to me that you exit your potentially winning trades with a loss, instead of being patient.
Use hard stop that is initially under/above last low/high. If it is too far away then better do not take the trade but wait for the next opportunity.
Anyway, do not jump out only because the line changes color. Supertrend (TM) is tradeable even without paying any attention to its color. Just above or under is the information you need, and the break of the line is the strongest signal.Ignored
DislikedHi Indrek,
First of all, thank you for contributing to the thread. It seems he did the right thing. While the BB MACD switches direction, he changes along too. Any reason why you said he's being impatient? Perhaps you can share with us?Ignored
DislikedI just suggest to use hard stop instead of manual exits based on instincts. Any indicator can change its color back and forth, we have to trust our entries.
Of course, the first thing is to pick the correct entries. In this case, there were false entries, too. But at least two short ones would be winners if the trader did not exit too early.
Again: initial SL (hard stop) is under/above last low/high. Another option with this system is the previous flat level of TM. If these are too far away - no trade.
I do not take trades from M5 timeframe if...Ignored
Dislikedif i were going to trade gbpusd, i'd limit it to 2-6 am est--just before london opens at 3 am est. your charts gmt+0, correct? so that would be 6-10 on your box. they match my broker charts.
the spread is just under 4 pips then which still isnt great, not sure what it was when you traded.
I also might have considered taking your 2nd and 6th longs except that that they were right at daily R1 so I wouldnt, and that 5th short bar, assuming you entered at its close, had just dropped 36 pips--something vantage had pointed out to stay away from, although...Ignored
DislikedProbably not the greatest day...that's for sure. Now, here's a real shocker for you: you absolutely have to keep an eye on the calendar here at FF and make necessary adjustments to your trading times or lot sizes.
Maybe it's a bit too much to ask, but it would also help your account if you were to check financial news every day to get the big picture (at least once a day, before trading perhaps). You don't have to be a Wall Street analyst to interpret the news that has been hitting financial pages these last few weeks. The big news right now...Ignored
DislikedThough I tend to like GU better as it has bigger moves when it takes off.
Do you trade EU during the US session?
P.S. mmmmm looking back the same friday I got boned in GU, EU would have had a great day with this method compared to GU.Ignored
DislikedPardon my language, but that's a really uneducated approach. You could just as well trade fiber with bigger lots to compensate for the smaller pip runs. Cable is like an untrained horse, as it were - it runs as fast as hell but it knocks you off if you don't know what you're doing. Fiber is a much more tame animal - it moves slower and the moves are in clear bounds, making it psychologically and monetarily easier to stay on the saddle. All of this goes back to what I wrote earlier about the liquidity of those two pairs. So, if you want to make more...Ignored