DislikedFurther to the above, the red dotted line is the presumed TP line. My question is what about all that resistance on the way up, do we ignore it? or be ready for a partial bailout?
HertyIgnored
What's wrong with 123 Pattern 25 replies
bo7a method... method for GBP/JPY 205 replies
easy as 123 profittable system 20 replies
Calling to all Programmers! let's remake this 123 indicator 1 reply
Someone can introduce me to the 123 system? 15 replies
DislikedFurther to the above, the red dotted line is the presumed TP line. My question is what about all that resistance on the way up, do we ignore it? or be ready for a partial bailout?
HertyIgnored
DislikedI entered that trade yesterday cause Ive seen MACD go up on the 4hr chart,but price has now retraced,so to me its even a better entry...just wish price will go up,up,up cause Im testing this system on my live accountIgnored
DislikedIt all depends on what price action does when it reaches those levels. Just keep an eye on the macd on the daily and 4H charts and the ma's when price reaches those levels.Ignored
Dislikedplease be careful with your money management....this is a long term strategy and the draw downs can be large......if you dnt have a good SL in place, you might get taken out often and price will still later go in your direction...hence the large pips risked..
Since this strategy gives you time to plan your trades, i suggest you envisage the amount of pips to be risked and equate that to the % of your capital you want to risk [i suggest not more than 3% per trade], this should give you the lot size to use...
Example....lets say you are to risk...Ignored
Dislikedplease be careful with your money management....this is a long term strategy and the draw downs can be large......if you dnt have a good SL in place, you might get taken out often and price will still later go in your direction...hence the large pips risked..
Since this strategy gives you time to plan your trades, i suggest you envisage the amount of pips to be risked and equate that to the % of your capital you want to risk [i suggest not more than 3% per trade], this should give you the lot size to use...
Example....lets say you are to risk...Ignored
DislikedThanks for the advise,but TP usually being in the neighbourhood of 1:3 isnt what I noticed especially when youre entering with the first method unless when MACD pops up in a buy trend and price is still below 50% fib or 38%fib level. Also Igtj says he or she takes trades even without price retracing to 50% fib level. I see you get better RR the further price retraces
just my 2centsIgnored
Dislikedok..The bottom line is equity preservation...this is where most traders especially new ones get it wrong..
If you ask most traders which is more important, preserving your equity [minding how much you risk], or increasing equity [minding how much you make]...they'll choose the later [Most of my students fail this test, so i know].....and you know what the statistics say..''most traders'' loose.....
Equity preservation is more important...both are important and the chance to make more money is why you're in fx trading in the first place...but learn...Ignored
DislikedOk,so how do you manage the news when they are about to hit and you're in a trade? atimes you're in a trade and exit mins before the news then see price head in your direction,then sometimes you leave the trade and the news spikes you and hits your SL. How do you manage trades around news eventsIgnored
Disliked..
I personally stay off important news 1hr before and 1 hr after...if i'm in a trade, i dont adjust my SL if the trade is still in red...but if in green, say 10% [not a hard rule] of the target profit, i move my SL to...Ignored
DislikedThanks for the info. I just wish you could help out in detail cause I know I'm not the only one that this affectsIgnored
DislikedThanks for the info. I just wish you could help out in detail cause I know I'm not the only one that this affectsIgnored
DislikedFrom my experience, I've learned that news really don't affect your trades as much when you're trading on the higher time frames, as long as you're trading with the trend. When you're trading on 1H and lower, then your trades will definately be affected by news.Ignored
DislikedFrom my experience, I've learned that news really don't affect your trades as much when you're trading on the higher time frames, as long as you're trading with the trend. When you're trading on 1H and lower, then your trades will definately be affected by news.Ignored
DislikedWell,maybe when there's a live example, we will see better in details...perhaps you want to give me figures yourself?Ignored
DislikedHello Sir,...any potential set up in the making?....still waiting for GJ to alignIgnored