Set it and forget it type of trade, with a 30 pip TP as I was out all day, capitalizing on the post-german elections euro decline.
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DislikedTrying to understand something here so i draw my levels on the daily chart, now i'll wait for price to reach those areas, can i not trade off that same daily chart? when i go to lower time frames, it just gets confusing as i keep saying different patters/trends/candle sticks on lower tfsIgnored
DislikedHi W! What is your thoughts about the Stop Loss? How do you use it? Its been very hard for me to use a more wide stop loss (psycological effects) but at the end and after lookin to my journal I see that some losses could be winnersIgnored
Disliked{quote} I usually use a 20 pip stop, with a 2-2,5% risk parameter. Sometimes I will use a tighter, 10 pip or less if I am really sure the trade will shoot in my direction straight away. Placing a stop is not easy, because in order to have a reasonable stop size, you will have to time your entry pretty well. A few tricks I use to determine how tight my stop may be is, if I'm trading off a fib level, I will place the trade at the 61.8% or midlevel, and I will account for price eventually moving as low as the 78.6%. If I'm trading off a resistance...Ignored
DislikedSecond, other KSR - psychological levels (00, 20, 50, 80) - those are pretty self explanatory.Ignored
Disliked{quote} Can you please elaborate further on this? I don't understand what you mean by psychological levels. Thanks for creating this thread!Ignored
Disliked{quote} Actually I'm using a SL of 20 pips as you, my problem is with the fibonacci and the support/resistance levels. I will try to incorporate your ideia as my trading is similar to yours. My 2 cents about the fib and how to use that. I think people always try to know 'how to use' and then they use them in every swing, and of course the levels will fails and they will say that fibs sucks, they dont realize that what is important to understant is 'when to use'.Ignored
DislikedHi WDays, Thanks heaps for the work you've put into this thread, really appreciate it. Just wondering if you're able to comment on how you would've triggered a short in the early euro session on the EU on both the 25th and 26th September. 25th looks to have hit the 50% fib of the asian range before retreating and on the 26th it retreated almost to the 100%. I'm also interested on how high above the daily high you would set your stop too, so that you avoid any stop hunting. I've been entering during the asian session of late and after coming across...Ignored
DislikedSet it and forget it type of trade, with a 30 pip TP as I was out all day, capitalizing on the post-german elections euro decline. {image}Ignored
Disliked{quote} Of course you can, but you will have to use a much bigger stop. Smaller timeframes help frame your entry point much better. I would refer you to the "zone within the zone" concept that you can find a link to in the first post.Ignored
Disliked{quote} Accumulation is easy to identify. Every large move (trend) is followed by consolidation (range), which in turn becomes a new accumulation phase. The concept is based on the premise that the market moves from range to expansion to consolidation. Accumulation is essentially price not going anywhere, staying within a range. It then gets unstable and starts breaking up and down (faking). We try to short at the top of the range and long at the bottom, in order to afford tight stops. The direction we enter (buy or sell) is based on higher timeframe...Ignored
Disliked{quote} I mean what I said in brackets the 00, 20, 50 and 80 levels. The 1.20, 1.10 levels hold a significance for the euro. The 1.1980, 1.2020 levels are institutional levels. Institutions and traders both like round numbers. And there's a rational explanation - it's just human nature.Ignored
Disliked{quote} Not sure if you are serious, but in case you are M15 = 15 minutes and M5 = 5 minutes.Ignored