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Trading done well is an intensely focused endeavor and takes a lot of energy and grit. It's nice to walk away from it as often as possible.Ignored
What best indicator to entry signal and TREND? 157 replies
Scripts for Limit entry, Stop entry, Market entry 46 replies
Trend entry system/methodology 5 replies
H4/D1 Entry with W1 Trend 17 replies
DislikedHello WickedDaddy! Do I get it right that this kind of multiple touches of BB are disqualified? {image}Ignored
Dislikedhello wickeddaddy, here's a question, how could i handle drawdown in the event that the heiken ashi colors change back against me in a trade? i know that you have a mental stop loss but from visual backtesting the heiken ashi candles will change colors back and forth sometimes before the trade goes into profit. how do you deal with that?Ignored
Disliked{quote} Would you like your children to be somehow involved in trading?Ignored
Disliked{quote} It does not matter how many times price intersects the BB. The trigger is the candle that pulls away AND changes color (HA) thereafter.Ignored
Disliked{quote} One of them did and asked me to teach him. I spent a lot of time teaching him, starting with the basics. He very quickly decided he was an expert, dumped a load of money in an account and lost it all in a matter of days. That was the end of that.Ignored
Disliked{quote} I had an impression from previous discussion that price consolidating at BB (touching it more than once) would count as more than 1 touch, whereas rules say that trade should be after the 1st touch only. But I could be wrong.Ignored
I held this trade for the day and set a TP for 40 pips, expecting it to continue after I went to bed, but experience some volatility and possibly a retrace at the London open. It closed at 2200 Central Time - just before I went to bed. It has continued to run to the upside today but 40 pips is a stellar trade in my book.
One thing that I do that helps me focus on the rules is to save a picture of a trade like this, print it out and have it on my desk. when I see a trade setting up, I look at my "textbook" trade and ask myself, "does it look like this?" It's a good tool for a quick, visual check.
DislikedThank you WickedDaddy! I think I understand your approach. There was a nice trade recently on Charles Schwab, so it works with stocks too. What I asked a few posts above is whether price touching the BB several times in a consolidation phase is alright. From my short experience and what I've read above it is not a safe trade. That's what I was willing to confirm. {image}Ignored
Often you will see that when price stays attached to the BB for more than just a few candles headed in a direction (up or down), it will negate your trade because the 15 will cross back over the 50 and nullify the rule. But if contact is consistent over several candles during a consolidation and all other rules are met as well, that is a strong trade.
BTW, nice trade in your post. Yes, the method is based on market behavior, which is relatively the same for every market.
Disliked1. Its very obvious that this is a 100% mechanical system, and in light of that fact why dont you automate it ??Ignored
Disliked2. Because you dont use a stop loss as per say, roughly how many pips do you let trades go against you on an average, 40-60, 80-100 or more ?? I am trying to get an idea as to what your risk tolerence is.Ignored
Disliked3. What would be the percentage of all your trades break down be (476 trades) for D1, H4 and H1 be ?? For example, would 50% come from the D1 chart or would it be greater than than 50% ??Ignored
Disliked4. You also mentioned that most of the time you only trade the EU & AU, and sometimes the UJ. Have you tried any other pairs like Gold or GBPJPY or GBPUSD ??Ignored
DislikedHi WickedDaddy. Does it bother you when I want to ask a question? Why don't you make a trade at arrow number 1 (yellow). I see that the 1st arrow is very similar to the 2nd arrow trade you made. Is the trade with arrow number 3 valid? {image}Ignored