Dislikedwhy go long at that level?
Dont hope for a big breakout. They are very dangerous in this business.Ignored
- Joined Oct 2005 | Status: Pip Slappa Extrordinaire | 1,012 Posts
You are in a maze of twisty little passages, all alike.
Chicky's House of Pleasure and Pain 11 replies
Carry Backet w/ Jacko's AH 10 replies
Hello Guys is a pleasure to be here. I'm new to MT4 1 reply
Jacko's P&P Trend Trading Method 73 replies
DislikedHi cesarnc,
I don't.
I'm actually really curious about the questions. So far neither you nor luqmanz really answered them(although luq answered/gave a suggestion for the "what does it mean" part, thanks! =) ).
There's a reason I asked them because even though sure I can project targets around into space(high-low-point of wedge/triangle, projected from possible break area), I was wondering what the point of the info was if there is no setup attached to it.
No setup = no trade.
...
SeekingLightIgnored
DislikedHi SL,
Let me share with you how I use this info (triangles/wedges) in my trading.
triangles is a trend- continuation formation anyway".
Worst case scenario, price touches 3700 and reversed.
I placed a buy order at 1.3700.
Price went up to 1.3718. Stop loss moved to 1.3668 (50 pips trailing stop).
Price retraced. Stop loss got hit.
If I dont have a position at 1.3600, I wouldn't take the 3700 trade. I'll wait till price close higher than 3700 on Friday.
Hope this helps. :-)Ignored
QuoteDislikedOne last thing - you yourself said that "normally"(with no initial position) you would have waited for break confirmation with a close outside. So what makes your current profit so expendable that you didn't think it more sensible to wait in this situation as well?
Had you seen this move and behavior without seeing the triangle, would your behavior / trade handling have gone differently?
Which way of dealing with the setup, if it is one for you, is the more profitable/sensible one and does it change merely by the outset of your open positions or is it a self-contained logic each time, regardless of whether what you have already have open before it or not?
Nothing of the above meant as an insult, but as thought provoking.
DislikedStarting in the next week or so it will be closed to posting except for an elite group who can discuss serious trade issues. You'll know who they are by the little icon (see below).
The rest of us can watch, and, hopefully, ask questions in a sub-thread.Ignored
DislikedTrade 2
Market fell to a low of 1.3562 then started rising
A-H order (buy on stop at 1.3629) activated at 1.3629
Market rose again to 1.3679.
Trailing Stop loss moved up to 1.3629 (1.3679 - 0.0050 = 1.3629).
Market then fell and was stopped out (some 26 hours ago) at 1.3629 for break even.Ignored
Dislikedjacko,
After that last trade, was there a reason for not entering another buy stop at 1.3629 after it retraced? In doing so, that would've gotten you back in and subsequently raised your trailing stop to 1.3369 when the market hit the high of 1.3719. Then stopped out at 1.3369 for +40.
I know it's all in hindsight, but what determined not entering a second buy stop?Ignored
DislikedHi Trader KGB,
I hope you do not mind me answering this Jacko and please correct me if I am wrong.
Once you are stopped out, you have to wait for the Fiber to go at least 50 pips lower than your stop to set the AH trade.
In this situation the break even stop out was at 1.3629, the pair then only traded down to 1.3591 (1.3629-1.3591=38 pips). So it did not travel the required 50 pips before headding back up to 1.3719 so there was no trade at that time. I hope that helps.Ignored
DislikedBut I am also starting to notice that it doesn't really matter anymore where I buy or sell.
The anti-hedging strategy is FAR, FAR, FAR more important.Ignored
DislikedHmm ... I have a position and the SL is at 3750 (entered at 3680). If this SL got hit, I'll reenter at 3700 (Another 50% retracement).Ignored