2nd trade out BE on 2nd push up from 4965 area. Had some very weak up candles on 15 min then a shooting star. Sold this double top.
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DislikedI aim for 50 pips a day, if I don't get it I'm not going to worry though.
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DislikedYeah thanks- i think one of my problems is that i am in too much of a rush! I need to stick to at least the 15 min chart rather than the 5min. I am looking for entries too hard rather than the entries jumping out at me. Sorry if u said this before but currently what sort of R & R are you aiming for? -cheersIgnored
DislikedWhat I meant by check charts is you need to do a lot of homework looking back over charts checking that the set up you envisage trading does work. Literally look at months of charts. I ususally say 20 days uptrend, 20 days sideways, 20 days downtrend. If your method stands up under those circumstances then you can be quite confident your method will hold up.Ignored
DislikedI have 4 screens. 1 has daily and 4hr on for gu, eu and ej. 1 has 15 min, 5 min, 1 hr and 1 min for each of the 3 currencies.
On the eu screen I sneak on uc so that I can confirm that eu and uc are doing the right things for gu trade.
So 1 screen looks like this.Ignored
DislikedHi V
Does that mean that -10 was the stop position above the high of the entry pattern? That means it was the 9th bar, or so, after the entry bar that you closed the position, is that right?
And do your 4 monitors each show a separate instance of MT4, or is there one MT4 that spreads across 4 monitors? If the first, is there a common template and indicator folder that each instance accesses? I know, questions, questions.....Ignored
Disliked1 losing trade and a couple of nice winners.
Left arrow down. A debatable one, 1 hr was down but 15 mins was up but on very low vol. We sold in view of very low vol move up on 15 min. Stopped out but we saw that coming and had a buy set up see 1st arrow up.
Nice run up and no real contradictions we thought from 15 min chart. The 3rd arrow up was also debatable, this 5 min coincided with a nice hammer on 15 min and we thought OK as there was also good space between entry and previous high (just in case it turned out to be a lh).
Missed...Ignored
DislikedSorry, re read your post again. I am guessing you did not take the trade because it did not look "right" on the 15 min so close the doji. Once the 15 min started forming a upwards hammer, it looked "better"Ignored
Disliked100% the good vol doji was a definite indication of a pause in the move up, see arrow down.
I have attached the 15 min.
Just wanted to stress that the sell we took after the very low vol move up, see arrow up, was done in the likely knowledge that if we got it wrong then we were buying. We had the buy set up even before our stop was hit.
Our hl/lh off 5 min as long as there are no obvious contras from 15 min is working well for us I must say.Ignored
DislikedHey V I have a random question for you or anyone else who wants to give me their suggestions. Do you listen to music or watch tv or anything while you trade? Normally I have some music going on but today I turned on the tv and had on CNBC to have some background noise. I find if I have nothing on I get bored a lot quicker and get distracted but if I'm listening to music or have the tv on I'm more focused. As long the tv isn't something I really want to watch or else I find myself watching tv instead of trading. Thanks.
trubluIgnored
DislikedThanks for the detailed explanations, V, much appreciated. It provides a nice clear picture of how you are trading. I am becoming much more aware of how much information the 15 min chart can provide.
The question of how much of a daily move is still available is a tricky one.
For your information,the average daily range over the last 20 days is 188 pips on GU, and today has hit 207 as I write. A while back, I did some Excel crunching on ADR's and noticed that there is a majority of days under the ADR and a minority larger than the ADR. Something...Ignored