ES setting up long
- Joined Jun 2015 | Status: Trader | 1,072 Posts
Your trade order needs to be in the right place at the right time.
- Joined Jun 2015 | Status: Trader | 1,072 Posts
Hi - your comments are welcome.
I have no problem trading my charts ( "Roadmap" - Laura's thread on FF) but I was looking for snippets to improve my understanding of price action. I use levels and times and consolidations etc, approaches gleaned from "The flying Dutchman etc" but the core is "Roadmap" thread. I will continue to study and use your level approach using line charts but will cease to post here to avoid confusion and digression from your approach and related dialogue. You have a great thread Island and, with your permission , I will pop in and study more of your evolving content. Excellent thread - and there aren't many of those
Hi T,
We are all here to learn together,. If you consider something of value then post away,
I have no problem trading my charts ( "Roadmap" - Laura's thread on FF) but I was looking for snippets to improve my understanding of price action. I use levels and times and consolidations etc, approaches gleaned from "The flying Dutchman etc" but the core is "Roadmap" thread. I will continue to study and use your level approach using line charts but will cease to post here to avoid confusion and digression from your approach and related dialogue. You have a great thread Island and, with your permission , I will pop in and study more of your evolving content. Excellent thread - and there aren't many of those
Hi T,
We are all here to learn together,. If you consider something of value then post away,
Your trade order needs to be in the right place at the right time.
- Joined Jun 2015 | Status: Trader | 1,072 Posts
AUDUSD And it went to +7.5R. {image}
Your trade order needs to be in the right place at the right time.
- Joined Jun 2015 | Status: Trader | 1,072 Posts
EUR/USD {image}
Well Done
Your trade order needs to be in the right place at the right time.
- Joined Nov 2008 | Status: Trader | 47,716 Posts
BTC Feb10
- Weekly is bullish ... do something!
- look for LTF setup for buys only
- plan-build-run positions and target
50791ish Weekly SnR
https://www.forexfactory.com/news/12...s-do-something
...
- Weekly is bullish ... do something!
- look for LTF setup for buys only
- plan-build-run positions and target
50791ish Weekly SnR https://www.forexfactory.com/news/12...s-do-something
...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- Joined Nov 2008 | Status: Trader | 47,716 Posts
BTC Feb10 - Weekly is bullish ... do something! - look for LTF setup for buys only - plan-build-run positions and target
BTC Feb11
- observing the low liquidity trading between the Daily Close
- LTF add-on position today
...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- Joined Jun 2015 | Status: Trader | 1,072 Posts
Weekly prep work, adding GU and EU on top of the usual three evergreen pairs. As the saying goes, "Plan your trades and trade your plans" {image} {image} {image} {image} {image}
This is how all traders should think / plan. Give yourself options for trades. Know where price could go and be prepared for it.
As with Em, always set up on the weekend ready to start reaping in the $.
It takes more to be a trader than thinking you are.
Get off your butts and dig your heels in.
Lets all have a great week and make some $
I encourage you to post charts and questions, it is the only way to learn.
Your trade order needs to be in the right place at the right time.
- Joined Jun 2015 | Status: Trader | 1,072 Posts
Hi Island, I wanted to ask you something. I am plotting TP, target 1, at the nearest peak/trough and averaging 2-3R. I tested (probably not long enough) and price would hit target 1 then come back to stop out or BE. I wondered if there were anything that helps you with plotting TP further away. I’ve read in one of your posts that it takes time to spot the runners, also the post regarding pushing TP out. I wondered if plotting a TP further away had anything to do with possibly weekly levels, or anything else. Or you mentioned you should be able to...
There is nothing wrong with taking 2 -3R if you are getting a very high win rate.
At the end of the day trading is about making money.
I will often adjust the TP to within support or resistance so my TP is reached.
Sometimes you have watch a 2R or 3R trade turn into a losing trade before it continues to the 7.5R TP (Painful but necessary) but after you get some 7.5R winners and you look at the $ gain win compared to the SL $ you will learn to ride these trades out the distance.
Also runners are not 7.5R they are 15, 20,30+ Pts and can go for days. You have to be very trend aware for this.
I like trading the Asian session because the ADR will be low, this gives me an advantage of having my trade reach 7.5R TP
Lets use EA as an example, the market has opened and the current ADR is 45Pts (That how much it has moved since open)
Lets say I get a signal that requires an 8Pt SL which means I need a 60pts TP (7.5R)
The 10 Day ADR is 108Pts I therefore know I have a chance of getting a 7.5R TP
If the market has moved 60 or 70 Pts before I get a signal the chances are less of getting 7.5R
So ADR is important to watch.
Next using ADR in your favor.
EA has moved 120Pts up and Euro session is about to open, are you going to buy EA?
You should be looking for shorts in this situation.
You have to understand the principle of the 7.5R TP and how it came about and then you may have your question answered.
The calculation of 7.5R is based on the individual pair, daily range, average wick size and few special herbs and ingredients. It took a long time to work out but it works if you get the right entry.
All I can say is stick with it, become a 7.5R trader and be aware.
Apologies if my answer is a bit fragmented, Hospital drugs still in my system.
I will review in the morning.
Your trade order needs to be in the right place at the right time.
- Joined Nov 2008 | Status: Trader | 47,716 Posts
{quote} Hi M, There is nothing wrong with taking 2 -3R if you are getting a very high win rate. At the end of the day trading is about making money. I will often adjust the TP to within support or resistance so my TP is reached. Sometimes you have watch a 2R or 3R trade turn into a losing trade before it continues to the 7.5R TP (Painful but necessary) but after you get some 7.5R winners and you look at the $ gain win compared to the SL $ you will learn to ride these trades out the distance. Also runners are not 7.5R they are 15, 20,30+ Pts and...
Got some free time today so I put this thorugh the strategy tester.
12 months H4 data, Jan 2023 to Feb 11, 2024
same setup candle, same entry
different exit TP 2R , TP 3R and TP 7.5R
you can compare the results
any trading system with +2R and above has the statistical EDGE
...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- Joined Nov 2008 | Status: Trader | 47,716 Posts
BTC Feb10 - Weekly is bullish ... do something! - look for LTF setup for buys only - plan-build-run positions and target
{image} https://www.forexfactory.com/news/12...s-do-something ...
To get good RR trades look for the setup and entry in LTF.
...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett