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- #7
- Oct 13, 2024 12:09pm Oct 13, 2024 12:09pm
- Joined May 2021 | Status: Trader | 7,225 Posts
People don't plan to lose. They lose because they don't plan.
- #11
- Oct 13, 2024 1:00pm Oct 13, 2024 1:00pm
- Joined Jul 2011 | Status: Gold Again | 10,633 Posts
I will share with you my Anchor trading method this method is easy to understand and can be applied to any time frame basically you need an up candle for buying followed by a down candle this is anchor high at the up candles closing price area opposite for sell anchor, you need down candle followed by an up candle this is anchor low the entry is a breakout of the anchor area and exit is on color change on the candle close hope you understand
There is mention of both "all you need is 10 pips" and hold to candle close; which works best for you?
Can you show an actual, closed profit trade, live or demo, on the 1-hour chart?
Surely you have some results since you seem very experienced using this method.
Thanks, have a great week.
It takes a lot for me to IGNORE you, but you can try.
{quote} There is no mention of STOP LOSS, how to calculate Risk - Reward, and then Position Size? There is mention of both "all you need is 10 pips" and hold to candle close; which works best for you? Can you show an actual, closed profit trade, live or demo, on the 1-hour chart? Surely you have some results since you seem very experienced using this method. Thanks, have a great week.
stop loss you can use 15 pips stop on the 1 hour timeframe
- #13
- Oct 13, 2024 1:38pm Oct 13, 2024 1:38pm
- Joined Jul 2011 | Status: Gold Again | 10,633 Posts
{quote} stop loss you can use 15 pips stop on the 1 hour timeframe
Can you define the "anchors" specifically please? I'm thinking it's the close price from the charts.
From the chart, the long trades, it seems the entry is at the close of green up candles before the red down candle; wouldn't the breakout of the high of the red candle be "safer" entry?
Or is there a significance for the close price perhaps?
It takes a lot for me to IGNORE you, but you can try.
{quote} Thanks. Can you define the "anchors" specifically please? I'm thinking it's the close price from the charts. From the chart, the long trades, it seems the entry is at the close of green up candles before the red down candle; wouldn't the breakout of the high of the red candle be "safer" entry? Or is there a significance for the close price perhaps?
the up candle in green needs to have a red candle immediately after it , then a break of the green candles close price
is the entry not on a close past green but a break of the green candle close price
if the price breaks the anchor but does not close above stay in the trade as long as the candle closes green and exit on first red candle that closes after the entry
- #16
- Oct 13, 2024 2:05pm Oct 13, 2024 2:05pm
- Joined Nov 2008 | Status: Trader | 50,255 Posts
all you need is 10 pips a day 0.02 lots for every 100$ in your account this is 20 cents a pip x 10 pips a day is , $2 a day or 2% a day 40% a month compound that over a year and you make good return it can be much more
but I need 60pips a day to pay for my retirement entertainment and relaxation expenses on a cruise ship.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
