My first chart to this thread... hope i will learn the art of naked charts....
Took short at circled area.
Took short at circled area.
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DislikedI have a really small short on right now. So far just up a few, but H1 might push me to TPIgnored
DislikedDoes that mean bullish? For a market that is apparently going down it doesn't look so bearish to me at the moment.Ignored
DislikedIt would appear to be bearish but I will tell you why I believe it's temporary....
From my view of the Daily and H4 charts PA is just consolidating for a number of candles. If PA gets to 8650 that would be a great place to go long according to my historical experience with the MA's.Ignored
DislikedThis is where I'm at right now in regard to A/U. White ovals indicated pending orders. I would thoroughly like to see PA reach the Daily PP / 150ema for a short. This aligns with what Shahab was looking at. I'll take a quick long if it reaches the Daily S1 below.Ignored
DislikedTherefore if you mean Buy POs on your chart, I presume you are expecting the price to continue up from there. If you mean Sell POs on your chart, you are expecting the price to drop from there.
I’m sure I’m not the only one that needs this explanation.Ignored
DislikedNo problem. I use the Daily S/R's; significant historical S/R's and MA's as my floating S/R's to figure out where I'm putting pending orders.
On the chart that I previously posted I had white ovals above and below the current PA. The white ovals above are places that I have orders to sell and the white ovals below are places that I have orders to buy.
Hope this makes sense. Let me know if you have any other questions.Ignored
DislikedI would agree with that, it also fits with my view for the Dow on Wednesday.Ignored
DislikedYou are welcome. Btw. Just took 10 pips from that D S1 trade. Time to move onto the next.Ignored
DislikedGeez! I get made fun of by OvT and Saxon for going to bed before London over the past few days and the night that I stay awake they aren't even around! Come on guys, what's this all about!Ignored
DislikedHi Marc,
Nice trade!
I didn't go for that one as per my rule No1 "No trade before coffee"
Did you think about only closing half of your position at the initial target and let the rest run a lil more saved at BE?Ignored
DislikedThese little 5 to 10 pip trades are my bread and butter and I do them 10 to 15 times a day. Sometimes people ask me why I don't shoot for more than just 5 to 10 pips and the easy answer is: I don't know for certain where PA is going at the edge of the cliff and neither does anyone else!Ignored
DislikedVery nice!
Everyone got his/her own style to manage this business.
I am more up to go for swings but those nice lil bounces are also tempting sometimes.
Taking 5 to 10 pips should be possible in almost every market conditions.
So you bread and butter is saved.
Sleep tight and get some rest!
See you soon!
TunerIgnored
DislikedSometimes people ask me why I don't shoot for more than just 5 to 10 pips and the easy answer is: I don't know for certain where PA is going at the edge of the cliff and neither does anyone else!
In the beginning there were times when I did try to capture more pips from these quick trades but more often than not I would get stopped out with nothing or even worse a loss! I've learned my lessons to say the least and take what I can get (or plan for) and move on.Ignored
I am still progressing in that process of cutting down targets and replacing old habits with the new ones. And slowly but surely ...
But 5 to 10 pip wins ...great work Marc
Rob
DislikedMarc I understand how you feel. From my début days in this business, I was reared (like most) to think that I need to shoot for hundreds of pips and it took me a long time to see the light.
For me, this...Ignored
DislikedHi Rob
I wanna say something if I may. I think the concept of smaller target more wins is not valid if you have a wide SL. As a probability point of view if you randomly pick a point in the chart and have a 10 pips TP and 100 pips SL, the probability of win is %90 (I dont consider spread in this example).That's actually what so many traders do, they use a wide SL or no SL at all, they go for 10 pips each time, happy for a while , then they meet the ugly side if the truth, which a 1oo pips SL will hit 1 out of 10 random trade.
But if you keep...Ignored