This one fizzled...never did anything..
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DislikedI did. I took it on the first leg and closed it for 20 pips. It wold have gotten against me by 40 pips, so glad I closed it out.
LG, could you please take a look at EURCHF? That one whipped me today. I took it long first after the 1hr BO, got stopped out and then tried to enter a short when it broke below the support.
Could I please ask your opinion? Maybe we can learn all from my error, if there were any...Ignored
DislikedLooks like it never really had a decisive BO. Notice the several hours of consolidation/indecision marked by the top yellow line. Moving to the M15 chart for your short entry, several pinbars..indecision. I think you just tried to chase the trade. This is probably your only loss this week.Ignored
DislikedAgreed the short trade was stupid, lots of reversal bars.
However the long I could not prevent, I had a nice full-bodied candle on m15, which I entered on. However all those previous highs should have been a worry for me? I entered at the top of a horizontal channel...Ignored
DislikedDon't beat yourself up..but maybe wait for another M15 candle to close, I think you would have noticed a problem if you had.Ignored
DislikedHey LG, 2 quick questions:
- do you demo ALL your trades first then go live when they are in the money or just the shaky ones? Don't you lose a good part of the pips while waiting for that confirmation?
- Also, for the 1HR BO trades, do you always wait for triple directional bias before you enter? Seems like during the asian session (after the 4th candle) RSIs are not doing much, they mostly start pumping after London open, but then you (and me) are sleeping, and orders are in...
Thanks for the great thread, starting to make some pips after...Ignored
DislikedHi Dryclean, when u said Steve's EA, u mean this EA open trades for u if u install on the mt4? Where can I get this and the SL adjuster is g8 will give it a try. Look fwd to your advice/tips on the usage of the EA. Tks.Ignored
DislikedAgreed. It would have paid off to wait and see what next bar does. Something to keep in mind in general. The next bar did not go in my favor by a single pip, so this would have prevented the trade.
Thanks for your thoughts.
I also entered AJ 5 hours ago. It was a nice BO to the downside on h1, but completely retraced. It came very close to my SL just above those tops and went back down finally. First target hit at 20 pips. Remainder is open, SL at BE.Ignored
DislikedYes, I do lose some of the run by demoing first. But I also save time on my live accounts by not playing around with set ups. Sometimes I won't even have the chart up on my live screen..just the trade going. But I almost never have a losing trade and I meet my goals. I am a big risk taker and like to try different set-ups, but learned the hard way not to do it with real $...so every trade has to prove itself to me, so to speak.
I do use pending orders and will often get up in the middle of the night to check them, as I do not sleep well anyway....Ignored
DislikedThanks for your reply. so the middle of night wakeup is happening... Used to do that for news trading. Horrible days. I called those "trigger finger" trades. Nerve-wrecking...
Kiwi - out + 28 pips. that's +132 for the day, would have been +172 if I leave USDCAD going longer (which was not a valid setup anyways) ... Wow, I've never made that much ever in a day. LG, I'm sold on this method, everyone else, keep working with it, it works!Ignored
DislikedLong @ 1.3764 Sup confirmed @ 1.3733 SL moved @ 1.3877 target @ 1.4049.
Patience is not only a virtue but a necessity.
CheersIgnored
DislikedThanks for your reply. so the middle of night wakeup is happening... Used to do that for news trading. Horrible days. I called those "trigger finger" trades. Nerve-wrecking...
Kiwi - out + 28 pips. that's +132 for the day, would have been +172 if I leave USDCAD going longer (which was not a valid setup anyways) ... Wow, I've never made that much ever in a day. LG, I'm sold on this method, everyone else, keep working with it, it works!Ignored