Thanks Mongolian. Great write up. Must have taken a while to do it.
If you make money, does Oanda make money? 35 replies
EveryDay just need 10PIPS for make a living . 7 replies
Bulls make money, Bears make money. And Pigs get slaughtered. 12 replies
Everyday I make around 80 pips 33 replies
Short Term / Medium Term / Long Term? 3 replies
DislikedSo I tried out my new method tonight, and it was pretty much even with my original method. Now I've looked through a lot of history over the weekend and from that there were only a few nights that the old method of stops beat the new one. 75% of the time it was well up and was even around 20%. We will see how it plays out.
First trade is marked on charts. Biggest point of interest is that 3625 area.. Wish it had stayed there all night. 96 pips with both stops just in that zone. Damn I hate being a scalper
-All green arrows on chart...Ignored
DislikedNhen - I am with you on the new strategy. I think traders confuse themselves by switching what they do.... what I mean is if you are a scalper, then why are you holding a trade going for 50 pips - it is not who you are or what you set out to accomplish. I am pointing this out mainly because of my own self discovery (about the third time). I know that I can pick support and resistance levels very well. I also know that the first time price hits any of these levels in a session - I can get a bounce of 5-20 pips. So if I know I can get 5 pips say 80%...Ignored
DislikedNhen - I am with you on the new strategy. I think traders confuse themselves by switching what they do.... what I mean is if you are a scalper, then why are you holding a trade going for 50 pips - it is not who you are or what you set out to accomplish. I am pointing this out mainly because of my own self discovery (about the third time). I know that I can pick support and resistance levels very well. I also know that the first time price hits any of these levels in a session - I can get a bounce of 5-20 pips. So if I know I can get 5 pips say 80%...Ignored
DislikedI couldn't agree more with this post. My strategy is to get 10-20 pips, but it's very deflating to take the 10, and then see price run another 50 pips. So then I want to hold them longer, but that doesn't work because now I get stopped out more.
I'm trying to take the pips and not worry about the runners and what I "could" have made. The hardest part with all of this is the "fear and greed".Ignored
DislikedNow - other's may trade differently, and probably will disagree with me here - but I'm okay with it - but with this style of trading.... there are MULTIPLE setups daily. Once I really embraced that - and understood - that just because I miss a runner - doesn't mean I'm missing out... the 'stress' of trading lifted. Now I was able to just take my setups - get what I came for (or not if I got stopped out) and then look for next setup. Control what I can - leave the rest for someone else to get bent out of shape over.
Thanks for dropping in......Ignored
DislikedHi Chaps,
I've been following this approach for a few weeks now with good results. I only trade it during the asian london crossover but just took this one based on the previous failure at the 3675 level, strictly out of hours for me but very rewarding never the less.
happy pipping
doc.Ignored
DislikedAlright here's my chart from London Open tonight. A few mistakes but not many missed moves, which is what I was going for.
Light green and light red arrows mean I had 1/2 positions on. I need to come up with a plan for reducing my position size, at the moment I do it when I am unsure but sometimes it is unjustified.Ignored