The above example, taken from July 2011, would have taken 1 : 1 and if you had split the trade into two, moving the second half to break even after 1 : 1, the second half would have easily made 6:1 or even 10:1.
Gone to a better place
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DislikedHere's what to look for if you want the best entries. It's worth waiting if you can.
Notice how long it took to make 1 : 1 if you used the candle length as your guide. Lots of patience needed, to wait for the set up and to wait for the profit. Rookies would lose money on this.Ignored
DislikedThat's it really. Sorry for hogging the thread. If you are like me, you will take a lot of dodgy trades and miss lots of good trades. That's why I'm typing this instead of sitting on some sun kissed beach somewhere. Bye for now...Ignored
DislikedNice to hear your comments.
When I started this thread i just wanted to give people an idea of simple trading. I really didn't go into to much detail as I believe people should adapt these strategies to suit themselves.
I showed the entry candle, how i use SL's etc using candle size, and where to look for candle (at highs/lows of days/week, not in the middle of a range..as you just said). I've always stipulate the importance of RN's and S/R.
I try to steer away from to many indicators, although i sometimes use 1 or 2, simply because we all...Ignored
DislikedYou're never too old to learn and look at old concepts with a new perspective. I would agree with some comments that taking every trade blindly this method might well not be a winner but using some good old common sense it is effective.
OK first off all excuse the horrible squiggly lines at the bottom of the chart.
Each days first x trades I wouldn't take as they are too late in Asian session, would need to consider entries much earlier but I'm sleeping then.
30 Jan. The left arrow down certainly a trade and there is a continuation sell trade...Ignored
In the attached chart, breakout candle circled in blue is also a reverse candle in the opposite direction. How do you deal with this? Do you close short position and open long?Ignored