{quote} A SL just above the 5/8 MML is about 150 pips from current price so about $150 per mini lot (0.1 lots) or $1500 per lot. Masterrmind...........
- #442
- Jun 21, 2017 8:57am Jun 21, 2017 8:57am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Thanks Mastermind but it was a open question to the thread as to if it was in there comfort zone to fund it in the correct manner, again thanks for putting the numbers to it though
Ha ha ha.
Night all its rest time for me.
Back at it again tomorrow.
ps. GU + US30 ... worth a look ok.
Masterrmind............
Master your Mind then Master your Trades
{quote} Might have been waiting a long time for a response so I decided to butt in to keep the passion burning. Ha ha ha. Night all its rest time for me. Back at it again tomorrow. ps. GU + US30 ... worth a look ok. Masterrmind............
You have done tremendous job. I do appreciate your help and guidance. I have request - can it be possible that on any currency with any time frame when +2/8 or -2/8 will pop up message display with your indicator. Hope I am not asking any difficult question. Take your own time to reply. In advance thanks.
Bomi
- #445
- Jun 21, 2017 10:32pm Jun 21, 2017 10:32pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
US30 [D1 Chart]
US30 [M5 Chart]
Use the M5 TF to fine tune your entry which would be short in this setup.
Based on previous PA the pullbacks have been rather shallow so a TP that spans no more than 2-3 octaves might be needed.
If I was to trade it I would look to go to BE+ a few points after price hits the next octave level down.
Technically its a great setup.
But what about fundamentally?
Masterrmind............
US30 [M5 Chart]
Use the M5 TF to fine tune your entry which would be short in this setup.
Based on previous PA the pullbacks have been rather shallow so a TP that spans no more than 2-3 octaves might be needed.
If I was to trade it I would look to go to BE+ a few points after price hits the next octave level down.
Technically its a great setup.
But what about fundamentally?
Masterrmind............
Master your Mind then Master your Trades
- #446
- Jun 21, 2017 10:47pm Jun 21, 2017 10:47pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
US30 [D1 Chart] {image} US30 [M5 Chart] {image} Use the M5 TF to fine tune your entry which would be short in this setup. Based on previous PA the pullbacks have been rather shallow so a TP that spans no more than 2-3 octaves might be needed. If I was to trade it I would look to go to BE+ a few points after price hits the next octave level down. Technically its a great setup. But what about fundamentally? Masterrmind............
M5 MML reset.
Look for an opportunity to short from higher up.
Just understand that as price moves up the chart we continue to follow the PA.
The higher price goes today the 'better' our short entry price will be for an entry on todays D1 candle.
What about the bigger picture:
It also trains us to be patient, seeking out an ideal entry level into the market.
Masterrmind............
Master your Mind then Master your Trades
- #448
- Jun 22, 2017 1:41am Jun 22, 2017 1:41am
- Joined Jan 2015 | Status: Trader | 5,144 Posts
{quote} US30 M5 MML reset. Look for an opportunity to short from higher up. {image} Just understand that as price moves up the chart we continue to follow the PA. The higher price goes today the 'better' our short entry price will be for an entry on todays D1 candle. What about the bigger picture: {image} It also trains us to be patient, seeking out an ideal entry level into the market. Masterrmind............
- #449
- Jun 22, 2017 2:11am Jun 22, 2017 2:11am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Morning M, again very detailed work thanks, just to pick up on one point, you said that you have had a 5 min chart re-set, so do you think the re-set could act as an early warning system, example if you were to look for a trend reversal from up to down you would be expecting to see 1min, 5min,15min slowly re-set into your favour even with the very small octave size, hence it would be acting like a trend line of some description ?
It also triggered a response, namely to start looking at other TFs and see where price might be headed too.
Just so happens that the M5 TF is my favourite for intraday setups or for looking at finer PA and a neater entry into a given trade.
I'm not keen on the Monthly charts because they are too far out into the future for FX trading in general.
Different story if you were trading stocks, bonds, soft commodities etc.
As for the US30 - definitely a warning sign to me.
If I do end up trading it the position size will be miniscule considering I'm still in the GBPCHF long.
Masterrmind............
Master your Mind then Master your Trades
{quote} I see the reset in this case as a possible warning that price may want to head higher up the chart. It also triggered a response, namely to start looking at other TFs and see where price might be headed too. Just so happens that the M5 TF is my favourite for intraday setups or for looking at finer PA and a neater entry into a given trade. I'm not keen on the Monthly charts because they are too far out into the future for FX trading in general. Different story if you were trading stocks, bonds, soft commodities etc. As for the US30 - definitely...
I am in the DJ30. The quad pattern is made, we are in the +1 zone, and the price retraced almost the 50% of the daily candle of yesterday. Yes, the trend is still up and it is always risky to take a trade on the opposite side, but the odds should be at our favor and I think this is the set-up we want to find with this strategy. In these cases, I try to put the trade at BE a bit earlier than the trades in trend because the trend can quickly resume.
I agree with you, that a lower time frame can give us a good opportunity to save some pips, but at the same time I think that operating in daily tf, we will put our stop loss pretty far away from the entrance as well as the take profit, so maybe it would be a good habit to have a general idea of the point to enter focusing on the daily chart and when it reach approx that level, go to the lower time frame, just to try to get a better entry. Good to save some pips, but in my opinion it is a minor detail of this strategy. I just wanted to share my point of view with the goal to compare our opinions and reach together the best habits to get green pips. Of course, Mastermind is the master and I am open to critics. Have a good day to everyone
- #451
- Jun 22, 2017 3:45am Jun 22, 2017 3:45am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Hi all, I am in the DJ30. The quad pattern is made, we are in the +1 zone, and the price retraced almost the 50% of the daily candle of yesterday. Yes, the trend is still up and it is always risky to take a trade on the opposite side, but the odds should be at our favor and I think this is the set-up we want to find with this strategy. In these cases, I try to put the trade at BE a bit earlier than the trades in trend because the trend can quickly resume. I agree with you, that a lower time frame can give us a good opportunity to save some...
I particularly like the fact that you have gone for 2 octave gaps as a possible TP being aware of the chart and how this instrument might only produce a minor pullback before heading on up the chart.
In situations like this it is wise to lock in at BE+pips at the earliest possible time without strangling the trade with too tight a stop.
Very good work by you.
Masterrmind............
Master your Mind then Master your Trades
{quote} Great setup Eldero. I particularly like the fact that you have gone for 2 octave gaps as a possible TP being aware of the chart and how this instrument might only produce a minor pullback before heading on up the chart. In situations like this it is wise to lock in at BE+pips at the earliest possible time without strangling the trade with too tight a stop. Very good work by you. Masterrmind............
- #454
- Jun 22, 2017 4:08am Jun 22, 2017 4:08am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Ger30
Masterrmind............
Masterrmind............
Master your Mind then Master your Trades
- #455
- Jun 22, 2017 4:33am Jun 22, 2017 4:33am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Master your Mind then Master your Trades
- #460
- Jun 22, 2017 6:05am Jun 22, 2017 6:05am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Yes, I am in DJ30 GBP-USD* GBP-CHF EUR-JPY * Here, I have two trades. First one, I have cashed 50% and moved the stop to BE Probably, I have too many trades open... {image} {image} {image} {image}
Under what conditions on each pair is this likely to occur?
Structural considerations or number of pips or a combination of factors.
Know what you total risk is should all of your stops get collected (unlikely but always possible).
Masterrmind............
Master your Mind then Master your Trades