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DoNotFollowThis

  • #441
  • Sep 27, 2017 7:57am Sep 27, 2017 7:57am
stop trading on someone else's opinion.
If you do this you are not trading.
A trade should be based on an assumption based on facts
  • #442
  • Sep 27, 2017 4:38pm Sep 27, 2017 4:38pm
Quoting maverick2017
{quote} Even if homework is done, we cannot be sure about the direction a price will move. Moreover homework is done for better speculation. I will try putting Sl & TP on next trades as to test my analysis whether I'm wrong or right in predicting the direction. Can you post a chart showing the trendline you have mentioned? On UJ why not put the TP at 114.48? On weekly I can see a flag like formation but it is too large.
What time frame are you taking your trades on.?
Conventional trading is for losers
  • #443
  • Sep 28, 2017 4:35am Sep 28, 2017 4:35am
Quoting Ralffe
{quote} What time frame are you taking your trades on.?
15M and H4 are my favorite. But recently I have been trying trades with 5-10pips so I have been watching 1M charts
A trade should be based on an assumption based on facts
  • #444
  • Edited 8:19am Sep 28, 2017 5:13am | Edited 8:19am
UJ M1
Attached Image(s) (click to enlarge)
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A trade should be based on an assumption based on facts
  • #445
  • Sep 28, 2017 5:57am Sep 28, 2017 5:57am
Quoting maverick2017
{quote} 15M and H4 are my favorite. But recently I have been trying trades with 5-10pips so I have been watching 1M charts
I would try 15m & 1H combination with reference to D1 for overall direction to ascertain whether you are trading a retracement or with the trend.
I'm happy to help but you need to adopt a sensible approach with appropriate SLs & TPs.
Conventional trading is for losers
  • #446
  • Sep 28, 2017 6:43am Sep 28, 2017 6:43am
Quoting Ralffe
{quote} I would try 15m & 1H combination with reference to D1 for overall direction to ascertain whether you are trading a retracement or with the trend. I'm happy to help but you need to adopt a sensible approach with appropriate SLs & TPs.
Ok. I look at the different timeframes for better entry also.
What is wrong with my approach?
I use sl but not tp on a live account.
Any help is more than welcome/appreciated.
A trade should be based on an assumption based on facts
  • #447
  • Sep 28, 2017 5:54pm Sep 28, 2017 5:54pm
Quoting maverick2017
{quote} Ok. I look at the different timeframes for better entry also. What is wrong with my approach? I use sl but not tp on a live account. Any help is more than welcome/appreciated.
So you have a live account.
Are you trading the same way on the live account.

Anyway. Your demo account is stuffed. Start a new one. Start it with exactly the starting balance you would if it was a live account & trade with appropriate pip lots. EG: $1000 = 0.01 adding as each trade is in profit by 25 pips or more & moving SL to BE at that point. ( Adding, that is if you are in a trade aiming for 100 pips or more.
I'm going to show you how I take my trades using a moving trend line only.
Conventional trading is for losers
  • #448
  • Sep 28, 2017 6:26pm Sep 28, 2017 6:26pm
Quoting Ralffe
{quote} So you have a live account. Are you trading the same way on the live account. Anyway. Your demo account is stuffed. Start a new one. Start it with exactly the starting balance you would if it was a live account & trade with appropriate pip lots. EG: $1000 = 0.01 adding as each trade is in profit by 25 pips or more & moving SL to BE at that point. ( Adding, that is if you are in a trade aiming for 100 pips or more. I'm going to show you how I take my trades using a moving trend line only.
Good example now on the GU.
Trade taken on the 1H & confirmed on the Daily.
I have drawn a trend line from as far left as I can to give a better angle.
Price drops & holds below line & the line does not cross through the candle. move confirmed.
2 ways to trade this1.. 1:1 ratio with SL above last resistance & TP on the 50% retrace of the previous move up.
2.. Hold for the D1 target at 50% retrace of the move up.
Note.. The GU MAY have bottomed out, so this is probably a retracement trade.
Attached Image(s) (click to enlarge)
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Conventional trading is for losers
  • #449
  • Sep 28, 2017 10:15pm Sep 28, 2017 10:15pm
Quoting Ralffe
{quote} So you have a live account. Are you trading the same way on the live account. Anyway. Your demo account is stuffed. Start a new one. Start it with exactly the starting balance you would if it was a live account & trade with appropriate pip lots. EG: $1000 = 0.01 adding as each trade is in profit by 25 pips or more & moving SL to BE at that point. ( Adding, that is if you are in a trade aiming for 100 pips or more. I'm going to show you how I take my trades using a moving trend line only.
Yes. On live account I can only see quotes.

Why move SL to BE? Is there a theoretical reason for it?

how to find moves with 100pips or more movement?

I would like to use this account only till the balance = 0
A trade should be based on an assumption based on facts
  • #450
  • Sep 28, 2017 10:17pm Sep 28, 2017 10:17pm
Quoting Ralffe
{quote} Good example now on the GU. Trade taken on the 1H & confirmed on the Daily. I have drawn a trend line from as far left as I can to give a better angle. Price drops & holds below line & the line does not cross through the candle. move confirmed. 2 ways to trade this1.. 1:1 ratio with SL above last resistance & TP on the 50% retrace of the previous move up. 2.. Hold for the D1 target at 50% retrace of the move up. Note.. The GU MAY have bottomed out, so this is probably a retracement trade. {image} {image} {image}
On the daily, candle is crossing the trend line. Why should the line not cross a candle? What does it mean when that happens?
How to use different time frames for the same trade?

Is this method based on trend line alone?

How is the angle used?
A trade should be based on an assumption based on facts
  • #451
  • Sep 28, 2017 10:20pm Sep 28, 2017 10:20pm
I think SL should be used to safeguard the account in case a spike of 1000 points or more occurs.
A trade should be based on an assumption based on facts
  • #452
  • Sep 28, 2017 10:48pm Sep 28, 2017 10:48pm
Quoting maverick2017
{quote} Yes. On live account I can only see quotes. Why move SL to BE? Is there a theoretical reason for it? how to find moves with 100pips or more movement? I would like to use this account only till the balance = 0
Moving SL to BE safe-guards the trade from a loss. However it should not be moved if there is a chance it could be hit & jeopardize a larger profit

Finding moves with 50/100 pips profit can be found easily.
Just go for 50% retrace of the previous move. A SL must be used in case you miss judge the end of the move. Take the latest move on the EU. Every wave on each time frame has a retracement. 50% is usually a safe bet. Sometimes only around 30% so the SL is important. Chances are it will not go further. Why>? Because the main trade is in the other direction at the moment as seen on the 1H chart.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURUSDH1.png Size: 34 KB
Conventional trading is for losers
  • #453
  • Sep 28, 2017 10:51pm Sep 28, 2017 10:51pm
Quoting maverick2017
{quote} On the daily, candle is crossing the trend line. Why should the line not cross a candle? What does it mean when that happens? How to use different time frames for the same trade? Is this method based on trend line alone? How is the angle used?
No trade until you get a candle that is not crossed "Touched" by the line

Method uses lines & Modified "Fib" only plus many years experience.
Conventional trading is for losers
  • #454
  • Sep 28, 2017 10:54pm Sep 28, 2017 10:54pm
Quoting maverick2017
I think SL should be used to safeguard the account in case a spike of 1000 points or more occurs.
ALWAYS use a SL without exception. Iv'e learnt this the hard way many times.
Conventional trading is for losers
  • #455
  • Sep 28, 2017 11:00pm Sep 28, 2017 11:00pm
Quoting Ralffe
{quote} Moving SL to BE safe-guards the trade from a loss. However it should not be moved if there is a chance it could be hit & jeopardize a larger profit Finding moves with 50/100 pips profit can be found easily. Just go for 50% retrace of the previous move. A SL must be used in case you miss judge the end of the move. Take the latest move on the EU. Every wave on each time frame has a retracement. 50% is usually a safe bet. Sometimes only around 30% so the SL is important. Chances are it will not go further. Why>? Because the main trade is in...
I agree on the SL to BE argument.
Why only 50%. what is it about the Fibonacci retraces which make them work?
Different moves are seen on different time frames. So, why look at different time frames?
How to judge end of the move? Are there any specific candle stick formations?

What are these blue lines? are they intermediate pivot lines?
A trade should be based on an assumption based on facts
  • #456
  • Sep 28, 2017 11:08pm Sep 28, 2017 11:08pm
Quoting Ralffe
{quote} No trade until you get a candle that is not crossed "Touched" by the line Method uses lines & Modified "Fib" only plus many years experience.
"No trade until you get a candle that is not crossed "Touched" by the line "

Why?
A trade should be based on an assumption based on facts
  • #457
  • Sep 28, 2017 11:09pm Sep 28, 2017 11:09pm
Quoting maverick2017
{quote} I agree on the SL to BE argument. Why only 50%. what is it about the Fibonacci retraces which make them work? Different moves are seen on different time frames. So, why look at different time frames? How to judge end of the move? Are there any specific candle stick formations? What are these blue lines? are they intermediate pivot lines?
50% is usually the safest target. Many go to around 70% but some only around 30%
Each time frame presents it's own trades. You need to ascertain whether it is a major or minor retracement or a trend trade.
Conventional trading is for losers
  • #458
  • Sep 28, 2017 11:11pm Sep 28, 2017 11:11pm
Quoting maverick2017
{quote} I agree on the SL to BE argument. Why only 50%. what is it about the Fibonacci retraces which make them work? Different moves are seen on different time frames. So, why look at different time frames? How to judge end of the move? Are there any specific candle stick formations? What are these blue lines? are they intermediate pivot lines?
Do you mean the long blue lines on an angle.??
Conventional trading is for losers
  • #459
  • Sep 28, 2017 11:13pm Sep 28, 2017 11:13pm
Quoting Ralffe
{quote} 50% is usually the safest target. Many go to around 70% but some only around 30% Each time frame presents it's own trades. You need to ascertain whether it is a major or minor retracement or a trend trade.
I look at certain candle sticks or candle stick formations for deciding a reversal of trend. Sometimes, it becomes hard. EU example, for me is perfect for this purpose because I cannot see a formation but lots of wicks on daily time frame.
How to know if retracement is major or minor? End of HH or LL is one way. What are the other ways?
A trade should be based on an assumption based on facts
  • #460
  • Sep 28, 2017 11:13pm Sep 28, 2017 11:13pm
Quoting Ralffe
{quote} Do you mean the long blue lines on an angle.??
yes
A trade should be based on an assumption based on facts
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