Private Msgs are turned off to weirdos, loafs and brain drainers
Strat's PASR Long Term, Stress Free Trading
- #1,002
- Nov 28, 2017 2:52pm Nov 28, 2017 2:52pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #1,006
- Nov 28, 2017 4:03pm Nov 28, 2017 4:03pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
Money Management
Here is my collection of Money Management stuff over the years. You can never learn enough about Money Management - it is more important than the trading strategy/method and second only to Trading Psychology.
{quote} Hi Strat. I do now (2%max per position with an overall max 6% combined total if I am on more than one pair with simultaneous trades) seems to feel right for me now. I used to let smaller batch trades run away and grow but then struggled to close them. I also learnt that I enjoyed the "doing" part of trading far more than I should have (ingrained subconscious work ethic maybe). After many, many hours developing strategies, coding algos, studying fundamentals (total nonsense IMO) here I am..... I've stopped trading to trade and now only want...
15 YEARS OF PASR ON FOREX FACTORY!
Money Management {quote} Here is my collection of Money Management stuff over the years. You can never learn enough about Money Management - it is more important than the trading strategy/method and second only to Trading Psychology. {image} {file} {file} {image} {file} {file}
Thank you!
Private Msgs are turned off to weirdos, loafs and brain drainers
- #1,008
- Nov 28, 2017 4:26pm Nov 28, 2017 4:26pm
I've got a few questions, Strat I hope you don't mind..you told me not to post analysis, so this is not analysis, but I'll post the charts to highlight my question..#
I have no ego, and don't mind a straight answer , i'm here to learn...but all I see is people posting charts showing pips galore..i can't be the only one struggling, surely??
RE the cad /yen taken by our friend Beyond the sea..
On my chart I had a WCC...was this wrong?? if so, I need to go back and revisit the posts..my understanding was that this would show areas of consolidation..
I make no pretence to be at the level of more advanced traders, who can trade the WCC as a range, so I discount the signals at extremes..
I've attached the W chart, for the WCC, is this wrong??
when dropping down to the worker, if I've identified the WCC correctly, it worked very well..
I've numbered 1 to 4 as being alternate bullish and bearish engulfings..untradeable due to the WCC..
[ 
beyond the sea didn't have these complications..
I feel like i'm going backwards..
I have no ego, and don't mind a straight answer , i'm here to learn...but all I see is people posting charts showing pips galore..i can't be the only one struggling, surely??
RE the cad /yen taken by our friend Beyond the sea..
On my chart I had a WCC...was this wrong?? if so, I need to go back and revisit the posts..my understanding was that this would show areas of consolidation..
I make no pretence to be at the level of more advanced traders, who can trade the WCC as a range, so I discount the signals at extremes..
I've attached the W chart, for the WCC, is this wrong??
when dropping down to the worker, if I've identified the WCC correctly, it worked very well..
I've numbered 1 to 4 as being alternate bullish and bearish engulfings..untradeable due to the WCC..
[
beyond the sea didn't have these complications..
I feel like i'm going backwards..
Alright, here's what I got from looking at EUR/CAD Boss: {image} Worker: {image} Price is at a resistance level and the yesterday's bar formed a shooting star. I put a sell stop below the low of the shooting star with targets at support levels and stop loss just above the high of the shooting star candle.
2. Your charts look good to me and I note that you start with the higher order time frames - that is a big positive for me to start!
3. Your decision to place an entry based on a sell stop should price drop below the SS on the worker is the disciplined approach - and, as such, I think Strat would approve of your entry method? [ Hopefully Strat will comment]
However,
4. Is it really a shooting star? If so, as SS goes, how would you rate the quality of this one?
5. I assume that you have noted the direction of price on the three higher order time frames: Big Boss, Boss and worker? Are they "up"? Is a short now with the Trend or is it Counter-trend?
6. In the event that this drops initially to trigger your entry and THEN decides to probe higher, what is your plan?
7. When you say "with targets at support levels" you use plural. So, assuming you will obey strict Money Management rules with respect to total position size, how many positions will you put on and which support levels will you exit at?
As I stated at the beginning, I am in this myself. Entered about 2 hours ago:
My standard practice is to make multiple smaller entries. I will take the first position off quite quickly (at least, for a smaller TP if the market is willing to give me anything) and then look to let remaining positions run, or re-enter if conditions allow.
oh.
And one more thing:
8. How many times has price tested this resistance?
Personally, I do not expect price to "turn on a dime" (if it turns at all).