Ratios & Harmonics: a Different Way to Trade
{quote} FINISH THE WEEK OFF STRONG.Up 2,43%, only traded 2,5 session. ( 7,5 hours approx.) had 4 lossers and 2 winners and managed to get a positive 1,39% return on this pair only, talking about R:R!
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{quote} Nice bro, excellent risk reward. May I ask what is your profit factor so far?
Hi all, I wanted to pick your collective brain on "graceful exits." Our trade plans lay out our strategy which says wait for your initial expectations to play out....follow your plan and don't enter a trade unless your willing and understand the risk of a full loss when price goes against you to an expectation failure. But sometimes it seems you can see the trade turning against you. What I'm seeing occasionally is that entry retracement suddenly turning into 100% retracement. At that point, rather than price working its way to a 127 fib extension...
{quote} IMHO I don't think that you are ever going to find a strategy for this. Because: 1) When do you know your 'new' grafecul exit strategy is solid, meaning the new strategy saves more than it will cost you in pips? 2) When do you exit early? Based on PA or emotions? It is a fine line I believe The possible solutions: Take partial profit when it reaches previous High / Low? Or just suck it up, like Mr Pip would say and wait for the expectation to play out. You can't prevent losing trades and trades like these suck, especially when you are up...
Hey guys I did not post this week. Could only trade two days this week because of a hard drive crash. The trades were not very succesful so suffered a little bit of drawdown. Still in green for the month, +17.5%. A little bit disappointed for giving too much back to the market. But hey, it's still my first green month in 2 years. I don't feel very confident yet. More like Bambi standing on his feet for the first time. I'm gonna work on the aspect of "situational awareness", and where price is likely heading. I feel that's where I'm lacking confidence....
{quote} The expectation is still for a NSH (in your equity curve), and as we traders know, it plays out more than it doesn't. We just need to hope that it isn't an expectation failure..
{quote} Good question and also a difficult one. This is a topic that I guess, many people are of different opinions. For me, it depends where I took the trade and the circumstances: Was you entry too early (only to make sure that you do not miss the train) and your expectation is still valid, then I would probably stay in and also consider to add for getting a better price (adding much closer to your SL do not change the world if SL is hit) and it put you in a better position to protect. However, this depends also how price is reacting when going...
I just reviewed my trades for last week, I lost 45 points on YM. If I were to remove 2 that were against expectation (-34, -23 I don't know what I was thinking) and worst of all 2 trades that I totally pussed out on and didn't follow the rules at all (+70, +144), I would have gained 255 points. Monday -21 and -20 Tuesday +71 Wednesday -33 Thursday -34 kand -23 (against exp) +1 (following rules would've made +70) Friday +15 (following rules would have been +144!) I need a spanking! {image}
