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1H Swing Trading on EURUSD

  • #721
  • Jun 2, 2020 12:59pm Jun 2, 2020 12:59pm
Finally went long at the bounce from the trend to be in sync with the signal and go with the flow. I could get some profits out of it if the trend still last some more days or get a loss if it ends in the following hours or day, we will see, price action near or with a trend break will certainly convince me to close.

Have to learn to leave something like 20% when getting profits and keep that fraction until next signal.

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Simplicity is the Ultimate Sophistication.
  • #722
  • Jun 3, 2020 2:18am Jun 3, 2020 2:18am
Quoting broketrader
Finally went long at the bounce from the trend to be in sync with the signal and go with the flow. I could get some profits out of it if the trend still last some more days or get a loss if it ends in the following hours or day, we will see, price action near or with a trend break will certainly convince me to close. Have to learn to leave something like 20% when getting profits and keep that fraction until next signal. {image}
Hello BT and everyone,

just joined this thread while trying to get a hook on swing trading. I succeeded in downloading the RSI indicator ( spent the whole night reading this thread....quite exhausting.) but my problem is with the trend lines and how to measure risk when entering the trades. Is there a particular way the trend lines should be drawn? How does one measure risk when entering trades with this system? I would like to get my sails in line with the parameters of this thread before continuing. Please aid me in this regard.

thanks a lot.
Perfection...a process,not a stage!
  • #723
  • Jun 3, 2020 4:48am Jun 3, 2020 4:48am
Quoting fxonuoha
{quote} Hello BT and everyone, just joined this thread while trying to get a hook on swing trading. I succeeded in downloading the RSI indicator ( spent the whole night reading this thread....quite exhausting.) but my problem is with the trend lines and how to measure risk when entering the trades. Is there a particular way the trend lines should be drawn? How does one measure risk when entering trades with this system? I would like to get my sails in line with the parameters of this thread before continuing. Please aid me in this regard. thanks...
I can respond only with what I use for the risk and trend-lines, the best way maybe being illustrating it, so let's take the current trend.

Below you see the first event, when you get the signal.

I use the distance from my entry to the recent low swing to calculate my maximum risk and the trend-line is flat which in fact represents the stop loss. Of course this stop loss is a maximum, as price going below SMA again would generate a short signal and that would act as a "dynamic" stop loss.
So at that moment, you have to accept the risk you take as you don't know how events will unfold.

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Then, price move in our favor, making a higher low and a higher high, which is the definition for an up trend.
So you have a second point, the new lower low, with which you can now draw a trend.
Sometimes people use the wicks or extremes to draw them, the dotted line, but that's not my preference as I consider everything outside the opening and closing prices as noise in this time frame, so I use the closings to draw my trend lines and my experience on EU on 1H says the the closings are often more respected and can eventually give an opportunity to enter the trend.

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Then, the price continue its course making higher highs and higher lows always respecting the closing as you can see.

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Same picture, certainly more clear, using the line chart which uses the closings...

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Again, everyone as it's own preferences, not arguing one is better than other, this is just my way of doing it.
Simplicity is the Ultimate Sophistication.
  • #724
  • Jun 3, 2020 7:20am Jun 3, 2020 7:20am
Hello.

Tell me, what kind of platform? Are there any alternatives for the platform MetaTrader 5?
  • #725
  • Jun 3, 2020 3:09pm Jun 3, 2020 3:09pm
Hi broketrader

Thanks for the feedback about maximum stop loss and dynamic stop loss. I has given me a new way of thinking about stop loss placement .

Del
  • #726
  • Jun 3, 2020 9:22pm Jun 3, 2020 9:22pm
Quoting VarkoFleck
Hello. Tell me, what kind of platform? Are there any alternatives for the platform MetaTrader 5?
Hi, please read shorter threads from the beginning. There are several reasons for this.
1/. It shows respect to the thread start, who may not wish to keep re answering the same questions. ie your question may have been answered already.
2/. On FF the thread starter is able to continually edit their 1st post. So as the thread gets too long to read from the beginning, they can update their 1st post.

Cheers
Good Trading
  • #727
  • Jun 4, 2020 3:21am Jun 4, 2020 3:21am
trendline break?

disregard the entry, its my cent account i use to do risky trades!
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Rise or fall....a better me!
  • #728
  • Jun 4, 2020 3:22am Jun 4, 2020 3:22am
We are on the trend-line right now at 1.1205 and we have ECB intervention this afternoon...
I need a bit more downside to initiate my short position and close my long because there is still a chance of rebound from here.
Simplicity is the Ultimate Sophistication.
  • #729
  • Jun 4, 2020 3:35am Jun 4, 2020 3:35am
Quoting Bororo
trendline break? disregard the entry, its my cent account i use to do risky trades! {image}
There are chances but as I said I will wait one or two more closes below it for confirmation.
PS. Your stop should be above the high, not in the middle of it, just my 2 cents ;-)
Simplicity is the Ultimate Sophistication.
  • #730
  • Jun 4, 2020 3:51am Jun 4, 2020 3:51am
Quoting broketrader
{quote} There are chances but as I said I will wait one or two more closes below it for confirmation. PS. Your stop should be above the high, not in the middle of it, just my 2 cents ;-)

i know! That's why i said disregard! lolz thanks mate
Rise or fall....a better me!
  • #731
  • Jun 4, 2020 4:06am Jun 4, 2020 4:06am
Quoting Bororo
{quote} i know! That's why i said disregard! lolz thanks mate
You saw that, last 10 min of the hour pushed the price back above the trend-line, this hour close will maybe talk more...
Simplicity is the Ultimate Sophistication.
  • #732
  • Jun 4, 2020 5:29am Jun 4, 2020 5:29am
Thank you BT for your strategy
i just finished reading the 19 pages of your system
Amazing one keep moving forward
good luck
  • #733
  • Jun 4, 2020 7:01am Jun 4, 2020 7:01am
Quoting Bororo
trendline break? disregard the entry, its my cent account i use to do risky trades! {image}

Lolz! Its a rocket!
Rise or fall....a better me!
  • #734
  • Jun 4, 2020 7:03am Jun 4, 2020 7:03am
The dancing markat .

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  • #735
  • Jun 4, 2020 7:18am Jun 4, 2020 7:18am
Quoting Bororo
{quote} Lolz! Its a rocket!
Yes all normal given the ECB is due for a talk in 15 min.
I think we won't know the true direction before 15h CET
Simplicity is the Ultimate Sophistication.
  • #736
  • Jun 4, 2020 8:57am Jun 4, 2020 8:57am
follow the trend GO for long only....dont think the reversal as of now....the price is still above the 96 MA...
  • #737
  • Jun 4, 2020 9:17am Jun 4, 2020 9:17am
Quoting broketrader
{quote} Yes all normal given the ECB is due for a talk in 15 min. I think we won't know the true direction before 15h CET
We had to wait till 16h but I think that we now have it...
Glad I didn't fall in the fake break trap, Sorry Bororo and don't worry, I did exactly the same mistakes in the past, it looks like I have learned something...
Simplicity is the Ultimate Sophistication.
  • #738
  • Jun 4, 2020 9:36am Jun 4, 2020 9:36am
Quoting broketrader
{quote} We had to wait till 16h but I think that we now have it... Glad I didn't fall in the fake break trap, Sorry Bororo and don't worry, I did exactly the same mistakes in the past, it looks like I have learned something...
hahahaha! happy to help make you feel good with yourself! lesson learnt today.....Trade what you see and not what you think!
Rise or fall....a better me!
  • #739
  • Jun 4, 2020 9:49am Jun 4, 2020 9:49am
Quoting Bororo
{quote} hahahaha! happy to help make you feel good with yourself! lesson learnt today.....Trade what you see and not what you think!
If you knew me, you wouldn't say that. I never feel good because somebody else fails, that doesn't help me in anything, as I told you and you have been following the thread, you know that I felt there too and not only once.

Now I'm learning to remain as neutral as I can, whatever happens with my trades.

I'm starting to realize that the market can do whatever he wants at any moment. To realize also that every trade is unique and that I will never know, and never should try to anticipate its outcome.
Simplicity is the Ultimate Sophistication.
  • #740
  • Jun 4, 2020 9:54am Jun 4, 2020 9:54am
Quoting broketrader
{quote} If you knew me, you wouldn't say that. I never feel good because somebody else fails, that doesn't help me in anything, as I told you and you have been following the thread, you know that I felt there too and not only once. Now L'm learning to remain as neutral as I can, whatever happens with my trades. I'm starting to realize that the market can do whatever he wants at any moment. To realize also that every trade is unique and that I will never know, and never should try to anticipate its outcome.
i didint mean it that way! i was just making fun......and i didnt fail, i learnt a valuable lesson.

thanks for making 2020 better for us!

cheers
Rise or fall....a better me!
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