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Trading An Edge...

  • #581
  • Edited 8:54am Sep 29, 2020 7:58am | Edited 8:54am
DAX - LONG

Long above M-PP

EDIT: Closed +3

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  • #582
  • Edited 8:56am Sep 29, 2020 8:20am | Edited 8:56am
Hi Max, your chat values are different from mine......am I doing something wrong here
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  • #583
  • Sep 29, 2020 8:21am Sep 29, 2020 8:21am
Sborted dax here just above mpp. On road so cant post chart. V thigh stop just above that last high
  • #584
  • Edited 8:46am Sep 29, 2020 8:25am | Edited 8:46am
Quoting goldfish3
Sborted dax here just above mpp. On road so cant post chart. V thigh stop just above that last high
we should see new minimum soon . possible. on sp500 i mean.
  • #585
  • Sep 29, 2020 8:52am Sep 29, 2020 8:52am
today only shorts sp500 and dax can be i think with wide sl
  • #586
  • Sep 29, 2020 8:56am Sep 29, 2020 8:56am
Quoting pointlessfor
today only shorts sp500 and dax can be i think with wide sl
The most important thing Ive learnt from watching Max trade is to never take unreasonable drawdown. Either it works or it doesn't. One needs to be quick on the exits. So I dont think anyone uses wide SL's here.
  • #587
  • Edited 9:28am Sep 29, 2020 9:04am | Edited 9:28am
Quoting goldfish3
{quote} The most important thing Ive learnt from watching Max trade is to never take unreasonable drawdown. Either it works or it doesn't. One needs to be quick on the exits. So I dont think anyone uses wide SL's here.
if you using 2% risk with 1 trade and sl can be 200 !!! than its ok .
if you using 2% with 10 pips sl its ok too but too risky.

i trade 14 years . still dont know how to trade with tight sl

trying to learn with tight sl. next month i will try.
  • #588
  • Edited 9:38am Sep 29, 2020 9:12am | Edited 9:38am
DAX - LONG

Long above M-PP

EDIT: Closed +1

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  • #589
  • Sep 29, 2020 9:35am Sep 29, 2020 9:35am
Quoting pointlessfor
{quote} if you using 2% risk with 1 trade and sl can be 200 !!! than its ok . if you using 2% with 10 pips sl its ok too but too risky. i trade 14 years . still dont know how to trade with tight sl
Everybody should trade the way that works for them. here is some of how I work....

I very rarely hold an index position over night, risk is too significant I have plenty of actual stocks for that.
Therefore, I am intraday trading and looking for good reward for risk. If I have a big SL then I need a big payday to justify it and that means I need bigger moves from the market to reach a target, and that becomes harder to find intraday.

If you know that a certain point is the bottom of the market then it would be easy to go long there and have a stop 1 point below right..
When I trade a level, my assumption is that the level will hold, the theoretical equivalent of knowing the point above.
So if I enter as tight as I can to the level (taking into account what PA I might like to see to confirm an entry) then my stop only needs be the other side of the level plus a minimum amount to account for level testing.
If the price takes out my stop then the level didn't hold and my assumption that the level was the top or bottom was wrong.
If my reason for entry is proven wrong then I should exit the trade. This also frees my attention and focus from a losing trade and allows me to consider a trade the other side of the level.

So this is why I prefer to trade levels, they give an amount of certainty, I don't need to hold onto trades in large drawdown hoping I will be right in the end.

I also rarely let the SL get hit unless it has been moved to BE or +ve because I normally already know I am wrong by then. Sometimes I exit too soon but I can always get in again..
  • #590
  • Sep 29, 2020 9:36am Sep 29, 2020 9:36am
Quoting goldfish3
{quote} The most important thing Ive learnt from watching Max trade is to never take unreasonable drawdown. Either it works or it doesn't. One needs to be quick on the exits. So I dont think anyone uses wide SL's here.
I have to say that years ago i used crazy wide SL's and lost crazy amounts of £, over time ive learned to either use a tight SL say 10ish pips but mostly none at all especially when im sat at the pc watching the trade develop.
It has come from literally 0000's of hours of screentime, you build a reliable intuition that tells you when, where and if you need one at all.
  • #591
  • Edited 10:59am Sep 29, 2020 9:36am | Edited 10:59am
short sp500 and dax. i think new lows and more comming

BE now.

closed +200 50% .
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  • #592
  • Sep 29, 2020 9:37am Sep 29, 2020 9:37am
Quoting MaxDoom
{quote} Everybody should trade the way that works for them. here is some of how I work.... I very rarely hold an index position over night, risk is too significant I have plenty of actual stocks for that. Therefore, I am intraday trading and looking for good reward for risk. If I have a big SL then I need a big payday to justify it and that means I need bigger moves from the market to reach a target, and that becomes harder to find intraday. If you know that a certain point is the bottom of the market then it would be easy to go long there and have...
Your explanation was far more eloquent
  • #593
  • Edited 9:58am Sep 29, 2020 9:40am | Edited 9:58am
DAX - SHORT

Short below M-PP S&P leading atm

EDIT: Closed 50% +20 S&P hit D-PP FTSE D-S1 W-PP
EDIT: Closed remainder +21 looks like S&P FTSE holding atm

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  • #594
  • Sep 29, 2020 9:42am Sep 29, 2020 9:42am
Quoting MaxDoom
DAX - SHORT Short below M-PP S&P leading atm {image} To find out more and get free Pivot Prof Scanner follow this link ► Pivot Prof - Trading An Edge
12705 i see the target for dax. i will answer later to your post. nice explanation . i am here to learn your pivots
for sp500 my target final is 3322 for today.
  • #595
  • Sep 29, 2020 9:48am Sep 29, 2020 9:48am
Quoting Stev1929
{quote} I have to say that years ago i used crazy wide SL's and lost crazy amounts of £, over time ive learned to either use a tight SL say 10ish pips but mostly none at all especially when im sat at the pc watching the trade develop. It has come from literally 0000's of hours of screentime, you build a reliable intuition that tells you when, where and if you need one at all.
i can relate to you way to closely on that one
  • #596
  • Sep 29, 2020 9:53am Sep 29, 2020 9:53am
Quoting goldfish3
{quote} i can relate to you way to closely on that one
It is just intuition for me, and as i said, borne from many frustrating years trying to adapt my indices skills to FX
EDIT: sorry ive never had to try and articulate it before
  • #597
  • Sep 29, 2020 9:55am Sep 29, 2020 9:55am
Quoting pointlessfor
{quote} if you using 2% risk with 1 trade and sl can be 200 !!! than its ok . if you using 2% with 10 pips sl its ok too but too risky. i trade 14 years . still dont know how to trade with tight sl trying to learn with tight sl. next month i will try.
The way Im using Prof's levels is that I have a max SL risk in mind say 5% (is what im doing now days). That max SL i set around 25 to 30 pips away (on dax). Different for forex. this is ultimate in case somehting crazy happens and it gaps or moves before i can click the cross.

But Im focusing more on entry and exit PA in lower TF's after deciding whether to play a level or not based on daily H4 and hourly. But im essentially never letting my SL hit. If I see lower TF PA not conductive to my plan, the im exiting anywhere between 5 to 15 pips. But when they work they usually give well over 25 to 30 pips, as was the case today for eg. SO thats basically how these levels have helped me get my r:r up.
  • #598
  • Sep 29, 2020 10:15am Sep 29, 2020 10:15am
Quoting goldfish3
{quote} The way Im using Prof's levels is that I have a max SL risk in mind say 5% (is what im doing now days). That max SL i set around 25 to 30 pips away (on dax). Different for forex. this is ultimate in case somehting crazy happens and it gaps or moves before i can click the cross. But Im focusing more on entry and exit PA in lower TF's after deciding whether to play a level or not based on daily H4 and hourly. But im essentially never letting my SL hit. If I see lower TF PA not conductive to my plan, the im exiting anywhere between 5 to 15...
thanks for the explanation . appreciated that
  • #599
  • Sep 29, 2020 10:43am Sep 29, 2020 10:43am
look dax same pattern now like sp500 before. m5 . so new lows comming on dax soon
  • #600
  • Sep 29, 2020 10:45am Sep 29, 2020 10:45am
DAX - SHORT

Short below M-PP as S&P broke D-PP - last trade of day for me

EDIT: Closed 100% at D-PP +45

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