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  • #3,701
  • Oct 12, 2020 4:40am Oct 12, 2020 4:40am
Don't forget USA and Canada are on holiday
every Saint has a past. Every Sinner has a Future
  • #3,702
  • Oct 12, 2020 4:56am Oct 12, 2020 4:56am
Hi Laura
I have just finished the exercise suggested by you
This was Modified Exercise 2
This time I did not go into positions if the price was close to an important level like DH DL ARD pivot
I had the SL near the SMA 55 channel
The results are more than satisfactory, the SL this time was only 6/20
And the end result is plus 80 pips is not much but I think it's a good start
What else could I improve in my trading?
Alternatively, what other exercises can you suggest?

In your opinion, if the price goes far beyond the SMA channel 8, close positions or hold until it reaches ADR DH DL pivot?
  • #3,703
  • Oct 12, 2020 5:24am Oct 12, 2020 5:24am
Quoting piotrekk2000
Hi Laura I have just finished the exercise suggested by you This was Modified Exercise 2 This time I did not go into positions if the price was close to an important level like DH DL ARD pivot I had the SL near the SMA 55 channel The results are more than satisfactory, the SL this time was only 6/20 And the end result is plus 80 pips is not much but I think it's a good start What else could I improve in my trading? Alternatively, what other exercises can you suggest? In your opinion, if the price goes far beyond the SMA channel 8, close positions...
Hi

Well done on completing the exercise. A profitable outcome is always welcome!

To answer the second question first, I'd say that, if price goes far beyond EMA8 channel in your favour, it's a good opportunity to take at least some profit off the table. Perhaps even closing your whole position. You can always re-enter once price retraces (which it invariably will on spikes).

In terms of an exercise you can try, I'd suggest trying continuation trades next (you can find examples in my journal). It's good practice for jumping in on existing trends.
  • #3,704
  • Oct 12, 2020 5:34am Oct 12, 2020 5:34am
Gold short. Fresh channel cross. Exited when price got near SMA200 as I need to leave my desk for a little while. Every chance it will bounce at SMA and continue down, but happy with what I banked.

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  • #3,705
  • Oct 12, 2020 5:44am Oct 12, 2020 5:44am
Hi Laura, where should we enter a trade in this picture?
I can't see a valid setup to enter, Can you please suggest?
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  • #3,706
  • Oct 12, 2020 5:55am Oct 12, 2020 5:55am
Quoting naruponk
Hi Laura, where should we enter a trade in this picture? I can't see a valid setup to enter, Can you please suggest? {image}
Assuming at least 2 of the lower timeframes on the MTF Dashboard agreed (which I'd imagine they would) you'd have entered when the 8EMA channel crossed the SMA.

Or are you asking where you'd enter on the right hand side of the chart? If so, I wouldn't enter there.
  • #3,707
  • Oct 12, 2020 6:01am Oct 12, 2020 6:01am
Nasdaq 5m long - closed on spike in my favour.

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  • #3,708
  • Oct 12, 2020 6:08am Oct 12, 2020 6:08am
Quoting LauraT
{quote} Hi Well done on completing the exercise. A profitable outcome is always welcome! To answer the second question first, I'd say that, if price goes far beyond EMA8 channel in your favour, it's a good opportunity to take at least some profit off the table. Perhaps even closing your whole position. You can always re-enter once price retraces (which it invariably will on spikes). In terms of an exercise you can try, I'd suggest trying continuation trades next (you can find examples in my journal). It's good practice for jumping in on...

Thank you very much for the suggestions
I will now try to continue the trend exercises
I will come back to you after 20 entries
  • #3,709
  • Oct 12, 2020 6:12am Oct 12, 2020 6:12am
Quoting LauraT
{quote} Assuming at least 2 of the lower timeframes on the MTF Dashboard agreed (which I'd imagine they would) you'd have entered when the 8EMA channel crossed the SMA. Or are you asking where you'd enter on the right hand side of the chart? If so, I wouldn't enter there.
Thanks for a quick help, I’m asking where to enter near SMA which the price went up without a valid pullback (in my opinion)
  • #3,710
  • Oct 12, 2020 6:21am Oct 12, 2020 6:21am
Quoting naruponk
{quote} Thanks for a quick help, I’m asking where to enter near SMA which the price went up without a valid pullback (in my opinion)
You have two choices - you either enter as soon as the channel crosses SMA or you wait until price is inside the channel to try to get in at a better price.
  • #3,711
  • Oct 12, 2020 6:48am Oct 12, 2020 6:48am
Hi Laura and everyone.

First of all thank you Laura, I appreciate the work you've done teaching your way of trading.

This is my first entry with the system.

My main problem always has been the trade management once I'm in the trade and in your journal I have found a way to deal with that, so I´m in a new journey to master my brain with the anxiety when I'm in a trade. I started by getting partials and let the rest run as you teach and it really gives me peace of mind.

Once again thank you Laura.
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  • #3,712
  • Oct 12, 2020 7:30am Oct 12, 2020 7:30am
Quoting LauraT
{quote} You have two choices - you either enter as soon as the channel crosses SMA or you wait until price is inside the channel to try to get in at a better price.
Thank you I will try to apply to my trading
  • #3,713
  • Oct 12, 2020 8:55am Oct 12, 2020 8:55am
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  • #3,714
  • Oct 12, 2020 9:06am Oct 12, 2020 9:06am
Quoting piotrekk2000
Hi Laura I have just finished the exercise suggested by you This was Modified Exercise 2 This time I did not go into positions if the price was close to an important level like DH DL ARD pivot I had the SL near the SMA 55 channel The results are more than satisfactory, the SL this time was only 6/20 And the end result is plus 80 pips is not much but I think it's a good start What else could I improve in my trading? Alternatively, what other exercises can you suggest? In your opinion, if the price goes far beyond the SMA channel 8, close positions...
Are you using a very small stake like 10pence per pip or similar ?
I ask because 80 pips is a lot for a trade - a £5 note per pip = £400. Most would be happy with that.
every Saint has a past. Every Sinner has a Future
  • #3,715
  • Oct 12, 2020 9:13am Oct 12, 2020 9:13am
Quoting LauraT
Nasdaq 5m long - closed on spike in my favour. {image}
I like the nasdaq since it often rewards , and then, like today, it gives a bonus
every Saint has a past. Every Sinner has a Future
  • #3,716
  • Edited 9:55am Oct 12, 2020 9:38am | Edited 9:55am
hey @LauraT, if u don t mind me asking, since i was dabbling with the exercises from ur journal, is that the continuation trade u like to take? a pullback to 8 ma channel, or do u wait for that to be aligned with the 55 as well?
took 3 trade today, trying to scalp, GA and GN both a success thus far, but i ll post them just to make sure i ve got the entries right? i wouldn t want to win few trades just cos i was lucky. nontheless, 2.5r and 3r so far, who can complain? and another 3.5r on brent...simply awesome
constructive criticism is welcomed
cheers
PS: GN hit TP that i even forgot i had place at previous days high for 5.5R, GA still going, tp removed, i ll just leave it, banked half. what a nice way to start the week.
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  • #3,717
  • Oct 12, 2020 10:42am Oct 12, 2020 10:42am
Quoting LauraT
Gold short. Fresh channel cross. Exited when price got near SMA200 as I need to leave my desk for a little while. Every chance it will bounce at SMA and continue down, but happy with what I banked. {image}
Hi Laura,

Quick question, why did you not exit when the price touched SMA200 between 08:31-08:55? Just wondering what made you hang in there.

Thanks, ppk79
  • #3,718
  • Oct 12, 2020 11:28am Oct 12, 2020 11:28am
Quoting 1odi
hey @LauraT, if u don t mind me asking, since i was dabbling with the exercises from ur journal, is that the continuation trade u like to take? a pullback to 8 ma channel, or do u wait for that to be aligned with the 55 as well? took 3 trade today, trying to scalp, GA and GN both a success thus far, but i ll post them just to make sure i ve got the entries right? i wouldn t want to win few trades just cos i was lucky. nontheless, 2.5r and 3r so far, who can complain? and another 3.5r on brent...simply awesome constructive criticism is welcomed cheers...
Nice results - well done

Just be aware that your win rate on some days will be pretty low if only using a 10 pip SL.

And yes, classed as a continuation trade.
  • #3,719
  • Oct 12, 2020 11:31am Oct 12, 2020 11:31am
Quoting Ppk79
{quote} Hi Laura, Quick question, why did you not exit when the price touched SMA200 between 08:31-08:55? Just wondering what made you hang in there. Thanks, ppk79
Hi

At that stage the trade was still maturing and, as it was a fresh channel cross, I'd have only exited if the channel had crossed back above SMA. Different story down where I eventually did exit as I had open profit I wanted to protect as much as possible.
  • #3,720
  • Oct 12, 2020 11:37am Oct 12, 2020 11:37am
Quoting LauraT
{quote} Hi At that stage the trade was still maturing and, as it was a fresh channel cross, I'd have only exited if the channel had crossed back above SMA. Different story down where I eventually did exit as I had open profit I wanted to protect as much as possible.
Understood and noted. Thanks again Laura, you're doing great work here
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