Trading An Edge...

Short Dax

Following price action currently

Getting a move on now...

Out +71

Currently short GBP/USD below D-Hi.

[EDIT] Target hit.

Closed +30.

Very nice

Short Dax below M-R2



Out +70

I cant edit posts with photos so its all back to front but you get the idea

Short EUR/USD below D-Lo, closed at D-S1, +15.

Short Dax below D-Open

Out +93

Short Dax below D-S1

Out +30

Short Dax below W-PP

Out +40

Monring peeps

Morning
Setting up dialysis atm but took a few to start the day off

I would appreciate if anyone can answer the stop-loss question I posed few days ago
just very curious how other people trade.

I usually base mine on the price action, for example I took this trade earlier today on XAU/USD. A triangle breakout down to D-Lo. My stop was just above the high of the bar that nearly touches the top of the first rectangle I've drawn to show the entry. As it turns out it was basically a 1:2 risk/reward trade but I don't work off such calculations. Risk to reward is meaningless on it's own unless you also consider the probability of the trade coming off. The important value is the expectation which is the probability of success (or failure) multiplied by the reward (or loss). e.g. a 95% win 1:1 trade is better than a 25% 1:3 trade. Given you can't work out what the probability of a trade coming off is (unless it's something you've back tested millions of times) you can't really do these sort of calculations. So IMO you're better off just putting the stop somewhere sensible like above some nearby resistance point. If you're taking the right trades it should just be there as a last resort really e.g. if you internet connection dies or something. Otherwise you can normally tell if the trade is behaving right and going the right direction and if not close it out before it gets to your stop anyway.

Thank you for your reply, I see this is my first year trading using 5 min chart price action. I try to learn it since Maxdoom and other people enter trade base on 5 min chart price actions. For 3 months of trading, it seems like it's working well so far but still trying to figure out few things. The only thing I like about 5min trading style is you can find the outcome faster.

Todays trade, so I entered the trade based on two factors. Previews 15min candle closed above the D-Open. Second: I would have not taken the trade if theirs no price GAP. Since NY was opening I was anticipating the Volume would move the price to at least close the Price GAP. The Yellow line was my Original target profit but I closed my trade since it's Monday and I don't want o to be greedy.

DAX - Short

below D-PP
not a lot of momentum atm so may kill it if drags on..



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Short from (my) M-R2

Out +16
Wait until NY me thinks...

DAX - Long

off D-Lo
it will need to clear D-S1 otherwise I will close it

EDIT: Closed 50% D-S1 +22
EDIT: Closed remainder M-R2 +41



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DAX - LONG

above D-PP

EDIT: Closed 50% +20

Attached Image (click to enlarge)

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Long Dax just below W-PP