Trading the Cable swings via averages

Quoting wens

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Quoting 40PipsAlan

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Having a mare of a week so far. Yesterday was a 2% losing day as are most Mondays. But a recovery today at nearly 7%. This asset is all over the place. How to spot ranging or not is the answer I think. Once it goes in our direction we can get to BE fairly easy but when it whip saws the losses build up. {image}

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Quoting cylon

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{quote} Hello 40pips which indicator do you use to show daily gains you've posted? Thank you.

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Quoting 40PipsAlan

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A day of ranging so far unless you guys caught the first 30 pip drop down at London open.

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Quoting 40PipsAlan

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Been a tough week fighting me all the way but managed 4.6% for the week. Better than -4% Playing with hedging again and not easy whilst doing my Full time job as well. Keep at it guys. {image}

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Quoting Nala66

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{quote} Nice job in a difficult situation. These choppy situations mean we have to be trading for longer periods which is not my style. If I can't get my trade on and won at or around the 108, I simply walk away and await a better future. Many traders have to be in a trade of sorts for whatever reason and end up struggling to keep their heads above water whereas a little patience can go a long way to making life a little easier. The best practice is to pick your battles on your terms with all the clues to the outcome being on the charts for the...

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Quoting DLTravel

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{quote} Dear Alan, Thank you very much for the new trade management idea. It's very interesting. However, I still have a question to clarify. In case the trade continously goes against you, i.e after your second entry, it still goes down further. At this point, you have 02 entries with total risk 4% and 02 stop level 71 pips and 90 pips. Will you continue to add more trade when the market give more opportunity, i.e the 3rd entry at another div? What is your max risk level? I.e at that level you won't add any entry more, even have another opportunity?...

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Quoting Nala66

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{quote} As I said when you take another trade you average down the risk so you would win 4% still only risking 2% in total. Then when a third trade is taken again you average down your risk to 2% for a win of 6%. You could also close a trade once in profit to limit the risk even less, but you would also be limiting your win. Once you have made the decision to risk say 2% you should be able to stick to that no matter how many other additions you commit, Take todays trade. I was expecting the price to test the 4-hour EMA at about 80pips. So even 1...

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Quoting DLTravel

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{quote} Many thanks Alan. Yeah, I think I understood what you mean. You are sticking with your trade management principle: entry lot by lot, only add to a position when you have an opportunity, but try to keep risk level unchanged. I have no difficult to get profit with your method, if I trade 01 entry, and sometime 02 entries. But I still got problem when I am trying to get 03 entries in a row. More often than not, my SL had been hit. So, I am trying this approach: 1/ Entry trade 01 at Div 2/ Entry trade 02 at Hook. If there is no Hook, so let...

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Quoting Nala66

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{quote} Exactly and there is nothing wrong at all with your management, the key point here is to compound the win maintaining the risk limit. The numbers I use are for illustration purposes of this principle, don't take them at literal fixtures. The reason for 1, 2, 3 trades growing in size is because as we approach the price target the distance is shorter thus the lot size increases to maintain that 2% win on each entry. Each entry requires the stop to be adjusted to keep to the 2% risk We may not be trading for percentages but rather a fixed dollar...

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