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  • #81
  • Edited 10:36pm Apr 30, 2023 10:15pm | Edited 10:36pm
Quoting nadi-fx
{quote} What's that bud?
Not being able to get up at 2 in the morning… Trading in Pacific time is rough
  • #82
  • May 1, 2023 6:28am May 1, 2023 6:28am
Morning
I did not see this anywhere in the thread so sorry if I just missed it. NEWS red flag I am assuming you just let price do its own thing. But do you make exceptions for Interest rates announcements. or Non Fam.
Regards martin
  • #83
  • May 1, 2023 9:20am May 1, 2023 9:20am
at the sell limit level, you have not entered by less than 1 pip.
  • #84
  • May 1, 2023 9:23am May 1, 2023 9:23am
Quoting costa32
Morning I did not see this anywhere in the thread so sorry if I just missed it. NEWS red flag I am assuming you just let price do its own thing. But do you make exceptions for Interest rates announcements. or Non Fam. Regards martin
Morning, good question.
I don't put too much weight on news bcz I am on higher TF and won't fall victim to whiplash as much as the lower tf do.
However, on the major ones like NFP and Rates if I have too many jammed up orders on levels close to the price before such news releases, I just make sure the closest one is at least 50-70+ pips away.
for example, this week we have the nfp & FOMC and we are in a tight range, let's say price stays still at where it is I will remove the in between order and take my chances with tops and bottoms only. That would be 9117 and 10835.
Overall, I personally not too concerned about any news... my risk is plenty wise and all such stops hit is all pre accounted. at times I give up a 30-40 (on whiplash your SL will be more bcz of speed on the price or gap at times) in seconds when price just runs through it and other times, I get a nice bounce for major gains and possibly fall into a deep trend.
I recommend to for thread and inexperience, to sit on your hands at such major news till feel more confident.

I hope it helps.

GL
Stay the Course
  • #85
  • Edited 9:40am May 1, 2023 9:28am | Edited 9:40am
Quoting gerval
at the sell limit level, you have not entered by less than 1 pip.
yep, again lol... but it's more like 5 pips tho, it's fine.
PA don't seem to have much strength and most likely will just play up and down in a tight range till Fomc.
Stay the Course
  • #86
  • May 1, 2023 10:32am May 1, 2023 10:32am
Buy limit was just triggered at 9704... 1st trade of the week.

GL to all have a great week trading.
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Stay the Course
  • #87
  • May 1, 2023 10:43am May 1, 2023 10:43am
The buy trade above is good example of staying the course.
Some of you might pass on this when you see price coming at you with 70 pips straight heat!! or say lets wait and see how it reacts around it to not get in with limit, too risky.
Sure, it might work this time or some other time, but bounces happen really fast, and you end up either missing the trade or getting in late out of place to risk stop hit... or yet worse add length to the stop to cover the HH LL possibility of losing more, which will affect the bottom-line.

See, I eliminate all that stress and just let it play out... my risk is predetermined, and I am good with it.
I cannot miss the bus.

Just a little humble take on mental stuff.

GL
Stay the Course
  • #88
  • Edited 10:58am May 1, 2023 10:43am | Edited 10:58am
Quoting nadi-fx
Buy limit was just triggered at 9704... 1st trade of the week. GL to all have a great week trading. {image}
Two questions if I may....
1. For the top sell level why is the order placed at that level on the wick?
2. for the buy level second from the bottom (around 1.09408) which candle is the level based on, and why was that candle/wick selected?
Thanks
  • #89
  • May 1, 2023 11:28am May 1, 2023 11:28am
Is your stop loss on this first trade right at the same level as your next buy limit?
  • #90
  • May 1, 2023 12:10pm May 1, 2023 12:10pm
Quoting pakeha
{quote} Two questions if I may.... 1. For the top sell level why is the order placed at that level on the wick? 2. for the buy level second from the bottom (around 1.09408) which candle is the level based on, and why was that candle/wick selected? Thanks
First question... I have explained this on previous pages np here is again... on long wick like this one I just go 10 pips inside and set the level there.
2nd question... it's based on first bottom and wick on the 24th (the circle), price reacted two other time on that level bouncing nicely from it at same spot so I just left it the same.

GL
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Stay the Course
  • #91
  • May 1, 2023 12:39pm May 1, 2023 12:39pm
As I pointed out in the chart... a lot of activities on those bounces where new money was inserted and finally gave in to the bulls.
That is even more of a reason why I stand ground on my levels and limit order, even when price approaches it with lots of heat, 70pips full bold H4 candle.
... is valid till crushed lol...
however, most if not all levels are meant to be broken at some point and time, it's just a matter of how profitable it was before it breaks out.


GL
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Stay the Course
  • #92
  • May 1, 2023 12:44pm May 1, 2023 12:44pm
Quoting mdz4h5
Is your stop loss on this first trade right at the same level as your next buy limit?
Yes, it happens to fall right on the below buy limit.
My stop loss is 30pips and I don't care where it lands, period.
Playing around with the stop loss it's a system of its own... one can write a book about it and still be lost.
I have learned to keep up with a discipline risk vs skill. That way I can manage risk and rely on a stat.

GL
Stay the Course
  • #93
  • May 1, 2023 1:51pm May 1, 2023 1:51pm
I do not enter for less than a pip up, less than a pip down, I think I have adjusted too much.


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  • #94
  • May 1, 2023 2:06pm May 1, 2023 2:06pm
Quoting gerval
I do not enter for less than a pip up, less than a pip down, I think I have adjusted too much. {image}
on the bottom you should have been triggered price traveled even a few pips below.
My observation on your chart is, it serves you better if you could clearly draw the LV line on all levels... it's a good visual to have at all times and one glance.

GL
Stay the Course
  • #95
  • May 1, 2023 2:14pm May 1, 2023 2:14pm
I have tried to adjust between your entry points and lower tf, so... but you run the risk of not entering the order.
  • #96
  • Edited 4:08pm May 1, 2023 2:27pm | Edited 4:08pm
Guys do not draw your LV on any TF other than H4. The LV's are based on high tf... on lower tf you will have whole bunch more levels, less reliable. D1 is too far out and conservative and H1 and under too much noise, go with the middle which is H4.
Train yourself to stick to one TF when choosing your Levels.

Just my humble take.
Stay the Course
  • #97
  • May 1, 2023 3:40pm May 1, 2023 3:40pm
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Buy triggered and trailing stop
Its all just one persons opinion
  • #98
  • May 1, 2023 4:04pm May 1, 2023 4:04pm
Quoting axecap
{image} Buy triggered and trailing stop
Looking good buddy.

GL
Stay the Course
  • #99
  • May 1, 2023 9:05pm May 1, 2023 9:05pm
Nadi,
You mentioned that your trades either blow past your stop or move in your direction. Have you experimented with a reverse trade after say 35 pips with a shorter stop, like 15 pips? thoughts?

Quoting nadi-fx
{quote} Looking good buddy. GL
  • #100
  • Edited May 2, 2023 1:38am May 1, 2023 11:56pm | Edited May 2, 2023 1:38am
Quoting forexdave1
Nadi, You mentioned that your trades either blow past your stop or move in your direction. Have you experimented with a reverse trade after say 35 pips with a shorter stop, like 15 pips? thoughts? {quote}
I am not sure if I understand your question...

You mean when trade goes in your favor for 35 pips move the stop to 15 pips!!?
if that's the case and I understood correctly... I already have answered this in the first post... I have a one-time trail stop to breakeven after 30-40 pips gain.

If you mean to overall experiment with initial 15 pips stop!!!.. no absolutely not bcz that is way too close and too tight of a stop to deal with... even my 30pips is still too tight any smaller than that will cause to miss big gains.
...offense is first defense second. Nothing matters is continuously keep getting kick out of winners.

I hope I got it right lol

GL
Stay the Course
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