Possible to trade direction, without regard to entry point? | Forex Factory

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Possible to trade direction, without regard to entry point?

  • #1
  • First Post: Jul 27, 2007 7:12pm Jul 27, 2007 7:12pm
Does anyone else trade direction, without regard for entry point ? By this I mean,
- decide on direction for a pair,
- place order regardless of how far pair has run in whatever direction you chose,
- set no stoploss, or a very wide stoploss,
- set BE SL after some gain (e.g 50,100 pips)
- jettison losers (i.e. oops got the direction wrong)

I've tried this, since I don't seem to be able to pick good entry points to save my life , and focusing on entry point can drive me nuts with anxiety, frustration.

I've tried this with daily charts w/ some success... But, don't know if this is a workable strategy, overall.

Any thoughts on this ? Thanks for any input...

Take care,
  • #2
  • Jul 27, 2007 7:31pm Jul 27, 2007 7:31pm
Quoting chrislas
Does anyone else trade direction, without regard for entry point ? By this I mean,
- decide on direction for a pair,
- place order regardless of how far pair has run in whatever direction you chose,
- set no stoploss, or a very wide stoploss,
- set BE SL after some gain (e.g 50,100 pips)
- jettison losers (i.e. oops got the direction wrong)

I've tried this, since I don't seem to be able to pick good entry points to save my life , and focusing on entry point can drive me nuts with anxiety, frustration.

I've tried this with daily charts w/ some success... But, don't know if this is a workable strategy, overall.

Any thoughts on this ? Thanks for any input...

Take care,

You would be better off doing this for larger term trades at expected top/bottom of the move.

For instance, that was exactly what I did in Cable from 0450 up (as I expected 0450-0500 to be toppish - wwwwrroooonnggg).

Anyway, I added shorts til 0600 and watched. Go look at it now.

The bright side is that you pick entire daily moves when it's going to your direction - not 30-40 pips out of a 100 pips daily range.

The downside is that you must face drawdowns that are not going to keep you very happy for some time.

This is not advised for those chasing 20 quicky pips out of a 100 pips daily range.
  • #3
  • Jul 27, 2007 7:35pm Jul 27, 2007 7:35pm
Hi

That's almost exactly what most experienced traders do, except that if you don't have a reason to enter then you need to study the market a little more, because then your probability of success/locking in pips as you noted becomes closer to 10% or less, from what I've seen. Price action, news responses, arbitrary breakouts..etc are good things to learn and understand. Read around the forum, you will find interesting stuff to help with identifying high probability entries.





Quoting chrislas
Does anyone else trade direction, without regard for entry point ? By this I mean,
- decide on direction for a pair,
- place order regardless of how far pair has run in whatever direction you chose,
- set no stoploss, or a very wide stoploss,
- set BE SL after some gain (e.g 50,100 pips)
- jettison losers (i.e. oops got the direction wrong)

I've tried this, since I don't seem to be able to pick good entry points to save my life , and focusing on entry point can drive me nuts with anxiety, frustration.

I've tried this with daily charts w/ some success... But, don't know if this is a workable strategy, overall.

Any thoughts on this ? Thanks for any input...

Take care,
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #4
  • Jul 27, 2007 10:50pm Jul 27, 2007 10:50pm
i still buying usd/jpy ... now and ever, using Swap to take care all the trouble
... it gives big drawdown and i'll be dead in the next 1000 pips... i'm in hurry learning the best place to hedge right now....

so.... yes it is good in a very small amount but hoping it will gives 5% a month is still a far away journey
  • #5
  • Last Post: Jul 27, 2007 11:37pm Jul 27, 2007 11:37pm
Quoting Plutonite
Hi

That's almost exactly what most experienced traders do, .....
:surprised
I taught that the experienced traders choose the perfect entry points

and if I'm experienced enough to expect the market direction
it's worthier in first to expect the direction to a suitable entry point

cause the market take time to move and it will let you choose a good entry not a random entry
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