I forgot who or where I saw this posted, but here is a file for the metaeditor to create a custom pivot indicator.
Attached File(s)
- #9,092
- Dec 5, 2007 3:39am Dec 5, 2007 3:39am
- Joined Oct 2007 | Status: follow momentum. | 1,202 Posts
Pips4MeAndYou, thank you for your response on the USDJPY. I was a little shaky when I got up 10 pips, and realized it was not a strong trend, no 4 hour MACD signal and there was MACD diversion.
I have learned my lesson. I did not realize the USDJPY behaved that much differently than say the EURUSD or GBPUSD. I will keep this in mind next time.
Have you taken any trades this week? I am wondering if I have over looked anything.
Those are the only 2 trades I have for the week.
The Long for U/J looks like it worked out for you. That is always happy
and it goes to show you how important it is for you to determine your plan and follow it. I may see one opportunity and you may see another. We could both win, depending on how we manage our trades.Happy trading,
Pips
- #9,094
- Edited 5:17am Dec 5, 2007 5:07am | Edited 5:17am
- | Joined Feb 2007 | Status: Trader | 989 Posts
Hi,
why to bother if stops are close or not? What kind of MM do you use? If you use fixed amount of % risked in any trade it is not a difference if stops are close or not - in case of failure you loose the same amount of $.
Just of my curiosity.
----
Michael
I don't always trade a fixed % amount. The most I will risk is 3% on 1 trade, but I may risk as little as 1%. The stop is also improtant to me figuring the r:r.....Also, I like smaller stops that are feasible whenever possible, because it lowers my exposure (on most pairs I trade 3 lots) or allows me to up my number of lots if I feel especially strong about a pair & can therefore substantially increase the amount of my profit should the tradework in my favor.. No matter what, my stops are always placed at spots that invalidate my trade, not at a fixed level.
So the answer re:the way I trade is no....not usually
.
I have the 4hr MACD indicator programmed for TradeStation if anyone is interested. All you have to do is import it to your TradeStation platform. I hope someone puts this to good use
good tradings
:-)
- #9,096
- Dec 5, 2007 6:02am Dec 5, 2007 6:02am
Hi Michael,
I don't always trade a fixed % amount. The most I will risk is 3% on 1 trade, but I may risk as little as 1%. The stop is also improtant to me figuring the r:r.....Also, I like smaller stops that are feasible whenever possible, because it lowers my exposure (on most pairs I trade 3 lots) or allows me to up my number of lots if I feel especially strong about a pair & can therefore substantially increase the amount of my profit should the tradework in my favor.. No matter what, my stops are always placed at spots that invalidate my trade, not at a fixed level.
So the answer re:the way I trade is no....not usually
as I understand from your answer it would be quite clever to risk 3% per TC trade and no more than 2% (maybe even 1%) on CT trades? That would give you a chance to take nice RT/AT that are CT with smaller exposure to risk and take full armor playing TC trades?
Michael
it would be quite clever to risk 3% per TC trade and no more than 2% (maybe even 1%) on CT trades? That would give you a chance to take nice RT/AT that are CT with smaller exposure to risk and take full armor playing TC trades?
Michael
I believe that every person here is trading differently. Because we are using the same method, we usually enter at similar times (but not always, someone is more aggresive, other wait for only the best setups and let the market go), but i.e. exits and stop placement is individual. So each one of us will have different results in trend and CT trades. Now someone who has a good feeling for CT trades, but is not very comfortable to go with a trend (a psychological issue) will benefit from CT. Others will for example take only TC trades (there are some guys who do only TC and seems like they are doing well).
So - write down your trades (either live or in backtest) incl. SL, PT, formation and other info, then after you collect i.e. 100 entries in your diary you can start simulating and calculating. It's a numbers game
