Thanks once again for your kind gesture. Must i wait for the lower time frame candle to finish forming when they have the same slope before pulling the trigger?
What I meant was some of my older positions were closing out. Hence, the slopes were ending. Don't read into it too much. Don't worry more slopes are coming. There always is.
Well yesterday was a wild ride for GBP/USD. After being up about 40 pips, the news announcement brought it down. I had the stop loss at 120 for this pair and it got hit for -120.
As for AUD/USD after being up about 60 pips, the "WMI Consumer Sentiment" report really hit it hard for -100 pips.
From now on if there is a major/medium news announcement and a pair is already positive, I will put a tight stop before the news in case it sends it the other way. Rather protect some positive pips then end up in the negative.
I forgot to mention, seeing how the two trades above went yesterday. Earlier, I decided to also close two other trades:
USD/JPY: + 84 Pips If I had kept it open it wouldve been up another 100 pips lol... Oh well.
EUR/CHF: + 39 Pips. Again this also wouldve added another 100 pips if I kept it open.
Total this week: 178 - 120 - 100 + 84 + 39 = 81
MTD: 470 PIPS (Started week of Jan 7th)
Still open:
EUR/Gbp +6
What I am trying to determine is which is better... Using discretion when exiting the trades or sticking exactly to the system of the 100pip stop loss, move to BE etc?
Any input from anyone using the system would be appreciated.
You need to remove emotion from your trading. Find a set of rules that give you consistent gains and follow them. Do not waiver. This is probably the hardest thing to do as a trader. Read the rules for turtle trading. Dennis Richards stated that anyone can learn the rules for his method of trading but most would fail because you must follow them CONSISTENTLY. Not sometimes. Every time. This method of trading the slope is a good one as there are others on this forum. Pick one, mold it to your liking, and follow it consistently. I would also recommend, Trading in the Zone.
What I am trying to determine is which is better... Using discretion when exiting the trades or sticking exactly to the system of the 100pip stop loss, move to BE etc?
Any input from anyone using the system would be appreciated.
Ignored
Araouf,
I do the BE at +50.
And take partial TPs like TP1 +50, TP2 +100 etc, if I stop out I will re-enter at the low TF.
You need to remove emotion from your trading. Find a set of rules that give you consistent gains and follow them. Do not waiver. This is probably the hardest thing to do as a trader. Read the rules for turtle trading. Dennis Richards stated that anyone can learn the rules for his method of trading but most would fail because you must follow them CONSISTENTLY. Not sometimes. Every time. This method of trading the slope is a good one as there are others on this forum. Pick one, mold it to your liking, and follow it consistently. I would also recommend, Trading in the Zone.
Pete
Ignored
Great post, this is so true..
One question, I see you have short the GBPUSD. I was under the impression that you waited for the dialy slope to change before you trade again?
After your trade has been stopped out if the daily slope stays down but the 4h slope changes to up then heads down again do you take another short trade??
