4 Hour Strategy (MACD)

Quoting Golfer

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It make sense - example:

Trade 1. Enter manually EUR long @ 1.5500 with 1 lot, SL @ 1.5475 and TP @ 1.5525.

Trade 2. At the same time set a enter order for another long @ 1.5525 with 1 lot, SL @ 1.5500 and TP and next resistance level (?with trailing SL).

Scenario 1:
If the market immediately turns against you, you'll lose 25pips.

Scenario 2:
If trade 1 goes according to plan, your TP will be triggered for 25pips profit and immediatley your enter order for the second lot will also be triggered.

Scenario 3:
If the market continue upwards, you manage the 2nd lot as your trade and take profit at next resistance level or take profit as per trailing SL. Therefore the outcome would be = inital 25pips profit + xxpips gained on second lot.

Scenario 4:
If the market turns against you just after your TP on the 1st lot and 2nd lot activation (@1.5525) and your SL is triggered (@1.5500)- you'll lose the 25pips (you have already 25pips profit gained on the 1st lot) and come out BE for that setup.

That is how I understand it. You will benefit in scenario 1 because you will only lose half of your original trade now.

I hope I am on the right track.

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Quoting bshadroo

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wow
what is this ??!!
u close the position and open againin the same place?.why?!! well,just dont close it and set the stoploss at BE ,yes??!!
i dont think it is called 2 lot entry
whould u plz phillip or someone make it clear for me?
thx

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Quoting napeharm

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I used to read the Financial Times. In it one day was an article about day trading. There was a guy who ran a mobile phone business. He had decided to start.............day trading during the Tech boom of the late 1990's. He claimed that the business he ran, which made good money was dull or boring. He obviously found the buzz of trading exciting and some days he made +£14000 etc. However, he had lost............£300,000!!!!!!!!!!!!........You can guess as well as me then that he knew absolutely nothing what so ever about trading. Thats a no brainer. So, what did he do........he sold half his business so he could pay off his debt and............continue trading!.............

Some months later the newspaper printed another article, about the same guy. There was a photograph of him, looking somewhat sheepish. The article said he traded on and lost...............another £300,000.............the whole value of his business...........Wowww............some people really do have to learn the hard way, assuming he learned anything at all that is. He admitted that though his phone business was boring at least it was safe.

My question to him would be, if you knew nothing about trading to the extent of losing £600,000 why didnt you learn first?, and why did you lose so much before even thinking about learning............. They say in trading that those who lose alot of money fastest in trading are those who inherit their wealth. Why? Because they dont 'feel' the value of it.

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Quoting macalmd

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Hi, Phillip,

As you can see, in this morning, in IBFX platform the candles before 8:00 formed a nice round top, and the resistance along 89 seems very strong. Just curious, would you take the odds for the down move if you use IBFX platform?

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Quoting napeharm

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GBP: I took the TC on the GBP in the end. Mostly because it went up to touch the 8ema before falling again. My target was the trendline somewhere around 1.9400 and i was in slightly late because of the speed of the move for +14.

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