hard1head1 aiming for so little pips could be trouble I learn the hard way(half of my account trying to hit 5 pips) ! I try to go for at lease 15 pips unless the trade starts going sour!
- #964
- Feb 21, 2007 7:29pm Feb 21, 2007 7:29pm
I take them back as far as they go 
The more hits the more confidence in the TL
[quote=O'Zeeke;224647]
The more hits the more confidence in the TL[quote=O'Zeeke;224647]
Hey guys,
I just posted a chart that I show my usd/cad trade today that made major pips today... 184 to be exact on 3 lots. I included a short explanation, and it shows my trend lines, and resistance/support lines along with what I did to take profits and when I closed.
If this is helpful I'll do it for my successful trades... So let me know.
Dire, great job on those trades, and thanks for posting your charts, I get a little more out of it each time. How far back do you go when you draw in your trend lines? i think i remember someone using th daily chart but not sure. thanks dire
O'Zeeke
DireXiv
Make it happen, no one
else is going to do it for you...
- #967
- Feb 21, 2007 8:17pm Feb 21, 2007 8:17pm
entry on 30 min confirmation (ma cross and macd cross). Round formed on the 4 hour chart.
Entry: .7053
SL: .7070 (note the higher the tail, the higher the stop loss so "they" can't take us all out )
1st target of 2 lots at .7031
2nd target: .7015
Risk: 17 pips
Reward 1st: 21 pips
Reward 2nd: 37 pips
R:R = good, very small S/L required and previously pulled back to the 21 EMA, at the top of a daily chart double top candle pattern, and hit a horizontal resitance line the past 3-4 candles. Above 89 EMA so, it's a counter trend trade.
We'll see how it works.... low stop loss though... that I like.
Entry: .7053
SL: .7070 (note the higher the tail, the higher the stop loss so "they" can't take us all out
)1st target of 2 lots at .7031
2nd target: .7015
Risk: 17 pips
Reward 1st: 21 pips
Reward 2nd: 37 pips
R:R = good, very small S/L required and previously pulled back to the 21 EMA, at the top of a daily chart double top candle pattern, and hit a horizontal resitance line the past 3-4 candles. Above 89 EMA so, it's a counter trend trade.
We'll see how it works.... low stop loss though... that I like.
DireXiv
Make it happen, no one
else is going to do it for you...
Pip,
I think I can get the charts done, its knowing when to get in is my problem. I would have never known to get in the pound on that candle. All I want is 5 pips a day. Thats all you really need, just pile on the lots.
Jim
Totally understand about the difficulties w/entry. The most important thing to remember is figuring the r:r using trendlines and such. If the numbers make sense and the MACD indicates a probability of success, take the trade. Use good money management practices (it is really tempting to go for low pips with lots of lots, but be wary of the risk..10 lots moving against you eats the account quicker than my dogs eat their breakfast...and that's really fast
). I've also noticed, for me at least, these low pip trades always seem to move against me first. Maybe its because I'm acting out of desperation and a need to win rather than from a sound plan.
I risk between 3-5% of my account per trade (and usually only have one trade open at a time). The number of lots depends on the stop distance. Also, if I don't feel too sure, I go lower on the lot size(like this afternoon's GBP/USD trade at Asian opening I risked 1% of capital). Funny, it tookme a year to develop sound money management principles (seems so easy and intuitive). Don't know how long you have been trading, but guarantee you will be around for a long time if you follow the <5% rule).
Wishing you many many pips in the coming days/months/years!!!!!!!
Hi Philip & all traders
I have a question ……...
According to this marvelous thread …. Why didn’t ,when I got a good signal to inter a position stay in till macd give me an oboist signal to get out of it … and didn’t but target at 21 ema or 89 ema
As you said in the first of this thread in 4Hour MACD Forex Strategy.pdf as you were explain
Isn’t that peter to get 100 or 200 pips or even more
for example >>>If you look for gbp / jpy from 16-2 it rise about 370 pips
:::::::::::::::::::::::::::::::::::::::::
Cause if I’m looking for 10 or 15 pips I’ll Use simple strategy like your 5 minuets stratgy
Plz correct my image ,may be I missed something ,,,
Maybe my image is incorrect, but I think the reason we end up w/fewer pips is b/c we move our trades to breakeven at the MA's and take partial profits. The way the market has been this week for EUR & Cable have caused my trades to close at breakeven after partial profits. The point is to have the opportunity to make 100 pips without taking on too much risk. In 7 days, with 4 trades, this system has generated 190 pips for me on cable and swissie. This makes me very happy
, but I think I may move my stop too soon (usually around +20).
- #979
- Edited 2:24am Feb 22, 2007 2:09am | Edited 2:24am
- | Commercial User | Joined Nov 2006 | 2,223 Posts
