do you trail your stop, timex...or just let it breathe to target?
Ignored
No, I don't trail. I let it breathe to the target. Most of the time, the stop loss is between 20 - 30 pips, so I target same number of pips as my SL, which most of the time is attained. And I think trailing stops is better for long term trades.
Joined Jul 2006
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Status: Mighty Mooloo Country
|480 Posts
As you know this week the EURUSD is forming a triangle. This time it is a symmetrical triangle, not flat on one side, neither is it ascending or descending.
Symmetrical triangles are generally thought of as continuation patterns.
One thing about 'The Force' trading system that very much impresses me is this. That even while price has been squashed down into this triangle over the past few days (typically a very uncertain and messy time to trade), 'The Force' entry rules have been anticipating good price moves in both directions - way cool!
Thanks to forexjedi's rules I now have something useful to do during consolidation patterns - I've never had this before with other systems which basically fell apart during these choppy periods when I've often heard "if they don't scare you out they'll wear you out."
In the past I have dreaded these prolonged periods of consolidation not knowing what to do except wonder and wait for 'the big breakout'. With 'The Force' this has changed dramatically, I now have something constrctive to do. That is draw the trendlines as forexjedi teaches and trade (or simply follow) entries on the top and the bottom. I don't have any idea which one is going to be the BIG break, but as I just quietly continue following these reversals up and down along the triangle as per the system I have a lot better chance of being in a positive frame of mind when the breakout does occur.
The understanding of market dynamics that comes through observing 'The Force' setups unfold is a great antidote for choppy market conditions.
And finally it happens. 13 long hours after the start of my trading session the price hits the upper long term TL and does a bearish bounce giving me a net 55 pips. Waiting is a huge part of FX. Too tired to post this trade I went to sleep with sweet dreams as this trade took place in the middle of the night for me. Chart Below.
You impress me! This man understands the point of the force. The long term TL's I speak of all the time are what forms the triangles this man speaks of. Bounce of the top and bottom of the triangle and/or as I call them bearish/bullish bounces that push on either end of the triangle then return to test the other side. Nice.
As you know this week the EURUSD is forming a triangle. This time it is a symmetrical triangle, not flat on one side, neither is it ascending or descending.
Symmetrical triangles are generally thought of as continuation patterns.
And finally it happens. 13 long hours after the start of my trading session the price hits the upper long term TL and does a bearish bounce giving me a net 55 pips. Waiting is a huge part of FX. Too tired to post this trade I went to sleep with sweet dreams as this trade took place in the middle of the night for me. Chart Below.
You impress me! This man understands the point of the force. The long term TL's I speak of all the time are what forms the triangles this man speaks of. Bounce of the top and bottom of the triangle and/or as I call them bearish/bullish bounces that push on either end of the triangle then return to test the other side. Nice.
Jedi
Ignored
good morning FJ and all,
yeah thats right a triangle, only prob is to find the right time for breakout or only enlarge the triangle, same you see my post before, I show the triangle yesterday already, but than we have a little breakout and price come back again so only now we have a bigger triangle, so in hindsight it look all nice , but realtime it is difficult.
good morning FJ and all,
yeah thats right a triangle, only prob is to find the right time for breakout or only enlarge the triangle, same you see my post before, I show the triangle yesterday already, but than we have a little breakout and price come back again so only now we have a bigger triangle, so in hindsight it look all nice , but realtime it is difficult.
