I typically take 1/4 to 1/2 at M1 ATR*3, then another 1/4 at M5 ATR*3. Then I take the rest depending on higher TF trend or S&R levels, or other criteria. I prefer scaling out because it assures profit and you can leave a small amount in for those really big runs, with no risk (assuming stops at BE).
- #7,621
- Mar 6, 2009 8:19am Mar 6, 2009 8:19am
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
One way around this is I get into a good position, using the H1 trend change and smaller TF's for entry. Then I close 1/2 to 3/4 at good TP, which typically happens in a relatively short amount of time (15 minutes to 1 hour). Then, with SL at BE I am free to leave my computer (with preset alarms that ring my cell phone if needed). I can take more profit later, depending on S&R levels, H1 exit alarm or a black cat crosses my screen.
The H1 TF lets you enter with a higher degree of assurance that the previous trend will not resume soon.
In the below chart, will you enter a position now or will wait for the trix cross to happen(which may take another 1-2 more bars to close) before entering the position?
Karun
. Out from my short now since downward move is limited I think.
One way around this is I get into a good position, using the H1 trend change and smaller TF's for entry. Then I close 1/2 to 3/4 at good TP, which typically happens in a relatively short amount of time (15 minutes to 1 hour). Then, with SL at BE I am free to leave my computer (with preset alarms that ring my cell phone if needed). I can take more profit later, depending on S&R levels, H1 exit alarm or a black cat crosses my screen.
The H1 TF lets you enter with a higher degree of assurance that the previous trend will not resume soon.
Entry Rule:
1) On H1 TF, look for next Trix cross as indication of trend change, PA above Cloud, Coral rules met.
2) Go to 5min TF to look for best entry setup - look for next trix cross in the direction of h1 trend, PA above cloud, coral confirms it is ok. Divergence, trendlines, Psyche levels etc also additionally confirms the setup
3) Go to 1min TF for actual entry - look for next trix cross or trix crossing the 0-line, and than pull the trigger
Exit rules:
1) Look for trend reversal in H1 TF??, s/r and Pivot levels etc.
Kindly correct me where my understanding is lacking. If you can post actual sequence of actions along with screens showing a trade setup, that would be a great.
- #7,629
- Edited 9:12am Mar 6, 2009 8:58am | Edited 9:12am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
One way around this is I get into a good position, using the H1 trend change and smaller TF's for entry. Then I close 1/2 to 3/4 at good TP, which typically happens in a relatively short amount of time (15 minutes to 1 hour). Then, with SL at BE I am free to leave my computer (with preset alarms that ring my cell phone if needed). I can take more profit later, depending on S&R levels, H1 exit alarm or a black cat crosses my screen.
The H1 TF lets you enter with a higher degree of assurance that the previous trend will not resume soon.
- #7,631
- Mar 6, 2009 9:17am Mar 6, 2009 9:17am
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #7,632
- Edited 9:39am Mar 6, 2009 9:24am | Edited 9:39am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #7,633
- Mar 6, 2009 9:30am Mar 6, 2009 9:30am
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #7,634
- Mar 6, 2009 9:41am Mar 6, 2009 9:41am
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #7,635
- Mar 6, 2009 9:44am Mar 6, 2009 9:44am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
Cobra,
I have to very respectfully disagree with you about the need to park one's hinder in front of the screen or to miss all those lovely trades that are occuring with the other pairs than the one you have in front of you.
Trading is work on that we do agree but I am suggesting that we work smart not hard. That applies whether we trade 1M or even tick charts or any time frame.
Good trade setups do not occur every minute of the day and overtrading is a good way to blow one's account. Futhermore setting up a screen 1 type popup allows one to pre-specify setups and even better allows one via the computer to monitor more than one time frame for a set-up and more than one pair. So the end result is a vastly expanded trading horizon.
Both Tradestation and Ninjatrader among many other trading software have incorporated screen 2 in order to facilitate traders. Screen 1 is trading template specific. I have seen it used in professional software with dramatic results for the trader. Do you really believe that those umpteen professional traders stay glued to their screens hour after hour day after day ?
I am not advocating an EA as I do not have complete faith in that yet. What I am describing is more akin to an auto pilot where the pilot takes control at crutial points. Professional wood workers do not use hand saws it's more a table saws, chop saws circular saws world.
I do hope that better explains my thoughts just a little. Keep up the good work and may you make many pips.
I have to very respectfully disagree with you about the need to park one's hinder in front of the screen or to miss all those lovely trades that are occuring with the other pairs than the one you have in front of you.
Trading is work on that we do agree but I am suggesting that we work smart not hard. That applies whether we trade 1M or even tick charts or any time frame.
Good trade setups do not occur every minute of the day and overtrading is a good way to blow one's account. Futhermore setting up a screen 1 type popup allows one to pre-specify setups and even better allows one via the computer to monitor more than one time frame for a set-up and more than one pair. So the end result is a vastly expanded trading horizon.
Both Tradestation and Ninjatrader among many other trading software have incorporated screen 2 in order to facilitate traders. Screen 1 is trading template specific. I have seen it used in professional software with dramatic results for the trader. Do you really believe that those umpteen professional traders stay glued to their screens hour after hour day after day ?
I am not advocating an EA as I do not have complete faith in that yet. What I am describing is more akin to an auto pilot where the pilot takes control at crutial points. Professional wood workers do not use hand saws it's more a table saws, chop saws circular saws world.
I do hope that better explains my thoughts just a little. Keep up the good work and may you make many pips.
I was reading your post 3 times but don't get what you want to ask/mention.
This system is created to work mainly in small TF's like 1,5,15M but some use it on higher Tf's.
Working on smaller TF's you need to be in front of your computer.
Trading is a profession and a trading session is the work time, if you want to do something else during a trading session if you work the 1M and 5M as I do, you better not start.
may be you can express yourself a bit more clear or I'm the only one that have problems to answer that post?
- #7,638
- Mar 6, 2009 10:00am Mar 6, 2009 10:00am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #7,639
- Mar 6, 2009 10:02am Mar 6, 2009 10:02am
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
Entry ((26921)) based on the 1m THV, my own 2m system, and overall PA considering among other things the M4 (on my charts) tap from the bottom.
Never take the first tap tho... It'll try twice more often than not when struggling to regain lost ground. This was true on this trade as well.
(I haven't gotten the hang of the THV fibs yet... sorry
) still learning.
Never take the first tap tho... It'll try twice more often than not when struggling to regain lost ground. This was true on this trade as well.
(I haven't gotten the hang of the THV fibs yet... sorry
) still learning.
FUBAR...
- #7,640
- Mar 6, 2009 10:08am Mar 6, 2009 10:08am
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
FUBAR...