Any one trading 1H TF.
Hi WG!
I really apreciate your work and videos.
As i understood you pay a lot of attention on candlestick formations.
But how you take desicion when to close your loosing position? (since you put stop loss av.200p)
And what's you Money Management?
What's your pip value?
What your risk in % per trade?
Thanks,RENO
I pay a LOT of attention to candlesticks, they are the formation of the market - every other technical indicator lags behind. I recommend you buy a few books i can suggest?
Regarding losing positions, not to go on - but I dont have many, only 2 in the past 2 months out of around 30 trades. When i am in a losing position there a few things which I will look for, which I will try and explain in following videos. To name a few, closes above / below EMA's is key together with smaller time frames.
My money management is slightly different than alot of traders on here, I've been trading for many years, so have built up a nice pot. You'll see very few people talking about they're trade size on here - however i've got no problems with telling you. I trade what I call 2's each pip = $20. I never risk more that 9% of my account in 1 trade.
Hope that helps, i'll try and go through exit plans in the next couple of videos.
cheers WG
- #19,468
- Apr 17, 2009 11:13pm Apr 17, 2009 11:13pm
Cool, i'm getting some really positive feedback from the videos - i've finally found the best resolution to export in, so everyone can now see what is actually going on!
I pay a LOT of attention to candlesticks, they are the formation of the market - every other technical indicator lags behind. I recommend you buy a few books i can suggest?
Regarding losing positions, not to go on - but I dont have many, only 2 in the past 2 months out of around 30 trades. When i am in a losing position there a few things which I will look for, which...
Somebody knows how todownload videos from youtube?
THINK LIKE A FUNDAMENTALIST;
TRADE LIKE A TECHNICIAN
- #19,472
- Apr 18, 2009 9:32am Apr 18, 2009 9:32am
Yeah, I agree, no stratey can ignor Japanese Candle's function. This is very important.
And the book written by John mourphy is another book everyone must read
I have that book also
thats the next one I would recommend for more experienced traders:http://www.amazon.com/Japanese-Candl...177629&sr=8-10
- #19,477
- Edited 7:56pm Apr 19, 2009 7:34pm | Edited 7:56pm
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
- #19,478
- Edited 11:29pm Apr 19, 2009 11:18pm | Edited 11:29pm
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
Hi all...
Ahead of the weekend...EU already had a clearer direction to the downside so far. Anyway...please be aware that the price still can get strong support levels from S1 TL and fib 23.6% as per D1 below.
If I am right, it will be very comfortable to SHORT this pair once it break below S1 and fib 23.6% sometime around next week. But who knows?...Market can its change direction at anytime for any reason.
Also, please take note that price is...
Previously in my post...I have S1 @ fib 23.6% as my sup TL in D1. I have updated my D1 as below...which means the previous S1 is now S2.
And...ohh yeah...that S2 and fib 23.6% really do their "supportive" work level right now...
I wish I can do some trade this week but my debit card gives me loads of online problem lately. The responsible bank is too damn slow to fix it..!!!
However... I think this pair might bounce up @ these levels right now...as per my D1 and as per the method...and perhaps it will retest these levels again. Only time can tell...
Did anyone read my post? Please give your comment
HAVE A LOOK AND MAKE YOUR OWN THOUGHT
