yep, that is a short set up.
Hello Traders,
Most of us have be able to understand the basic concept of Feb's strategy however it has been my experience that jumping on the bus even if you are a little late is not our biggest challenge. For me the biggest challenge is when do we "jump off the bus". This is the where our emotions start to play many different tunes between our ears. We hear things like "don't let a winner turn into a looser" but that becomes a very subjective thing depending on your temperament, goals, etc. I can count numerous times where I hit the panic button, picked up a few pips only to see price takes off in my favor again. Feb has mentioned in the past that he lets the market take him out instead of closing a trade. Trailing stops is one way to do things. Moving your stop loss pip by pip until price action takes you out. I like this approach, at this time in my forex trading because it takes the emotions out of the picture. Do you have a plan on how/when to exit your trades? I think this is a topic that although more subjective than entering a trade deserves more attention considering that it is probably the most difficult thing to master, if that is possible at all.
Most of us have be able to understand the basic concept of Feb's strategy however it has been my experience that jumping on the bus even if you are a little late is not our biggest challenge. For me the biggest challenge is when do we "jump off the bus". This is the where our emotions start to play many different tunes between our ears. We hear things like "don't let a winner turn into a looser" but that becomes a very subjective thing depending on your temperament, goals, etc. I can count numerous times where I hit the panic button, picked up a few pips only to see price takes off in my favor again. Feb has mentioned in the past that he lets the market take him out instead of closing a trade. Trailing stops is one way to do things. Moving your stop loss pip by pip until price action takes you out. I like this approach, at this time in my forex trading because it takes the emotions out of the picture. Do you have a plan on how/when to exit your trades? I think this is a topic that although more subjective than entering a trade deserves more attention considering that it is probably the most difficult thing to master, if that is possible at all.
Unus pro omnibus, omnes pro uno
Hi all, after a few months trading if been on an interesting ride ive done the whole indicator road which lasted about 3 months, ive read thousands of words on forex and even felt the strange feeling of dreading weekends :O. But i have decided that this is the best method ive come across. Im not blindly following some indicator "signal" but choosing my entries and exits based on price movements and "support/resistance/pivotalpoints" or what ever u want to call them. This method gives consistancy. Thanks to feb for sharing his knowlage.
Moenda, my opinion when it comes to exiting is to set and dont change when u are new as i think it takes time to be a better judge of price movments for exits. i like to make my TP's instead of and arbritrary profit i put them at "Pivotal points" which are within 20-40 pips from entry. but dont put much weight on me im only new after all
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Moenda, my opinion when it comes to exiting is to set and dont change when u are new as i think it takes time to be a better judge of price movments for exits. i like to make my TP's instead of and arbritrary profit i put them at "Pivotal points" which are within 20-40 pips from entry. but dont put much weight on me im only new after all
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Hakga,
Nice trade! It pays not to be dogmatic and think for yourself!
By the way... your use of the "panic button" did trigger my post but by no means was it directed at you... if anything it reflected an issue that I deal with daily and I just wanted to share it with others since I know from experience that is one of our biggest challenge.
Good luck to all
Nice trade! It pays not to be dogmatic and think for yourself!
By the way... your use of the "panic button" did trigger my post but by no means was it directed at you... if anything it reflected an issue that I deal with daily and I just wanted to share it with others since I know from experience that is one of our biggest challenge.Good luck to all
Unus pro omnibus, omnes pro uno
Hakga,
Nice trade! It pays not to be dogmatic and think for yourself!
Good luck to all
Other than the fact that it went from +15 to +5 that caused me to close the trade, the large bullish bar after a fairly large bearish bar said to me chop monster, so I rather be out and wait to re-enter.
was almost same pattern on eu, out with 80
Nice trade Canni. Can you post a chart of the e/u set up?
