yep, that is a short set up.
- Post #1,685
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- May 4, 2009 7:34am May 4, 2009 7:34am
- | Joined Apr 2008 | Status: Member | 198 Posts
- Post #1,688
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- May 4, 2009 9:53am May 4, 2009 9:53am
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We all need pivots to win..yes or not? 13 replies
The System (Irony included) 1,175 replies
Dislikedi can't see the 30-40 pips swing, where is it? it fired up without 30-40 pips rentracement..Ignored
DislikedYep, bailed for +5. Had +15, didn't reach my target and came back strongly so hit the panic button.Ignored
Dislikedi can't see the 30-40 pips swing, where is it? it fired up without 30-40 pips rentracement..Ignored
DislikedHi matte
You don't need a 30-40 pip retracement, just a 30-40 pip swing, then a retracement that ideally doesn't go further than 50% of the swing. These are just guidelines, not set in stone.
The trade set up itself, there wasn't a retracement as such, but two bars that didn't make a higher high - the move was strong (approx 70 pips without pause), so that was good enough for me - but I am quite aggressive on set ups.
I've attached a chart for illustration.Ignored
DislikedHakga,
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 allIgnored