However, I'd prefer to chase it with the 4H pointing in our direction, given we are fighting an overall down move.
If you go in, chase it just for a few pips and when you see profit take it.
- #421
- Apr 13, 2007 6:08am Apr 13, 2007 6:08am
- Joined Jan 2007 | Status: MTF Stochastics and Volume/Price | 1,133 Posts
- #424
- Edited 8:10am Apr 13, 2007 6:30am | Edited 8:10am
- Joined Jan 2007 | Status: MTF Stochastics and Volume/Price | 1,133 Posts
Hi Spudfyre, well done on your committmnt to your journal and thanks for sharing. When you first enter a trade,, what initial stop loss do you set, if any? (I know I read it somewhere 
)
I also went long (see post #409) for my first ever trade, had only set up my chart screen and saw the trade developing. My picture below captures the trade. Entry occured at the bar with the red box beneath. At this point, 15M stoch was approaching 80 while the 30M had started on it's course having turned up from 20. Also, at this time, 4H had reversed direction and looked like it too was heading north. I was waiting quite some time for the 1H to reach 20 and then curl up. It never hit the 20 mark but slowly turned up and this is when all was in sync.
I think I remember the 30M reverse as highlighted by the blue shading. I was thinking "aahh crap" coz I also noticed the bearish Pin Bar appear as well. I'd placed my stop near the recent 15M low before entry and ultimately got stopped out.
I'd really appreciate any feedback you can give me on how to improve my next trade. perhaps wait for better syncronization, better stop placement etc?
)I also went long (see post #409) for my first ever trade, had only set up my chart screen and saw the trade developing. My picture below captures the trade. Entry occured at the bar with the red box beneath. At this point, 15M stoch was approaching 80 while the 30M had started on it's course having turned up from 20. Also, at this time, 4H had reversed direction and looked like it too was heading north. I was waiting quite some time for the 1H to reach 20 and then curl up. It never hit the 20 mark but slowly turned up and this is when all was in sync.
I think I remember the 30M reverse as highlighted by the blue shading. I was thinking "aahh crap" coz I also noticed the bearish Pin Bar appear as well. I'd placed my stop near the recent 15M low before entry and ultimately got stopped out.
I'd really appreciate any feedback you can give me on how to improve my next trade. perhaps wait for better syncronization, better stop placement etc?
- #426
- Apr 13, 2007 7:15am Apr 13, 2007 7:15am
- Joined Jan 2007 | Status: MTF Stochastics and Volume/Price | 1,133 Posts
Hi Spudfyre, well done on your committmnt to your journal and thanks for sharing. When you first enter a trade,, what initial stop loss do you set, if any? (I know I read it somewhere
I also went long (see post #409) for my first ever trade, had only set up my chart screen and saw the trade developing. My picture below captures the trade. Entry occured at the bar with the red box beneath. At this point, 15M stoch was approaching 80 while the 30M had started on it's course having turned up from 20. Also, at this time, 4H had reversed direction and looked like it too was heading north. I was waiting quite some time for the 1H to reach 20 and then curl up. It never hit the 20 mark but slowly turned up and this is when all was in sync.
I think I remember the 30M reverse as highlighted by the blue shading. I was thinking "aahh crap" coz I also noticed the bearish Pin Bar appear as well. I'd placed my stop near the recent 15M low before entry and ultimately got stopped out.
I'd really appreciate any feedback you can give me on how to improve my next trade. perhaps wait for better syncronization, better stop placement etc?
I set my stops usually at 50 by default and usually keep the margin of 40-50 from current price as the trade unfolds. This is to prevent spikes wiping out my trade, but offer protection to my account should anything bad in the world happen. Once I'm in profit I move my stops to protect profit...usually within 20 or less.
Your trade decision was sound. What killed your trade was your stop. From your chart, you can see the 15M is all the way through the 20 and the 1H and 4H still support the long. I think perhaps the 30M was weighing on your mind to stop? Or s/r?
What you do know from the 15M is the down move can't go too much further. If the 1H made a turn to 20, I would be looking at price and how much it is moving.
If it was me, I would have played the 15M out and see if it turned up and then chase it on the long to recoup as much as I could as well watch how fast the 30M is dropping...if the 30M drops fast more likely I'll get a turn in my favour......might cost you 20 more pips to wait but worth it in the long run that in this situation you are likely to see an up move come to save your bacon.
- #427
- Apr 13, 2007 7:28am Apr 13, 2007 7:28am
- Joined Jan 2007 | Status: MTF Stochastics and Volume/Price | 1,133 Posts
I'm sorry to post another chart in your journal SPudfyre, just made up for the earlier trade, long entry 2 mins before close of last completed bar as indicated by red lines. Appeared to be much better sync, and a very nice Pin Bar was almost formed on the 4H.
Price 10mins ago shot up and then shot down but I'm going to try and ride this escalator up to the third floor
Thanks again for this great system!
- #428
- Edited 7:49am Apr 13, 2007 7:45am | Edited 7:49am
I'm sorry to post another chart in your journal SPudfyre, just made up for the earlier trade, long entry 2 mins before close of last completed bar as indicated by red lines. Appeared to be much better sync, and a very nice Pin Bar was almost formed on the 4H. Realised my entry was probably a little conservative and should have entered on the trend continuation of the stoch on the 15M, but you live and learn!
Price 30min ago shot up and then shot down but I'm going to try and ride this escalator up to the third floor
Thanks again for this great system!
Price 30min ago shot up and then shot down but I'm going to try and ride this escalator up to the third floor
Thanks again for this great system!
- #431
- Apr 13, 2007 9:11am Apr 13, 2007 9:11am
- Joined Jan 2007 | Status: MTF Stochastics and Volume/Price | 1,133 Posts
10X!
Can you adjust the playback rate at that program ? because that is the most important thing if you want to learn the activity. otherwise you'll have to watch hours of recording...
Anyway, I have put the demo at: http://forexsignals.ctrlalthost.com/
So you don't have to download it.
In the next days, I'll record hours of activity and put it at this URL, so you can all learn from it.
(Of course if you have a screen recorder you can do it yourself (: )
Another way to do it...is to time screen captures every 5 mins and make animated gifs. Uses a lot less disk space
Thanks for the link....will be a fantastic tool for everyone.
- #432
- Apr 13, 2007 12:43pm Apr 13, 2007 12:43pm
Trumpcard
Looks like a nice trade.
How many pips did you bag?
have a good weekend! In hindsight rode this elevator up and met TP target. Life is good!!
