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Trade what you see NOT what you expect

  • #12,341
  • May 14, 2009 1:57pm May 14, 2009 1:57pm
Quoting baz
GBP_USD Spot.png

we are now at an intresting POINT.........

baz
GBP_USD Spot.png

Wow...this thread moves quickly....BUT 2 day chart......spot the hangmans...

baz
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  • #12,342
  • May 14, 2009 1:57pm May 14, 2009 1:57pm
Quoting EzRidr62
I Understand perfectly. My PT engine works thru MB Trading, so it gets blended and averaged. I also just had my TP hit, and my TTO was set for 4 mini-lots, while my trade on the way up was for 2 mini-lots, so it sold my position for 2 and bought me into a short for 2 at .5245. Thanks for trying to answer.

Ez
What's this?
Just digging in the trenches like everyone else!
  • #12,343
  • May 14, 2009 2:02pm May 14, 2009 2:02pm
Quoting EzRidr62
At the risk of asking something already covered in the last 12000 posts or so, and being I've rarely had enough success to warrant this scenario, at what point in my money management and strategy should I condiser adding "extra soldiers" to a trade? Is it based on pips cleared, percentage of profit goal, total profit goal divided by X??? or should I have pulled the trigger on all, and taken one off on each set of pips up the ladder? if someone is not too busy, I could use some help in this theory.

Thanks in Advance
Ez
The idea behind adding to a trade is to do so at levels or areas , that make sense. We know that price moves making what we calll SWing highs and Swing lows. Say we are in this trade EO is right now we came up to1.5240 if you look you will see a shelve or S/R resistance area . If you had entered with a fulll plattoon at 1.5200 you would scale back here taking some profit and leaving a few soldiers to carry on.. Then price falls back Lets say it comes back to 1.5220 this would be the 50% fib level off that run up . Then we get a great signal to go long again .. This where we can addon.
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Good Trading To All ; Ken Lee
  • #12,344
  • May 14, 2009 2:05pm May 14, 2009 2:05pm
Quoting KENNETH lEE
The idea behind adding to a trade is to do so at levels or areas , that make sense. We know that price moves making what we calll SWing highs and Swing lows. Say we are in this trade EO is right now we came up to1.5240 if you look you will see a shelve or S/R resistance area . If you had entered with a fulll plattoon at 1.5200 you would scale back here taking some profit and leaving a few soldiers to carry on.. Then price falls back Lets say it comes back to 1.5220 this would be the 50% fib level off that run up . Then we get a great signal to go...
Outstanding Ken!
Just digging in the trenches like everyone else!
  • #12,345
  • May 14, 2009 2:06pm May 14, 2009 2:06pm
Quoting eohater
What's this?
PT= Paper trading engine, or software... I began learning trading with Wizetrade, and their software includes the live data feed, as well as the ability to open an account with MB, which is one of their "integrated brokers" and use the Wizetrade platform to trade from. I'm just in the paper trade phase...have no rush to get a real account till I can make some positive headway in this.
  • #12,346
  • May 14, 2009 2:07pm May 14, 2009 2:07pm
That is simplified explanation. There is much to consider when adding on and taking profit. But it is done where it make sense to do so. Sometimes people add to there positions to bring there break even closer. Like EO was saying they average your entry price. This is extremelly dangerous to the new trader because your risk is greatlly multiplied. So only when you get really great at reading charts would I attempt those addons.

Of course we also add on up the wick on trigger candles , But these have a tight stop..
Good Trading To All ; Ken Lee
  • #12,347
  • May 14, 2009 2:08pm May 14, 2009 2:08pm
Hi Infinity Baz Eo Pippinole Ken

How is everybody doing. Just closed all my longs 121 pips on GU

Does anyone agree that we might see 1.5069
  • #12,348
  • May 14, 2009 2:11pm May 14, 2009 2:11pm
Quoting davids
Hi Infinity Baz Eo Pippinole Ken

How is everybody doing. Just closed all my longs 121 pips on GU

Does anyone agree that we might see 1.5069
I would not go long here at this price, but if your already long like myself, my next TP level is 5270. I'm watching the h4 that closes in 49m very close. There is where I might reverse my position, but I might have missed the golden entry at 5245. No worries either way.
Just digging in the trenches like everyone else!
  • #12,349
  • May 14, 2009 2:12pm May 14, 2009 2:12pm
Quoting KENNETH lEE
The idea behind adding to a trade is to do so at levels or areas , that make sense....



Nice one Ken
  • #12,350
  • May 14, 2009 2:12pm May 14, 2009 2:12pm
[quote=KENNETH lEE;2735085]The idea behind adding to a trade is to do so at levels or areas , that make sense......

to me, using a candle chart, I would then say that it might make sense to add after a candle closes positive, and the next candle falls some,(maybe one quarter to one third down from top, if it even creates that wick) as many do, to add the next soldier. This way, I don't draw down too much profit from the first soldier, and allow both to work their way back up the new candle to gain more strength... does this make sense?
That was a great explanation. Thanks for the detail.

Ez
  • #12,351
  • May 14, 2009 2:14pm May 14, 2009 2:14pm
Quoting davids
Hi Infinity Baz Eo Pippinole Ken

How is everybody doing. Just closed all my longs 121 pips on GU

Does anyone agree that we might see 1.5069
Nice trading.
  • #12,352
  • May 14, 2009 2:15pm May 14, 2009 2:15pm
Quoting davids
Hi Infinity Baz Eo Pippinole Ken

How is everybody doing. Just closed all my longs 121 pips on GU

Does anyone agree that we might see 1.5069
Davids....i am done for the day.....but i hope you saw the 2 day i posted as well as the 1 hr chart....
since i trade HTF i will have to wait and see more PA ....before making a decision....its at a point where it may go quite now...

baz
  • #12,353
  • May 14, 2009 2:15pm May 14, 2009 2:15pm
30 pips on soldier numero dos.
  • #12,354
  • May 14, 2009 2:16pm May 14, 2009 2:16pm
Quoting EzRidr62
PT= Paper trading engine, or software... I began learning trading with Wizetrade, and their software includes the live data feed, as well as the ability to open an account with MB, which is one of their "integrated brokers" and use the Wizetrade platform to trade from. I'm just in the paper trade phase...have no rush to get a real account till I can make some positive headway in this.
Understand! I could recommend to save your money though and not pay for the monthly data feed they are charging you. Their "data feed" price is more of a residual income for Wizetrade or Globaltech or whatever their name is now. Nothing against their products, they have some good products with bells and whistles. But once your comfortable reading the charts, then you won't need the fufu. Think about it, your probably paying $130 per month x 12 months = $1560 that you could apply towards funding an account. Just a thought!

If you don't mind me asking, what product or theirs are you using?
Just digging in the trenches like everyone else!
  • #12,355
  • May 14, 2009 2:18pm May 14, 2009 2:18pm
Quoting eohater
I would not go long here at this price, but if your already long like myself, my next TP level is 5270. I'm watching the h4 that closes in 49m very close. There is where I might reverse my position, but I might have missed the golden entry at 5245. No worries either way.
5270 is not looking to good at the moment 5245 would have been good entry I am short from 5332
  • #12,356
  • May 14, 2009 2:18pm May 14, 2009 2:18pm
[quote=EzRidr62;2735110]
Quoting KENNETH lEE
The idea behind adding to a trade is to do so at levels or areas , that make sense......

to me, using a candle chart, I would then say that it might make sense to add after a candle closes positive, and the next candle falls some,(maybe one quarter to one third down from top, if it even creates that wick) as many do, to add the next soldier. This way, I don't draw down too much profit from the first soldier, and allow both to work their way back up the new candle to gain more strength... does this make sense?
That...
Normally I would add on to a entry if the price moved away but didn't break the trigger candle. Which I believe is what your saying.. But the other adding on is more for the long ride in the trade. That is done Normally at S/R areas. Hope this helps.. The thing with trading is a lot of it is seat of the pants.. If you feel right doing it then do it. If you have to force it then it probablly isn't the right thing to do.
Good Trading To All ; Ken Lee
  • #12,357
  • May 14, 2009 2:21pm May 14, 2009 2:21pm
Quoting baz
Davids....i am done for the day.....but i hope you saw the 2 day i posted as well as the 1 hr chart....
since i trade HTF i will have to wait and see more PA ....before making a decision....its at a point where it may go quite now...

baz
Yes I saw that nice looking chart I was locked in +1 from 5332 which was just taken out, I will wait till we have more volume
  • #12,358
  • May 14, 2009 2:22pm May 14, 2009 2:22pm
Quoting davids
5270 is not looking to good at the moment 5245 would have been good entry I am short from 5332
I'm not worried bro! I'm covered green, with a small position left. I saw the 5245 for TP over an hour before it hit it. But my h4 shows we could still have a further move north to the 5270. Should we not get it and I get stopped out, I'm fine with that as well. Volume is dimishing and another seat will always present itself.
Just digging in the trenches like everyone else!
  • #12,359
  • May 14, 2009 2:22pm May 14, 2009 2:22pm
Quoting PippiNole
30 pips on soldier numero dos.
Excellent work!
Just digging in the trenches like everyone else!
  • #12,360
  • May 14, 2009 2:26pm May 14, 2009 2:26pm
Quoting eohater
I'm not worried bro! I'm covered green, with a small position left. I saw the 5245 for TP over an hour before it hit it. But my h4 shows we could still have a further move north to the 5270. Should we not get it and I get stopped out, I'm fine with that as well. Volume is dimishing and another seat will always present itself.
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