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  • #101,361
  • May 27, 2009 5:05am May 27, 2009 5:05am
Quoting F.x.
I used to do this at times. But the only reason you'd do this would be because you think somehow you can make the market go one way or the other a few pips by changing whether your 1 lot is a SL or a limit order. That's pretty much nonsense, unless your broker is hunting and your SL is tight enough that they'd want to grab it (which in your case, it MAY be possible since your SL is way too tight, in my opinion...) When I used SL's below about 25 it seemed they would ALWAYS get hit.




Don't try to pick reversals. They will ALWAYS happen right...

Thanks F.x

Appreciate your input
  • #101,362
  • May 27, 2009 5:06am May 27, 2009 5:06am
Quoting notch
1.3897
The target from by broke are:
1,3889
1,3793
1,3630

Sometimes the PA make all of them, and as we are in an overbought area, maybe could be today that PA is going to lower to 1,3630.
Who knows, but it would be good maintain the position to this level.
Personally if PA reaches 1,3879/80 i will put a tight stop loss and wait for my target. Nothing to loose.
  • #101,363
  • May 27, 2009 5:07am May 27, 2009 5:07am
Quoting notch
1.3897
too far i think
i took 1.3910
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,364
  • May 27, 2009 5:07am May 27, 2009 5:07am
if you guys see @15 or 30 mnt chart, it's forming H&S...will this sign of going up?
  • #101,365
  • May 27, 2009 5:07am May 27, 2009 5:07am
Quoting Sakk
Atlast, just wanted to know if its best practice to use limit orders on the initial stop loss point or stick with a stop order.

Giving away 1 - 1.5 pips per trade using normal stop orders to exit can add up over hundres of trades. However if it's best practice in terms of risk management happy to continue with normal buy stop / sell stop orders.
Started using normal stop orders the first time the stop limit wasn't executed as the price shot up too fast and the trade went 60 pips extra against me by the time I got home.

Fool me once ..
  • #101,366
  • May 27, 2009 5:09am May 27, 2009 5:09am
Quoting Alado
The target from by broke are:
1,3889
1,3793
1,3630

Sometimes the PA make all of them, and as we are in an overbought area, maybe could be today that PA is going to lower to 1,3630.
Who knows, but it would be good maintain the position to this level.
Personally if PA reaches 1,3879/80 i will put a tight stop loss and wait for my target. Nothing to loose.

I like 1.3630.
  • #101,367
  • May 27, 2009 5:13am May 27, 2009 5:13am
Quoting Sakk
Thanks F.x

Appreciate your input

You're quite welcome.

Regarding your example... that's way too much detail for me. If I may make an observation.... it seems that you are falling into the same trap that pretty much everyone falls into. That is, making trading more difficult that it needs to be. You might try "zooming out" in all aspects. Meaning, not only the timeframe of the chart, but also your entire gameplan. I guarantee the simpler you make it, the better you will do (see again my last post for a general gameplan.)

Try using the 1 or 4 hour charts and limiting yourself to one or two trades per day or even per week. A set SL of 50-100 pips and a set TP of at least 50 pips. This will force you to do several good things:

1. take more winning trades than losing trades
2. be "ok" with "not trading" when the timing isn't right (ie - waiting for the best setups!)
3. be "ok" with holding a losing position, and letting it run its course (into positive territory, we hope!)
4. let the SL do the work for you (you will be "ok" if your SL is hit. You will count it as one of the losing trades that will occur from time to time. And it just means the next trade will be a winner.)

Finally... I would add that I only use candles and indicators to add confidence to my trade (that was taken based on S/R levels and other more important factors.) They are never used (by me) to enter a trade.

Good trading.
  • #101,368
  • May 27, 2009 5:18am May 27, 2009 5:18am
3940 good to test LONG
Never sell @ lower upward channel unless breacked and vise versa .
  • #101,369
  • May 27, 2009 5:20am May 27, 2009 5:20am
Quoting Alado
Hi, can you tell me what a wave is and how can we see it graphically, please?
Thanks
take a look at the chart...
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 42 KB
  • #101,370
  • May 27, 2009 5:22am May 27, 2009 5:22am
Quoting negro wolf
too far i think
i took 1.3910
entered exact same short on your position with trailing stop 15 points.
how do you secure your position?
tempted moving to break even as tricky market
never believe your expectations, trust only your eye sight
  • #101,371
  • May 27, 2009 5:26am May 27, 2009 5:26am
Quoting anzo75
entered exact same short on your position with trailing stop 15 points.
how do you secure your position?
tempted moving to break even as tricky market
i use trailer stop loss
every 25-30 pip
i move 10-15
depend on market
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,372
  • May 27, 2009 5:27am May 27, 2009 5:27am
Quoting F.x.
You're quite welcome.

Regarding your example... that's way too much detail for me. If I may make an observation.... it seems that you are falling into the same trap that pretty much everyone falls into. That is, making trading more difficult that it needs to be. You might try "zooming out" in all aspects. Meaning, not only the timeframe of the chart, but also your entire gameplan. I guarantee the simpler you make it, the better you will do (see again my last post for a general gameplan.)
I don't know, he seems to have a fairly simple system to me. I assume he's using a higher TF to trade in the context of the market movement (5 years trading stocks according to him), and, I'd agree on zooming out.
  • #101,373
  • May 27, 2009 5:34am May 27, 2009 5:34am

due to my system and my own analysis
i expect a prasout bear to fall down .. lol



ps : never act as i do without knowing what u are doing
i only take my own loss or profit
not yours
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,374
  • May 27, 2009 5:36am May 27, 2009 5:36am
Quoting gainMor
if you guys see @15 or 30 mnt chart, it's forming H&S...will this sign of going up?
I'm short... but can u see an inverted H&S ?!!
  • #101,375
  • May 27, 2009 5:37am May 27, 2009 5:37am
sorry
h&s = head and shoulders
i remmember now
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,376
  • May 27, 2009 5:39am May 27, 2009 5:39am
Quoting negro wolf
what is h&s guys ????
head and shoulders... :roll
  • #101,377
  • May 27, 2009 5:42am May 27, 2009 5:42am
i don't really see a h&s, if, then it's a really vague one. and since it's on 30m i don't know how strong it is
  • #101,378
  • May 27, 2009 5:44am May 27, 2009 5:44am
my chart 1min
Attached Image (click to enlarge)
Click to Enlarge Name: 27-05-2009c.png Size: 42 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #101,379
  • May 27, 2009 5:48am May 27, 2009 5:48am
The strength of the pattern is measured by its time frame. It's simple as that. If the pattern is found in 5M, 15M or 30M time frame don't expect it to affect a H4 or a Daily chart. It's not gonna happen.

Higher the time frame stronger the effect is and vice versa.
  • #101,380
  • May 27, 2009 5:48am May 27, 2009 5:48am
i went out of the short again at BE, seems to be too risky. phew, lucky, just now price went up 10 pips again. I'll wait and scalp the break of the IB to the upside from 3 hours before.
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