Atlast knocked me out of my short at +1 pip, after a healthy +30 prior to that. Now awaiting another set-up. You guys are good.
- #101,421
- May 27, 2009 6:57am May 27, 2009 6:57am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
- #101,423
- May 27, 2009 6:59am May 27, 2009 6:59am
- Joined Jul 2008 | Status: Trader | 1,722 Posts
How did I do that? sorry if you got hurt.
No worries, I'm back in, looking for 3865. I have re-thought this thing, and a range of 200 today puts us at 1.3796. I'm happy with half of that.
Up or down, gimme a ticket
- #101,424
- May 27, 2009 7:00am May 27, 2009 7:00am
- Joined Jul 2008 | Status: Trader | 1,722 Posts
Up or down, gimme a ticket
- #101,429
- May 27, 2009 7:08am May 27, 2009 7:08am
- | Joined May 2009 | Status: Fight until we die | 1,114 Posts
- #101,431
- May 27, 2009 7:09am May 27, 2009 7:09am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
- #101,432
- May 27, 2009 7:10am May 27, 2009 7:10am
- | Joined Feb 2009 | Status: Madness has no method. | 1,143 Posts
Thanks again F.x
I actually do look at hourly and 4 hourly charts to plot S/R levels and major trendlines, I only zoom into shorter timeframe to finese entry and lower risk.
Longer timefames are easier to trade however stops are further away, but risk reward remains the same.
Risking 10 pips to make 20 or risking 50 to make 100 is the same risk reward ratio. If you also have the same win/loss ratio for both then the key difference is position size and frequency.
Cheers
Sounds like you already know what I was trying to say then.The only thing I'd add is that even though "theoretically" you should have the same results if you scale down and trade the same ratios on the smaller timeframe, you actually won't do as well. This is because fluctuations on the smaller timeframes are much larger compared to fluctuations on the larger timeframes. (Basically, you can scale down your position size and RR ratios and trade the smaller timeframe, but price action doesn't scale down in the exact same percentage... so the fluctuations on the smaller timeframes will hit your SL more often than a fluctuation on a larger timeframe.)
- #101,433
- May 27, 2009 7:10am May 27, 2009 7:10am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
bearish engulfing on H4.
...and my morning order closed 2 min ago at 1.3895...!
For you Notch!
Your broker is out of business?
Have you taken all his money?
Not yet but I'm on course!
- #101,434
- May 27, 2009 7:12am May 27, 2009 7:12am
- Joined Jul 2008 | Status: Trader | 1,722 Posts
Out with another 10 waiting on up-or-down signal. Getting risky. I do think we'll have a bigger trading range today, particularly after 10:00EDT news (home sales?), so it's either gonna continue down to near 3800 or have to re-trace all the way up past 3996. All very doable. Fickle market.
Thanks guys.
Thanks guys.
Up or down, gimme a ticket
- #101,436
- May 27, 2009 7:16am May 27, 2009 7:16am
- | Joined May 2009 | Status: Fight until we die | 1,114 Posts
- #101,437
- May 27, 2009 7:17am May 27, 2009 7:17am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
- #101,439
- May 27, 2009 7:20am May 27, 2009 7:20am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
You're right, one should wait for a retracement, but given the fact that I made some good pips on the breakout (not planned) and that the PA action in 100s indicates a high prob continuation to 1.38 I just went ahead.
- #101,440
- May 27, 2009 7:21am May 27, 2009 7:21am
- Joined Jul 2008 | Status: Trader | 1,722 Posts
You might be proved correct at least you have a pip buffer...
Up or down, gimme a ticket