So lets say a doji forms on the eu/us what is that considered? Pin Bar?
james16 Chart Thread
- #36,483
- Jul 6, 2009 4:50pm Jul 6, 2009 4:50pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Okay!!! But is it pay day on all the pin bars forming on the daily charts or am I just out there!!
K.I.S.S.
How do you figure the r:r? how is 1:2.5 or 1:9?
Sorry dumb question, I just dont understand, trying to get it
Sorry dumb question, I just dont understand, trying to get it
No science on it (Although it would not be hard...)
But it seems to me you get a better R:R on the 4hr. It is possible since I see and trade more of them on the 4hr, it is illusory, but that is what my sense is. Grabbed a PB today on the GU that is up 1:2.5. (With luck, it will reach 9R by Wed/Thu sometime...
- #36,487
- Jul 6, 2009 5:16pm Jul 6, 2009 5:16pm
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- #36,490
- Jul 6, 2009 5:37pm Jul 6, 2009 5:37pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Any suggestions/advice either yourself or anyone else wouldn't mind sharing would be appreciated.
-G5
I get this question all the time. Trade mgmt is the hardest thing to grasp. Everyone focuses on entries as we know then come the actual trade we fumble. Not to worry though this is where time and experience play the most crucial role. There are so many different ways to handle exits, that I am not going to list them all(not even possible). So instead I will answer in the most basic way I can regarding my own personal trading.
As for my actual taking profit. I never take partial profits. Period. I don't believe in it. That does NOT mean you can't. I just did the numbers for a large amount of live data on my old trades. The bottom line always comes up significantly worse for me.
I then determine the situation like so.
1. What timeframe am I on. If the timeframe is 4hr and under, I consider this intraday. What does this mean? It means I am looking for short short term moves, and I am not going to get fancy. If we stall out at the first important area, I rarely am going to take close to a full loss. I usually make a move at this first area. Now are their exceptions to this. Of course it is situational. If I beleive highly in the location(remember the price bar is nothing more then our trigger point), I will usually trail.
How do I trail?
I use a variety of trailing stops depending on the situation and I can and will change mid trade if I ever feel conditions change where one would be more beneficial. I also will close out the trade at any point I feel something has changed that warrants that. So the types of trails I use range from a volatility based indicator for breakouts with room to run, a mechanical 2bar and 1 bar trailing stop(using the previous high/low of X amount of bars). And as well just using pure s/r to hide my stops.
When do I trail?
Well mostly I trail out on the daily/weekly and breakout trades. The reason for this is firstly, a breakout trade signifies a breakout of consolidation or a market that is shrinking in its range. If I am correct in my analysis this leads to an expansion in volatility/range etc. So these trades i want to let run. They should run smooth and nice for the most part(think squeezing toothpaste out of the tube if you pressed your finger against it and then released with the pressure). Why on daily/weekly pure price action. Well simply b/c I tend to be highly picky and using the data as a longer term play. I take in the range of 3-5 trades a month, and tend to let these play out. Often I will trail but also have a set take profit if we get there. The idea again is to cut my losses and also lock in some profits.
So you are never going to nail every trade the best way. I almost always pick the wrong type of exit to maximize profits. But what I do well is understand each situation that I understand well enough to know what works over the course of a large amount of trades. So determining the type of situation is the most important.
Examples. A daily pin, in a good spot, but trading into a lot of traffic or consolidation. What is the play? For me it is a flat out take profit at the first spot.
Example 2. A pin in wide open space just hanging out there(remember picking an apple/cherry from my video). What is the play? For me it is to let the trade play out and the little minor areas don't scare me, I am watching the more major PPZs and round numbers etc.
Example 3. A 1hr pin off a nice round number. What is the play? Watching the first areas, understanding the bar is simply 1hr worth of data, and don't try to be a hero.
Example 4.. A 4hr pin off a key area I have been waiting to hit for a very long time. I believe these area warrants a longer term play. What is the play? Trade it with a trail, and be a little more lenient on stop movement but don't try to be a hero.
I could go on and on, since these are all general cases. This is the toughest question to answer in a general way that it is asked like above. Trading IMO is something one needs to be adaptable to each and every situation. Although we look for the same things we still must be headsy enough to understand the trade at hand.
Again million ways to skin a cat, but just thought I would share in a broad sense how I tackle it
Mike
- #36,491
- Jul 6, 2009 5:41pm Jul 6, 2009 5:41pm
- | Joined Feb 2009 | Status: when dreamer meets reality | 1,397 Posts
- #36,492
- Jul 6, 2009 5:49pm Jul 6, 2009 5:49pm
- Joined Feb 2009 | Status: Trader | 1,292 Posts
Trading methods are designed to put the odds in our favor, not predicting.
- #36,493
- Jul 6, 2009 5:55pm Jul 6, 2009 5:55pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi,
What About This PB ?
That technically isn't a pin since the open and close need to be within the prior bar. Some would say it is a pin by proxy, but I never trade proxy pins so I will let those come in here.
Hope all is well for you over there and staying safe
Mike
I get this question all the time.
Mike
I just got out of a gbp/jpy trade (4H bullish outside bar) using a trail from the one hour chart. I was up 92 pips at one point and took home around 50 or so. It feels good to have netted positive pips and not worry about getting knocked out with nothing
And thanks for your input as well, Billye!
-G5
I will let Ryan answer for himself although I know what his answer is
I get this question all the time. Trade mgmt is the hardest thing to grasp. Everyone focuses on entries as we know then come the actual trade we fumble. Not to worry though this is where time and experience play the most crucial role. There are so many different ways to handle exits, that I am not going to list them all(not even possible). So instead I will answer in the most basic way I can regarding my own personal trading.
As for my actual taking profit. I never take...
Thank you for taking the time to post this. It is valious information.
What about entries? Do you enter all at once or do you enter with partial size of you total position and then add at retraces after your first position is confirmed correct?
Thank you in advance,
Luso
- #36,498
- Jul 6, 2009 6:59pm Jul 6, 2009 6:59pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Keep taking CT trades, I need more money
- #36,499
- Jul 6, 2009 7:04pm Jul 6, 2009 7:04pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Hey Luso
I like to keep things simple, I enter my full position all at once and I never play retrace entries. I also always put my stop on the other side of the bar. Again, like exits, you can do it a bunch of ways, but I believe in consistency whichever way one wants to go.
Hope that helps
Mike
I am with Mike on taking it all out at 1 time, I also went back to all the trades I took 1/2 off and it was dumb, when I traded the S&P 3min stuff I never did 1/2 trades. Also I talked it over with my mentor and he said "If you want to 1/2 ass it you can do that" I say all or nothing, or trail it up and have a target so then you lock in some or get your target goal.
Keep taking CT trades, I need more money
