DislikedThanks for the input. If I may ask, was I a little late on the M5 or M1?Ignored
The key is to have good rules and absolutely stick to them.
- #11,861
- Jul 6, 2009 4:14pm Jul 6, 2009 4:14pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #11,862
- Jul 6, 2009 4:23pm Jul 6, 2009 4:23pm
Thank you!... You wise owl you.
After the rejection of the DP, a touch of the coral (just above your ellipse) is a good place to sell. The timing on M1 would be around 10 minutes after the hour. Like I say, it would be picky, as the difference is 5 pips or so. You could even squeeze 5 more pips if you enter before break of the coral, right after the DP touch and rejection. All this is easy to say in hindsight and depends on your risk tolerance.
The key is to have good rules and absolutely stick to them.
- #11,863
- Jul 6, 2009 4:28pm Jul 6, 2009 4:28pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
- #11,864
- Jul 6, 2009 4:34pm Jul 6, 2009 4:34pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
As I said before, I don't trade hardcore in this actual trading session.
But here was a great oportunity to catch some fast pips, bounce from DP with several previous divergence signals.
But here was a great oportunity to catch some fast pips, bounce from DP with several previous divergence signals.
- #11,865
- Jul 6, 2009 5:19pm Jul 6, 2009 5:19pm
I agree with you Cobra most new traders overtrade. I find myself only in trades about 5% of the time I am in front of the screen. What I am looking for is something to add to my arsenal. I have the mental capacity to take on another method in my trading at this point.
"Everything else I do for entertainment with low lotsize !!!" <---That's the stuff I want to know about.
P.S. Take a look at my site, it would not be up if it was not for you!
"Everything else I do for entertainment with low lotsize !!!" <---That's the stuff I want to know about
.P.S. Take a look at my site, it would not be up if it was not for you!
One of the main mistake of new traders is overtrading, you don't need to be in the market always.
Try this:
Try to find a trading session that fit's your needs for your favorite pair.
Set a daily reachable goal for you.
Find the TF that fits your caracter.
I for myself trade the E/U 1M - 5M only in the London session and aim for 40 pips/daily.
Everything else I do for entertainment with low lotsize !!!
- #11,866
- Jul 6, 2009 5:28pm Jul 6, 2009 5:28pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
Hi alsmith, I see you lurking, hope you'll be back soon.
Let me know if I can help in anything, just drop me an email, you have my private one.
Let me know if I can help in anything, just drop me an email, you have my private one.
- #11,867
- Jul 6, 2009 5:30pm Jul 6, 2009 5:30pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
Looks great, will be my weekend read.
P.S. Take a look at my site, it would not be up if it was not for you!
- #11,870
- Jul 6, 2009 10:55pm Jul 6, 2009 10:55pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
Never ever trade against the DP (I mean close to it, depending on your TF), there is a high probability that you lose.
The DP is the line in the sand between buyers and sellers and is highly respected by all classes of traders.
To trade against the DP on the 1M TF you need to have balls made out of iron and a space of at least 15 pips.
The DP is the line in the sand between buyers and sellers and is highly respected by all classes of traders.
To trade against the DP on the 1M TF you need to have balls made out of iron and a space of at least 15 pips.
Hum ... I just short and now, I doubt about it. Not looking good
- #11,871
- Jul 6, 2009 10:58pm Jul 6, 2009 10:58pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
Hum ... I just short and now, I doubt about it. Not looking good
- #11,873
- Jul 6, 2009 11:26pm Jul 6, 2009 11:26pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #11,875
- Edited 4:00am Jul 7, 2009 3:58am | Edited 4:00am
dear sir. may i ask a silly question that what is the best pair and the best time to use it sir? only concentrade some pair always or it have to change someday, sir? and sir, is it need to open h1 or other time frame as reference or just reckon as m5 as main and find entry on m1? then exit on m1 or m5 is best? thanks advance for kindly reply.
