Trading is a delicate balance of Strategy , Money management and Psychology
nice trade...I'm more picky than this...it's not technically a pin, so I stayed out
cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
- #2,265
- Dec 4, 2009 7:00am Dec 4, 2009 7:00am
I agree, sometimes you just have a feeling about a setup, especially after years of staring at charts. What comes to mind on that particular chart are momentum, the size of the reversal bar, the support area it was in, followed by a textbook inside bar and away we go... The bigger reversal bars have a bigger stop yes, sometimes that keeps me out because of a bigger SL, but they are also typically much more reliable. The previous counter trend pin bar was a good sized bar, and the continuation bar matched that to size pretty much. I like to see the reversal bars have as much size (momentum) as the previous as that hints about strength in that immediate direction.
On a side note, beware that Non Farm Payroll report is coming out in 30 minutes!
On a side note, beware that Non Farm Payroll report is coming out in 30 minutes!
yes you are right, IMO being ultra picky in trades( only to avoid losses) can be troublesome in the longterm. Many factors favoured this trade and that moment there was just a feeling " just take it "
cheers
Winston
- #2,267
- Dec 4, 2009 7:09am Dec 4, 2009 7:09am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
How it's goin 5M guys.
Not the best pin but location is super.
Not the best pin but location is super.
Actually I don't understand your style
You just set tp vs sl 10:1 and wait?
In the begining i was rigid on 10:1 , but then it dawned upon me that i should observe the market pulse after it runs considerably from our entry.For the Trend pins, i always like to see a runner even though the market may stop me out after 1R or 2R.
So when market has run considerably , i drop at M1 timeframe for possible trend pause or reversal and get out. So now instead of 10R, i land up for good runners.
I am really comfortable with the losses i have because i know that one such runner makes for many little losers.Infact i have a coin's % win with this method ( since i use it as a base setup) but the runners take care of the game. Your method is awesome for looking runners.IMO many people try to avoid the loses.In the process they want high %winning , they adapt the MM style that restricts them from getting the runner.In my experience of 6 years trading stocks, bonds , indices and now forex, the root of losing consistently is an attitude to avoid losses and being uncomfortable with them.And when you know that after over 100 trades youe edge has a chance to show its head, then why focus on one trade.
I would like to thank you again for your great method.
Best Regards,
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
