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Nelson7 vs Eur/Usd 28 replies
QuoteDislikedYes still in and behind by 89 pips. I am not considering closing the trade, who cares about a bearish engulfing candle. Just kidding. Yes it does show weakness in the trend on the 4 hour, but like I said before I like to give my trades room to breathe. Once I enter a trade I stick to it and follow the plan , yeah sometimes i'll lose but thats part of trading. I entered the trade based on the monthly trend and since the point I entered to this moment not much has changed on the monthly. Glad your enjoying the thread and learning.
DislikedNice Style of trading Nelson7. What's your average win/loss and any other juicy stats you can give about your trades?
JuicytIgnored
DislikedNelson, I really like your method. I was going over several pairs and was amazed at the opportunities that your method offers. After studying the charts that you've posted, I noticed that your entries aren't consistent. Some entries are at the high/low of the entry candle. Some entries are at the open of the new candle. Some entries are just above/ below the close of the entry candle. Also in your first post, I didn't see any entry criteria. What are your entry rules? Great work!Ignored
DislikedThe trend, as you said can be determined various ways. I find that the simplest way to determine the trend is by looking at a higher timeframe. If you are trading the off the 4 hour charts use the weekly for the trend and if trading the off the daily charts use the monthly charts to help you determine the trend. When you are on that higher timeframe you will determine the trend by simply looking at the chart and determining if the movement is up, down or consolidating, its that easy. Moving averages can be used to help you see the trend clearer....Ignored
DislikedHi Nelson,
Thanks for the great thread. This may be a very basic question. What is the dfference between two and three candle formations? When do you look for 2 vs. 3? Thank you.Ignored
DislikedDo you take sunday candles into consideration or do you ignore them? I use ibfx which has sunday candles.Ignored
DislikedNo, my broker does not have Sunday daily candles. So my daily candles are a combination of the Sunday and Monday information. Don't get to caught up with this, remember there is no holy grail. All brokers quote slightly different prices, so your platform may have given you a 2 candle pattern formation with a higher close and my broker did not, so in other words you took the trade and I didn't. Maybe you entered a great trade maybe you didn't. In the long run sticking to the plan entries, exits, and trade management will make you profitable.Ignored
DislikedThanks for your reply. One other thing. After studying my charts, I've noticed that there are several good counter-trend opportunities. Do you take any counter-trend trades?Ignored