i got the eurusd 70 pips
i got the eurusd 70 pips
If you made 70 pips just now, this would mean you went long when the H4 indicators were all red and below 0. If I am correct, you are countertrending, dangerous game
...If not, sorry, I may have missunderstood!
Todays GBPCAD Short Trade
Respecting all Tony's rules... Hope this works out nice...
I know he doesn't use ATR to place S/Ls, but in this case if I do what Tony says, I've got a 120 pip S/L!. Should I use ATR instead, that gives me a 57 pip S/L?
Respecting all Tony's rules... Hope this works out nice...
I know he doesn't use ATR to place S/Ls, but in this case if I do what Tony says, I've got a 120 pip S/L!. Should I use ATR instead, that gives me a 57 pip S/L?
- #907
- Edited 7:30am Feb 23, 2010 6:55am | Edited 7:30am
- Joined Jun 2009 | Status: Trader | 2,430 Posts
Todays GBPCAD Short Trade
Respecting all Tony's rules... Hope this works out nice...
I know he doesn't use ATR to place S/Ls, but in this case if I do what Tony says, I've got a 120 pip S/L!. Should I use ATR instead, that gives me a 57 pip S/L?
If using ATR for SL, I most often use 2 * ATR(100). So, when trading GBPCAD from H4 chart, my SL would be 126 pips not less. If last swing high/low is, for example, 140 pips from my entry then I choose 140 instead of 126 for SL.
H4 trading is not intraday. When opening a trade, we have to be ready to keep it running for several days, sometimes even more than a week. That is why it is quite necessary to leave enough room for retracements.
If there are traders around who really succeed with 30 pip SL while trading from H4 then I give them my full respect. But, to be absolutely honest, I do not believe that it is possible.
- #909
- Edited 11:17am Feb 23, 2010 11:03am | Edited 11:17am
- Joined Nov 2009 | Status: Trader | 27,245 Posts
- #915
- Edited 12:52pm Feb 23, 2010 12:42pm | Edited 12:52pm
- Joined Jun 2009 | Status: Trader | 2,430 Posts
