When you catch the runner like the post above do you only trade it once or do you add on after every pull back? that's what I have been trying to do, sometime successful, other time not.
Just wondering what others are doing.
Good luck and happy pips!
Simple
A woman drove me to drink, and I forgot to thank her
I don't add to the position but in the runner above it would have been highly profitable to have done so as there were lots of retracements.
From my understanding of this thread, if you are adding to a position it is a bit like taking a continuation signal and is therefore more risky than taking the earliest possible entry - Greater Risk Greater Return as they say.
When I get a chance I may look into it as if it had been done on the above trade the profits would have been staggering but not sure of the extra risk to get this!!
The way I trade this kind of breakout is by working on my entry strategy to improve the R:R and therefore increasing the profits without the need to scale in/out.
With good entry .. you may get a R:R .. let's say 1:1 ..
With better entry you may get around 1:2 ... or maybe 1:3 ...
Hey spilpa, you're doing good job, keeping the thread up. I was not able to trade due to personal reason, it was indeed a difficult price action and was a lesson to stick to the plan no matter what. I'm happy you being as a newbie got the runner keep going. hats off.
Failure is the mother of success: learn from 'her'
Umbro you post too much.... lol - how long have you been trading for? ive been playing the 5min frame and to me it's more nosie than i like i have been using the 15mins as a reference and it work better for me..
As for last night i got whiplash hard but still came out ahead for 35 pips.....
ahahahah. I told you guys 3-4 months in forex (look at my reg date) and about 10 years with stocks. 15 min is okay too but I like to be very reactive and act as early as possible. Feb said it's only a way to represent data in a chart if I remember well ? Use whatever makes you make money and feel comfortable with it.
Feb, I hope you are fine and listen from you soon. We are currently using your thread trying to stick as much as we can to your teachings for learning purposes. I hope you don't mind and again thank you very much for everything you taught us.
need my to keep you company hehehe. it's been rough i had a few tries... but handling the beast( me) is hard.. this is what i did... today.. and what i should have done!!! heheh i do this every night as it helps me keep on track please comment..
The System II (Yes with irony)
