DislikedRight I exited at the close you mentioned. Looks like I really need to look into fine tuning my entry next time. Lesson learned!Ignored
211
Absolute Simplest KISS Method. Also, how do we measure risk reward? 68 replies
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DislikedRight I exited at the close you mentioned. Looks like I really need to look into fine tuning my entry next time. Lesson learned!Ignored
DislikedA missed trade in the usdchf turned out to be a blessing after all because I would have gunned for 50pips.Ignored
DislikedHi 211 Thanks for your comments. I already use ATR in my trading but what I meant was that the trade turned out to be a loser type almost from the get go. It just could not stay above 1.0680.
By the way your trade in the early morning (UK time) was superb. We were all waiting for a retracement to the 40 area in the eurousd. one way or the other I still missed the trade. I thought the retracement would be more.
Great thread and thanks to all that kept the discussion going early this morning (UK time)Ignored
DislikedFriends,
Clearly if we are going to wait for a retrace prior to an entry, we can take the entry on a (near) touch of the MAs.
However, if one is just entering on a 'clear' 1-2-3 set-up should we move into the position at a bar close or when it all appears.
For instance, if we are mid-four hour candle and we see a pin bar developing coupled with a recent MA cross and correctly moving MACD bars, would you take entry then? Of course, the pin bar could go away by the end of the candle, but, then again, it could continue up to a TP?
Whither...Ignored
DislikedFor me, I MUST wait for candle close to get the Pinbar, Engulfing candle, Tweezers, etc... AFTER I get one of those patterns and confirm that the MA's are crossing and MACD agrees...then I decide if I should enter right away(candle close) OR if I need to wait for a pullback. And that decision comes from 1) Risk..is my risk greater than 50pips...then i should probably wait for a pullback. 2) Also, engulfing candles "typically" give pullbacks...so you reduce risk by waiting for a pullback if price isn't close t the ma's.Ignored
DislikedFor me, I MUST wait for candle close to get the Pinbar, Engulfing candle, Tweezers, etc... AFTER I get one of those patterns and confirm that the MA's are crossing and MACD agrees...then I decide if I should enter right away(candle close) OR if I need to wait for a pullback. And that decision comes from 1) Risk..is my risk greater than 50pips...then i should probably wait for a pullback. 2) Also, engulfing candles "typically" give pullbacks...so you reduce risk by waiting for a pullback if price isn't close t the ma's.Ignored
DislikedGood summary, and I learned my lesson about waiting for pullback after the engulfing candle in last trade. Won't forget that next time!
Btw, 211, thanks for the encouragement!Ignored
DislikedSpeaking of EU in my previous post...I saw this setup early today, but waited to post it to give you guys a chance to possible post it before me. Hope someone caught it!Ignored
DislikedIt's been quite a while since I've seen such strong uptrends on GU, EU, GJ, EJ that produce little to no entries. And I don't see anything setting up anytime soon, especially with NFP tomorrow(I won't be trading that). So have a good weekend everyone and see you next week! Happy Easter!Ignored
DislikedHi, tw0eleven:
Thank you very much to share your idea. I like to have your new MACD for my chart. But when I downloaded it, it gave me an "attahment.php" file instead your newMACD.mq4 fiel. What did I do wrong? How can I download it? Please help. Thanks.Ignored
DislikedHi,
I was wondering where is the histogram on you MACD? Also on one of your charts you took a long position before the emas had crossed. Can you pleas explain?
ThanksIgnored