Do you use any indicators to confirm your entries?
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Hi Le Loup
I like to use Elder's Impulse momentum, where he utilises the macd histogram and a moving average to line up the direction the greatest momentum might be... in the shorter term charts eg m5, m12, m15.(today)
When I first started in trading, a wise trader gave the piece of very apt advice: "You must learn to cut loss before you begin to make $$". Cutting losses is very important to be able to make $ in trading, in other words.
60 min nice trendline break on the eurjpy. Sometimes we want the instant gratification of the shorter timeframe eg 5 min 12 min charts and the bigger picture is where the $ is.
@Emarco great thread you have going here..i dont know if it has been mentioned before but i would like a clarification.Is it there always a retest of previous trend level for every breakout??How do we know if there wont be a retest??while waiting for a retest and it doesnt come do we let the trade go and wait for another oppotunity?thanks mate.
@Emarco great thread you have going here..i dont know if it has been mentioned before but i would like a clarification.Is it there always a retest of previous trend level for every breakout??How do we know if there wont be a retest??while waiting for a retest and it doesnt come do we let the trade go and wait for another oppotunity?thanks mate.
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As with all facets related to trading, one must balance tradeoffs between risk and reward. If you jump in without waiting for retest then your risk is greater and reward commensurate. A retest trade will make the risk lower but the momentum may have waned resulting in lass rewarding gain. With daily charts though as in last week's eurjpy trade there is ample time to make the decision.
How you choose to trade depends on your own personality, risk tolerance etc and your trading plan.
Well, another tl break on the 60 min eurjpy. This divergence (60 min few days ago) trade is really 'the most powerful signal in tech analysis.... couple that with the daily inverted H&S....
As with all facets related to trading, one must balance tradeoffs between risk and reward. If you jump in without waiting for retest then your risk is greater and reward commensurate. A retest trade will make the risk lower but the momentum may have waned resulting in lass rewarding gain. With daily charts though as in last week's eurjpy trade there is ample time to make the decision.
How you choose to trade depends on your own personality, risk tolerance etc and your trading plan.
Cheers
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Thanks, that's the best advice I've heard all day.
