- #3,622
- Jul 20, 2010 2:25pm Jul 20, 2010 2:25pm
- | Commercial User | Joined May 2009 | 5,751 Posts
I suspect this bitch can go up to 113 to make a beautiful H&S pattern at 30min, so I've closed at +5.
I'll load new shorts at 112.9-113 area with TP 110.85.
I'm totally convinced about the 110.85 target (reason: parabolic SAR is there and heavily populated). It's just about time.
Read with me >
http://www.forexfactory.com/showpost...postcount=3592
http://www.forexfactory.com/showpost...postcount=3606
Cheers and happy trading
Petar
"Buy on fear, sell on greed !!!
- #3,623
- Jul 20, 2010 2:30pm Jul 20, 2010 2:30pm
- | Commercial User | Joined May 2009 | 5,751 Posts
I moved the SLand stayed in the trade (SL @ 112.90) and I put another trade in @ 112.70. Also, I changed my TP to 112.15
I am telling you this to become a better trader...
Cheers and happy piping
Petar
"Buy on fear, sell on greed !!!
- #3,625
- Jul 20, 2010 4:30pm Jul 20, 2010 4:30pm
- | Commercial User | Joined May 2009 | 5,751 Posts
Simple and strong truth. But I have seen some traders move SL to BE. Is it ok and when?
I also do that but when i have 2 positions,i always have a plan First and second target,i plan my trade 2 days before i take a trade.Also move SL to be i work just on larger frame H4,Daily becouse on smaller that is a mistake becouse you go for 15,20 pips and price can easly back to BE and close you orders.Matematicly on smaller frames dont change SL to be.Of course for good TP and SL you must practite and practice and practice one strategy and to master it...
If you have skype add me petar.jacimovic and i can help you
Cheers
"Buy on fear, sell on greed !!!
- #3,626
- Jul 20, 2010 5:41pm Jul 20, 2010 5:41pm
- | Joined Feb 2010 | Status: Bulls and Bears, dual to the death | 183 Posts
Never cnange SL that is a sign of weakness...PLan your trade and dont let that bad mind control you...
I am telling you this to become a better trader...
Cheers and happy piping
Petar
Trading is my full time gig and I dont plan on giving it up anytime soon. You are right, it is a sign of weakness and I'll do just about anything to prevent my SL from being hit. It's hard to hit a moving target and I know when to quit.
Sometimes you lose, sometimes you win, and I'm not affaird to improvise. Nice chatting w/you.
Make money or go broke... its the Forex way.
- #3,628
- Jul 20, 2010 8:17pm Jul 20, 2010 8:17pm
- | Membership Revoked | Joined Jun 2010 | 1,246 Posts
Never cnange SL that is a sign of weakness...PLan your trade and dont let that bad mind control you...
I am telling you this to become a better trader...
Conditions change in real-time and you need to try to adapt whenever possible. You can't predict the future but you can act on current conditions.
But I have seen some traders move SL to BE. Is it ok and when?
- #3,629
- Jul 20, 2010 8:32pm Jul 20, 2010 8:32pm
- | Commercial User | Joined May 2009 | 5,751 Posts
I don't see anything wrong with moving the SL when there is a need for it.
Conditions change in real-time and you need to try to adapt whenever possible. You can't predict the future but you can act on current conditions.
Yes it's ok, depending on the situation. As for "when", that's hard to explain/teach. Learn as much as you can about price momentum, not from other people but from your own long experience and practice with the charts.
Good traders never change SL becouse that is a sign for weakness.I am succesfull trader 2 years and i got every day mails,all mails are very similar.I didnt put my SL what to doo or I changed SL what you think it will go UP-DOwn...I gave him just advice that if he know strategy good he dont need to change SL if he feel the market.
About move SL to BE also one thinng IF you work 1:1 RRR in trade you will have simiilar results if you put order to BE or waiting final target with SL opened.If you trade 1:2 RRR in a trade better is to leave position with SL (of course if you know strategy you working well),aslo larger RRR always is better leave SL when you PUT.I usually trade 1:3 RRR sometimes 1:4 and for me SL to BE is bad.
Move SL to be just if you trade with 2 or more positions and then when you reach first Target you can move SL to be and wait final target,just my advice...
Cheers and happy trading
"Buy on fear, sell on greed !!!
- #3,630
- Jul 20, 2010 8:59pm Jul 20, 2010 8:59pm
- | Membership Revoked | Joined Jun 2010 | 1,246 Posts
Hi Petar,
Thank you for the welcome and the advice.
I personally do not use any strategy, my trading is 100% discretionary and based on reading what the price is doing right NOW in terms of momentum.
As you probably know, trade management (i.e. the management of an open position) is a most important skill in trading. It involves watching what the price is doing while the position is open and making any necessary adjustments such as taking profit when you know this is probably as much as you're going to make on this current trade, or locking part of your profit, or closing the position with a small loss when for example things go wrong and the price starts to accelerate against you and you realize you better take the small loss because there's a high probability it will soon become a bigger loss, or modifying the stop loss or profit target to new levels based on new price behavior.
I never think about RRR while trading, I might think about it when I'm not trading but not when I'm in the middle of the action. I only focus on price and what it's telling me to do, and since situations vary, my RRR varies with each trade.
I do not agree with you saying that "Good traders never change SL", but then again, if all of us traders agreed about everything there would be no market.
Cheers
Thank you for the welcome and the advice.
I personally do not use any strategy, my trading is 100% discretionary and based on reading what the price is doing right NOW in terms of momentum.
As you probably know, trade management (i.e. the management of an open position) is a most important skill in trading. It involves watching what the price is doing while the position is open and making any necessary adjustments such as taking profit when you know this is probably as much as you're going to make on this current trade, or locking part of your profit, or closing the position with a small loss when for example things go wrong and the price starts to accelerate against you and you realize you better take the small loss because there's a high probability it will soon become a bigger loss, or modifying the stop loss or profit target to new levels based on new price behavior.
I never think about RRR while trading, I might think about it when I'm not trading but not when I'm in the middle of the action. I only focus on price and what it's telling me to do, and since situations vary, my RRR varies with each trade.
I do not agree with you saying that "Good traders never change SL", but then again, if all of us traders agreed about everything there would be no market.
Cheers
- #3,631
- Jul 20, 2010 9:12pm Jul 20, 2010 9:12pm
- | Joined Feb 2010 | Status: Bulls and Bears, dual to the death | 183 Posts
I don't see anything wrong with moving the SL when there is a need for it.
Conditions change in real-time and you need to try to adapt whenever possible. You can't predict the future but you can act on current conditions.
Yes it's ok, depending on the situation. As for "when", that's hard to explain/teach. Learn as much as you can about price momentum, not from other people but from your own long experience and practice with the charts.
. I'm sure Peter's advice is correct but people have different styles of trading and what works for one may not be favorable to another. Keep doing what you do Peter, if you have any other advice for me your conversation is welcome. Cheers!
Make money or go broke... its the Forex way.
- #3,632
- Jul 20, 2010 9:18pm Jul 20, 2010 9:18pm
- | Joined Feb 2010 | Status: Bulls and Bears, dual to the death | 183 Posts
Hi Petar,
Thank you for the welcome and the advice.
I personally do not use any strategy, my trading is 100% discretionary and based on reading what the price is doing right NOW in terms of momentum.
As you probably know, trade management (i.e. the management of an open position) is a most important skill in trading. It involves watching what the price is doing while the position is open and making any necessary adjustments such as taking profit when you know this is probably as much as you're going to make on this current trade, or locking...
Make money or go broke... its the Forex way.
- #3,633
- Jul 20, 2010 11:07pm Jul 20, 2010 11:07pm
- | Joined Feb 2010 | Status: Bulls and Bears, dual to the death | 183 Posts
I moved the SL
Make money or go broke... its the Forex way.
- #3,636
- Jul 21, 2010 4:42am Jul 21, 2010 4:42am
- | Commercial User | Joined May 2009 | 5,751 Posts
Hi everybody.. hello from AUSTRALIA... i've been following this thread for quiet a while now.. first post for me.. Cheers.
JEAN
"Buy on fear, sell on greed !!!
- #3,638
- Jul 21, 2010 4:54am Jul 21, 2010 4:54am
- | Commercial User | Joined May 2009 | 5,751 Posts
Hello from Belgium (Flanders).
Also my first post :-)
"Buy on fear, sell on greed !!!
