I was (well really I used the pivot before entry).....not this week. I've done better. I've been stopped out a few times. Usually it was a bad trade or one that would reverse very deep before heading back my way. About half the time it would ping pong before it hits my SL....I could get out at 1-3 pips before it falls a second time.
If it is a bad trade then I save 20 some pips. That's a lot of bad entries at a 1-3 pip loss . I can always re-enter if the candles say go.
I'm not at 8 wins and 2 loses per 10. So until I pick better, I must be more careful with my loses.
I've found that if it was a good entry it will usually go in my direction. A bad one will usually reverse around the time I go in. I can cut my loss quickly and at a minumum. After the initial trend change...if you're trading with the trend, you will often have a swing towards your take profit...almost immediately. A swing away is an indicator to me to be wary.
I'm not saying 35 doesn't work....it does. This seems to be working better for me. But it's only a week....I'll tell you if it goes bad. After trading today I'm up 94 pips for August. (I lost some pips today) That's 7.9 per trading day. (12 days) Is that great....no. I'm winning and I haven't been using this long....and I can't trade the london session. Mostly yen pairs. 6pm eastern to 1:00am. That's a hard time to trade! I lust for 2:00am to 8:00am. I may start going to bed at 7:00pm so I can rise at 3:00am.
I could show you examples but they will only show one of two things. A 35 pip SL or a 10-12 pip loss that looks bad and ends up well. There's more to this then the chart. It's a discipline thing.
I believe this is what Big "E" was implicating....correct me if I'm wrong "E".
If it is a bad trade then I save 20 some pips. That's a lot of bad entries at a 1-3 pip loss . I can always re-enter if the candles say go.
I'm not at 8 wins and 2 loses per 10. So until I pick better, I must be more careful with my loses.
I've found that if it was a good entry it will usually go in my direction. A bad one will usually reverse around the time I go in. I can cut my loss quickly and at a minumum. After the initial trend change...if you're trading with the trend, you will often have a swing towards your take profit...almost immediately. A swing away is an indicator to me to be wary.
I'm not saying 35 doesn't work....it does. This seems to be working better for me. But it's only a week....I'll tell you if it goes bad. After trading today I'm up 94 pips for August. (I lost some pips today) That's 7.9 per trading day. (12 days) Is that great....no. I'm winning and I haven't been using this long....and I can't trade the london session. Mostly yen pairs. 6pm eastern to 1:00am. That's a hard time to trade! I lust for 2:00am to 8:00am. I may start going to bed at 7:00pm so I can rise at 3:00am.
I could show you examples but they will only show one of two things. A 35 pip SL or a 10-12 pip loss that looks bad and ends up well. There's more to this then the chart. It's a discipline thing.
I believe this is what Big "E" was implicating....correct me if I'm wrong "E".
DislikedHi Cugir,
So you don't use the normal 35 pip stop as per CH advice? How often do you get stopped out?
If you could post some chart examples of what you have said above it would be really helpfulIgnored