DislikedThanks Dan. Right now I find it hard to imagine a 1000+ pip trade! But I think I see the first one not too far over the horizon...
I would be glad of your thoughts on keeping trading records. I know that many traders say that keeping accurate records is essential but this is something I really struggle with, not because I'm disorganised or undisciplined but because I don't really know why I'm doing it and therefore it seems pointless. I kept records of every trade for months and months but I don't think I learned anything from them -...Ignored
DislikedHi Dan, just wanted to subscribe, as i've been trying to trade pretty much exactly the same way, although i've been operating in a vacuum!!
I look forward to your analysis, i think the only divergence is that i draw my S/R from a weekly chart, and only enter on the daily signals. Unfortunately, i can't access 4hr charts during the day.
A very promising thread, look forward to contributing.
I should add, letting go is something i struggle with. Most of my trades get stopped for 50 pips, or B/E. I've yet to see the fabled 1000 pip trade LOLIgnored
DislikedHi Dan, looks like your on to another winner mate. I have a question re - the placing of stop losses and the moving of them as the trade unfolds. You mentioned in an earlier post about placing a stop loss 80 pips from your entry and using 4h and daily charts.
Am I to take from this that if you entered a trade on a daily chart with a hammer/pin bar candle as your entry signal, you would not place your stop loss at the end of the nose of the hammer/pin bar. Looking forward to see this thread unfold.
- Support & Resistance Levels
- Fib Retracements
- Candlestick Patterns & Breakouts
Do you ranked your selection entries based on above in order of merits from the most important to the least i.e.
That's an interesting question. When I started out trading (in the T.A. world) I kept a journal to record trades and my reasoning/thought process - I think this is a good idea so you can see why/when things work and why/when they don't.
[color=black][font=Verdana]These days though I must admit I only keep the journal for bookkeeping purposes. Because I have a variety of trades on with different brokers I like to keep a separate journal for each currency pair and I record my positions as and when I open/close them - it just makes...Ignored
Do you look for any particular "signs" in price action (other than your candlestick patterns) as it approaches your trendline, S/R zones which help you decide if or not they are likely to hold or be breached?
Thanks for the detail response.
In a nutshell one have to develop our own market "feel" (accomplished through countless hours of chart time) & candlestick patterns are the determing factor for our entries & SL.
Just to clarify if u have a nice pinbar set on the 4hr you would set your SL a few pips (5-10pips) below the pinbar... Would you look at the D1 chart to readjust your SL based on the D1 candlestick becos 6 candles on the 4H charts is equivalent to one D1 candle.
Dislikedi hope to be active in this thread here. your strategy is a mirror image of mines since we learned most our stuff from the same concept.
Trend trades..Trend lines.. Fibs..and im also using lately pin bars and outside bars on the dailies.
Im still mainly on the EUR but i am looking to branch out if the trade jumps out at you and its as easy as picking money up off the street.Ignored