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- #382
- Oct 19, 2010 4:59am Oct 19, 2010 4:59am
I hope someone was able to get this trade...I missed it because I was working on the chart examples above that I posted. And this trade happened really quick!
- #383
- Oct 19, 2010 5:05am Oct 19, 2010 5:05am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
Hi 211, I took this trade few hours ago. The white arrow show a short term bearlish Harami and two candles later was a bearlish engulfment (orange arrow). I should have wait till it retrace back to the 20 ma (lesson learn). I short at the next candle open after the bearlish engulfment. My question is the exit... how do u place it? I tp 10 pips before the red line. Am i doing it wrongly... thanks and cheers
Hi Freedom,
It appears that you are using a slightly different method than what I show on this thread. My Entries are at/near the 20 moving average. But you entered at candle open after the bearish engulfing candle. You will have bigger draw downs on your trade if you don't enter at/near the 20 moving average...and it will reduce your profits.
As for exits...I use 75 pip target profits for pairs like GU, EJ, GJ and only 50 pip targets for EU, AU, UJ. Those are based on entries at/near the 20ma though! The farther you are away from the 20ma, then you have to adjust your profit target to something smaller!
- #384
- Oct 19, 2010 5:07am Oct 19, 2010 5:07am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
Hi 211, I can't see the words clearly... do u mind ...
- #388
- Oct 19, 2010 6:19am Oct 19, 2010 6:19am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
- #389
- Oct 19, 2010 10:13pm Oct 19, 2010 10:13pm
Hi 211, EU after a short down trend, a Hammer form and follow by a bullish candle. Do we wait for it to retrace back to the low of the hammer area (which we can reduce our Sl) or wait for it to hit the 20ma and it is also somewhere near the fibo 50% level? The SOC cross and turning up at the moment. Thanks 
- #390
- Oct 19, 2010 11:54pm Oct 19, 2010 11:54pm
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
Hi 211, EU after a short down trend, a Hammer form and follow by a bullish candle. Do we wait for it to retrace back to the low of the hammer area (which we can reduce our Sl) or wait for it to hit the 20ma and it is also somewhere near the fibo 50% level? The SOC cross and turning up at the moment. Thanks
Very good question! Typically if you just enter at the retrace to the 20ma. And if the hammer area is fairly close to where the 20ma is, then you should be ok. However, if there is some big different like 50pips or more between the two...then you really need to take a look at price action at the 20ma and see if it's stalling or going through it...if it goes through it fairly easy, then you would most likely wait until it retrace to the hammer area. That's a very tough question ask no two trades are exactly alike!
- #392
- Oct 20, 2010 1:39am Oct 20, 2010 1:39am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
Thank you 211. Any trades u are watching right now?
- #393
- Oct 20, 2010 12:10pm Oct 20, 2010 12:10pm
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
- #394
- Oct 22, 2010 5:11pm Oct 22, 2010 5:11pm
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
- #397
- Oct 23, 2010 6:16pm Oct 23, 2010 6:16pm
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
- #398
- Oct 24, 2010 5:16am Oct 24, 2010 5:16am
Hi Chris,
What is it about this 4H trading approach that appeals to you? I look forward to more posts from you. I've been reading a lot of the threads on this site, and have found that everyone's perspective has been really helpful in learning the subtle in's and out's of forex trading. Good luck!
Actually I've sticked with J16 thread for some time, but it's too messy for me. No offence to anyone but there is that many participants, that I got confused.
Personally I am not strict follower of "formations". I'd rather have a look and think, will it go further will it retrace now or later? If it retraces now, how far will it go, etc...
Seeing the formation gives me a sort of benchmark - first I spot one, then I think - will I agree with that.
I also really like 1M formations [I think I should open a new thread about it
], and very often use 1M TF to enter trade signalled at 4H TF, and I always make fist SL adjstment from 1M point of view.I consider myself very near to profitability, since I have really nice strokes of winners, but than psychology goes into play and sudenly I feel not that convinient, or forced to do something, and than I do stupid things.
If you'd like to see what I mean this is my demo equity curve:
http://www.myfxbook.com/portfolio/in...e-trader/35885
