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  • #322,001
  • Nov 9, 2010 8:03am Nov 9, 2010 8:03am
Quoting cloggie
That doesn't quite work, stops should not be at an arbritary position but should reflect what the current chart is telling you.
exactly. The usual approach is up or below last swing,trendline or a confluence.
  • #322,002
  • Nov 9, 2010 8:05am Nov 9, 2010 8:05am
Quoting T@rantula
exactly. The usual approach is up or below last swing.
nice trading buddy. are you short now or still bullish ?
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #322,003
  • Nov 9, 2010 8:05am Nov 9, 2010 8:05am
I'm not touching a long until I see some good PA...
Look Sharp/Trade Tight
  • #322,004
  • Nov 9, 2010 8:06am Nov 9, 2010 8:06am
Quoting cloggie
That doesn't quite work, stops should not be at an arbritary position but should reflect what the current chart is telling you.
I'm with you here though my stops are almost always 10 or 6 pips. If the chart says no to that then I will likely not enter.
  • #322,005
  • Nov 9, 2010 8:07am Nov 9, 2010 8:07am
Quoting Guitarfx
I'm with you here though my stops are almost always 10 or 6 pips. If the chart says no to that then I will likely not enter.
stops depend on TF u are trading. Imagine trading on h4 with 10 pips stop. U will get burnt lol
  • #322,006
  • Nov 9, 2010 8:07am Nov 9, 2010 8:07am
Quoting chonchy
fibbinarchie hope you are full of sardines as well as DMA.....
well not a lot of them today. we'll see. looking for swings.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #322,007
  • Nov 9, 2010 8:08am Nov 9, 2010 8:08am
Quoting DMA Trader
nice trading buddy. are you short now or still bullish ?
I took a long @ 3931, and all my positions before were closed. 100 pips profit
  • #322,008
  • Nov 9, 2010 8:08am Nov 9, 2010 8:08am
I must agree with Cloggie on that one. IMO, only emergency stops should be based on %s like that, otherwise all the stops should have a reason to be and they are variable with the specific trade and it should be obviously consistent with your R:R.

For the momentum to pull the trigger, it makes a lot more sense if you are trading tick or volume charts, otherwise (especially in smaller timeframes) the price is larger drawdowns.

Like always in trading, the tradeoff between confirmation/late entries/larger stops or quick entries/small stops/less winning %.

sisse

Quoting paul1
Like to share something I been doing on entries .

When i decided on entry point , I actually wait to pull the trigger till the candle thats forming is actually making strong move in my direction I'am getting better at it and it means a lot of the time I dont have to look at the red spread pips.
Sometimes it stops me entering in the wrong direction like sudden reversal.
Just one of the many thing I'am trying to master, to help my odds.

Also I thought about stops.
My idea is your stop should be based on 50% of your average winning position in...
Pending conversations? PM for a chat...I am mainly in OTM now
  • #322,009
  • Nov 9, 2010 8:08am Nov 9, 2010 8:08am
XAUUSD may show the way...
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  • #322,010
  • Nov 9, 2010 8:09am Nov 9, 2010 8:09am
Quoting Guitarfx
I'm with you here though my stops are almost always 10 or 6 pips. If the chart says no to that then I will likely not enter.

It all depends on your TF, 6 pips may work on the M1 but is not going to work on a H4 or daily. Setting a limit in your head of 6 or 10, skews how you look at a chart, even on the M1 stops can vary from 3 pips all the way to 20 and more.
  • #322,011
  • Nov 9, 2010 8:09am Nov 9, 2010 8:09am
Quoting Guitarfx
I'm with you here though my stops are almost always 10 or 6 pips. If the chart says no to that then I will likely not enter.
It's about knowing when to stay out as well...

Quoting paul1
Also I thought about stops.
My idea is your stop should be based on 50% of your average winning position in pips therefore by default your applying 2:1.(This is a minimum)
If you dont have winners to calculate with then that kinda answers itself.
Paul, why not do a partial exit at a set number of pips and then trail the rest above/below technical levels?
  • #322,012
  • Nov 9, 2010 8:10am Nov 9, 2010 8:10am
Quoting sisse
I must agree with Cloggie on that one. IMO, only emergency stops should be based on %s like that, otherwise all the stops should have a reason to be and they are variable with the specific trade and it should be based obviously according to your R:R....

Another way of looking at stops, is a chart stops for each and every trade, then set yourself a daily, weekly, monthly stop depending on your DD, and not just as a part of the balance, but look at peaks and troughs of your equity curve.
  • #322,013
  • Nov 9, 2010 8:11am Nov 9, 2010 8:11am
Quoting T@rantula
stops depend on TF u are trading. Imagine trading on h4 with 10 pips stop. U will get burnt lol
Yes, very true. I look at bigger TF's but only use 30, 5 and 1 min to inform entry.
  • #322,014
  • Nov 9, 2010 8:11am Nov 9, 2010 8:11am
Waiting another leg down to long again , perhaps at & below 3897.
fontu
Attached Image
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #322,015
  • Nov 9, 2010 8:11am Nov 9, 2010 8:11am
Quoting T@rantula
I took a long @ 3931, and all my positions before were closed. 100 pips profit
i'm short almost same level. i like it when we are going on same direction. 4h rejected might go down. 15m loosing momentum to the downside.

jump in my boat bro'
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #322,016
  • Nov 9, 2010 8:12am Nov 9, 2010 8:12am
please ,,,, go long .
A chart helps those who can read it.
  • #322,017
  • Nov 9, 2010 8:12am Nov 9, 2010 8:12am
Quoting T@rantula
stops depend on TF u are trading. Imagine trading on h4 with 10 pips stop. U will get burnt lol
True, but if you catch a very good price at a major key level it could work.
  • #322,018
  • Nov 9, 2010 8:12am Nov 9, 2010 8:12am
H1 closed on the lows. Possible bullish flag on UC & bearish on EJ. GU heading south. Take care with longs.
Don't just be a sheep : make your own idea of it.
  • #322,019
  • Nov 9, 2010 8:13am Nov 9, 2010 8:13am
  • #322,020
  • Nov 9, 2010 8:13am Nov 9, 2010 8:13am
Quoting fontu
Waiting another leg down to long again , perhaps at & below 3897.
fontu

If 3916 goes, which was a good target retrace of the shooting star, then I have my eye on 3886. Price is still liking that 3916, plenty of traders had their eyes on that one. I haven't seen any buyers yet, the sellers just stopped selling here.
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