Here's the chart i was looking at. looked like a decent break out at the time. Now that I'm looking at it though, PA seemed a little confused.
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As with comment on Strick's, what was the RSI suggesting at the time you entered the trade?
I am by no means suggesting that the RSI is a holy grail, just that you should at least refer to it if you choose to have it on your chart.
I also often find that upon initial breakout, the channel can act as a magnet to price, drawing the price back into the channel, frequently dispatching it out the other side; so unless you are confident with the entry, it might be wise to wait for a retrace and then enter, by which time hopefully the SL hunting has also petered out.
So there are my 4 trades from yesterday, all losses.
Anyone who can help me and/or let me know why you would not have talken them would be BERY appreciated right now. Any feedback is needed.
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I would avoid trading several correlated pairs at once in the beginning for if you lose, you'll lose big !
Furthermore, break outs...I have abandoned trading them years ago, instead, I only trade the retest of a break out ( i.e. price retraces to the break out level before finally taking off.).
I think the 3TAP idea is much better for beginners !
Just a quick question. Do you only wait to see the 4hr,D1,W1 to be lined up in one direction or do you sometimes like to see the MN also to be in the same direction.
I am a little conservative, and each time 1hr,4hr,D1,W1,MN goes in a direction I place my trades. I have been getting accurate results however i hope i am not doing anything wrong.
Just a quick question. Do you only wait to see the 4hr,D1,W1 to be lined up in one direction or do you sometimes like to see the MN also to be in the same direction.
I am a little conservative, and each time 1hr,4hr,D1,W1,MN goes in a direction I place my trades. I have been getting accurate results however i hope i am not doing anything wrong.
Thanks
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By MN do you mean minute charts? I can't get the RSI on the time frames under 1 hour
Also - thanks everyone for the feedback it is all great. I have found the 3 tap to be much better results and I was actually thinking at the time of taking them that several pairs that all include the EUR could be risky.. It's funny that most of the time it is the one thing you were thinking of... Sometimes it just takes someone to point it out to learn but.
In general I am having trouble with entry, SL & TP for BO trades.
[size=3][font=Calibri]For Entry, I am struggling to get in at the right time, mostly with going in on false breakouts. It looks like it might be a good idea to wait for 2 consecutive 1h candles to close outside the BO box for a setup and then watch PA on the 15m/1h/4h for the trigger. How does this sound? I was unsuccessfully watching for 2-3 5m/15m consecutive candles to close in the correct direction...
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Hi CC & Strick,
I can only echo your quote above and Stricks plus your experiences of yesterday ..... seems my account is ' haemorrhaging' money at present .... everytime I think I have it right my SL is taken out, ; in hindsight it appears as a false BO and or it reverses against the RSI direction [the latter I use for "reassurance"]. I have used SL at about 50 pips and have also waited for 2/3 candle BO ..... obviously I am doing something wrong ..... obviously reading the PA wrong and or the SL is too tight .... Cheers
Scanning charts for an hour or so but not much happening ..... everything seems a bit flat prior to German [7am] and London [8am] ..... maybe everything is flat being mindful of Friday as that's 'NFP day' if I remember correctly.
RE previous post ..... this appears to be an example of what is happening .... fortunately not in the trade ... first time at uploading a chart so it may or may not be here [current EUR/CHF 15m]
Strick, by MN i mean monthly. I trade when i get 4hr,D1,W1,MN(monthly) in one direction. Is it the right way. Ofcourse i am getting decent success till now.
Trade What You See - Almost Naked Trading
