Breaking out.
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Trade What You See - Almost Naked Trading
- #10,904
- Feb 8, 2011 9:59pm Feb 8, 2011 9:59pm
LG uses FXDD whose daily close is at 5pm est (I think). IBFX day starts at 7pm est. If you want to follow along with her, start your 4 hour breakout 2 candles prior on IBFX.
Aloha Kaka-hiaka
LG - my screen is showing the period separation different than the one you just posted for the GU pair. The difference is your separation is 2 hours (1H chart) before mine. This happens on all the charts you post vs mine. Accordingly to IBFX, the period is set for GMT & the separations refelct 00 on the time bar at bottom. Gonna attempt to submit a pic of what I'm seeing...here goes --
LG uses FXDD whose daily close is at 5pm est (I think). IBFX day starts at 7pm est. If you want to follow along with her, start your 4 hour breakout 2 candles prior on IBFX.
- #10,909
- Feb 8, 2011 11:03pm Feb 8, 2011 11:03pm
For arguments sake, lets say 1 pip= 1.00, and you lose 10 pips ($10.00). Do you double your purchase size to try to make your pips back quicker, or do you stay the course, and keep your purchase size the same no matter what? Thanks 
- #10,910
- Feb 8, 2011 11:12pm Feb 8, 2011 11:12pm
- Joined Dec 2009 | Status: Trader | 6,603 Posts
For arguments sake, lets say 1 pip= 1.00, and you lose 10 pips ($10.00). Do you double your purchase size to try to make your pips back quicker, or do you stay the course, and keep your purchase size the same no matter what? Thanks
What I often do though is have more than one trade open on a trend that is going for awhile...like EURUSD did a few weeks ago and EURGBP recently. That is very exciting, but market has not been trending for awhile.
- #10,911
- Feb 8, 2011 11:19pm Feb 8, 2011 11:19pm
I tried that early on...lost a bundle. I now consider that a desperation tactic, but I know there are whole trading systems out there that advocate doing just that. I would love to hear what other people have to say about it.
What I often do though is have more than one trade open on a trend that is going for awhile...like EURUSD did a few weeks ago and EURGBP recently. That is very exciting, but market has not been trending for awhile.
and that was part of the money mgmt system we used, and it was very successful, but I'm not sure if it would apply to trading.(Sorry this is off topic)
- #10,914
- Feb 8, 2011 11:24pm Feb 8, 2011 11:24pm
It's just my opinion so no offense meant to anyone.
, just want to see what opinions are. I am a young trader, but a very experienced trader told me the same thing. Live to trade another day!
- #10,915
- Feb 8, 2011 11:28pm Feb 8, 2011 11:28pm
- Joined Dec 2009 | Status: Trader | 6,603 Posts
Thanks LG. I would like to hear what others have to say about this. In college we used to play blackjack...a lot
(Sorry this is off topic)
I'm not sure what you mean...how far back to look for current set ups? Or how far back to study charts?
I study charts on the weekends...look for BOs on a few pairs, as well as 3 Tap trades. I go back as far as I have time to go. Studying charts always convinces me that watching only a few charts for all set ups is the best way to go and a good living can be made from just a few pairs.
Have you noticed any pairs in particular you seem to gravitate to? For me personally, I "look back" with a year of data on a daily chart, 4-6 months on a 4H, and 1 month for 1H w/ the 15m "reserved" for entry. It's really not so much to glean all that data, as it is to put the immediate PA in a perspective that somewhat confirms the direction vs a flash in the pan concept. Jeez - did that come out crappy or what?
