makes sense thank you!
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- Mar 23, 2011 4:43am Mar 23, 2011 4:43am
- | Joined Feb 2010 | Status: Member | 252 Posts
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DislikedHi Aj1, your entry has to be part of your own trading strategy and what you're comfortable with.
My own strategy is based on a lot of data I collected in the early days and further complemented with experience.
I would say on any timeframe it's worth waiting for that improvement in price after the signal and it will vary depending on the TF being used. For 10 min somewhere between 2-4 pips would seem reasonable.
The signals can happen either way round, don't worry if the RSI and 5/12 don't both happen at the same time.
I've been on 1min for some...Ignored
DislikedGood Morning
Strada at the moment I am only taking on trades which make the RSI and 5/12 cross within three bars or less of the signal bar, is this something you recommend on the 10 min charts.Ignored
DislikedI had some great success this morning with the basic 5/12 m15 and the MA cross over indicator posted a page back, just taking 10 pips at a time (something about "pigs get fat and hogs getting slaughtered")Ignored
DislikedGood stuff Cmoss!
The way these markets are jumping around the last few weeks I feel it's much safer trading these shorter TF's for quick profits rather than hanging on to maybe get whip-sawed out of the trade....Ignored
DislikedAnd you entered on the close of the breakout bar?
Not exactly, I entered on the break of the previous lows, some of which were bago signals.
Another problem that I am having is taking a full loss on my stops. I know from your prevous posts you say that you can avoid them, at the full amount, how? I think I am doing as you used to, 25-30 on cable and EUR. These are the only two pairs I am trading at the moment.]Ignored
DislikedHi aarangio
I have been looking at this pair recently, the spreads are nice and tight. I have been trading for the last three months or so, and have decided to go with how strada has set out, trading cable and EU. When I get a bit better I will be looking to trade this too.
regards Aj1Ignored
DislikedI will certainly put this into practice straight away, I really do appreciate all this knowledge strada, I can not thank you enough.
One more thing when you start trading in the morning, once you have fired up your charts what do you look at. The long term trend, the overnight trend, the hourly. Do you still use the hourly S/R lines.
Many thanks Aj1Ignored
QuoteDislikedI hope to add a few more instruments into my trading at some stage, but I am concentrating on GU and EU at the moment.
QuoteDislikedI was having some good sucess at first, then kept taking hits on my stop loss at the max amount, which really hurts, especially when you are just starting out. I was going one step forward, and two back.
QuoteDislikedI am going to do as strada has suggests, hopefully this will help my trading.
QuoteDislikedHow is your trading going, and what timeframes do you trade?