Just a reminder that it is USD nonfarm payrolls-day tomorrow so there may be a lot of volatility going on. If I remember correctly in last month there was almost 100 pips move in E/U during the first minutes after news.
Trade What You See - Almost Naked Trading
How do you manage a long term position while also trading short term in terms of MM? Same size trade for both? Is there a reason you do this? Very interested.
Oh yea, if I haven't said this already - thanks to you, Anthar and LG for helping me learn so much in the last week.
You're welcome, hope that book helped a bit. Let's not forget that I'm in the process of learning this stuff, too and all I do is listen, read and follow other succesufull people on this thread.
EURJPY ,as I said in an earlier post, has just broken long term resistance around 115.30 and next level of LT resistance I see it somewhere around 125.92 and 127.73. So far it broke through all intraday levels.
How do I manage longer term positions?
I have a different broker and different platform for this kind of trades. LG's BO strategy is great for spoting trends and watching the smaller time frames building the larger time frames(..and all that while making pips!...kind of like paid training..). I'm not very comfortable trading 3T H4 , yet but i use it for confirmation of direction.
So while my long term position is working for me I'm still out there everyday watching for 4C H1 BO's and if it happens that my LT position is retracing I will get in because that's what the charts are telling me to do, however this is only for a SHORT period of time looking to make my 20-30 pips and get out.
Same money mgmnt rules apply to all my positions. Position size is min. 2 lots(micro, mini or full) so I could cash in half of my positoin and let the other half run wherever it takes me. SL and TP's are not the same. Have different rules for LT positions.
4C H1 BO's rules are by the book the way they are explained by LG on the first page
...and the reason I'm doing this is only one: To make more pips
here's an update on my position, it looks like is testing 118.00 level.
+135 and moving SL at 117.10, locking in a few pips but still giving it enough room to move.
Hope this helps, it definitely helps me writing it all down. I certainly don't have the clarity and experience LG and others have in explaining their positions , sorry of it's a bit confusing.