I get it now thanks, i am finding that almost all the 3T trades i find are also Daily moneytree trades as well.
Maybe just trade the moneytree Daily method?
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I've also considered this because it would require a lot less time in front of the computer. Since this is the first day of a new month, I may really get in to it, and hope to catch a large trend.
Yes, we pay no attention to pivot points here..only S/R areas.
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I don't want to be mistaken as a thread hijacker so I will stay out of this thread from here on out and just say a final statement that Pivot Points are true support/resistance areas and that is a fact. You also got to admit I hit the nail right on the head regarding the eurgbp remark I made yesterday. Within 20 minutes later it shot up like a rocket. But what do I know, on a lousy day maybe I rack in between 60 - 80 pips on an average day around 120 pips and nearly everyday and with a very tight stop loss. On a decent day 150 - 200 Pips and I couldn't do it without Pivot Points. Enough said, good luck y'all and may the pips be with you.
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Joined Feb 2009
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Status: Trading Made Simple K.I.S.S
|773 Posts
As it's the first of the month i think it's a good opportunity to demo trade the money tree daily method.
I currently have 11 trades running this method, i will report my results if people are interested, and it's ok with Law Girl?
As it's the first of the month i think it's a good opportunity to demo trade the money tree daily method.
I currently have 11 trades running this method, i will report my results if people are interested, and it's ok with Law Girl?
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I think its a great idea, but remember these trades need to be monitored only once a day. Don't forget the SL...like I did on EURCHF last night...it set me back about 200 pips.
...is about to hit BE. I took half off the table earlier and moved other half to BE. If conditions are right, may reenter on the next daily candle, but will not reenter as I did on EURUSD because of the quality of the current candle.
I will start posting results tomorrow morning thats in about 16 hours for me!
Law girl do you find that the 3T trades are the same as the money tree trades?
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If you mean do they often confirm each other, yes they do.
But they serve very different purposes. The 3 Tap is not meant to necessarily be a long term trade. In and out hopefully with up to 100 pips. It appeals to traders who want more "action" then Moneytree trades give.
We are probing for long term trades with Moneytree. The hardest part of MT trades, I am finding, is trade management once you have over 3 positions in a pair.
BOs are different yet, though as it turns out, they go hand and hand with MT. But every trader will not be interested in trades that last a week or a month, so hopefuly, there is something for everyone.
On your Moneytree type trades when do you decide to move to BE?
Is it on the next day's candle or around a certain number of pips or around S/R lines?
Thanks,
P
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I move to BE only after I have taken some profit. No hard and fast rule about it. I can tolerate losing half a trade after taking profit, as I don't see BE as a loss. But it all depends on the individual trader.
I move to BE only after I have taken some profit. No hard and fast rule about it. I can tolerate losing half a trade after taking profit, as I don't see BE as a loss. But is all depends on the individual trader.
If you mean do they often confirm each other, yes they do.
But they serve very different purposes. The 3 Tap is not meant to necessarily be a long term trade. In and out hopefully with up to 100 pips. It appeals to traders who want more "action" then Moneytree trades give.
We are probing for long term trades with Moneytree. The hardest part of MT trades, I am finding, is trade management once you have over 3 positions in a pair.
BOs are different yet, though as it turns out, they go hand and hand with MT. But every trader will not be interested...
Trade What You See - Almost Naked Trading
