Trading is a delicate balance of Strategy , Money management and Psychology
Winston, i catch 11 PB which seems respect your criterias, but i'm not sure of some of them. For a R:R of 1:1, we have 9 winners and 2 losers (they go in the good direction, but can arrived at the TP R:R 1:1)
Each Pb has a number on the chart, could you please tell me if you would had trade this PB or not, and if not why?
others question:
1)-As Jankone do you kill the trade after 3 bars if TP/stop is not reach , or do you wait your stop/TP is touching?
2)-Do you only take this kind of Pb (on RN) in countertrend+div, or you take the same Pb...
hi boubafx,
I am sorry that I did not read the updated questions in this post.
for your answers
1) I dont kill trade in 3 or more bars. I would kill it if there is extreme small range bars and those must be more than 8 to 10 in number.
2) For CT trade, I look for RN and nice range pin. I trade trend pins not the same way. RN is not mandatory. But greater range is must for them also. However, my fav plays are CT off RN and nice pins
3) M15 is as reliable as M5
4) yes M30 and H1 will also do fine. However on H1, i will try to find more solid RN
5) Only pins!
cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
I took that trade off the 1HR chart for some VERY nice pippage :-)
keep a tab on these setups across M5, M15 , M30 across 6 to 8 pairs and you will be rewarded great returns each month. Please don't ask me how much return , just test for yourself
Trading is a delicate balance of Strategy , Money management and Psychology
This one failed. Maybe the PB is too little, but the div is good and failed to close above RN. It's a lost
What is another important aspect is the pin is not proper. The wick should stand long tall from the highs / lows of previous bar. being pin alone is not enogh. see the attached image for this explanation.
Third aspect is there was no background. Background can be seen when you unzoom the chart and see turning points / swing points / PPZ / S / R
I hope this helps
Trading is a delicate balance of Strategy , Money management and Psychology
- #4,368
- Aug 18, 2011 12:01am Aug 18, 2011 12:01am
The time of trading was not correct, look at setups from London open to close and EUR pairs from Frankfurt open.
What is another important aspect is the pin is not proper. The wick should stand long tall from the highs / lows of previous bar. being pin alone is not enogh. see the attached image for this explanation.
Third aspect is there was no background. Background can be seen when you unzoom the chart and see turning points / swing points / PPZ / S / R
I hope this helps
THe two first aspect is easily to understand and to take into account.
But the third is more difficult, because there is often turning points / swing points / PPZ / S / R before the 1:1 TP
I hear and I forget. I see and I remember. I do and I understand.
Winston, i have a Problem with div. Do you use the RSI on close to see div, or do you move to RSI on high (for short)/low(for long).
Sometimes there is a RSI close div, but no RSI high/low div.
Thanks
I strongly suggest RSI div on close. happy pipping
Trading is a delicate balance of Strategy , Money management and Psychology
