However... DGINC, who is clearly very successful using this method or his enhanced form of it - (consistently clearing 500-700 pips weekly), said recently that 15-25 pips draw down is nothing on a 1 hour candle, be prepared to accept this and let the trade breath to enable it to reach its potential, stand by your TP and SL levels and let it do its thing and dont drive yourself mad monitoring every pip of movement up or down. He cites being 600 pips down on a trade once to finally realise 1100 pips...
Ignored
DGInc didnt develop this method nor start this thread. With all due respect to DG...I love his posts and I get a lot from them as I am sure you all do. But take a look at some of his trades. I have seen some from the 15 minute chart. This is his way of adapting to the current market he is trading in....he is happy to drill down and take trades on lower time frames if there are none available on higher charts....this reduces his SL and TP so its just a variance on what I am trying to say.
DOnt get me wrong...I am nor criticising have a set method....or set signals for trade confirmation, but you have to move with the market. Just becasue your trade has met all your criteria and you have entered....it doesnt mean you have to stick it out if it stalls or news comes out or something else affects it....Why lose money. THis is BigE's theory...he knows there are plenty of opportunities....so he pulls out when he considers the trade has stalled or there is a chance it is reversing on him.
Of course this is a call you have to make.... but expecting one single method , never altered or tweaked or refined to trade it in whatever the current market conditions are is unrealistic....................as I said, thats what robots do and we all know how succesful they are over a longer consistent time frame. I am pretty sure the pro traders would adapt as time passes....they would more than likely have a solid base to asses trades, but I am sure their methods and systems get tweaked to suit both themselves and the market.
I agree, a 15 pip draw down is nothing on a H1 chart. I have taken stats on every trade since 29.07.11, total of 62 live trades trading valid signals according to the "rules" for the system. I log draw down, peak levels, TDI angle at the cross, how close to Ob / Os areas etc. Based on the logged DD for 60 trades, my stats tells me that my absolute minimum stop on a H1 chart must be 30 pips. (EURUSD).
Ignored
Its nothing to do with his stop loss. He has his SL at the last highest or lowest swing....its about preserving his account. HE has a stop loss but prefers to exit if he sees it reversing on him 15 pips or more.
|
Joined Nov 2009
|
Status: surf the trend
|338 Posts
Don't know about 1.49 but anyone taking a short is trading against the dominant trend. The dominant trend will over rule what any trading system tells you. Daily chart is up and is now ranging, H4 is just ranging - best of luck with the trade.
|
Joined Nov 2009
|
Status: surf the trend
|338 Posts
The definition of insanity in trading is to try and pick tops and bottoms - both live trades posted today have been against the trend of the next highest time frame. No matter how good the TDI is it is only an indicator and all a chart shows you is what has happened - not what is going to happen. The odds increase exponentially when you trade with the trend ie wait for a TDI setup that conforms with a higher time frames direction.
As expected, finding support at 111.10 approx. (look at previous ranging) hopefully will break it down, placing SL at BE +7, freebie.
Up 24 pips or so total.
Edit: moved SL to 111.244 (+17), TP at 110.964 let it ride, gotta go.
Its nothing to do with his stop loss. He has his SL at the last highest or lowest swing....its about preserving his account. HE has a stop loss but prefers to exit if he sees it reversing on him 15 pips or more.
Ignored
Ok, so he exit about 75% of the trades he takes with 15 pip loss on each trade then?
I'm not trying to argue Dean, but if I look at the majority of trades with a valid setup, most of the trades has more then a 15 pip dd before it works, at least if trading a 1 hour chart. So what I ment is exit if there is a 15 pip DD will give a lot of 15 pip losing trades.
I'm not trying to argue Dean, but if I look at the majority of trades with a valid setup, most of the trades has more then a 15 pip dd before it works, at least if trading a 1 hour chart. So what I ment is exit if there is a 15 pip DD will give a lot of 15 pip losing trades.
Ignored
No I think he means if he is in positive territory. AS in if he is up say 20 pips and he sees it begin to pullback he will exit. As in he adapts to the current market and doesnt let it reverse back to hit his stop just becasue he has a set method.
No I think he means if he is in positive territory. AS in if he is up say 20 pips and he sees it begin to pullback he will exit. As in he adapts to the current market and doesnt let it reverse back to hit his stop just becasue he has a set method.
Why I am asking is that I entered at 1pip difference with a initial SL of 30pips and I set my first TP target also at 30 pips for a R:R = 1:1
I have not yet moved my SL.
Why I am asking is that I entered at 1pip difference with a initial SL of 30pips and I set my first TP target also at 30 pips for a R:R = 1:1
I have not yet moved my SL.
Would love to compare the trade
Ignored
Initial SL was 1.4548
Target was 1.4400
But I am trading as conservative as possible. Got raped the last couple of weeks so I prefare tightening my SL. If it moves generously in my favour I'm more than happy. And I prefare closing with a small profit or small loss then waiting for markets to move.
