DislikedYesterday there was IB on usd/chf I sold at 0.8115 TP at 0. 8070 made my easy 45 pips this morning! Vola!! LOlIgnored
so according to the definition a buy stop would be appropriate
PTT Method (Profitable Trend Trading) in Forex
- #83
- Aug 31, 2011 10:23am Aug 31, 2011 10:23am
Kelvin thanks for the simple system. It's well thought out and well presented.
I had a couple of questions. I did read the thread twice and apologize if you've covered these somewhere.
1. Do you take support/resistance lines into consideration when placing your pending orders? If you saw that placing a pending order would put you right up at a support or resistance level would you still place the trade?
2. On a daily basis do you move your SL for in profit trades? If you do is it always 30 pips from the current price?
3. Someone else had mentioned this but I'll ask it too. A 30 pip SL might work well for AU but I think with GJ you'd get stopped out a lot. I knowyou want to cut losses quickly but have you traded other pairs with this system and changed that 30 pips to a different value?
Last night I checked a bunch of daily charts and found a number of IBs. I set my pending trades and the USD/JPY short triggered. Only after the fact did I realize the price was at a pivot/reversal point. (I use Murrey Math lines instead of fibs). Long story short Ilet the trade run and that trade is now 12 pips into profit on demo
Thanks again kelvin,
Sandy
I had a couple of questions. I did read the thread twice and apologize if you've covered these somewhere.
1. Do you take support/resistance lines into consideration when placing your pending orders? If you saw that placing a pending order would put you right up at a support or resistance level would you still place the trade?
2. On a daily basis do you move your SL for in profit trades? If you do is it always 30 pips from the current price?
3. Someone else had mentioned this but I'll ask it too. A 30 pip SL might work well for AU but I think with GJ you'd get stopped out a lot. I knowyou want to cut losses quickly but have you traded other pairs with this system and changed that 30 pips to a different value?
Last night I checked a bunch of daily charts and found a number of IBs. I set my pending trades and the USD/JPY short triggered. Only after the fact did I realize the price was at a pivot/reversal point. (I use Murrey Math lines instead of fibs). Long story short Ilet the trade run and that trade is now 12 pips into profit on demo
Thanks again kelvin,
Sandy
Hi Sandy and all,
Sorry I'm too lazy to go find the quote, but I remember reading that when Kelvin was explaining his 2-step setup that he set a 70 pip SL for the jpy pairs (I'm guessing that 30 is cool on u/j, though) and 30 pip SL for all other pairs. (don't think he trades gold or silver, but I'm not sure.. Kelvin?)
about the u/chf trade yesterday.. yes, there was an IB, but price is clearly above 50ema so if we are trading PTT, it should be buys only, I think. That sell paid off, but it was a countertrend trade, not PTT. Kelvin, is this right?
Kelvin also said, and I agree, that he looks for a bounce of the 50ema before he checks for IB's to enter. This confirms that the pair has made a retracement within a strong trend. I am trading this way and think that PTT could surely work with the more aggressive way and just trading all IBs, bounce or no, but u'd get many more SL's hit.
alto
ps. I re-read my post and was thinking that I would probably enter on an IB, bounce or no, if/when price was far away from 50ema and chuggin along.. in a strong trend with no end in sight.
Sorry I'm too lazy to go find the quote, but I remember reading that when Kelvin was explaining his 2-step setup that he set a 70 pip SL for the jpy pairs (I'm guessing that 30 is cool on u/j, though) and 30 pip SL for all other pairs. (don't think he trades gold or silver, but I'm not sure.. Kelvin?)
about the u/chf trade yesterday.. yes, there was an IB, but price is clearly above 50ema so if we are trading PTT, it should be buys only, I think. That sell paid off, but it was a countertrend trade, not PTT. Kelvin, is this right?
Kelvin also said, and I agree, that he looks for a bounce of the 50ema before he checks for IB's to enter. This confirms that the pair has made a retracement within a strong trend. I am trading this way and think that PTT could surely work with the more aggressive way and just trading all IBs, bounce or no, but u'd get many more SL's hit.
alto
ps. I re-read my post and was thinking that I would probably enter on an IB, bounce or no, if/when price was far away from 50ema and chuggin along.. in a strong trend with no end in sight.
