entry 1.2095
s/l 1.2075
Target open.
Dave
s/l 1.2075
Target open.
Dave
Famous Dave's Trading Journal 9 replies
Liam and Dave's Trades 13 replies
Script/EA to balance losing trades agianst winning trades 23 replies
Daily Trades = Lazy Trades Journal 7 replies
Dave the Trader 31 replies
Quoting xxDavidxSxxDislikedNew daily pivot 1.2103
DaveIgnored
Quoting hugobossv8DislikedDave, what are you using to calculate the daily pivot?Ignored
Quoting xxDavidxSxxDislikedThis is cmsVT demo platform. It never expires. Its like having free advanced charting.
I use the daily fibo pivots and the weekly fibo pivots.
fibo bolli's
rsi
tsi
8/13
DaveIgnored
Quoting xxDavidxSxxDislikedNew daily pivot 1.2103
DaveIgnored
Quoting xxDavidxSxxDislikedentry 1.2095
s/l 1.2075
Target open.
DaveIgnored
Quoting xxDavidxSxxDislikedThe daily pivot is 1.2140...a break above will target the 38.2 fibo of this move down at 1.2180/85 range.
1.2153 is the weekly pivot. Need a sustained break above there to put the pressure back on the up side.
A break above 1.2140 sustained merrits a long worth 15-20 pips
then a break back below 1.2153/40 range would merrit a short and hold in hopes of a break below 1.2000 sustained and target lower.
Could consilidate around the 2 pivots for a while too.
DaveIgnored
Quoting hugobossv8DislikedNice job Dave! I thought I would experiment with a trailing stop since I've never used them before. I set it for 17 pips when the price reached 1.2117. It went up to 1.2140 and stopped me out at 1.2123 when the price came back down. So I made +28 pips. I'm not sure what to think of trailing stops...doesn't seem like you can maximize your profit using them, but it does at least keep you positive in the trade.Ignored
Quoting xxDavidxSxxDislikedYou need to stop thinking in terms of max profit through more pips.
You get max profit through more lots/leverage.
Remember the statement I posted where the broker hireing day traders said they only go for 5-20 pips per trade.
I am about to open an account with interbank group. I got my STP account all set up. I will pull profits 10 pips into the trade. 5 if I get nervous.
But at 400:1 leverage and 10 lots thats 500-1000$ per trade.
I will still predict a full trade and post the win.
Your pips with my account would have been 2300$. or 1515 with half the lots. 1 lot 230$.
Even at its lowest its a days pay.
Whats easier to do....Make 10 pips or make 50? I cann't remember a trade I made that didn't go 10 pips into profits. That many pips is too risky. Takes too long for the price to get there. Too much chance for a reversal on fundamentals.
Your trailing s/l is a good idea. Every now and then the price will take off and you'll be there for the ride.
DaveIgnored
Quoting hugobossv8DislikedThanks for the advice Dave. I am not faint at heart, so I am planning to do the same with leverage - 400:1 - in fact if I could find a broker that would do even more leverage I would do that. I want to first have consistent 10 pip wins on smaller leverage first.
What do you plan to set your stop losses at when you use the 400:1 leverage? I remember in a past post you said you are setting stop losses at 40 pips, but recently I have seen you use tighter stop losses and lose trades because of it.Ignored
Quoting xxDavidxSxxDislikedThere is a swiss bank that offers 500:1 leverage. They don't accept funds from U.S. citizens.
My s/l are based on previous support/resistance. My max s/l is 40. But I usually s/l 20-30.
And any trades that got stopped out did go 20 pips into profit. So my 10 pips would have been easily obtained.
With the large lots and high leverage my trade entrys will be much more precise.
And remember...you will not win them all.
I posted links to 2 account summerys. one 75% success. and one at 34% success. The 34% account was still doubled in 2 weeks time.
DaveIgnored
Quoting xxDavidxSxxDislikedPrice didn't fall to the pivot of 38.2 fibo. Retesting days High.
short 1.2151 s/l 1.2170
Target: 1.2138
Price should fall near the pivot.
DaveIgnored