When / Where to start looking for a trade setup | Forex Factory

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When / Where to start looking for a trade setup

  • #1
  • First Post: Nov 14, 2011 10:55am Nov 14, 2011 10:55am
Hello

I got a problem ( like many of us) I see trade opportunity everywhere. I got my trading setups, trade management rules etc, but obviously I'm over trading.

My observation: On nearly all nice movement, I could found one of my trading setup. But, If I look closely, I also found them in any other place of the movement. So my conclusion is that I got the appropriate entry setup, but not the appropriate time or region where to look for opportunity.

So, from now one, I need to concentrate and understand on where to start looking to enter. What is the premise of a nice move. What need to be in place etc. I don't use any indicator. The only one that i displayed is the volume.

Any comments or input welcome

Martin
  • #2
  • Edited 12:26pm Nov 14, 2011 11:53am | Edited 12:26pm
With temporary patterns and multiple TL's, it's easy for me to find discretionary trades anywhere also.
So that's all I do, is trade the exit. As long as the number of pips a trade is moderate (10-100), I don't see any difference.


For the sake of a better trade, though:

Some forex broke rs encourage a limit order.

a comprehensive trade --
reason: entry, TP,SL
redundant -- random entry, BE
  • #3
  • Nov 14, 2011 12:16pm Nov 14, 2011 12:16pm
Quoting ha-pattern
Not sure if right:
You trade the exits only. You see places to enter a trade everywhere, so you want to determine where to enter also.

I do exits only. I need motivation beyond yours.
Perhaps: Study the entry for optimal position near trend and to reduce overwatching of the trade in progress.

For that to happen, I'd have to make a chart study for a high number of possible places to enter a trade, and then compare the studies.
That's a lot more work than (TP or) TP and SL.
Hello Ha-Pattern

I don't understand your point. Probably that my English is not sufficient to understand what you want to say

Have a good day

Martin
  • #4
  • Nov 14, 2011 12:33pm Nov 14, 2011 12:33pm
Quoting arjfca
Hello Ha-Pattern

I don't understand your point. Probably that my English is not sufficient to understand what you want to say

Have a good day

Martin
Yeah, sorry. I had to redo the post several times.
  • #5
  • Edited 1:38pm Nov 14, 2011 12:38pm | Edited 1:38pm
Not a lot of help for you, likely.

My point was:

I don't see the point of determining an entry, if any entry can be made into a trade.


That's a waste of your time. So, I made a list of other things for a trade that may be determined, in addition to the entry:
entry
entry -- random / without reason, in case the move is really good
TP
SL
BE (breakeven) -- random / without reason, in case the move is somewhat bad


Someone else, then.
  • #6
  • Nov 14, 2011 8:20pm Nov 14, 2011 8:20pm
Soz man, can you explain in another way maybe? How to be more careful with trade selection so as to avoid overtrading, that's what he asked?

Quoting ha-pattern
Not a lot of help for you, likely.

My point was:

I don't see the point of determining an entry, if any entry can be made into a trade.


That's a waste of your time. So, I made a list of other things for a trade that may be determined, in addition to the entry:
entry
entry -- random / without reason, in case the move is really good
TP
SL
BE (breakeven) -- random / without reason, in case the move is somewhat bad


Someone else, then.
forget about tomorrow, just steal away into the night
  • #7
  • Last Post: Nov 15, 2011 12:18am Nov 15, 2011 12:18am
I would start with the actual time that you are placing the trade, trade the london and NY overlap as it sees the most volume in the trading day.

Also put some limits for yourself, set a one trade per day limit, this will encourage you to look for the absolute best example of your entry as you will not want to waste your one trade a day on just an average signal that your method generates.

Combine these two steps and it should be a good start.
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