Both trades for a few pips..They were acting funny.Now look at them..
Attached Image(s) (click to enlarge)
Intraday price action trend trading
- #9,583
- Mar 26, 2012 8:58am Mar 26, 2012 8:58am
Failed impulsive move,after wedge breakout.Shorted at 50% retracement..I aim small since not much space..On EJ i was stop out due to the last red momentum bar but i quickly reentered and this was the 2nd short..
- #9,587
- Mar 26, 2012 2:01pm Mar 26, 2012 2:01pm
Failed impulsive move,after wedge breakout.Shorted at 50% retracement..I aim small since not much space..On EJ i was stop out due to the last red momentum bar but i quickly reentered and this was the 2nd short..
.... unless it's moving fast with big 5M bars after the news 
Look for reasons not to take a trade.
- #9,588
- Mar 26, 2012 9:24pm Mar 26, 2012 9:24pm
As far as I understand, your entry was close of 15M bar (Pin), correct? Still not able to see candle wicks. I Can only compare your chart with mine. Nice trade anyway. I'm learning from everybody's posts here :-) Thank you guys!
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- #9,592
- Mar 27, 2012 4:32am Mar 27, 2012 4:32am
Closed +29. Could go higher, but reached my target. Blasted through
. Keep up the good work. Maybe you can consider splitting your position and let one position run longer.
- #9,594
- Mar 27, 2012 4:45am Mar 27, 2012 4:45am
Nice trade
Thanks for your advice. I will need better hit rate for that. Still learning to handle one position properly
If I split my positions, then my RR could be negative. I prefer to keep just one position for now. At least for scalping.
Look for reasons not to take a trade.
- #9,595
- Mar 27, 2012 4:48am Mar 27, 2012 4:48am
Thank you. I like breakouts, it's fast. How is your day going?
Thanks for your advice. I will need better hit rate for that. Still learning to handle one position properly
If I split my positions, then my RR could be negative. I prefer to keep just one position for now. At least for scalping.
- #9,596
- Mar 27, 2012 5:06am Mar 27, 2012 5:06am
You'll not need better hit rate if you let one of your position run longer. Instead, you can go with lower than 50% hit rate, and still making money if you let your profitable trade run longer.
, I will 
Look for reasons not to take a trade.
- #9,597
- Mar 27, 2012 5:25am Mar 27, 2012 5:25am
I'll think about it. If I see my trades too often will go too far without me
Kai
- #9,598
- Edited 7:48am Mar 27, 2012 7:29am | Edited 7:48am
Hi Alec,ur doing well my friend.Ur a very fast learner.Trade management is something u will have to decide for yourself.But my suggestion to you is to see how the market is acting and adapt to the situation.We do not know when it will shoot up..
Kai
Before that I was circling around Forex station buying tickets for the wrong trains Look for reasons not to take a trade.
