hate getting home to find this.... my entry missed by 2 pips and PA reaching my TP
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DislikedHi,was wondering if price was coming into a solid demand level on a 4hr chart, but the 30 min was making lower lows and the ma was downtrending would you still look for a long trade at that level?ThanksIgnored
Dislikedplaced 2 long orders on 30 min got stopped out twice.Based on 4hr chart could i have taken a different approach to the 30 min trade or was this just bad luck and execution was ok?If anyone wants to take a crack at this...ThanksIgnored
DislikedHi Bodine,
Always easy to trade the lefthand side of the chart
but...
Based on the two timeframes that you've posted it is
the H4 that presents the classic pattern of Rally-Base-Rally
demand. The biggest give away with the M30 pattern between
70 and 80 for me is the long wick. I would never trade a
pattern like that because it looks more like a pullback
into a lower demand level. A small Rally-Base-Drop supply
level also formed just above entry, killing the risk/reward.
But in the context of the prior points, this point becomes
academic
The...Ignored
DislikedHi Bodine,
Always easy to trade the lefthand side of the chart
but...
Based on the two timeframes that you've posted it is
the H4 that presents the classic pattern of Rally-Base-Rally
demand. The biggest give away with the M30 pattern between
70 and 80 for me is the long wick. I would never trade a
pattern like that because it looks more like a pullback
into a lower demand level. A small Rally-Base-Drop supply
level also formed just above entry, killing the risk/reward.
But in the context of the prior points, this point becomes
academic
The...Ignored
DislikedSimond how do you manage your trade once you move to break even? Do you wait till it moves another 10 to 15 then move stop another 10 to 15 and so on? Also do you use TF below H1 if so for what purpose.ThanksIgnored
DislikedDepends on the timeframe and profit target but generally speaking,
trading long for example off of a H4 timeframe, I move
the stop to breakeven after 10 - 15 pips and then basically wait
for a new demand level to form in the H1 timeframe at which point
I move the stop to just below that.
It's a case of continuing to do the same until one of two things happens:
either I'm stopped out or price reaches the first opposing H4 supply
level at which point I close the trade.Ignored
Dislikeddo you always let price dip 30% into a level for entry or only when the R/R is not the greatestIgnored
Dislikedwish I could answer that one conclusively but i'm afraid i can't because
market conditions vary so much from trade to trade...
I'm currently long the AU and took a buy limit at 40 off of the top of the H4 level.
If you check out the H1 inside the H4 maybe i could have done better by allowing price to first come down to that reversal level at 33 and then entering the market with a stop order...Ignored