Bob,
I really like your system but the only thing I still do not have handle on is the retracement piece.
On Thursday, I looked at D1 slopes and chose the ones over 0.4 or below -0.4 and then on H4 looked for ones matching the D1 slopes. Took trades on cross of pivot or important levels. For those ranging on H4 I waited for retracement to complete and took the trades on H1 chart with same cross of MA lines or key levels. All in Red this morning and closed with loss of 500 pips i.e. around 3% of my account. Small lot size saved me $$$$$ but still need to learn the system more.
Pairs are not important here as my question is more on system then individual trades.
Here is my question:
I am not sure when to cut losses and close trades. What did I not do when triggering trades? Should have closed them last night when all opened on wrong side of DP or on Friday close when they had some green pips (around 200) or when? How do you manage days like today when all are moving in wrong direction.
Your advice here would be gem.
I really like your system but the only thing I still do not have handle on is the retracement piece.
On Thursday, I looked at D1 slopes and chose the ones over 0.4 or below -0.4 and then on H4 looked for ones matching the D1 slopes. Took trades on cross of pivot or important levels. For those ranging on H4 I waited for retracement to complete and took the trades on H1 chart with same cross of MA lines or key levels. All in Red this morning and closed with loss of 500 pips i.e. around 3% of my account. Small lot size saved me $$$$$ but still need to learn the system more.
Pairs are not important here as my question is more on system then individual trades.
Here is my question:
I am not sure when to cut losses and close trades. What did I not do when triggering trades? Should have closed them last night when all opened on wrong side of DP or on Friday close when they had some green pips (around 200) or when? How do you manage days like today when all are moving in wrong direction.
Your advice here would be gem.