Thanks.
Another simple system - Time-Frame 15
- #18,062
- Dec 20, 2012 7:02am Dec 20, 2012 7:02am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
The power of Fibonacci 61.8
Both retraced on a dime.
i agree !
it's also (for those who like multiple confirmations) a touch of bollinger bands on EU h1 (pic attached)
just to help, not for confusing anyone..
peace
dom
- #18,066
- Dec 20, 2012 8:14am Dec 20, 2012 8:14am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
Hi brother,
thanks for you post
2 questions about it :
- when you say "entry from HL/LH retest of 10 ema on 15 min" do you mean you wait for a HL (for bull move) and then you wait for the price to retest the 10 ema, am I correct ?
- as an example can you tell us which pairs do you choose for today, based on daily TF ?
Thanks a lot
peace
dom
HL LH entries. Have a look at the post I did yesterday on the 2 general entries that you'll get most days ie the HL or the retrace. You could include 2b's and engulfing closes (close higher/lower than the previous 2 candle closes) in trade plan. Or just change as per the entries as described in this thread.
Today the 3 pairs we watch gu eur ej (a friend has suggested euraud as it looks like it trends well) all had various shooting stars rejecting from SR levels. None of them crossed below their D emas.
According to our trade rules it that means today we can sell or buy. Sell based on the shooting star and you never know if it will follow through lower. Buy because the 'weak' D candle that cannot cross a tight ma means it could just be a dip in uptrend.
Mrs V just sent sms she exited ej buy at +60. I'll post charts later. I told her there were some quite nice trades this week, she was in the study, whats a girl gonna do but take a trade?? Nice one.
- #18,075
- Dec 20, 2012 10:09am Dec 20, 2012 10:09am
awesome buddy
I entered at 1.3231. I feel I should wait for adr high to reach. is it too much? shold I lock in? what's yr strategy?
Where might price struggle to penetrate?
- Previous support/resistance - the more recent the more relevant.
- Round numbers (very common for me)
- Supply/Demand zones.
- ADR if it is reasonable - don't get too greedy.
If I get a strong bar in the direction of my trade very soon after entry - usually the entry bar or the next bar, I will move my stop a couple of pips under/over this bar. So I will tighten my stop but NEVER loosen it.
I like to get my stop to BE once I see a retrace or a test of my entry and then a clear continuation.
If the market takes off I will often take partial profits and let a runner go with stop at BE or better. Sometimes you can get one that goes to the moon and gives you 10:1 RR or even better. One or two of these a month can really help your account.
Taking profits is the hardest part of this endeavour. I really believe you have to try some things and see what works for you.
Early on in this thread I recall reading using a 20 pip stop and a 20 pip target profit.
I don't recommend this approach. It may be simple but it is not logical.
Get out of a trade when the reason you got in has been invalidated. That is where your initial stop must be placed.
Try and take 2:1 or better trades. If you want to take some off at 1:1 and move the stop to BE that is fine but make sure you let some of the runners run.
There is a really good article in the attachments here BORC.pdf or something like that - I renamed it after I saved it.
Good stuff on Supply/Demand but also on taking profits (near the end).
Always think about controlling/reducing your risk before thinking about your profits.
You asked yesterday about where your stop should be and this was after you had entered the trade. DON'T DO THIS!!!!
Plan your trade. Decide on your risk first. Is the potential reward worth taking the risk? If not, no trade.
When you enter your order, fill in the Stop price first. You must have your stop placed at the same time as your entry.
What happens if you enter without a stop and then someone flies a plane into a building or a world leader gets bombed or shot?
You either make a massive profit or you blow your account and possibly owe your broker a lot more money.
That whole trade plan was just an off the top of my head example.
HL LH entries. Have a look at the post I did yesterday on the 2 general entries that you'll get most days ie the HL or the retrace. You could include 2b's and engulfing closes (close higher/lower than the previous 2 candle closes) in trade plan. Or just change as per the entries as described in this thread.
Today the 3 pairs we watch gu eur ej (a friend has suggested euraud as it looks like it trends well) all had various shooting stars rejecting from SR levels. None of them...
and congratulations to Mrs V !
peace
dom
