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  • #816,821
  • Jul 19, 2013 12:11am Jul 19, 2013 12:11am
Quoting Chicky
{quote} This is one way of avoiding market noise. Another way is to: 1. Put a very tight stop near the key level and let it get hit. 2. Watch the pa and when it stops advancing, re-enter, 3. Again a tigh stop and again re-entry 4. Keep on doing this upto the level which you initially thought was safe to move the SL to. (in this case 25 or 30 pips from 1.3174) 5. Why?.............. I will tell you later, have to go for a smoke.

what if the market take your stop then go your way? if you chase the market, it take out you again and then go your way for the second time, and so on?
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #816,822
  • Jul 19, 2013 12:13am Jul 19, 2013 12:13am
Quoting ffleo
{quote} what if the market take your stop then go your way?
Re-read what he said. "Key level." A must.
Time turns trend. - W.D. Gann
  • #816,823
  • Jul 19, 2013 12:17am Jul 19, 2013 12:17am
Quoting ForExtraPips
{quote} Re-read what he said. "Key level." A must.

the market can take you out at any level then turn around no matter what level it is. the big boys know how to take people out at key levels if one has tight stops.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #816,824
  • Jul 19, 2013 12:20am Jul 19, 2013 12:20am
Quoting ffleo
{quote} the market can take you out at any level then turn around no matter what level it is. the big boys know how to take people out at key levels if one has tight stops.
Trust me, this works after London goes home, for me. IF, I repeat, IF, price is at a key level. Stopped out, re-enter. S/O, re-enter, etc............ There we go, re-entered, and away we go. For the eur/nzd, that is.
Time turns trend. - W.D. Gann
  • #816,825
  • Jul 19, 2013 12:21am Jul 19, 2013 12:21am
Quoting ForExtraPips
{quote} He's probably smoking one of those "roll your own" cigs. I know when I do, it takes longer to burn. lol
Many big moves occur in minutes. If pa is bound to knock off your 25 or 30 pip sl, it will anyway. However, if your sl is tight, let's say 5 pips and a big move occurs against you, you may get a re-entry chance 10, 15 or 50 pips away from where you were last stopped out.

One is better off by having wide stops if pa is slow. Short sls are economical at major s/r levels where price goes crazy.
The Thief of Wall Street
  • #816,826
  • Jul 19, 2013 12:22am Jul 19, 2013 12:22am
Quoting ffleo
{quote} the market can take you out at any level then turn around no matter what level it is. the big boys know how to take people out at key levels if one has tight stops.

You know thats right!
  • #816,827
  • Jul 19, 2013 12:22am Jul 19, 2013 12:22am
Time for me to go burn one, hopefully Chicky will en"light"en us with his great wisdom, on this matter, before I hit the sack.
Time turns trend. - W.D. Gann
  • #816,828
  • Jul 19, 2013 12:23am Jul 19, 2013 12:23am
Quoting Chicky
{quote} Many big moves occur in minutes. If pa is bound to knock off your 25 or 30 pip sl, it will anyway. However, if your sl is tight, let's say 5 pips and a big move occurs against you, you may get a re-entry chance 10, 15 or 50 pips away from where you were last stopped out. One is better off by having wide stops if pa is slow. Short sls are economical at major s/r levels where price goes crazy.
Right as I was about to step out, he answers. Thanks.
Time turns trend. - W.D. Gann
  • #816,829
  • Jul 19, 2013 12:24am Jul 19, 2013 12:24am
Quoting ForExtraPips
{quote} Trust me, this works after London goes home, for me. IF, I repeat, IF, price is at a key level. Stopped out, re-enter. S/O, re-enter, etc............ There we go, re-entered, and away we go. For the eur/nzd, that is.

it only works when the market keeps going against you, then you move to a better price level. It does not work if the market in general goes your way in the big picture. you will be stopped out by market noise, and you will have to chase the market to get in later.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #816,830
  • Jul 19, 2013 12:25am Jul 19, 2013 12:25am
Quoting ffleo
{quote} the market can take you out at any level then turn around no matter what level it is. the big boys know how to take people out at key levels if one has tight stops.

then the entry was wrong. or one is picking the wrong key level.. put entry on the further side of the key level...
those who can, do. those who cant, talk about those who can
  • #816,831
  • Jul 19, 2013 12:28am Jul 19, 2013 12:28am
Quoting Chicky
{quote} Many big moves occur in minutes. If pa is bound to knock off your 25 or 30 pip sl, it will anyway. However, if your sl is tight, let's say 5 pips and a big move occurs against you, you may get a re-entry chance 10, 15 or 50 pips away from where you were last stopped out. One is better off by having wide stops if pa is slow. Short sls are economical at major s/r levels where price goes crazy.

all you assue is that the market goes againt you in the big picture and you try to capture top or bottom before it reaches the top or bottom. what if the market has reached the top and bottom and you are chasing the market?
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #816,832
  • Jul 19, 2013 12:28am Jul 19, 2013 12:28am
I've taken stop losses off at times when I've felt confident the market was going to turn. Just the other night the price started reaching for my stop so I take it off and I swear the moment I did price turned in my favor like 10 pips instantly and never looked back!
  • #816,833
  • Jul 19, 2013 12:32am Jul 19, 2013 12:32am
Quoting irongoose
I've taken stop losses off at times when I've felt confident the market was going to turn. Just the other night the price started reaching for my stop so I take it off and I swear the moment I did price turned in my favor like 10 pips instantly and never looked back!

ever piss on a electric cattle fence?
those who can, do. those who cant, talk about those who can
  • #816,834
  • Jul 19, 2013 12:35am Jul 19, 2013 12:35am
Quoting irongoose
I've taken stop losses off at times when I've felt confident the market was going to turn. Just the other night the price started reaching for my stop so I take it off and I swear the moment I did price turned in my favor like 10 pips instantly and never looked back!

if you set your stops with a reason do not move it.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #816,835
  • Jul 19, 2013 12:35am Jul 19, 2013 12:35am
Quoting gatorinla
{quote} ever piss on a electric cattle fence?
I would never take off a stop loss and walk away or do it without a predetermined area of exit.
  • #816,836
  • Jul 19, 2013 12:35am Jul 19, 2013 12:35am
the best tool that comes with most brokers platforms is a stop loss.
those who can, do. those who cant, talk about those who can
  • #816,837
  • Jul 19, 2013 12:37am Jul 19, 2013 12:37am
Quoting ffleo
{quote} the market can take you out at any level then turn around no matter what level it is. the big boys know how to take people out at key levels if one has tight stops.
I don't know if big boys and their tactics is a myth or true, but thing I know is that if I lose 5 pips, can recover this loss on any move. But if I lose 50 pips, cannot cover on a 34 or 17 pip move
The Thief of Wall Street
  • #816,838
  • Jul 19, 2013 12:37am Jul 19, 2013 12:37am
Quoting irongoose
{quote} I would never take off a stop loss and walk away or do it without a predetermined area of exit.

ever lost a i connection or power outage?
those who can, do. those who cant, talk about those who can
  • #816,839
  • Jul 19, 2013 12:38am Jul 19, 2013 12:38am
Quoting irongoose
I've taken stop losses off at times when I've felt confident the market was going to turn. Just the other night the price started reaching for my stop so I take it off and I swear the moment I did price turned in my favor like 10 pips instantly and never looked back!

stop is set according to R/R ratio and your win probability. do not change it.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #816,840
  • Jul 19, 2013 12:38am Jul 19, 2013 12:38am
Quoting gatorinla
the best tool that comes with most brokers platforms is a stop loss.
Agreed. SL is short for Stop Losing. GN
Time turns trend. - W.D. Gann
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