We're all just one trade away from humility.
To manage your trade quietly, use a good size lot. If your are agree, in your head, with the risked money, it'll we be easier for you to manage your trade.
You can use different way to manage your position too. Like jesse livermor (made a quick search by google
)
Or a way that i aprreciate is to open my position, and whan i reach the R:R = 1 (my profit = my Stop loss), i close an half of my position, let the rest run with out stress!!! after you can move the SL to the BE.
It's conservative way, but for me it's the lone way to survive in this wolrd!!
You can use different way to manage your position too. Like jesse livermor (made a quick search by google
)Or a way that i aprreciate is to open my position, and whan i reach the R:R = 1 (my profit = my Stop loss), i close an half of my position, let the rest run with out stress!!! after you can move the SL to the BE.
It's conservative way, but for me it's the lone way to survive in this wolrd!!
Anyone know any good practical psychological exercises to help prevent exiting a trade too early?
Drewas, may I know how do you judge and set the Stop Loss? Did you ever try to use Trailing Stop to secure/lock the profit? What is the biggest pip lost you've ever experience using this system? And how about the profit? I'm not so understand what do you mean Average Daily Range? How do you calculate the profit and Stop Lost pip? Thanks for sharing...
I use an emergency only 50pip stop loss. That's there to protect against a loss of power/internet or large unexpected movement of price. I never let this stop loss get hit and normally will exit a couple of pips in profit or no more than 20 pips against me. I think the max ive lost recently is 30pips.
The Average Daily Range is the amount a pair moves in a day. Or at least an average of the amount its moved in the last few days.
There are indicators that will calculate that for you. The one I use is xadr on the first post.
We're all just one trade away from humility.
Just closed second trade of the day.
Entered after green dot and bounce of TDI (sometimes as powerful as a cross), I was confident that price would continue through 0 on MACD and create new peak after White sun yesterday.
The TDI repainted many times but there was no reason to exit. Held on and exited at 100 pips.
One of my better days trading
Entered after green dot and bounce of TDI (sometimes as powerful as a cross), I was confident that price would continue through 0 on MACD and create new peak after White sun yesterday.
The TDI repainted many times but there was no reason to exit. Held on and exited at 100 pips.
One of my better days trading
We're all just one trade away from humility.
- #72
- Edited 4:53pm Jul 25, 2013 4:38pm | Edited 4:53pm
Hi Drewas,
As refer to the snapshot below, would you take a sell trade on this pair since there a dot and a sun appeared. But the problem is the green line TDI does not cross the red line yet and besides, if I'm not mistaken that we should trade in between London open and New York close right? Basically New York session has been closed about half an hour ago so we would not recommend to enter this trade?
Hi 4xplosion,
Thanks for the recommendation video. I'm started to understand what is ATR but could you please explain what does ATR5 and ATR25 means? For example, ATR5=20, does this mean the setup for SL will be 20 pips? Or do I have to multiply anything?
As refer to the snapshot below, would you take a sell trade on this pair since there a dot and a sun appeared. But the problem is the green line TDI does not cross the red line yet and besides, if I'm not mistaken that we should trade in between London open and New York close right? Basically New York session has been closed about half an hour ago so we would not recommend to enter this trade?
Hi 4xplosion,
Thanks for the recommendation video. I'm started to understand what is ATR but could you please explain what does ATR5 and ATR25 means? For example, ATR5=20, does this mean the setup for SL will be 20 pips? Or do I have to multiply anything?
Hi Drewas/4xplosion, As refer to the snapshot below, would you take a sell trade on this pair since there a dot and a sun appeared. But the problem is the green line TDI does not cross the red line yet and besides, if I'm not mistaken that we should trade in between London open and New York close right? Basically New York session has been closed about half an hour ago so we would not recommend to enter this trade? {image}
Interesting that you posted a zoomed out pic. I was about to do that to show the way the market moves between the dots.
I do sometimes trade outside of said hours but only if I see a sun like the one above.
You could enter and wait for the cross for confirmation. If price goes against you get out with a small loss or break even. I would consider this a risky aggressive entry. You could wait for the TDI cross and/or a change of direction in the MACD slope and/or a change of candle colour. I would consider that a safer less aggressive entry.
Whatever you choose watch what happens to price after a sun.
We're all just one trade away from humility.
So why do the dots work so well when trading?
This system uses the Semaphore indicator to more easily recognise Elliott Wave patterns. There are great resources here and elsewhere on Elliott Wave theory and fractals and if your serious about trading you should check them out.
Basically Elliott wave theory says the market moves in waves or zigzags and that these move according to a set of mathematical rules.
Consider the chart below a current EUR/USD 1hour chart.
See how the dots formed seem to adhere to the previous Elliott Wave diagram. Also notice that the dots between the suns appear to move in a similar fashion.
This system uses the Semaphore indicator to more easily recognise Elliott Wave patterns. There are great resources here and elsewhere on Elliott Wave theory and fractals and if your serious about trading you should check them out.
Basically Elliott wave theory says the market moves in waves or zigzags and that these move according to a set of mathematical rules.
Consider the chart below a current EUR/USD 1hour chart.
See how the dots formed seem to adhere to the previous Elliott Wave diagram. Also notice that the dots between the suns appear to move in a similar fashion.
We're all just one trade away from humility.
Ok end of week and I wont have so much time to post next week.
There appears to be lots of people reading my posts and this thread, so would be interested in knowing whether people are finding it of value or not?
It takes a surprising amount of time to update and manage this so feedback positive or negative would be grateful.
Don't be shy.
There appears to be lots of people reading my posts and this thread, so would be interested in knowing whether people are finding it of value or not?
It takes a surprising amount of time to update and manage this so feedback positive or negative would be grateful.
Don't be shy
.
We're all just one trade away from humility.
Hello and thanks for the great work you've done here Drewas.
I have been watching this thread for the past two days and i manage today to make profit with this method ( still in demo ).
I took the same position as you on EUR/USD but the yellow dot appeard a candle before so i took a little less pips out. Do you know a way to manage these dots repaints ? Because the yellow dot repaint 2 candles later :s
I also took a AUD/USD trade profitable too
Keep on going this is a great system and thank you for everything you have done so far
Vikendios
I have been watching this thread for the past two days and i manage today to make profit with this method ( still in demo ).
I took the same position as you on EUR/USD but the yellow dot appeard a candle before so i took a little less pips out. Do you know a way to manage these dots repaints ? Because the yellow dot repaint 2 candles later :s
I also took a AUD/USD trade profitable too
Keep on going this is a great system and thank you for everything you have done so far
Vikendios
- #80
- Jul 26, 2013 8:18pm Jul 26, 2013 8:18pm
Hi again, here is another chart for your comments/advice, CHF/JPY H4 {image} NOTE TO ALL>>>feel free to post your opinions on this chart, that is the way we can all learn,...
It finally moved down price is now 105.84....!!!! What seems like a great trade is not, we will have to be careful and must track some LIVE trades.
Happy trading...
Onwards and upwards...