Professional Trading Strategy - student selection
{quote} I strongly agree with HOLLOWHEAD that the market is not random, there lies "INTENTION" and these intentions are patterns in alignment with other numbers ( Fib. numbers) But I am open minded anyway, I still love learn from you
During news ... maybe! but not quite
hi, exchange 101 let me summarize ur strategy 1 n 2, u use pa n order flow to determine your entry n exit point.do you use information outside the chart to determine orderflow/money flow?who is in n out?from where did you get that information? how do you determine price will go up or down? i see that you use break out of consolidation in m1 chart,in timing them to entry,but how could you timing them?with every data showed up on the calender news?central bank's president speech? there was rumour that dealer do stop hunting,how to make sure if price...
The charts posted by me are taken from MT4 for explanation purposes only.
My chart looks so much different
you mean orders buy stop and sell stop right ?
By the definition buy stop is used above the current price and sell stop below, I put the orders just above or just below some major level with some room for fake breakout,
Iīd put buy stop few pips above some resistance level, like previous day high, above i mean + cca 10 pips
Iīd put also sell limit, just below the resistance to be sure to catch the retracement
Sometimes the highs follow a trend and if i see second high is a bit higher than previous, i anticipate the next resistance again a bit higher, so the buy stop would be +10 to keep up with the trend and +another 10 the room to breath and then i anticipate breakout. the sell limit would be just +10 pips from previous,
I am not sure i made myself clear but it all depends on the current market situation: the new PA can be totaly new pattern never encountered before.
Regarding stop losses,if you donīt put sl its like if you donīt flush the toilet
, again respecting the volatility of the market ,for example EURUSD highest volatility by statistics is on thursday, and within day its on London open, and also during NY-LO sessions, so the SL have to be bigger.
For example pair like GBPJPY have much higher volatility then other major pairs as a result of contramovement of GBPX and JPYX, so the sl have to be even bigger.
It also depends on the strategy and bla bla bla.... you get the picture
David
By the definition buy stop is used above the current price and sell stop below, I put the orders just above or just below some major level with some room for fake breakout,
Iīd put buy stop few pips above some resistance level, like previous day high, above i mean + cca 10 pips
Iīd put also sell limit, just below the resistance to be sure to catch the retracement
Sometimes the highs follow a trend and if i see second high is a bit higher than previous, i anticipate the next resistance again a bit higher, so the buy stop would be +10 to keep up with the trend and +another 10 the room to breath and then i anticipate breakout. the sell limit would be just +10 pips from previous,
I am not sure i made myself clear but it all depends on the current market situation: the new PA can be totaly new pattern never encountered before.
Regarding stop losses,if you donīt put sl its like if you donīt flush the toilet
, again respecting the volatility of the market ,for example EURUSD highest volatility by statistics is on thursday, and within day its on London open, and also during NY-LO sessions, so the SL have to be bigger. For example pair like GBPJPY have much higher volatility then other major pairs as a result of contramovement of GBPX and JPYX, so the sl have to be even bigger.
It also depends on the strategy and bla bla bla.... you get the picture
David
- #116
- Feb 1, 2014 11:41am Feb 1, 2014 11:41am
- Joined Mar 2013 | Status: Putting it all together... | 1,185 Posts
Poor disicipline but improving...slowly.
Not very smart but work very hard
Very interested in subject of FX trading
Stops YES for the "text book" reasons and NO if not using "indicators" because before trade, analysis is already done I should already know what to expect, good and bad. With disicpline and ego under control I should be able to see warning signs to tell me to exit. Not sure how to phrase this in a better but hopefully it makes sense
Not very smart but work very hard
Very interested in subject of FX trading
Stops YES for the "text book" reasons and NO if not using "indicators" because before trade, analysis is already done I should already know what to expect, good and bad. With disicpline and ego under control I should be able to see warning signs to tell me to exit. Not sure how to phrase this in a better but hopefully it makes sense
I want more brain power!
Hi Exchange101 Here is my trade analysis/logic on your example. My entry points are more conservative than yours as I wait for close below level. I like it best when price retraces into zone and is rejected. It shows me that the big players are protecting their new positions. My initial stop is placed beyond latest swing. I use the high for the 100% fib level and place the 32% fib on my enter level and project forward my fib levels with extensions(s). I would close out position if price retraces above 2 fib levels. Price will retrace but if the...
I want more brain power!