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5 PIPS - Only Five

  • #401
  • Nov 4, 2014 6:25am Nov 4, 2014 6:25am
Quoting Kubiasty
{quote} Iam trying from morning this tactic, I still dont understand my mistakes... {image}
14 trades?... I think you're over trading and not being selective enough.
  • #402
  • Edited 6:50am Nov 4, 2014 6:37am | Edited 6:50am
Easily spotted.... You can't see it.....?

You are letting your losers go to -20. You need to perfect your entries and kill trades that go backwards immediately. (You need to determine will it be -5, -6, -??) You need to practice this on demo until you get a feel for price action and how your money management is playing out. Trades only shooting for 5 pips that don't go as planned are not supposed to go to -20. Killer precision entries is your goal. Keep practicing. Again this will take weeks, months, years. No shortcuts bud...

You have to be willing to force taking a small loss immediately if it doesn't look right. Trade psychology. It's ok to take a small loss. It's trading. A big loss is silly.


Also go visit other threads on support and resistance so you understand the concept. It will help your trading. Price pivots as well in James 16 thread good stuff too.

Your results would have been good without those big drawdowns. If you don't understand what drawdown means, run a search. You can't trade without this understanding.




Quoting Kubiasty
{quote} Iam trying from morning this tactic, I still dont understand my mistakes... {image}
SPC * Swollen PocketZ Crew!
  • #403
  • Nov 4, 2014 6:48am Nov 4, 2014 6:48am
Quoting JoeNY
Easily spotted.... You can't see it.....? You are letting your losers go to -20. You need to perfect your entries and kill trades that go backwards immediately. (You need to determine will it be -5, -6, -10) You need to practice this on demo until you get a feel for price action. Trades that don't go as planned are not supposed to go to -20. Killer precision entries is your goal. Keep practicing. Again this will take weeks, months, years. No shortcuts bud... You have to be willing to force taking a small loss immediately if it doesn't look right....


Greetz Michael
  • #404
  • Nov 4, 2014 6:55am Nov 4, 2014 6:55am
Quoting JoeNY
Easily spotted.... You can't see it.....? You are letting your losers go to -20. You need to perfect your entries and kill trades that go backwards immediately. (You need to determine will it be -5, -6, -??) You need to practice this on demo until you get a feel for price action and how your money management is playing out. Trades only shooting for 5 pips that don't go as planned are not supposed to go to -20. Killer precision entries is your goal. Keep practicing. Again this will take weeks, months, years. No shortcuts bud... You have to be willing...
Agreed and would add that many of the + trades were for 2,3,4 points vs the target of 5.
  • #405
  • Edited 7:26am Nov 4, 2014 6:57am | Edited 7:26am
Also view freundr's post just above and just below... Good points I missed....

Quoting Kubiasty
{quote} Iam trying from morning this tactic, I still dont understand my mistakes... {image}
SPC * Swollen PocketZ Crew!
  • #406
  • Nov 4, 2014 7:13am Nov 4, 2014 7:13am
Hey Kubiasty, did a quick run through on your wins and if you had hit 5 points on all the wins you cut short you would have added $109 to your profit. Add in a quicker SL at say 10 points instead of 20 and you would have netted +$200 or so.
  • #407
  • Nov 4, 2014 7:29am Nov 4, 2014 7:29am
another quick +5 pips. See what I meant about the rising trend line, price came down to the pip kissed it and said "Goodbye". I did not take the short signal as it was exactly 5pips to the trend line, remember, to get 5 pips price has to move 6-7 pips depending on your brokers spread, even in none MT4 situations price has to go 6 pips for 5, so make sure you have the room for your TP to be filled. Price has just shot thru the S&R level, don't know why, probably another rumour, but I will wait for it to settle back, which it will, before I look for another entry, although it is 16.30pm GMT +1 so I will leave it for today.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #408
  • Nov 4, 2014 7:29am Nov 4, 2014 7:29am
Quoting orangutangas
{quote} Any trade you took today?
Went long EJ H1 at the top of the hour, 10 pips already booked. That was the only one today.
  • #409
  • Nov 4, 2014 7:35am Nov 4, 2014 7:35am
Quoting Moonie
{quote} Went long EJ H1 at the top of the hour, 10 pips already booked. That was the only one today.
Ty sir. Too me the same, very quiet day, monitoring same pairs
  • #410
  • Nov 4, 2014 8:28am Nov 4, 2014 8:28am
Which situation i Enter long for 5 pips ??
Attached Image (click to enlarge)
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  • #411
  • Nov 4, 2014 8:34am Nov 4, 2014 8:34am
Quoting Kubiasty
Which situation i Enter long for 5 pips ??{image}
5) start of 3th candle

if other indicators also are ok!


Greetz Michael
  • #412
  • Nov 4, 2014 8:42am Nov 4, 2014 8:42am
Quoting Kubiasty
Which situation i Enter long for 5 pips ??{image}
Assuming I have understood TK5's method correctly you open a trade at the START of the third green HA candle in frame 5. The basis of the strategy was to wait for a HA candle to close over the 5EMA then enter when the next candle OPENS clear of the EMA. If you have been waiting for the third candle in frame 5 to close then, you've missed the trade.

However in the example listed I would uerge caution because the EMA is pointing downwards so you may be fighting against the prevailing trend.
Getting there, slowly but surely...
  • #413
  • Nov 4, 2014 9:07am Nov 4, 2014 9:07am
Can someone please explain where I went wrong here? Thanks

http://prntscr.com/52zi0s
  • #414
  • Nov 4, 2014 9:25am Nov 4, 2014 9:25am
Quoting jmag4
Can someone please explain where I went wrong here? Thanks http://prntscr.com/52zi0s
I think it's a bit late in the day really with London having closed and personally, I prefer to take these after a trendline break and after a candle that hasn't touched the ema.
Attached Image (click to enlarge)
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  • #415
  • Nov 4, 2014 9:43am Nov 4, 2014 9:43am
Entry ok ?
Attached Image (click to enlarge)
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  • #416
  • Nov 4, 2014 10:01am Nov 4, 2014 10:01am
Quoting Kubiasty
Which situation i Enter long for 5 pips ??{image}
This from the OP. http://www.forexfactory.com/showthre...39#post7827239

Maybe this will clarify.
Attached Image (click to enlarge)
Click to Enlarge Name: GET THE IDEA.png Size: 57 KB
Cut your Losers short and let your Winners run.
  • #417
  • Nov 4, 2014 10:06am Nov 4, 2014 10:06am
Thank you dee50! one comment with meaning and on sense! Clearly answer that was i asking from yesterday! Thank you dee50! God with you!
  • #418
  • Nov 4, 2014 10:20am Nov 4, 2014 10:20am
One last thing from me. Understanding Heiken Ashi Candles. here are a couple of PDFs I put together some time ago for another thread. There is not much to know, but the little there is will help you avoid bad entries.

Attached File(s)
File Type: pdf Heiken Ashi Explanation.pdf   190 KB | 686 downloads

Attached File(s)
File Type: pdf Heiken Ashi Candles.pdf   484 KB | 729 downloads
Cut your Losers short and let your Winners run.
  • #419
  • Nov 4, 2014 10:20am Nov 4, 2014 10:20am
Quoting Kubiasty
Thank you dee50! one comment with meaning and on sense! Clearly answer that was i asking from yesterday! Thank you dee50! God with you!
You are welcome.
Cut your Losers short and let your Winners run.
  • #420
  • Nov 4, 2014 10:29am Nov 4, 2014 10:29am
Quoting dee50
{quote} You are welcome.
dee, you only take shorts if the price is below 200EMA and longs if above..is this correct?
YOUR MOTHERS ASS
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