Winners Never Quit, Quitters Never Win
- #55,242
- Mar 25, 2015 7:28pm Mar 25, 2015 7:28pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #55,243
- Edited 9:11pm Mar 25, 2015 8:13pm | Edited 9:11pm
- Joined Nov 2013 | Status: Trading Chaos | 1,133 Posts
- #55,244
- Mar 25, 2015 9:45pm Mar 25, 2015 9:45pm
- Joined Dec 2013 | Status: Trader | 1,680 Posts
Sad i'm not trying to understand PA
- #55,246
- Mar 26, 2015 12:00am Mar 26, 2015 12:00am
- Joined Nov 2008 | Status: Trader | 50,255 Posts | Online Now
Hi! I'm going long EU @1.0980 TF 1 hour TDI green crossed red. any suggestion?
when your Entry is 1.0980, what about your two Exits?
I see another attempt to test 1.1000 on H1 today. Will EU move higher or it will fail in its 3rd attempt. we wait and see.
H1 chart:
D1 view:
On the D1 chart above, we have a Master Candle and market is in range until there is clear breakout move.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #55,247
- Mar 26, 2015 12:05am Mar 26, 2015 12:05am
- Joined Dec 2013 | Status: Trader | 1,680 Posts
Sad i'm not trying to understand PA
- #55,248
- Mar 26, 2015 12:06am Mar 26, 2015 12:06am
- Joined Nov 2008 | Status: Trader | 50,255 Posts | Online Now
{quote} Yes took the pullback bar on M15 back to LO low
My quess was correct that you took that trade in lower TF becasue on that h1 chart posted, there was no H1 setup and you sold on a bullish price bar and APB candle. That looks pretty dangerous picking top on H1.
Good trade taken on M15 ...
.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Thank you very much Emmanuel, this is gold for us aspiring traders 
GBPNZD a quick outlook as of 26 Mar Sydney open. MN view {image} Note the MN is in wide range. W1 view {image} Weekly is rather bearish with consecutive week down and now hitting the MN historical close level. D1 view {image} Looking at the D1 chart above, we have a bullish day close yesterday and the Day bias is against the Weekly bias. There is no bullish reversal seen yet, too early. I will not trade on D1 chart today but will wait and see how the D1 will close today. Intraday traders can trade on H1 based on this D1 bullish bias but must look...
- #55,251
- Mar 26, 2015 1:48am Mar 26, 2015 1:48am
- Joined Nov 2008 | Status: Trader | 50,255 Posts | Online Now
[quoting Emmanuel 7788 ]when your Entry is 1.0980, what about your two Exits?
Well, I had my h1 trade taken yesterday and got +25pips. Last night, i move my initial SL to BE and left the trade open with my TP exit set at the high of the Master Candle.... that is the resistance of the MC range.
Today I got my 100pips.
EU is still a good pair to trade intraday with its recent increased volatility range.
Keep your trading rules simple when day trading H1. Buy only when PA is above the 50EMA and above the 200EMA. this happen this week.
It does not happen every week, but when it does, you simply follow simple rules.
That the beauty of the 5-Method and why it is named Trading Made Simple.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #55,252
- Mar 26, 2015 1:53am Mar 26, 2015 1:53am
- Joined Nov 2008 | Status: Trader | 50,255 Posts | Online Now
{quote} Thank you for sharing your analysis. I was going to open a short trade, because I saw that D1,W1 and MN1 were bearish, but didn't notice about the resistance, so I'll wait for a clear reversal to open D1. Tomorrow will check if there's some H4 action.
If you sold today when Sydney open, where do you want to place your Exit Stop Loss? Remember you want a good entry price with smaller initial SL so that you can have larger position size. This is an important Money Management rule and use that with R and R-Multiple.
One of my favourite intraday entry is when the Price Action fails to move above the Prev Day Fib-ext 127%. Look for confluence with other S&R and RN, BRN etc.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Hi,
I'm not an expert whatsoever, but I'll give it a shot.
It seems like the norm is using maximum 2% of the total of your account on any trade. That would be $20 in your case if you go for 2%. Since this is maximum of what you'll risk per trade, per pip value would then depend upon how large your SL is. If your SL is 20 pips away, per pip value would be $1.
Hope this helps you. If anyone more experienced disagree, please let me know
If you're not using it already, I see a lot of people use Cave Manager to manage their trades in MT4.
I'm not an expert whatsoever, but I'll give it a shot.
It seems like the norm is using maximum 2% of the total of your account on any trade. That would be $20 in your case if you go for 2%. Since this is maximum of what you'll risk per trade, per pip value would then depend upon how large your SL is. If your SL is 20 pips away, per pip value would be $1.
Hope this helps you. If anyone more experienced disagree, please let me know
If you're not using it already, I see a lot of people use Cave Manager to manage their trades in MT4.
What would be the best money management for $1000 account using this system? What should be the per pip value to stay safe & sound while trading? Need some experienced feedback and methods. Thanks in advance.
- #55,257
- Mar 26, 2015 3:10am Mar 26, 2015 3:10am
- Joined Dec 2013 | Status: Trader | 1,680 Posts
Sad i'm not trying to understand PA
- #55,258
- Mar 26, 2015 3:32am Mar 26, 2015 3:32am
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #55,259
- Mar 26, 2015 3:35am Mar 26, 2015 3:35am
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #55,260
- Mar 26, 2015 3:44am Mar 26, 2015 3:44am
- Joined Nov 2012 | Status: Trader | 2,339 Posts
{quote} {image} My quess was correct that you took that trade in lower TF becasue on that h1 chart posted, there was no H1 setup and you sold on a bullish price bar and APB candle. That looks pretty dangerous picking top on H1. Good trade taken on M15 ...
I Have Learned to Take Some Losses to Make Profits