Disliked{quote} That kind of is my solution. Take the trades, manage them. reversals on the 15 and possibly 5 and trend following with the 1 min channel. I might have misunderstood your question. Im not clear as to what solution you are looking for.Ignored
Trading is as simple as ABCD
- #6,865
- Jun 30, 2015 3:12pm Jun 30, 2015 3:12pm
{quote} i was just saying..you identify a possible error...how would you use this to your advantage?Can you post charts to show what your mean
As you can see you could have taken a counter trend trade at either position, these are pretty well represented by what was on the screen at the time of the trades. there was a little repainting going on but not too bad, about 10-15 pips either way.
Now this is where I differ in how I trade, the draw down that I experience is not all that troublesome for me, let me try to explain:
lets say price is moving up to a 15 min band which is also at 1.1200, I place a sell order at that area or wait until it gets there and enter at market. but it doesn't obey the band and continues on 20 pips past my chosen reversal site all the way to 1.1221 or so, I enter another market sell here. Price is outside the top of the band, blasted past a round number, leaving me confident that it will soon reverse to my direction. so now instead of my position being short at 1.1200 and in 20 pips negative, my net position is 1.1210 with 10 pips negative. once (if) price returns down to 1.1210 I have the option of admitting im wrong and getting out at B.E. or letting my position run and take me into profit. same thing at the bottom of the chart pictured here...this is the trade that I actually took today. I placed a buy stop at the 15 min line and price blew past my entry for 30 pips, I entered again at 20 pips down, and I didn't have to wait long at all for it to bounce right back. so my orders were each closed out with 25 pips profit, and I could have held on for more if I was more patient. I would caution not to use the 1 min for any counter trend trades unless you have some confluent signals to justify. I like the 1 min channel for trend following only. buy at the bottom in uptrends, sell at the top for down trends.
- #6,870
- Jun 30, 2015 3:19pm Jun 30, 2015 3:19pm
- Joined Jul 2010 | Status: Great hopes make great men | 2,042 Posts
Low Risk Low Stress High Reward High Probability Trades
- #6,877
- Jun 30, 2015 3:44pm Jun 30, 2015 3:44pm
- Joined Jul 2010 | Status: Great hopes make great men | 2,042 Posts
Low Risk Low Stress High Reward High Probability Trades
