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  • #58,981
  • Jul 20, 2015 12:34pm Jul 20, 2015 12:34pm
gbpnzd anyone on the daily about to cross?

short?
  • #58,982
  • Jul 20, 2015 12:50pm Jul 20, 2015 12:50pm
Hey all,

Last week I got into 2 short position EA after rejection off 1.50. Now I am a bit confused on how to manage my position. Emmanuel already posted about his bullish bias for EA but still I haven't closed my position. I have 1R unrealized profit atm.

I think I will close half (structure on left provides support) and move S/L to BE.
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  • #58,983
  • Edited 1:07pm Jul 20, 2015 12:56pm | Edited 1:07pm
Was only interested in selling GU today as I had predetermined plan from the weekend , as soon as LO opening candle pulled back , entered with +50 pips and took a little more when momentum picked and closed for +61 pips
Attached Image (click to enlarge)
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I Have Learned to Take Some Losses to Make Profits
  • #58,984
  • Jul 20, 2015 12:57pm Jul 20, 2015 12:57pm
I'm closing my USDJPY long trade for a small profit.

We're consolidating around High of May Monthly candle + Divergence on 4H

Best,
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  • #58,985
  • Jul 20, 2015 1:06pm Jul 20, 2015 1:06pm
Looking at NU I'm seeing some things that make me want to 'guess a bottom' again. Last time it backfired so I'm waiting on a clear signal but I'm keeping an eye on here.

We rejected .65 BRN
Divergence on Daily - Not broken 5EMA yet
Strong 4H Signal today
1H has rejected 100 EMA

I'm really tempted to place some limit buy orders but I'm going to wait on better Daily PA + break of 1H EMA's

Best,
Attached Image (click to enlarge)
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  • #58,986
  • Jul 20, 2015 1:08pm Jul 20, 2015 1:08pm
Quoting TheScorpS
Was only interested in selling GU today as I had predetermined plan from the weekend , as soon as LO opening candle pulled back , entered with +50 pips and took a little more when momentum picked and closed for +61 pips {image}
Congrats .. wonderful trade ;-)
Risiko birgt immer auch die Chance.
  • #58,987
  • Jul 20, 2015 1:32pm Jul 20, 2015 1:32pm
Quoting Baymax07
Farhad10, how do you get the arrows in the TDI indicator? Can you post it? Thanks.

Baymax07;

look at the pic

regards
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  • #58,988
  • Jul 20, 2015 2:09pm Jul 20, 2015 2:09pm
Quoting farhad10
{quote} Baymax07; look at the pic regards {image}
Thanks!
  • #58,989
  • Jul 20, 2015 5:47pm Jul 20, 2015 5:47pm
Quoting merrygold
{quote} My advice is that you learn to use sl, for your Capital protection, but also for valuable trades. Is it good risk reward when you are risking 20pips to gain 10pips? Otherwise, read the cavemanager thread, or search cavemanager in this thread. - Its a ea which will trail your sl. I know emma is glad for it. Happy Trading :-) M
Hi and thx for your advice.
I know its better with SL....i will use one now.
With the RR Situation is more profitable when i have min. 2:1....for sure its not good when your SL got 20 pips and your TP 10 Pips....its better TP 20 Pips and SL 10 Pips...
But many traders tell me this is not the importest thing. It is posible succesfull trading with 1:1 or 1:2 or much negative.
Imo much more important is your discipline and your trading plan.....
Thx for the Idea with the Cavemanager but i will try manuell....its better for learn.....

Lazy
mia san mia since 1900
  • #58,990
  • Jul 20, 2015 7:18pm Jul 20, 2015 7:18pm
Quoting mkfx
{quote}. hi Emmanuel, Thanks for sharing this ME/ME chart and related information's. 1. Is this 0.2% risk is of he total equity or of a portion of equity allocated to that particular pair ( let say equity 100K, trading 6 pair and for GU allocated 20K so now this 0.2% per entry/ position built-up, is of 20K or 100K. 2. When you add ME in entry , your average price comes down on every addition, than Is your TP Price also changed (reduced) ?. 3. when in any entry you add ME, is your lot size remain same. 4. How you calculate the TP price in case of...

Hi Mkfx,

1. I apportioned the starting account balance to that currency pair traded. In your example, when you use $20k of a $100k account, you calculate the 0.2% of that $20k.

2. Yes, with every added on build position, the average price will the average of all open positions calculating every position open price and lot size. All open trades are treated as one basket of trades.

3. For build positions, the lot size must be calculated from its entry price to the technical Stop Loss. You technical SL must be determined before you start a new basket. Every build pos will have bigger position size than its previous one.

4. We do not calculate the TP. There are different scenarios which depends on what we see on our charts. one is to use support and resistance levels on our charts to target our TP. Another way is to use the weekly traded range as our target when we are trading 4H swing. We only need to manage the stop loss and subsequent moving of the stop loss to protective stops to lock in floating profits.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,991
  • Jul 20, 2015 7:25pm Jul 20, 2015 7:25pm
Quoting mousteven
{quote} Emmanuel Just two quick questions, I would like to ask : 1. During the retracement, does the SL of position 2~4 have to be the same as the position 1? for example I setup 1.54440 as SL (under WRB Low) , then when I build positon2,3, or 4, should their SL be the same? 2. If it doesn't retrace and goes up, what are the next criteria to be based upon for building new position? Should we change SL from below the WRB LOW to a new SL under a new support line? Best regards, Steven {image}

Hi,

1. The technical stop loss must be the same for all positions and use for the calculation of the trade lot size.

2. There will be instances where there is little retracement and you do not have opportunity to build more position to get an average entry price, you will have to scale-in new positions above the first entry price. As you scale-in new positions, your average entry price will move along and further away from your initial SL, right?

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,992
  • Jul 20, 2015 7:31pm Jul 20, 2015 7:31pm
[quote=Arso;8390852]Dear Emmanuel, for ME/ME do you aleis use as SL the low of 2 days before? thank you so much for all!
Quoting emmanuel7788
{quote} You are welcome! For those who PM me asking me to show how ME/ME trading is done, here is my GBPUSD ME/ME trades done last week.
Hi Arso,

We can use the 2-candle look back in different TF.
If it is Weekly charts, that can be 2-weekly candle look back.
Also posible to use this in H4 charts.
You need to look at the charts to see where the last swing high or swing low and if you can use that as your intial stop loss placement. But is a running trend, the swing low/swing high can be far away and will not make it worth.
In the cae of markt consolidation, use the high -low of that consolidation range.
Always know the average traded range of that currency pair and its timeframe.
On Day chart use ADR of 100 days to check if the 2-day look back 'safe' or else use 2xADR which is 'safer' fo the two.
Same for consolidation range, compare the ADR.

Attached Image (click to enlarge)
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regards
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,993
  • Jul 20, 2015 8:28pm Jul 20, 2015 8:28pm
Quoting emmanuel7788
{quote} yes. I am buy too ... and all GBPUSD, GBPAUD, GBPNZD and GBPCAD pairs are buy only with ME/ME. Be warned, there will be retracements/pullbacks, etc. .... and choppy times, question is what shall we do when we have several ME open positions and market do not move where we want? Post your chart and I will explain whatever I can using your charts.
Hi Emman,

Thanks for your guidance. Take for example GN, I entered at 2.3747 after the H1 showed a bullish candle but then subsequently my trade went against me and continued to go into narrow range and now, deeper retracement.

I seem to be ALWAYS stuck in ranges and retracements.....
Attached Image(s) (click to enlarge)
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  • #58,994
  • Jul 20, 2015 8:59pm Jul 20, 2015 8:59pm
Quoting birdnest
{quote} Hi Emman, Thanks for your guidance. Take for example GN, I entered at 2.3747 after the H1 showed a bullish candle but then subsequently my trade went against me and continued to go into narrow range and now, deeper retracement. I seem to be ALWAYS stuck in ranges and retracements..... {image} {image}

Hi

In cannot see where your trade entry on your chart.

Please use the script posted in #29,533 to draw where your trade entry.
http://www.forexfactory.com/showthre...23#post7224523

There is no D1 buy setup although Monlthy and Weekly are bullish. D1 is in retracement.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,995
  • Jul 20, 2015 9:00pm Jul 20, 2015 9:00pm
Quoting TheScorpS
Was only interested in selling GU today as I had predetermined plan from the weekend , as soon as LO opening candle pulled back , entered with +50 pips and took a little more when momentum picked and closed for +61 pips {image}
Hi ScorpS...... great call!
So you did not take the trade until the APB color change to red and TDI green cross over red on TF H1.
Please share why you were so sure that the price would go down as soon as LO opening pulled back? Did you use smaller TF?
  • #58,996
  • Jul 20, 2015 9:01pm Jul 20, 2015 9:01pm
Quoting birdnest
{quote} Hi Emman, Thanks for your guidance. Take for example GN, I entered at 2.3747 after the H1 showed a bullish candle but then subsequently my trade went against me and continued to go into narrow range and now, deeper retracement. I seem to be ALWAYS stuck in ranges and retracements..... {image} {image}
Hi B
One way to gauge the market is simple Daily Open.Once bias is created after DO most likely that bias will continue.
Keep in mind that when trading G crosses G majors have lots of influence for example GU retraced but NU went up.You combine both you get GN
So always keep open eyes how majors are doing when trading crosses.
Another fact GN is 6-7pip spread GU 2
You do the math what is cheaper to trade.With GN you are imminently 6-7pip in a hole.I just don't understand the logic of people paying up huge spreads when cheaper majors are available.Trading is trading but you should focus cutting cost of trading.
Regards
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
  • #58,997
  • Jul 20, 2015 9:27pm Jul 20, 2015 9:27pm
Quoting Davit
{quote} Hi B One way to gauge the market is simple Daily Open.Once bias is created after DO most likely that bias will continue. Keep in mind that when trading G crosses G majors have lots of influence for example GU retraced but NU went up.You combine both you get GN So always keep open eyes how majors are doing when trading crosses. Another fact GN is 6-7pip spread GU 2 You do the math what is cheaper to trade.With GN you are imminently 6-7pip in a hole.I just don't understand the logic of people paying up huge spreads when cheaper majors are...
Davit, understood. I have been terribly ill disciplined. Hoping that the market can quickly get back on its bull run.
  • #58,998
  • Jul 20, 2015 9:40pm Jul 20, 2015 9:40pm
Quoting birdnest
{quote} Davit, understood. I have been terribly ill disciplined. Hoping that the market can quickly get back on its bull run.
Bird
I have been trading for 4years and I seldom rarely trade monsters line GN GC GA GJ
Reason is simple 1st spread 2nd volatility.
Precision entry is a must and then you hope and prey PA does not stop you out.Well 50pip SL is minimum for pairs averaging 200+pips and some days can go 400pips.It takes good experience on majors before you start on crosses.If you have less then 3years of trading I'll say stop trading crosses.
Choose more forgiving pairs.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #58,999
  • Jul 20, 2015 9:42pm Jul 20, 2015 9:42pm
I totally agree with u Davit...crosses can burn you...
  • #59,000
  • Jul 20, 2015 9:47pm Jul 20, 2015 9:47pm
Quoting dennis4u15
I totally agree with u Davit...crosses can burn you...

only when you don't know what you are doing when trading.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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