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Trading is as simple as 1-2-3

  • #101
  • Jul 23, 2015 11:41am Jul 23, 2015 11:41am
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What questions are you asking yourself about this trade?


"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins

Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #102
  • Jul 23, 2015 11:44am Jul 23, 2015 11:44am
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Take the 5 pips? Move the stop up?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #103
  • Jul 23, 2015 11:52am Jul 23, 2015 11:52am
still in short from earlier, +104 as I write
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  • #104
  • Jul 23, 2015 12:01pm Jul 23, 2015 12:01pm
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New bar. Move stop up to current open? Take profit? What questions are you asking yourself about this trade?


"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins

Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #105
  • Jul 23, 2015 12:04pm Jul 23, 2015 12:04pm
Quoting MikeCo
still in short from earlier, +104 as I write {image}
What pair, MikeCo? The pair name is not on your chart.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #106
  • Jul 23, 2015 12:10pm Jul 23, 2015 12:10pm
Quoting TooSlow
{quote} The SL is placed below the low of the day/above the high of the day. The trade needs some breathing room. Profitfarmer, my exit answer was not meant to be vague. Part of the problem is most traders are never satisfied with their profit because... they always see how much they left on the table. Personally, I have exited with 10 pips and then watch as price kept going for another 100 pips. Happens to me when I trade EURJPY more often than not. What is most important is following your trade plan. A plan that calls for a stop loss to be placed...
thanks, it helped.
of course, your 10 pips TP begs for the obvious question, the win%
because I assume, (without much research here) that SL tend to be usually over 10 pips...

as for me, I have a decent system for shorter, tighter moves, but would be interesting to add something that can reasonable chance make 30-40 pips, with SL around 20...not keen on the very high win%, as long as the longer term expectation stays positive.

mentioning EJ, I used to trade daily breakout on it with 10 pips SL and 10 pips TP...it was looking good on backtest, not as much on live trading.
part of the problem was the pending orders might get executed while there was low volume, part that maybe not putting in pending can miss the whole thing, and part that you could not manage trades at entry often, and some entries were triggered at risky/low probability situations.

what I like in your approach that the time of trade can freely chosen, and might be more than 1 possible entry during a day, maybe a handful, thus missing 1 doesn't mean missing all action for the day.
there is always, always another trade!!
  • #107
  • Jul 23, 2015 12:13pm Jul 23, 2015 12:13pm
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Exit with profit? Move stop?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #108
  • Jul 23, 2015 12:16pm Jul 23, 2015 12:16pm
Quoting profitfarmer
{quote} thanks, it helped. of course, your 10 pips TP begs for the obvious question, the win% because I assume, (without much research here) that SL tend to be usually over 10 pips... as for me, I have a decent system for shorter, tighter moves, but would be interesting to add something that can reasonable chance make 30-40 pips, with SL around 20...not keen on the very high win%, as long as the longer term expectation stays positive. mentioning EJ, I used to trade daily breakout on it with 10 pips SL and 10 pips TP...it was looking good on backtest,...
The 10 TP was a reply to your question not a rule written in stone. The SL is the distance between bar open and low of the day - 1 pip ( in today's trades so far ). Time of day is not considered. NY and London sessions most active. Though JPY, AUD, NZD pairs see action during the Asian session.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #109
  • Jul 23, 2015 12:19pm Jul 23, 2015 12:19pm
Quoting TooSlow
{quote} What pair, MikeCo? The pair name is not on your chart.
It's AUDJPY H1
  • #110
  • Jul 23, 2015 12:30pm Jul 23, 2015 12:30pm
AUDJPY D1 chart - may try accumulating the H1 tops all the way down
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  • #111
  • Jul 23, 2015 1:18pm Jul 23, 2015 1:18pm
Quoting MikeCo
{quote} It's AUDJPY H1
Thank you, MikeCo. Is that an MT4 chart or another trading program? Wondering why pair name is not visible.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #112
  • Jul 23, 2015 1:52pm Jul 23, 2015 1:52pm
yes, it's MT4, I just expanded the view and took a screenshot using Jing the latest bars
  • #113
  • Jul 24, 2015 2:05am Jul 24, 2015 2:05am
Hi TooSlow ,
i had subscribed your thread and following your post. It is very effective entry method that I observe. Thank you!
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  • #114
  • Edited 7:15am Jul 24, 2015 6:21am | Edited 7:15am
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Another 1-2-3 HL-LL-HL
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #115
  • Jul 24, 2015 6:22am Jul 24, 2015 6:22am
Quoting Thass
Hi TooSlow , i had subscribed your thread and following your post. It is very effective entry method that I observe. Thank you! {image}
Hi Thass:

Welcome. And thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #116
  • Jul 24, 2015 6:42am Jul 24, 2015 6:42am
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DDSQ - Different Day, Same Questions.

Exit with profit? Move Stop?


"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins

Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #117
  • Jul 24, 2015 6:45am Jul 24, 2015 6:45am
Quoting TooSlow
{image} Another 1-2-3 HL-LL-LH
did you mean HL-LL-HL ?
  • #118
  • Jul 24, 2015 6:51am Jul 24, 2015 6:51am
Quoting MikeCo
{quote} did you mean HL-LL-HL ?


my observation of what i think too slow is doing is that.....1. waiting to see that bar 1 closed higher than bar 2's close.... bar 0 then dropped a bit then broke the close of bar 1.... which in the example shown is virtually the same as the open of bar 0, which is marked by a very thin very hard to see brown line lol ....

is that understanding correct?

i think waiting one more bar may prove effective also.... looking at lower timeframes may be worthwhile also

2 cents

BTW BIG THANKS TO TOO SLOW... very nice thread and an excellent new view of trading with PA! great stuff!
  • #119
  • Jul 24, 2015 6:54am Jul 24, 2015 6:54am
I'm a bit confused because it seems to be bar by bar in the last example, whereas I thought it was the new low or high of the day which was of interest
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  • #120
  • Jul 24, 2015 7:14am Jul 24, 2015 7:14am
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Trading dilemma. Did you exit with profit? Did you move your stop up and get stopped out? Are you sweating the trade? The real dilemma is are you satisfied with your decisions based on how you executed your plan or based on the results ( profit/loss )?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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