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Using stops as targets or turning points

  • #1
  • First Post: Apr 17, 2011 8:32pm Apr 17, 2011 8:32pm
Gentlemen,
I saw a post a few weeks back in regards to using stops as targets and turning points, I followed the posted projections and they were very close and of course made sense...with that said does anyone else remember that post and can you point me in the right direction.

I did a search but cannot find what I'm looking for so anyone with a memory better then my feeble mind, a liitle help please

Thanks
Never been vouched
  • #2
  • Apr 17, 2011 9:01pm Apr 17, 2011 9:01pm
Quoting iono
Gentlemen,
I saw a post a few weeks back in regards to using stops as targets and turning points, I followed the posted projections and they were very close and of course made sense...with that said does anyone else remember that post and can you point me in the right direction.

I did a search but cannot find what I'm looking for so anyone with a memory better then my feeble mind, a liitle help please

Thanks

I do this on a regular basis....it provides great R:R. Just have to know when a pivot candle is forming and have reason to know. I use fibs, and it is nearly to the pip (+-3) accurate.
  • #3
  • Apr 17, 2011 9:12pm Apr 17, 2011 9:12pm
Quoting drumdude
I do this on a regular basis....it provides great R:R. Just have to know when a pivot candle is forming and have reason to know. I use fibs, and it is nearly to the pip (+-3) accurate.
Right, there are times I throw a fib up, normally trade convergence divergence with 60 MA in the direction of the market.....the post I saw was very intuitive, I guess it is easy enough to figure out where stops are placed, but nice to get information from someone with experience and knowledge in the subject, thanks for the repy.

I'm in that second guessing mode as I took a hard hit, so as many do regrouping and looking for more info to assist in my trading (not changing my technique ).
Never been vouched
  • #4
  • Apr 17, 2011 9:25pm Apr 17, 2011 9:25pm
Quoting iono
Right, there are times I throw a fib up, normally trade convergence divergence with 60 MA in the direction of the market.....the post I saw was very intuitive, I guess it is easy enough to figure out where stops are placed, but nice to get information from someone with experience and knowledge in the subject, thanks for the repy.

I'm in that second guessing mode as I took a hard hit, so as many do regrouping and looking for more info to assist in my trading (not changing my technique ).
Don't worry about losses too much...they happen. What ever way you trade keep R:R in your favor and your account will grow. Most traders lose because they reverse the R:R and hold losses and take very small profits. An account with 5 losses and 2 wins can be profitable with even just 3:1 R:R but you can reverse that just as easily!!!:nerd:

----As far as your system...having take profit points is very important. How do you do this? With stops always try and use a swing high or low....but remember to get good R:R you will always have to be patient. I am currently tracking price up on the H1 EU to get my sell position for the week....all charts are in my blog if you want to see how I do R:R and stops!!
  • #5
  • Apr 17, 2011 10:04pm Apr 17, 2011 10:04pm
Quoting drumdude
but remember to get good R:R you will always have to be patient. I am currently tracking price up on the H1 EU to get my sell position for the week....all charts are in my blog if you want to see how I do R:R and stops!!
Yup I hear ya, man I can take a loss, but at times fall into letting a loser run category, currently NZDUSD, with this one I am holding out, averaging in (big no, no at times), but really I'm in the blow or go mode ; I"ve been experimenting with inside bars I think coupled with stop running and whatnot this could become a much simpler way of trading with set rules that I possibly will not ignore

But, love my convergence/diverg stuff, it really tics me off when you start to see such simple systems are the best and well I've been doing this a few years, but love to play with my bells and whistles.
Thanks
Never been vouched
  • #6
  • Apr 17, 2011 11:11pm Apr 17, 2011 11:11pm
Hey iono, there is a trader on FF called Carnegie that has a thread started called OrderFlow-Finding Clusters of Stops on Charts.

A lot of sharp posters on that thread, and if you want to get a really good grasp of the subject, you could also search DarkStar's posts, he has a really well developed undrestanding of this concept. Scotty B, grkfx, behof and skfx are also great posters.

Good luck bud, it's alot of work (I'm still trying to grasp it) but you are definitely asking a good question
  • #7
  • Apr 18, 2011 8:44am Apr 18, 2011 8:44am
Quoting beachallstar

Good luck bud, it's alot of work (I'm still trying to grasp it) but you are definitely asking a good question
Thanks for the info
Never been vouched
  • #8
  • Nov 27, 2015 10:38pm Nov 27, 2015 10:38pm
Quoting iono
{quote} Right, there are times I throw a fib up, normally trade convergence divergence with 60 MA in the direction of the market.....the post I saw was very intuitive, I guess it is easy enough to figure out where stops are placed, but nice to get information from someone with experience and knowledge in the subject, thanks for the repy. I'm in that second guessing mode as I took a hard hit, so as many do regrouping and looking for more info to assist in my trading (not changing my technique ).
I do this on a regular basis....it provides great R:R. Just have to know when a pivot candle is forming and have reason to know. I use fibs, and it is nearly to the pip (+-3) accurate ............. how it is to use near (+- 3) can you explain please that reply person
Success is a Journey Not a Destination....... kind regards ramzam
  • #9
  • Last Post: Dec 6, 2015 11:16pm Dec 6, 2015 11:16pm
hello Drumdude I also would appreciate it if you could expand on how you use fibs
I try to use them often but find they vary between expansion of .618, 1.27 and sometimes 1.618

doesn't seem to be a recurring pattern-- but obviously you've figured out something that works well

I also have trouble with stops
last NFP I waited up till 12.30pm for NFP in case it was a problem --- didn't seem to be anything
but next morning I had a mess to clear up
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