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Another simple system - Time-Frame 15

  • #26,421
  • Dec 18, 2015 12:41am Dec 18, 2015 12:41am
Quoting pips29
{quote} hope your internet is working fine as the action on yen pairs is fast and brutal
I closed a UJ trade using the rainbow and went to post it on another thread and that is when my internet slowed to a grinding halt. I am on my backup internet now.

Nice pipping pips29 and Pipsalon
Trading can't be taught but it can be learned
  • #26,422
  • Dec 18, 2015 12:52am Dec 18, 2015 12:52am
gold is looking" short" to me
the cautious seldom err....C
  • #26,423
  • Dec 18, 2015 2:03am Dec 18, 2015 2:03am
GA M5 long trade.
Attached Image (click to enlarge)
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Trading can't be taught but it can be learned
  • #26,424
  • Dec 18, 2015 3:05am Dec 18, 2015 3:05am
pending buy was triggered on ucad...let's see
Attached Image (click to enlarge)
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the cautious seldom err....C
  • #26,425
  • Dec 18, 2015 3:25am Dec 18, 2015 3:25am
EJ M5 short trade with 2 positions, too long to be in a trade in M5 for my taste but had confidence in the YEN strength.
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Trading can't be taught but it can be learned
  • #26,426
  • Dec 18, 2015 5:02am Dec 18, 2015 5:02am
wasn't lucky with this trade and got stopped out
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the cautious seldom err....C
  • #26,427
  • Dec 18, 2015 5:25am Dec 18, 2015 5:25am
This is an example of a good and bad entry. It's on the Usd/Cad. My expectation was that UC would go up after the break of the RN.
After the break of RN I was waiting for a retracement, but I was not patient enough I rushed into the trade. (afraid that I would miss the whole move up).
Finally it retraced back to the RN and I re-enterd. My first entry ended up BE and my 2nd entry hit TP +24 pips.

Patience is a very important factor in trading. If you are not patient the SL will be hit easily. This are the problems you face when you rush into a trade:
1. TP is too high (so it's very difficult for market to reach it)
2. SL is too big and will be hit more often
3. It's difficult to set the trade to BE, because most of the time you will be stopped out at BE.
Attached Image (click to enlarge)
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  • #26,428
  • Dec 18, 2015 5:34am Dec 18, 2015 5:34am
Quoting Pipsalon
{quote} Hi Pips29 Nice trades Can you tell why the DOL is important? I saw that trading away from the DOL is used in another thread as well. LE1 never discussed it in this thread.

Hello Pipsalon,

I watch the close, it work like any MA and price love it.

Happy Holidays,
Meihk
  • #26,429
  • Dec 18, 2015 5:35am Dec 18, 2015 5:35am
Quoting pips29
pending buy was triggered on ucad...let's see {image}
trade closed
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Click to Enlarge Name: ucad5.png Size: 54 KB
the cautious seldom err....C
  • #26,430
  • Dec 18, 2015 5:45am Dec 18, 2015 5:45am
Quoting Pipsalon
This is an example of a good and bad entry. It's on the Usd/Cad. My expectation was that UC would go up after the break of the RN. After the break of RN I was waiting for a retracement, but I was not patient enough I rushed into the trade. (afraid that I would miss the whole move up). Finally it retraced back to the RN and I re-enterd. My first entry ended up BE and my 2nd entry hit TP +24 pips. Patience is a very important factor in trading. If you are not patient the SL will be hit easily. This are the problems you face when you rush into a trade:...
stops are very important. Mine are usually at most recent high/low (5 pips above /below)..Big E said not to be afraid of big stops as they are rarely hit...If you are wrong just get out..You were right to long as it was all over higher time frames..and most importantly you got paid be it early or late entry
the cautious seldom err....C
  • #26,431
  • Dec 18, 2015 5:46am Dec 18, 2015 5:46am
Quoting Pipsninja
EJ M5 short trade with 2 positions, too long to be in a trade in M5 for my taste but had confidence in the YEN strength. {image}
I still don't take this type of entries. Can you explain why you decided to open short positions at that place? I think you took them because of your experience with the market flow? I see your entry was at the touch of RN and one on the touch of 5min 30 ema.
  • #26,432
  • Dec 18, 2015 5:49am Dec 18, 2015 5:49am
Quoting Pipsalon
This is an example of a good and bad entry. It's on the Usd/Cad. My expectation was that UC would go up after the break of the RN. After the break of RN I was waiting for a retracement, but I was not patient enough I rushed into the trade. (afraid that I would miss the whole move up). Finally it retraced back to the RN and I re-enterd. My first entry ended up BE and my 2nd entry hit TP +24 pips. Patience is a very important factor in trading. If you are not patient the SL will be hit easily. This are the problems you face when you rush into a trade:...
Hi Pipsalon, thanks for this post and the explanation of your trade entries.

When I do multiple entries, I do so by design and I make that decision way before my first position entry and as result I split my trades size accordingly. As you correctly recognized your fear of missing out on a trade caused you a bad entry followed by another entry (adding to a loser) even though your second entry is the correct one. What if this pair had continued down and had stopped you out on both positions? You would have suffered a double loss. No setup is 100%.

Please keep in mind that you don't have to keep up with pips29, me or anybody else trading wise.
Trading can't be taught but it can be learned
  • #26,433
  • Dec 18, 2015 5:56am Dec 18, 2015 5:56am
with this kind of pa, I would think twice about a short unless I see a lower low (15 min chart)
Attached Image (click to enlarge)
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the cautious seldom err....C
  • #26,434
  • Dec 18, 2015 5:57am Dec 18, 2015 5:57am
Quoting pips29
{quote} stops are very important. Mine are usually at most recent high/low (5 pips above /below)..Big E said not to be afraid of big stops as they are rarely hit...If you are wrong just get out..You were right to long as it was all over higher time frames..and most importantly you got paid be it early or late entry
True...stops are very important.
The most important thing is that your SL doesn't get hit. I always try to put it below or above a support/resistance level (RN, ema, ppa).
That in mind I try to keep a tight SL as well. I risk 3% per trade so when my SL is tight my value per pip is higher.
  • #26,435
  • Dec 18, 2015 6:05am Dec 18, 2015 6:05am
Quoting Pipsninja
{quote} Hi Pipsalon, thanks for this post and the explanation of your trade entries. When I do multiple entries, I do so by design and I make that decision way before my first position entry and as result I split my trades size accordingly. As you correctly recognized your fear of missing out on a trade caused you a bad entry followed by another entry (adding to a loser) even though your second entry is the correct one. What if this pair had continued down and had stopped you out on both positions? You would have suffered a double loss. No setup...
Yes... you are absolutely right. This time it worked out but next time it can easily fail. Adding to a loser is a big risk for any account equity. It can blow your account very quick...
  • #26,436
  • Edited 9:09am Dec 18, 2015 6:08am | Edited 9:09am
Quoting Pipsalon
{quote} I still don't take this type of entries. Can you explain why you decided to open short positions at that place? I think you took them because of your experience with the market flow? I see your entry was at the touch of RN and one on the touch of 5min 30 ema.
These are as mentioned before advanced type entries. I always evaluate Price Action by zooming out first. Where is price coming from? How far has it come? Where it possibly could go? Where is the best place for me to join the current move? Where are possible S/R areas? Where could it possibly turn around? Where would be a good possible place to go counter trend (CT)? Then I zoom in on my possible trade areas(s).

Just look at Price Action, EJ fell over 270 pips from the very top and BOJ conference was YEN positive. Price dropped to almost BRN 131.00 then bounced up +50.0 pips towards 131.50.

Due to sentiment change in YEN, I was a seller but would a single entry after a 270 pips drop followed by only a 50 pips retrace be safe enough? It could retrace another 50 pips to the next RN above! As you can see this was a risky proposition so I decided to split my trades into five sections and only took 2 positions and price didn't move against me to take my remaining 3 shots.

There is a lot going on in trading decision that meets the eye. You have got to tame that little voice inside of you which forces you to make trading decisions which you know will harm your trading account. I still struggle with this sometimes

Pipsalon you got all the tools that you need here and now you have got to work on the patience part and the rewards will come

Quoting Pipsalon
{quote} Yes... you are absolutely right. This time it worked out but next time it can easily fail. Adding to a loser is a big risk for any account equity. It can blow your account very quick...
Right on
Trading can't be taught but it can be learned
  • #26,437
  • Dec 18, 2015 7:11am Dec 18, 2015 7:11am
SL got hit on GU -16 pips.
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  • #26,438
  • Dec 18, 2015 7:42am Dec 18, 2015 7:42am
Finished for this week. I'am glad with the amount of pips I made this week, since it's my 2nd week of live trading
Still need to learn a lot... I'am going to spend some time this weekend to read posts from LE1.
All have a nice weekend!
  • #26,439
  • Dec 18, 2015 8:11am Dec 18, 2015 8:11am
Quoting Pipsalon
Finished for this week. I'am glad with the amount of pips I made this week, since it's my 2nd week of live trading Still need to learn a lot... I'am going to spend some time this weekend to read posts from LE1. All have a nice weekend!
you could have fooled me..you don't across as someone who just started 2 weeks ago...well done
the cautious seldom err....C
  • #26,440
  • Dec 18, 2015 8:19am Dec 18, 2015 8:19am
took this trade on the 15 min based on pa strictly
Attached Image (click to enlarge)
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the cautious seldom err....C
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