I Have Learned to Take Some Losses to Make Profits
- #65,003
- Jan 25, 2016 8:33am Jan 25, 2016 8:33am
- Joined Jul 2013 | Status: Trader | 1,045 Posts
{quote} Hi There, If i am not mistaken, Big E said: if he enters a trade second candle after previous candles close (same color) and it retraces back 5 or 15 pips, he closes the trade. Could be wrong...
- #65,004
- Jan 25, 2016 3:32pm Jan 25, 2016 3:32pm
FxAfrica - Hi There, If i am not mistaken, Big E said: if he enters a trade second candle after previous candles close (same color) and it retraces back 5 or 15 pips, he closes the trade. Could be wrong...
So Right or Wrong?????? I will find out today And let everyone know.
Because big Emm SL style is sometime300pips.
If we cut the loss 5-15pips so we still have time to re-enter again at next 4 hr.
I think Big E expected big movement(momentum) when he entered the trade if not he would get out. I might be wrong!!!
Cheers
{quote} Hehe, your post above makes it clear.
And let everyone know.Because big Emm SL style is sometime300pips.
If we cut the loss 5-15pips so we still have time to re-enter again at next 4 hr.
I think Big E expected big movement(momentum) when he entered the trade if not he would get out. I might be wrong!!!
Cheers
- #65,005
- Jan 25, 2016 3:42pm Jan 25, 2016 3:42pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,006
- Jan 25, 2016 3:46pm Jan 25, 2016 3:46pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,007
- Jan 25, 2016 3:57pm Jan 25, 2016 3:57pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
FxAfrica - Hi There, If i am not mistaken, Big E said: if he enters a trade second candle after previous candles close (same color) and it retraces back 5 or 15 pips, he closes the trade. Could be wrong... {quote} So Right or Wrong?????? I will find out today
why do the TDI Green goes flat or hook backwards? look at the price action and decide if you simply want to exit/close your trades this way.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,009
- Edited 9:44pm Jan 25, 2016 9:32pm | Edited 9:44pm
Hi friends,
I am studying & following up Emmanuel his EU trade on 7/1/2016
I consider his style trading is ''WAVE SURFING TRADING''
With 300+SL there plenty of room to breath if we study chart carefully there would be slightly less chance our SL will get hit. Prices would move like wave even we were wrong, prices would normally come back to our initial entry(if our SL have plenty of room to breath)
Emmanuel ME/ME entries chart. The short entries had been done during pullback(more entries more loss). With range trading we do not use TDI on the chart itself(we use S/R) and TDI gave buy signal but Emmanuel went short. Me myself would go long.
At this moment his average entries level will give him some profit. But if he were right then that will be Jackpot for those 3 entries. I don't know whether he have already taken the profit or not.
My question is ''Is there any method to consider early exit if we know we were totally wrong?''
Regards,
I am studying & following up Emmanuel his EU trade on 7/1/2016
I consider his style trading is ''WAVE SURFING TRADING''
With 300+SL there plenty of room to breath if we study chart carefully there would be slightly less chance our SL will get hit. Prices would move like wave even we were wrong, prices would normally come back to our initial entry(if our SL have plenty of room to breath)
Emmanuel ME/ME entries chart. The short entries had been done during pullback(more entries more loss). With range trading we do not use TDI on the chart itself(we use S/R) and TDI gave buy signal but Emmanuel went short. Me myself would go long.
At this moment his average entries level will give him some profit. But if he were right then that will be Jackpot for those 3 entries. I don't know whether he have already taken the profit or not.
My question is ''Is there any method to consider early exit if we know we were totally wrong?''
Regards,
- #65,010
- Jan 25, 2016 9:56pm Jan 25, 2016 9:56pm
{quote} Hi There, If i am not mistaken, Big E said: if he enters a trade second candle after previous candles close (same color) and it retraces back 5 or 15 pips, he closes the trade. Could be wrong...
''When I'm trading a 1HR chart... when I enter a trade... I click on it and select "close the trade"... a box pops up and I put it on the left side of my screen not using a normal S/L...If my trade goes against me 12-15 pips I click to exit... and watch for a possible re-entry when PA goes back in my direction... When I trade at 10PM at night on my NEW 4hr candle... I place my S/L at the previous Hi or Lo and go to bed... checking it again at 2am... and again at 6AM when I close all 4hr trades... I've already discussed this on this thread...''
For profit taking if there was some pullback
''I never knowingly take a draw back of 40-50 pips even on the 4hr. I generally exit at 10-15 pips to keep my profit and I'll re-enter when it turns back. If it happens when I'M SLEEPING... SO WHAT ... I never know about it... S/L at last HH or LL. It turns out in my favor most of the time. I lose about 2 trades out of 14-16 trades. I can live with that. I choose my trades carefully making sure they meet the entry rules spot on... and pass on the iffy ones and go hunt other charts.''
More detail
''During the day time: If I'm in a 1 or 4 hr trade I monitor the trade by glancing at the active chart ever now and then... every 5 - 15 or 30 min. When I'm up 30-40 pips I usually drop in a S/L at break even + the spread and don't check back for an hour or so....
At Night: I only look at the 4hr charts. If there is a set up I'll take the trade, place a S/L at the last hi or lo and go to bed. I check it again in the morning when I get up. If I wake up during the night I'll take a peek usually... moving my S/L up to lock in profit and then check it again when I wake up.
Remember I'm expecting a 3-8 candle move. I like to enter on candle 1 or 2 of a reversal if my green has CROSSED the red on the TDI. I don't like to enter on candle 4 or more unless it's to add a second lot to the current trade... This is my aggressive style... ''
Hope it helps
Cheers
- #65,012
- Jan 25, 2016 11:53pm Jan 25, 2016 11:53pm
I've studied a load of charts on this thread and to me the key is the kink before the cross over on the TDI, the green line moves away quite sharply from the red line before crossing, that is the absolute sign of the safest and most momentous trades, to me it indicates a deviation from the average price direction which as I understand is to take the last losing trades out of the market before moving.
So my little mantra from now on will be.
KINK BEFORE CROSS
So my little mantra from now on will be.
KINK BEFORE CROSS
- #65,013
- Jan 26, 2016 12:12am Jan 26, 2016 12:12am
I've studied a load of charts on this thread and to me the key is the kink before the cross over on the TDI, the green line moves away quite sharply from the red line before crossing, that is the absolute sign of the safest and most momentous trades, to me it indicates a deviation from the average price direction which as I understand is to take the last losing trades out of the market before moving. So my little mantra from now on will be. KINK BEFORE CROSS
- #65,014
- Jan 26, 2016 12:41am Jan 26, 2016 12:41am
{quote} The answer is yes but that was 1hr chart & and he used previous high & low for his SL for 4hr chart. ''When I'm trading a 1HR chart... when I enter a trade... I click on it and select "close the trade"... a box pops up and I put it on the left side of my screen not using a normal S/L...If my trade goes against me 12-15 pips I click to exit... and watch for a possible re-entry when PA goes back in my direction... When I trade at 10PM at night on my NEW 4hr candle... I place my S/L at the previous Hi or Lo and go to bed... checking it again...
FXafrica " it is in giving that you receive..."
- #65,018
- Jan 26, 2016 3:18am Jan 26, 2016 3:18am
- Joined Dec 2015 | Status: Trader | 2,586 Posts
Perfection is the enemy of good enough!
- #65,019
- Jan 26, 2016 3:30am Jan 26, 2016 3:30am
Big thank you to you guys for helping to clean up the thread and contributing by answering some of the new guys questions. Particularly FXafrica thank you for your replies! I notice we're all starting to try and keep things a bit more "TMS". Thank you. With twenty minutes before the GBP news, I've closed three small TMS trades for +25 pips each (+75 pips total in just two hours work!). See how easy it is? Just follow the TMS, don't add anything else and you'll be big pippin soon. Have a look at the TDI angle entries. Remember, this is key. Just...
The TDI alerted me every hour which pair crosses, but of course, I still look for the STEEP TDI ANGLE manually as you mentioned. So far, since yesterday, I've been successful with it on H1 charts.
I just do not know yet when to TP since I still PANIC while doing the math of addition and subtraction from entry to 20-30pips.
I am bad in Math... 
Here are my 2 trades for today:
GbpAud SHORT 15pips only.
AudUsd BUY 7pips only.
I really still need to KEEP MY EYES OFF the chart after entering and setting my TP because it can actually hit 20-30pips. I just get very nervous still even if this is still a demo account. But I already hit my 3% profit for the day.
Where do you usually put your SL?