Disliked{quote} But you have that arrow on your chart picture. So the arrow that you have on your picture, you dont know how is there? this is your picture on post #69,475 {image}Ignored
I will PM to you.
- #69,486
- Jun 10, 2016 5:58am Jun 10, 2016 5:58am
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,488
- Edited 7:31am Jun 10, 2016 6:55am | Edited 7:31am
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #69,490
- Edited 8:21am Jun 10, 2016 7:49am | Edited 8:21am
{quote} Hi, I mentioned this few times before. When I trade with ME/ME, I do not look at R:R of each individual small ME trade or that one basket of maximum 5 ME trades. I look at a series of several positions or several basket in a trending move. If you use that SL I have on my chart, that is the technical SL and placed in the terminal to protect the trading account in case of crazy days like Jan 15 2015. The actual cut-loss decision is to check on a daily basis and get up to date with the market condition and know where you will cut your losing...
Thanks alot for this post, it made a important click on my head
I'm not sure if you already talked about this here before, if you did I cant find, but I would like to know what would you do about 2 scenarios when ME/ME trading:
First one is there is no Retracements to you build positions, instead there is only continuation of the price, how you build position when price is going at your favor and not making a good retrace to build orders? you open positions with pending orders? how about the distance of them?
The second scenario is the price is doing a strong retrace and you build your ME positions, but after you already opened your 5 positions and the price keep going on a deeper retracement, assuming the D1 and big plan is not invalidated, what you do? close the entire basket on negative and start a new one? close the most recent 4 or 5 ME trade and re-open them deeper and keep the same basket?
Thanks for your time and your teachings.
Edit: if this has already been covered before could you give me the post number? thanks! ^-^
This count trend trade had not been worked out as I plan. I still think it's buy side and will monitor next week. Close position since don't want hold through the weekend. -19 pips
IB break out under prev/daily low
exited at 200 EMA. +29 pips
IB break out under prev/daily low
exited at 200 EMA. +29 pips
- #69,494
- Jun 10, 2016 6:17pm Jun 10, 2016 6:17pm
- Joined Jul 2011 | Status: Gold Again | 10,557 Posts
Successful counter trend trade or trend reversal at 1st resistance line with beautiful TDI angle. {image}
It takes a lot for me to IGNORE you, but you can try.
{quote} Did you just go for a scalp as everything says swing trade to me in that set up?
Thanks for your comment.
Cheers;
- #69,499
- Edited 9:31am Jun 11, 2016 8:06am | Edited 9:31am
mokuro,
Normally I work on weekend but long weekend I stay home so I have time to learn TMS - we are learning together.
I'ld like to answer your questions to refresh my mind. Please anyone correct me if i am wrong.
''what would you do about 2 scenarios when ME/ME trading: First one is there is no Retracements to you build positions, instead there is only continuation of the price, how you build position when price is going at your favor and not making a good retrace to build orders? you open positions with pending orders? how about the distance of them?''
Set pending buy/sell stop order ADR 0.5(100Days) for each level or TDI cross set up 1hr or 15mins chart.
I think it's best you try for yourself which one is suitable to you but for me just set stop order & sometime limit order(I don't have to look at the chart all the time)
EXCEPT condition when shallow retracement
http://www.forexfactory.com/showthre...65#post8967965
"The second scenario is the price is doing a strong retrace and you build your ME positions, but after you already opened your 5 positions and the price keep going on a deeper retracement, assuming the D1 and big plan is not invalidated, what you do? close the entire basket on negative and start a new one? close the most recent 4 or 5 ME trade and re-open them deeper and keep the same basket?''
My answer Close all the positions & don't reopen again. You must check PA again
Emmanuel words:- ''in reversal setups, you place SL at the last swing high or swing low, mentioned by all traders over and over again.
but in a trending pair, you pick the entry on a candle with momentum and place your SL using the previous 2 candles high/low
or you can also place your initial SL using the previous candle high/low.
what matter more is your risk and position sizing of your trades.''
Emmanuel mention about SL 2weeks look back(I must check on this one when we are going to use 2wks look back)
http://www.forexfactory.com/showthre...1622&page=3474
Best regards,
Normally I work on weekend but long weekend I stay home so I have time to learn TMS - we are learning together.
I'ld like to answer your questions to refresh my mind. Please anyone correct me if i am wrong.
''what would you do about 2 scenarios when ME/ME trading: First one is there is no Retracements to you build positions, instead there is only continuation of the price, how you build position when price is going at your favor and not making a good retrace to build orders? you open positions with pending orders? how about the distance of them?''
Set pending buy/sell stop order ADR 0.5(100Days) for each level or TDI cross set up 1hr or 15mins chart.
I think it's best you try for yourself which one is suitable to you but for me just set stop order & sometime limit order(I don't have to look at the chart all the time)
EXCEPT condition when shallow retracement
http://www.forexfactory.com/showthre...65#post8967965
"The second scenario is the price is doing a strong retrace and you build your ME positions, but after you already opened your 5 positions and the price keep going on a deeper retracement, assuming the D1 and big plan is not invalidated, what you do? close the entire basket on negative and start a new one? close the most recent 4 or 5 ME trade and re-open them deeper and keep the same basket?''
My answer Close all the positions & don't reopen again. You must check PA again
Emmanuel words:- ''in reversal setups, you place SL at the last swing high or swing low, mentioned by all traders over and over again.
but in a trending pair, you pick the entry on a candle with momentum and place your SL using the previous 2 candles high/low
or you can also place your initial SL using the previous candle high/low.
what matter more is your risk and position sizing of your trades.''
Emmanuel mention about SL 2weeks look back(I must check on this one when we are going to use 2wks look back)
http://www.forexfactory.com/showthre...1622&page=3474
Best regards,
- #69,500
- Jun 11, 2016 8:54am Jun 11, 2016 8:54am
{quote} XAUUSD Update Hune 10: Yesterday intraday struggle at 1263 but eventually bounce when during the US session. Today I protect all position below yesterday's low and let it run into next week. The way up to 1283 looks good but be prepared with some choppy days ...small candles warning! Trade Well. {image}
I entered again first lot when price broke 1263(+75pips) second lot stop order triggered(-25pips) now 50pips in profit.
If it breaks 1283 new target should be 1300
Can we do double lot entry when price breaks 1283? do you do that sometime? What is scenario?
Best regards,
