How did you set this up and play it ?
Would it not have triggered both high and low breaks and potentially stopped out on both or am I missing something?
thanks
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Disliked{quote} that is quite a movement on the 08-00 candle that breaks both the highs and lows of the 07:00 candle. How did you set this up and play it ? Would it not have triggered both high and low breaks and potentially stopped out on both or am I missing something? thanksIgnored
DislikedI see the turkeys are running around like headless chickens in the 50-20000000000000000 thread. You catch the trend you will always win plus stupid leverage. It reminds me of the peasants in South America swarming around a fat priest lighting candles and praying for the miracle that the sun rose... I wish the guy well and he will do well but its the turkeys that get up my back... edit, Rant over, karma descends ummmmmmmmmmmmmmmmmmmmIgnored
DislikedBilly, or anyone really, a few questions, if you don't mind. 1. Do you set sell/buy stops when trading the break of the 04-00 4h candle? Are they set before the break, on it, or after? 2. On the pullback, after the break of 04-00, is it safe to add to the position or is this typically risky? - setting both TP's at +5 from initial? 3. Obviously you all have traded this style for a while; is there a certain time frame that the +5 is usually reached? Just trying to figure out the best way to cut losses if they occur. 4. This method works, to my understanding,...Ignored
Disliked{quote} Some suggestions (subject to improvement) 1. Trading the break means setting buy/sell stops on the extreme of the candle before it breaks, not after. 2. see video below
3. cutting losses: set counter trade at other end or 30 pips away, the idea being that if a lousy 5 pips isn't reached, it'll likely go at least 20 pips from the other extreme towards a modest daily range. Check if there is enough space; within that space you should be able to a) recover the cost you had on the first trade and b) make some profit for having the guts...
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Disliked{quote} Wow, thank you! Would you close the first trade at -30 while opening the counter?Ignored
Disliked{quote} I was going to post a non-MT4 chart with some food for thought but my other laptop that replaces my PC with MT4 has decided to black-screen on me. Insert two swear words hereI wouldn't close the trade, just see it in a different light. There are several options going forward from there, like calculating the position size of the new trade based on a likely scenario that you envision based on the historical research that you have done. I'm actually doing that too (laptop permitting
) by the way. Think "modest daily range"...
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Disliked{quote} I see. I thought there was some sort of regulation that prevents the closing of the second trade before the first.Ignored
Disliked{quote} Yes in the US I believe, but not for me. Worst case you'd have to open two accounts in the US so as to be able to do the same effectively lowering the leverage. Or set up a company in XYZ-land as a trading vehicle. Here's an example of a few weeks ago. The long hedge could be a) 100% so you would lock in negative profitor b) more than 100% to catch up with the negative profit while the market goes up. And/or you can stack when it is going your way, and perhaps start a bit earlier than I did fcol. But this is only an example -...
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