Disliked{quote} I believe emmanuel is on his year break so if you would accept my attempts to answer before he comes back then I will try to do it.?Ignored
1
- #73,563
- Nov 25, 2016 1:46pm Nov 25, 2016 1:46pm
- Joined Jul 2013 | Status: Trader | 1,045 Posts
H4 trades:
EU, short
EA, short
UJ, long
NU, short
I took others with small wins, about 10-20 pips , not worth posting, and a loss on EN, because I did not follow Emm's advice and I chased after a WRB. Also I see now that EN is in a W1 WRB as well. I guess I need to pay more attention to these type of candles.
EN, short
EU, short
EA, short
UJ, long
NU, short
I took others with small wins, about 10-20 pips , not worth posting, and a loss on EN, because I did not follow Emm's advice and I chased after a WRB. Also I see now that EN is in a W1 WRB as well. I guess I need to pay more attention to these type of candles.
EN, short
- #73,566
- Nov 25, 2016 3:14pm Nov 25, 2016 3:14pm
- Joined Nov 2013 | Status: Trader | 2,780 Posts
Hi all, I am studying the me/me strategy and I need your help I am asking to everyone and especially to Emmanuel7788, if the following main points are correct or if I am not in the right direction 1) With me/me we will have multiple entries and multiple exits ( I am sure it is correct) 2) We have to individuate the stop loss and known that, we can calculate each entry dividing the amount we are comfortable to lost per the number of the entries 3) The additional entries will have to be made on the retracements 4) Always...
"With me/me we will have multiple entries and multiple exits ( I am sure it is correct
) 2) We have to individuate the stop loss and known that, we can calculate each entry dividing the amount we are comfortable to lost per the number of the entries 3) The additional entries will have to be made on the retracements 4) Always we must have clear in mind the average price of our position I hope the above points are correct."1, correct. 2, we use a hard stop loss, this is a technical stop loss based on the setup you take which is normally On the day chart.. 3 Yes we additional entries on retrace but if there is no retracement we add an entry every 0.5 adr, some may take profit and re-enter or keep first position and keep adding, this is up to you and the setup you take. 4 yes this must be clear always.. we manage our trade on this basis, we protect profits and know our pain points in the market and where we need to make decisions. (more on this later.)
1. Is there a preferable time frame to use the me/me? Is it the 4h and 1d? without a shadow of a doubt I would recommend the day chart..
2. Do the additional entries have to been considered only if we are in gain with the first entry, or it is correct to add entries even if the market goes contrary to our position?I will post a pdf in the next post but yes we add in both cases.
3. Supposing a chart 4h, is it correct to place the stop loss at the adr 100 ( 1d ) and/or close to the last swing? Supposing we are in a bigger time frame, for ex 1d or a lower time frame for ex, 1h, which parameters we have to consider to place the stop loss? OK I will assume your asking for the day chart and 4h, forget the 1h for now, you need to have price action setups and base your stop on this, No one can tell you an arbitary figure to put your stop loss. (Maybe a price action pdf to help you out with some setups.. (I have to remember to post these )
4. Concerning the target, should we have a fixed target when entering in the first position or it is enough to verify that there are not closer support/resistance ( with this I mean that there is enough space for a possible gain ), leaving the trade going in the right direction and just moving the stop loss to break even and then in profit as long as the market conditions will allow it? I would recommend to profit run as much as possible, this is easy to write of course, emmanuel uses BRN numbers and as long as the market is running in your direction why cut it.. keep taking some profits and re-entering.. simple.. for your confidence try holding for 1/2 weeks only, then hold longer position trades.
5. Should we have different approaches depending on the kind of market? For example, trading range or in strong trend.? yes, you can study WRB, Emmanuel posted a few posts back, they are normally for range market and yes if market is ranging step aside. if market is trending, take advantage, see aususd, recent good daily run example.
6. Can you give me some suggestions on how should I handle the trade? Give a trade example in the future and someone will be there to assist you for trade management
7. How we decide the additional entries? Supposing we are in 4h trade, will we add position if the price retrace the 50% of the adr 100 ( 1D) ? Can we add the position, only if calculating this entry, the average cost would allow us to move the stop loss at break even ( at least )? I think i know what you asking.. you can't BE each trade individually but you need to Breakeven the whole bask of trades which is normally 5 entries. so an EA for this is required or manual management which is more difficult, there are tools out there and even free EA's.
8. There is a limited number of additional entries? Is it 5? yes. Never ever ever risk more than you intend to in the beginning. with Me.Me it can be difficult to calculate exactly but calculate your risk parameters between 2% and 2.5% if this is to much, risk less.
9. To exit the position, we will close all of them at the same time? Or there are others possibilities? There is a specific way you prefer to exit? which situation are you talking about ? a losing one or winning win. I will assume not a losing one because a losing entry will kick out all the positions, In a winning scenario you can decide to book some profits at the end of the week and then run some remaining one's over the weekend, I believe reading graviton thread as has Emmanuel recommended will help you
Now a question for you. How much trading experience do you have? We have a skype group and we are interested in active contributing members who can bring something to the table and learn from others. Maybe you can be one if your interested.
Good weekend all!
It's in fear when people show what they truly value.
- #73,569
- Edited 10:50pm Nov 25, 2016 10:33pm | Edited 10:50pm
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
- #73,572
- Nov 26, 2016 12:25am Nov 26, 2016 12:25am
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
- #73,574
- Nov 26, 2016 1:58am Nov 26, 2016 1:58am
- Joined Nov 2013 | Status: Trader | 2,780 Posts
{quote} Do not hide behind "new member". Can not find a paperclip or make a effort to learn to use the tools at your disposal you are going to shed many tears. The market change everyday, go up or down or sideways. You miss a paperclip that is in a fix position on a webpage how much more are the possibilities that you "can't see" that basic forex stuff which give you an edge in placing a trade at the right time, place, direction. Forex is an unforgiving taskmaster that play not favoritism to any trader. It does not care if you are a new trade or...
It's in fear when people show what they truly value.
- #73,575
- Edited 3:10am Nov 26, 2016 2:49am | Edited 3:10am
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
{quote} Ofcourse finding a paper clip has a lot to do with success in trading.
If you do not understand what is in post #73 572 google the word "comparison".
In post #72 856 you tried to be wise and now again. Wonder why?
- #73,576
- Nov 26, 2016 3:30am Nov 26, 2016 3:30am
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
- #73,580
- Nov 27, 2016 12:12am Nov 27, 2016 12:12am
- | Membership Revoked | Joined Mar 2016 | 1,615 Posts
