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  • #3,181
  • Apr 24, 2017 11:33am Apr 24, 2017 11:33am
Quoting faatkumo
{quote} Hey i eyed this one as well. Did you get in? Seems as if it hit TP What was your SL ?
Hi FK. Yeah, I took it. It was a reasonably solid bet to drop. Check out the H4 and Daily tf. I bagged my 80% at +5 and I'll drag the rest overnight if it lets me. SL is 12 pips.
  • #3,182
  • Apr 24, 2017 11:42am Apr 24, 2017 11:42am
Quoting lemercenaire
{quote} Hi FK. Yeah, I took it. It was a reasonably solid bet to drop. Check out the H4 and Daily tf. I bagged my 80% at +5 and I'll drag the rest overnight if it lets me. SL is 12 pips.

Hey AWESOME!

-Is 12 pip SL Standard for all pairs?

-Once you hit the 80%, you then trail it with a 12pip as well?
  • #3,183
  • Apr 24, 2017 1:22pm Apr 24, 2017 1:22pm
Quoting faatkumo
{quote} Hey AWESOME! -Is 12 pip SL Standard for all pairs? -Once you hit the 80%, you then trail it with a 12pip as well?
No, far from it. SL is completely fluid (for me anyway). It will depend on the surroundings (hence my comment about the higher time-frames giving me a reference).

Once 80% is hit, I just wing it, lol. Hal may be more scientific (or may not, he can clear that up) but I will get a feel for how price is moving and how fast etc things are going on. If it looks like we're near a pivot or a major fib point, an area of supply or demand etc etc et al, then I will trail it relatively tighter but if it's an overnight job and we have plenty of breathing room, then I'll hold back.

This is the part of the method that is more art than science and the more practice you get, the more you will find a way that suits your style. It is also true that the more you run a particular pair, the more familiar and comfortable you will become with that pair's behaviour. Look at how TooSlow has mastered the (actually very limited) pairs he runs and how I have begun using the indices over the others for the majority of my trades now.
  • #3,184
  • Apr 24, 2017 1:49pm Apr 24, 2017 1:49pm
Quoting lemercenaire
{quote} No, far from it. SL is completely fluid (for me anyway). It will depend on the surroundings (hence my comment about the higher time-frames giving me a reference). Once 80% is hit, I just wing it, lol. Hal may be more scientific (or may not, he can clear that up) but I will get a feel for how price is moving and how fast etc things are going on. If it looks like we're near a pivot or a major fib point, an area of supply or demand etc etc et al, then I will trail it relatively tighter but if it's an overnight job and we have plenty of breathing...

15pip sl?
10pip sl?
i need to have an idea best way because it comes in contact with R:R
  • #3,185
  • Apr 24, 2017 2:14pm Apr 24, 2017 2:14pm
Quoting faatkumo
{quote} Thanks for the insight very much appreciated. Quick question, i see you do trade other pairs, do you ever take into consideration ADRs when most, if not all of your TP are 5pips?
I trade AU, EU, GU, CA, CF, GJ, EJ, JY, EG, for no particular reason then that they are there and generally standard pairs. Watching 9 is enough to keep me busy. I will usually try to take one trade an hour sometimes two when I am trading. I don't pay attention to ADR or where it is at a given time. 5 pips is just a target on a TP not the end target. I always ask before I make the trade can I get to +5 minimum. And the pair answers back, pull the trigger and find out. Often they can.
  • #3,186
  • Apr 24, 2017 4:58pm Apr 24, 2017 4:58pm
Quoting hal7
{quote} I trade AU, EU, GU, CA, CF, GJ, EJ, JY, EG, for no particular reason then that they are there and generally standard pairs. Watching 9 is enough to keep me busy. I will usually try to take one trade an hour sometimes two when I am trading. I don't pay attention to ADR or where it is at a given time. 5 pips is just a target on a TP not the end target. I always ask before I make the trade can I get to +5 minimum. And the pair answers back, pull the trigger and find out. Often they can.

Thanks for for the insight!
It's definitely very helpful.

best SL practice?
Seems like you're full time trader?
  • #3,187
  • Apr 24, 2017 7:06pm Apr 24, 2017 7:06pm
Quoting lemercenaire
{quote} No, far from it. SL is completely fluid (for me anyway). It will depend on the surroundings (hence my comment about the higher time-frames giving me a reference). Once 80% is hit, I just wing it, lol. Hal may be more scientific (or may not, he can clear that up) but I will get a feel for how price is moving and how fast etc things are going on. If it looks like we're near a pivot or a major fib point, an area of supply or demand etc etc et al, then I will trail it relatively tighter but if it's...
...strategy itself is less important than this feelings, which one gets over years...
Money is made by sitting, not trading. Jesse L. Livermore
  • #3,188
  • Apr 25, 2017 12:19am Apr 25, 2017 12:19am
Set-up on EJ but may be a little more room North to go first.
  • #3,189
  • Edited 1:27am Apr 25, 2017 1:08am | Edited 1:27am
Keep an eye on GBPNZD.

EDIT: Anzac day. Be wary.
  • #3,190
  • Apr 25, 2017 1:31am Apr 25, 2017 1:31am
The early Weird Bunch set-ups. They seem ok but not showing much inclination to blow my socks off yet. Time, as always, will tell...

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  • #3,191
  • Apr 25, 2017 1:32am Apr 25, 2017 1:32am
Attached Image (click to enlarge)
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Was able to squeeze +5 out of this tightly ranged EG, but I'll take it when I can get it.
  • #3,192
  • Apr 25, 2017 1:36am Apr 25, 2017 1:36am
Quoting hal7
{image} Was able to squeeze +5 out of this tightly ranged EG, but I'll take it when I can get it.
Yeah, they both seem pretty evenly balanced at the moment. Nice work getting the +5 out of them.

I'd be looking for a drop sooner rather than later but pa still seems to show upward pressure for now.
  • #3,193
  • Apr 25, 2017 1:48am Apr 25, 2017 1:48am
Quoting sam69
{quote} ...strategy itself is less important than this feelings, which one gets over years...
I think that is very true. Especially on these threads every one is looking for the magical technical approach that will lead them to the promised land of trading. In reality it has been my experience that seat time and paying attention with the eyes is probably more effective than anything. The Malcolm Gladwell 10,000 whatever thing has validity in trading. Provided you are not doing 10,000 wrong things. Only Edison got away with that, and we still ended up with the very inefficient incandescent. Waxing philosophical today in this molasses market.
  • #3,194
  • Apr 25, 2017 2:11am Apr 25, 2017 2:11am
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When all else fails I usually resort to my secret indicator I have never revealed until now...
  • #3,195
  • Apr 25, 2017 3:33am Apr 25, 2017 3:33am
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Finally got something going on this EU short +5 profit locked. Still in my EG short +14 now.
  • #3,196
  • Apr 25, 2017 4:24am Apr 25, 2017 4:24am
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Long NZ from two hours back +5 profit locked.
  • #3,197
  • Apr 25, 2017 6:07am Apr 25, 2017 6:07am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,198
  • Apr 25, 2017 6:51am Apr 25, 2017 6:51am
Quoting hal7
{quote} I think that is very true. Especially on these threads every one is looking for the magical technical approach that will lead them to the promised land of trading. In reality it has been my experience that seat time and paying attention with the eyes is probably more effective than anything. The Malcolm Gladwell 10,000 whatever thing has validity in trading. Provided you are not doing 10,000 wrong things. Only Edison got away with that, and we still ended up with the very inefficient incandescent....
Thing is, even this is correct. If you repped 10,000 times but those 10,000 reps were mistakes, it doesn't matter...so long as you learn from them. If the 10,001st rep finally clicks for you and you ''get it'' from there on, then the exercise was worthwhile.
  • #3,199
  • Apr 25, 2017 7:17am Apr 25, 2017 7:17am
Quoting lemercenaire
{quote} Thing is, even this is correct. If you repped 10,000 times but those 10,000 reps were mistakes, it doesn't matter...so long as you learn from them. If the 10,001st rep finally clicks for you and you ''get it'' from there on, then the exercise was worthwhile.
Got it...
  • #3,200
  • Apr 25, 2017 7:18am Apr 25, 2017 7:18am
Quoting lemercenaire
{quote} Thing is, even this is correct. If you repped 10,000 times but those 10,000 reps were mistakes, it doesn't matter...so long as you learn from them. If the 10,001st rep finally clicks for you and you ''get it'' from there on, then the exercise was worthwhile.
My greatest concern Lem, is that I would lose count in the 9,000's..............and have to go back and start all over again. I don't think I have got those years left in me. Lol
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