Practical Exercise 6
July 13, 2015 at 2:40 pm #1438
Attached is my attempt at Practical Exercise 6.
I listed the pulse and pull backs for GBPUSD 5 Minute and 15 minute charts.
Each time I obtained a Pulse Move, I adjusted the stop to the resistance for the 15 Minute chart, and Support for the 5 minute chart. Each stage is colour coded.
Trying to do this while not feeling well is a challenge!July 13, 2015 at 2:43 pm #1441
Sorry forgot to add the 5 minute chart – This time in correct formatJuly 13, 2015 at 2:48 pm #1443
I made a right mess of submitting my work this time!
I listed the pulse and Pull backs for GBPUSD 5 and 15 minute charts, and each time I obtained a Pulse Move, I adjusted the stop to the resistance for the 15 Minute chart, and Support for the 5 minute chart. Each stage is colour coded.
Sorry for the confusion above.July 13, 2015 at 7:35 pm #1447John MurphyParticipant
Looks good. I don’t see the MOR marked up on either screenshot, is it above the area? On the 5 minute chart you show a buy trade. Doesn’t the daily plan indicate that this is a sellers market? I appreciate that there is some discretion to be employed but as the MOR takes priority I wouldn’t have been looking for buy trades. Just trying to get this right in my own mind.
JohnJuly 14, 2015 at 9:12 am #1449
Thanks John for your reply.
In this case, I have not ploted MOR or DOR as I was focusing on setting the stop losses, and trailing stops. This was mainly to save time, as I am behind schedule for this course so far.
What I learnt from this exercise, is that in my real life trading, I have been far too generous in the stop losses. I will apply this to my OMT trades, so that I don’t leave too many pips on the table.
NigelJuly 14, 2015 at 12:37 pm #1452Rich FittonKeymaster
Your application of the stop loss looks fine on those charts:-)July 24, 2015 at 1:02 am #1486Steve HallParticipant
Here are my charts for 15min and 5 min entries and stops. I trailed the stops after a move above or below swing highs/lows.
I added in a customised fib tool that shows you the risk return – the 5 min trade would have worked out quite nicely!
SteveJuly 24, 2015 at 3:05 pm #1491Rich FittonKeymaster
Nicely done Stephen. Was your mouth watering at the sight of that 5min trade? 😉July 25, 2015 at 3:09 am #1493Steve HallParticipant
🙂 … yes, I’d be quite happy to get one of those in my live trading.
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