Practical Exercise #6
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November 16, 2015 at 3:23 pm #1849James DallardParticipant
Hi, I chose eur/cad for 15min engulfing bar entry above the DOR. Tight stop would have been ok here and 3 pullbacks allowed the stop to trail 3 times exiting with a profit but missing the peaks of the price activity.
Also usd/jpy for 5 min moving average crossovers above the DOR. Entry above the crossover bar allows the trade be stopped out after 2 pullbacks.
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You must be logged in to view attached files.November 16, 2015 at 8:38 pm #1852Gustaf ErikssonParticipantNice! I am starting to “play” now with 10p / pip, and usually I set myself a target for the day of 20-25 pips. Once I’ve reached that I exit. This means I leave money on the table, but it certainly gives me confidence to have reasonably consistent profits, even though they are small. On you EUR/CAD I’d probably sold after 25 pips, even though your thinking is the better one in the long run.
November 17, 2015 at 10:37 am #1853James DallardParticipantHi, looking back, the Gann levels on this chart would have given about 25 pips on the 50pip level above the DOR high. Hard to know when you have a good day or not. This one crossed over the DOR from below and carried on up, but they dont all go like that. I will postpone live trading until I have a better grasp of the Battle Plan.
November 17, 2015 at 12:11 pm #1855Rich FittonKeymasterHi James,
Good work on your charts. It’s definitely a good idea to hold back on live trading (risking real money) until you’ve got a good feel for all the moving parts together as a whole. The practical lessons do zoom in on each component in isolation so certainly worth spending an extra week or so just seeing how they all come together in real-time conditions.
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