Practical Exercise #6
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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.
Nice! 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.
Hi, 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.
Hi 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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