Lewis Nicolson
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How close do you have your stop loss? if you are taking an engulfing candle of say 10pips then it should work fine. .. if a smaller candle does form, then you might just need to use the position size that you are able to use depending on how close it is letting you have your stop loss (but make sure that doesnt interfere with your risk/reward ratio).
before the candle prints, have you got your stop loss and target written in your order just the same way you would have a pending order?
When the market starts moving from your entry are you trying to trail your stop really close to the market price? it wont let you do that, so just use price action to sit the stop loss behind.
🙂
yeh, it can be quite annoying sometime if you have 2 trades you are wanting to place, if that is the case then just open ETX twice on your computer and you can have 2 orders at the ready.
I havnt yet, I was wanting to see what rich said or one of you guys if this is normal. I’ve never had that happen to me before (or i havnt noticed). I would of understood if it went past my stop loss for a couple of pips, but before is pretty annoying…
Hi dave,
Use market execution, so set a line where you would want to enter, and when the market hits that after your signal, pull the trigger.
Cheers,
Lewis
Hi,
Can someone tell me if this just happens normally. I understand what slippage is, where an order/stop loss occurs in a worse rate than originally set in the order, but today I shorted GBPUSD at 12:30, and had my stop loss at 1.51985, it then got took out on the 13:45 candle, but it only reached a high of 1.51976. Does this still count as slippage? I thought slippage was when it filled you in later instead of early? Cause it has now went on to roll into profit.
Cheers,
Lewis
Heres a question.
Say the market moves and hits your target. Do you ever look for new targets? if an engulfing candle signals, will you look for further targets. I’m always a bit weary of this cause i always assume that the market is due a retracement.
Cheers,
Lewis
Just to add to this. I missed my move on USDJPY this morning cause i was making a bacon roll. hahaha gutted. that 9:30am (11:30) candle will haunt me.
Hi team,
Its been pretty quiet here recently. I have started doing my analysis in the morning because the market moving during the night is pain in the arse haha.
Buuuut, looking to short USDJPY, it has had a retracement of 38.2% and found support at that level also, so will hopefully see it continue to drive down with as it has been doing since the end of august. I would normally put my targets, but that purely depends on what happens. However, if this was the morning then i would aim for 118.9ish.
I’m also looking to short GBPUSD, its finding support on the 50% retracement and I would not say that this is in a buyers bias until it atleast breaks 1.53147, so I am more than comfortable to short this giving the opportunity.
On the whole i would say i have slowed my trading right down. To start with I was very trigger happy, I was jumping in the market giving myself any reason. I still like to use patterns etc to help me have the scales tip towards my favour (as rich likes to say). However, I now rarely trade against MOR. I have been mostly studying, reading books, and i have found that patience really is key.
Cheers 🙂
Lewis
Hi Scott,
Looks good to me, I’m guessing that DOR filter stopped you from trading this?
I personally would wait for the market to break above resistance on the 15min chart and then aim for targets around your 75gann line, I would maybe try and find my targets on the 1hr chart.
Cheers,
Lewis
Hi Dave,
I understand where you are coming from, but if you set yourself limits, and exact rules to follow then they average out.
What I mean by that is within the core strategy itself, set yourself your own rules that you follow. like an ‘if then syntax’ (if the market does this, then i do that.)
So boundaries like lengths of candles should be added to your strategy. So say you only trade candles between 5 pips to 20 pips long then, using our position size calculator, we can average out how much profit is lost and how much profit is gained. Even with larger candles the amount lost is fairly similar because we have used the position calculator to find suitable stake size for the trade.
Putting up a thread showing how many loosing trades/winning trades wouldnt work because everybody is going to trade differently. The best thing to do is continue putting up battleplans, and help show each others personal style of trading. Just because someone made profit from one candle doesn’t mean that someone else would.
the thing is that every trade we take is going to be different, thats why we need to learn how to manage our risk.
Cheers 🙂
Lewis
Hi,
Are these trades you have taking today?
I think you should make sure that the entry signals are always coinciding with the DOR, so you would only want to pull the trigger if the MA crossover happened above the DOR. Remember that we use the signal to get us in the trade, so we dont wait for the signal, and then wait for a moment to pull the trigger. We pull the trigger once the signal has happened.So in theory an entry signal from here would be the 15min engulf (im not sure if this was the news, this is just an example of trading above DOR) because it closed above the DOR.
Cheers,
Lewis
Hi scott,
I like the ideas, I would maybe not take these trades because the market is in consolidation, if you look back on what is happening with it, the only time the market really shows movement is with news releases. however, like you said, sticking to 2:1 trades does let the market move enough to look in profit. 🙂
cheers,
Lewis
Hi troops,
Battleplan for tomorrow 🙂
Selling EURGBP to 0.70447, My reasons are that it has double topped (give it a google and you will see plenty of information about it) at the trendline which can often mean a reversal, it has then broke structure at around 0.71089 and to further add to this has then went into a wedge continuation pattern, the pattern has taking its place up at that 0.71089 level to use as support. (http://www.investopedia.com/university/charts/charts7.asp). Reading about these I often hear that they are longer term patterns, but i see them working in smaller time frames all the time if they have other structure etc around them.
Will do the rest of my planning tomorrow,
Cheers 🙂
Lewis
