Quote:
Originally Posted by mumpips
HI Phil & Johnny, Thanks for the reply.
Phil,
(1) I usually having problem to decide my exit point. When I look at the candle moving against me, I will exit prematurely and my profit is always very small even though i got a good entry. Any advice on the Profit take?
How do you get 630pips?(shown in your last page of ebook) How long do you need to stay in that trade? Do you check news for exit? what type of trader are you- intraday or long term?
(2) Correct me if I am wrong, anything falls within S&R zone is in the no man's land, so, will you attempt to enter trade if the momentum is high?
If not, what will you do then?
(3) What is your win:loss ratio base on your trading method? How many pips you get per week?
(4) Looking forward to your live trading room,btw, where do you located? will you hold it during Asian time or Europe time?
Sorry for all these long winded questions and thanks for your great help  |
(1) You should always have a clear profit target before you enter a trade. My target on reversal trades is usually the next S+R level or an area close to the opposite trendline. That's not to say I won't exit a trade early, but you need a
reason to exit early. Saying "Oh crap, that candle is moving the wrong way" isn't a good reason to exit early.
I can't say exactly what a good reason would be, because it all depends on the situation. It just takes experience to be able to see problems with your trade. Practice, practice, practice!!
The trade in the last picture was on a 4H chart and lasted 5 days. That's pretty much the longest I've ever had a trade run. Sometimes my trades are over in a few hours, sometimes a week, but most are 1-2 days.
I picked that particular trade because it was the first one I ever took where I used an IB to enter. If you want to see it on your charts it's EUR/USD on Oct 14, 2008. I risked 2% on it and gained 7.5%, so it was worth waiting a week for the trade to happen.
(2) I disagree. I say anything that's
between S+R zones is no man's land. If you look closely, you'll see I'm not really entering in the S+R zone, I'm entering the trade on one side of it, after a bounce, and placing my stoploss on the other side. It's a very safe way to trade.
(3) Pips per week is meaningless with a system like this, because every trade has a different stoploss and exit point. I keep detailed record of trades for the two systems I use (Sunday Breakout and NickB Scalps) but I don't for chart analysis trades. Each trade is different so recording that information doesn't really help me. My account keeps going up, and that's all I care about. If I had to guess I'd say I get around a 70% win ratio on these types of trades.
(4) I'm located in the US, but I don't have a normal sleeping schedule like most people. I'm awake when there are trading opportunities, and asleep when there aren't.
Since I'm not getting paid it won't be an 8+ hour per day trading room, more like 1-2 hours per day, and I'll spread the times around throughout the week so everyone can benefit from it. We'll go over the upcoming trades for the day, and review the ones that are finished and see how we could have made them better. I'll have a schedule posted somewhere so people know when it's open for the week.