Quote:
Originally Posted by pppglowacki
Well, i have been working hard so far on a few parts of my trading method in the 401 class, i must say that it has been hard and complicated - but im seeing small improvements which i am happy about. 
On the 03-05-08 the EU and GU made some great moves. I focused on the EU to do my analysis and did not have time to do the GU at this time. Here is a trade that I would have been looking at, everything looked great and according to my trading rules but finaly when it came time to make the trade i would have stayed out because the 5 minute chart did not meet my requirements. It was a nice move down for about 30 pips with a possible 10 pip stop loss (with spread included).
Later I had some key lines drawn, I noticed that a buy trigger was being created @ 3:00. The 30 minute chart worked out nicely, it did not close below the daily barrier line, the 5 minute trigger was very good. Here it is:
BUY @ 1.5157
Stop @ 1.5143 (Stop loss of 7 pips with spread included)
Profit Target = I have a set of rules that i am working on for this too but my #1 profit target would be @ 1.5200...not sure where i would have closed this trade...a nice over all trade of probably around 150 pips with a 7 pip stop loss? |
pppglowacki, do you buy your entire position up front, or do you split it up in say 1/3rds? Then scale profits one the way up. I'm looking into this right now. I think it might allow more flexibility. So if I have a 50 pip stop and 5k account I could buy 2 lots of GU and open 3 orders of .66 each. If stopped you take the whole hit of 2%. Then I'm thinking of setting the first tgt say 15 pips then 25. Stops move to B/E once 20-25 hits. Then just hold on to the last one as long as possible... Does this make sense?