Quote:
Originally Posted by pipcorn
Steve you just might be right about about exiting when the 15m chart is starting to run out of gas. I tried to ride out a nice g/u downswing after reading your post, and gave all of my pips back trying to be patient enough to catch the rest of the wave while watching the 1h chart.....  The indicators ended up switching directions and everythig... So who knows...  At this point I'm at a lost for words.... Hopefully we can figure this out collectively. I could really use some insight on this isue. |
Lol, when patience doesn't pay! hehe I share your frustration with this, and this is something i am working on at the moment too, i agree, lets work through this together.
On my last post replying to Storm, i noted i am going to try stick to the 15minute and 1hour only. I don't know ho often brilliant trade set-ups occur that you can work your way up all the timeframes???
So as a newbie will try sticking to the 15minute for entry and exits, only if the entries agree with the 1 hour chart
. I read on James IB:OB post that you shouldn't switch timeframes as it gets confusing until you can read the markets effectively (confusing for newbies - of course this can be mastered, and mauziro has mastered it
).
The other trick i read on a post from Maurizo. Hopefully i can re-explain this here. On a short trade, he puts his take profit in (mentally or as a stop loss) 10 pips (or so, depending on pair) above the candle that hits the lower BB, and then lets the trade work up the timeframes, or get closed out if it does retrace, as it did in your case.
Hope this helps...
Here's to a good week,
steve