I was not giving you a hard time… just had an image of you hanging on for 10 hours on the 1m chart for 2 pips (your previous post). It was pretty slow wasnt it.
Interesting to note though from the graph your favourite pair USD/JPY seems the most heavily traded and yet the longest held trade? You must have switched tactics on us.
Personally I dont like the 1m chart. You get a good signal for a trade, enter and it quickly goes the other way. Scalping is very hard to do well… I cant do it in any event.
Caught a good counter trade last night on NZD/USD… entered long at 7084 and still running. Just entered long on GU and keeping an eye on USD/CAD to bottom out.
RC
I was making fun of my self to. When someone who is successful and has much more experience than me keeps telling me I am doing something the hard way I am not smart enough to listen:p. My fancy charts still show a net loss for the month. I am stubborn.
Looking back over my trading this year my monthly loss keeps getting smaller soon it wont be a loss. I haven’t changed my plan much just learned to stick to it better. Threads like this one and some others with some good contributors like you have taught me how to hold a trade longer if its going my way and when to get out if PA is turning. I find for me that is much more important than when I enter.
TalonD
those charts are from myfxbook (use google) I heard meetpips was going to have something similar, it may. Last I checked you had to manually enter your trades at meetpips and that would be a lot of work for me. myfxbook will do it automatically with mt4 or an Oanda account.
long on E/U at 1.4313 target is 1.4343, stoch is oversold and reversing and now MACD histogram is leveling out showing that the down trend is losing momentum, also note that the daily stoch (8/3/3) is now pulling out of oversold territory after like 2 weeks of being oversold so probly a good time to place a long term buy order, oh, and for R Carter, my 2:1 boll had a flat bottom with wicks
I am long at 4315 I got in using a completely different strat I was using the method from the MMTT thread here. MMTT is another PA based system funny how PA is the same no mater what indicators you have on your chart.
trying new TP levels for my system. i opened two long positions on the euro at the price stated in one of my posts above, one was hit the TP level of +17 the other is still going with a TP level of about +30 with a 15 pip trailing stop which is now locked at +3
thats a good idea I have come to think MM and trade management are more important than the specific entry. You may have to tweek the stops on a per trade basis. anything you do to keep the money you make is a good thing.
I am up for the month:D for the first time since I started trading:D
thanks all for your advise
I trade the daily chart and EU does not yet have a flat 2:1 or wick on the current down candle… not time for a daily long yet. Yesterday I mentioned I was waiting for USD/CAD to bottom out. Waited for wick and flat 2:1. Entered at 1.0422… currently up 130 pips.
premature entry
Quote:
Originally Posted by R Carter
Heres a screenshot of my 4h TF chart on EU & GU. You can trade this system on 1h and up. And no money has changed hands.
Might need to expand to 500% to take my settings off the screen. Currently in a counter trade against the trend. Trend on both currently south… but worth a few pips if taken at the right time.
Take trades on the 2:1 boll flat top/ bottom when PA enters the 2:1 tunnel after wicks outside the 2:1 boll. Additionally take the 2:1 trade when PA is outside of the 5:1 or 10:1 boll. You’ll get the idea from looking at my charts.
Greetings RC - one more question re: this that has eluded me. Do you wait until the second candle closes before you enter trade, or enter as soon as PA heads back. I hesitate to enter prior to close of second candle as flat top/bottom isn’t confirmed? Thanks in advance.
Assume price has been heading down. I wait until the daily (in my case)candle wicks and closes. Next new daily candle will either retest the low (more common on 1h & 4h) and step back into the 2:1 boll range and change to a positive colour. At that point I will place the long trade and set my SL just below the previous days low wick. TP is center line on a 20:X boll (assumes fairly level 20:x bolls).
Just to clarify… signal candle on 1h & 4h should be the previous closed candle which has wicked outside the 2:1. Entry candle will be current candle that has probably also retested the low (common on 1h & 4h) and stepped back inside the 2:1 range and changed to a positive colour.
