thanks, great entries to you 
[QUOTE=Graviton;194097]
So in uchf, the stop should be increased (246-152)/5 = 19 pips each day this week, if and only if we have made that much profit in the last day. Our profit is at the moment 59 pips, so we have enough profit to increase our stop width, essentially reducing our risk of being stopped out by a routine retracement, while also capturing some of those pips and reducing the risk that a change in trade basis will cause us to lose all our initial stop loss. I like round numbers in managing stops and I had set my initial stop at 150 pips, so I will increase it by about 20 pips to about 170 pips now. This essentially moves my stop up about
40 pips from where I entered yesterday. Note that the cardinal rule applies that we never move a stop against the direction of our trade. Also, we only adjust a stop once a day, preferably about the same time each day, to prevent overtrading.
OK so Iām a little confused with the above calculation. I follow your sound reasoning on the stop value of 20 pips per day but then you say you increased your stop from 150 to 170. Isnāt that moving it away from your entry. If you entered @ 1.1502 and placed an initial stop loss -150 that would be 1.1352. Then increasing your stop to 170 would be 1.1332. Then you say your about 40 Pips away from your entry by moving your stop today. I know when you answer I will feel foolish as itās probably plain as dirt:confused: Again, thank you for your wonderful detailed explanations and your patience with all of us. BTW Iām up 103 pips on my 1st lot and 44 on my 2nd lot. Just need to get those stops placed correctly.
[QUOTE=unrepipant;194150]
OK so Iām a little confused with the above calculation. I follow your sound reasoning on the stop value of 20 pips per day but then you say you increased your stop from 150 to 170. Isnāt that moving it away from your entry. If you entered @ 1.1502 and placed an initial stop loss -150 that would be 1.1352. Then increasing your stop to 170 would be 1.1332. Then you say your about 40 Pips away from your entry by moving your stop today. I know when you answer I will feel foolish as itās probably plain as dirt:confused: Again, thank you for your wonderful detailed explanations and your patience with all of us. BTW Iām up 103 pips on my 1st lot and 44 on my 2nd lot. Just need to get those stops placed correctly.
I rushed through that explanation a bit. At the time I posted that, the trade was up 60 pips from entry. I started with 150 pips of stop. I had calculated I wanted to add 20 pips to my stop, so my stop would be moved up only 40 of those 60 pips gain, which is to say if I had moved the stop up the full 60 pips of gain, the stop would still be 150 pips away from current price, since current price was up 60 pips, and I would have locked in the full 60 pips of profit. Instead I moved the stop up only 40 of the 60 pips, leaving the stop 170 pips away from the current price, instead of the 150 pips it was originally. Does that make sense? Let me know if it doesnāt.
[QUOTE=Graviton;194155][QUOTE=unrepipant;194150]
I rushed through that explanation a bit. At the time I posted that, the trade was up 60 pips from entry. I started with 150 pips of stop. I had calculated I wanted to add 20 pips to my stop, so my stop would be moved up only 40 of those 60 pips gain, which is to say if I had moved the stop up the full 60 pips of gain, the stop would still be 150 pips away from current price, since current price was up 60 pips, and I would have locked in the full 60 pips of profit. Instead I moved the stop up only 40 of the 60 pips, leaving the stop 170 pips away from the current price, instead of the 150 pips it was originally. Does that make sense? Let me know if it doesnāt.[/
QUOTE]
I need to post some #'s since Iām not grasping this yet. You bought @ 1.1502. Your initial stop was -150 or 1.1352 correct? Now your price is up 59 pips or @ 1.1561. So the current price is 1.1561 and you say to place the stop 170 pips away from the current price. 1.1561 - 170 = 1.1391. Thats 111 pips below your entry. So if Iām thinking correctly (and Iām not) you still have 111 pips exposure and have not locked in anything. Where oh master am I failing:o
Your not missing anything. This long term trade has swings of 150 pips. We put an initial stop loss of 150-157 pips from our entry.
When he checked on it today he was up 60 pips.
One way of doing it is moving his stop up from 150 to 90 to take advantage of that increase in pips and to still plan for the 150 pip swings.
To play it safe he only went up 40 to 110.
Your not missing anything. This long term trade has swings of 150 pips. We put an initial stop loss of 150-157 pips from our entry.
When he checked on it today he was up 60 pips.
One way of doing it is moving his stop up from 150 to 90 to take advantage of that increase in pips and to still plan for the 150 pip swings.
To play it safe he only went up 40 to 110
I guess whatās confusing is he says heās locked in 60 pips profit and Iām not seeing any profit locked in with the stop still below the entry.
Yes, you are correct. I have not earned the full stop loss of 150 yet. I had only earned 60 pips at that time. Since price moved up 60 pips, had I not moved my stop loss I would have had 150 +60=210 of stop loss. But I only wanted 170 pips of stoploss, so I moved the stop up 40 pips. So Iāve locked in 40 pips, I call it profit, because thatās what it is, but if that confuses you, call it less risk in case of a stop out.
So when I entered, entry =1.1502, SL= 1.1330
My numbers are now, entry = 1.1502, SL=1.1370 , price=1.1605
So, as I said, I moved my stop loss up 40 pips measuring it against current price, not entry.
Now, current price is 1.1605, so Iām up 103 pips from entry. since I havent adjusted my stoploss, it is tonight 235 pips from price. Thatās really more stop loss than I want, so tomorrow Iāll probably move stop loss up some more to give me my target of 190 pips stoploss tomorrow. if price is the the same as tonight, I would have to move stop up another 45 pips to move stop 190 pips from price. That is the same as saying I have locked in 45 pips because in case of a reversal, I will lose 45 less pips.
Well, looking at the numbers, they are odd. Looks like I entered with a SL of 170. Either my numbers were wrong then or now. Not sure which. Iāll look it over tomorrow.
.
So Iāve locked in 40 pips, I call it profit, because thatās what it is, but if that confuses you, call it less risk in case of a stop out.
Thanks. Yes the term āprofitā used in this context was confusing me. I appreciate your patience.
ā¦
The fatal flaw in this approach is when you walk up time frames, you canāt move your stop against the direction of your trade (a cardinal rule), so you may wind up with a stop that is way too tight for the higher time frame you are trying to trade. In that case you can be stopped out on a higher TF, albeit with a tighter stop, when you could have made a smaller profit on the shorter TF in the first place, had you stayed with it. It seems that nothing is without itās risk. The goal is just to minimize the risk and maximize the reward over the long haul.[/QUOTE]
Ok thank you graviton, i fully understand what you said!
What if my home chart, which is the 1HR TF, shows a valid cbl entry, say valid to go long. But upon looking at my 15mins chart, it shows a reversal to the downside. Do i still take the trade, or do i wait for further clearer signals on the 15mins chart. Thank you
Looks like I missed something important, wasnāt able to be in the Chat Room. From reading the posts it sounds like BB DNA was not the primary method used for the EURUSD and USDCHF entries but instead, trendlines and support & Resistance were used?
Would be good if some kind soul could post diagrams of the chart entries.
I am not sure which one trade are you talking about. I wasnāt at the chat room, while Graviton was chatting I was dreaming
If you are talking about long term position trading on USD-CHF then there is chart, that I have already posted (30 min USD-CHF) there is a gap
can you see?
the entry was once the gap closed.
You can re read posts # 780 and 763
PS
I used SR for chart analyzing as it easy for me, jonesboy has used BB DNA as you can see in his posts
Fourth lot on EUR/USD,first lot out with 290 pip profit.On USD/CHF,2 lots on and 30 pips below third lot entry point.
Ok thank you graviton, i fully understand what you said!
What if my home chart, which is the 1HR TF, shows a valid cbl entry, say valid to go long. But upon looking at my 15mins chart, it shows a reversal to the downside. Do i still take the trade, or do i wait for further clearer signals on the 15mins chart. Thank you :)[/QUOTE]
I use a 15 min stoch filter on my trades. So I only take the trade if the 15M stoch fast line is over the slow line in the direction of the trade. That keeps me from entering a trade that has a major reversal bubbling up from below.
[/QUOTE][QUOTE=TraderAlan;194258]Looks like I missed something important, wasnāt able to be in the Chat Room. From reading the posts it sounds like BB DNA was not the primary method used for the EURUSD and USDCHF entries but instead, trendlines and support & Resistance were used?
Would be good if some kind soul could post diagrams of the chart entries.
Hi TA,
My take on the entry into the U/CHF trade was just waiting for the Sunday open to fill the gap and that was enough confirmation to enter. We had done enough chart and fundamental analysis to feel like this was a strong candidate for a long swing trade thus BB DNA took a back seat to the analysis. I could be wrong though. Grav may have used BB DNA on one of his time frames but I did not.
Right now, and of course itās only been 2 days, but the pair is up 164 on 1 lot and 104 on the other with the potential of adding additional lots. This is the kind of trading I have been lusting after. Get a few of these on and I can leisurely manage them. I can see now that if youāve got 1 account that is a good long term performer it takes the pressure off any day trading one might want to undertake in another account. It will help me in waiting for only the best setups on short term trades.
Looks like you have found your path Lucominato. Iām also up about 800 pips this morning on both these trades using 5 lot. I have 4 lots running on eurusd with the first now at + 310 pips this morning. I put the forth lot on at 80 pip increment, dropped from 100 pip increments on the second and third lots. I have the second lot on usdchf now, put on at a 100 pip increment. I have a third at a 100 pip increment set up as a pending sell stop.
The reason to wait so long to put the second and third additional lots on is the trades donāt always go this well, and in case of a sharp reversal, we donāt want too much risk. But once the first lots are in profit, we can pick up the pace a little. My 5th lot will go on with a 60 pip increment. After that Iāll slow down again and want to see all lots into good profit, before putting on any additional. Since Iām trading this live, I want to be very careful of major retracements. There is no practical limit to the number of lots that can be put on. Iāve had trades run 6 months, but one must not be too greedy. Take your time and let the trade come to you. If you rush this, you risk turning a big gain into a big loss.
Now both trades are doing some kind of retracement.Whatās the limit that you wait for them to go in your favor again?
Good morning TA. On the usdchf we had a valid H1 CBL for entry. The candle was near the mid BB band, but we diecided that wasnāt a concern since we were going for many pips on the trade. A valid CBL makes a very good entry filter. The best I know of.
For the eurusd we entered on break of the retracement trend line, but a valid H4 CBL was generated Friday May 21 and itās very clear on the H4 chart.
There were multiple reasons to take these trades and the old rule of having at least three good reasons to enter the trade works well.
Graviton
How do you deal with the fact of losing some good opportunities because of being too selective with the trades? Like today i was waiting for a retracement on the eur/usd to go short but never happened so i missed all those pips. It feels really bad when the market goes the way you think but you are not in the train.
Didnāt close any of them and now theyāre back on track.Would close if 1 hour candles in both trades closed at the peak retracement points(giving valid CBL retracement entries) - but they begun to move in the right direction 15 minutes before the candle close.