A fresh start! Doji's Trading Journal

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MightyOne
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Postby MightyOne » Wed May 01, 2013 5:09 pm

This is the idea behind using 00 as an entry (your stop) on a larger chart:

If you don't learn anything else at all then learn this:

The chart that you are trading is the extreme above/below which you have your stop loss order.

If you are looking at a tick chart and place your stop at/above the daily high then you are "trading"/positioned for the daily.

What is the median range of the last 3 days? I doubt it is hundreds of pips, but it could be.

To go for hundreds of pips, you really need position/(stop at the weekly extremes) on the weekly chart.

Think of your stop loss as an entry onto a higher time frame where your entry is the best price of that period.
When you increase your position size, your entry price becomes an average (it moves) and is similar to a trailing stop on that period...hopefully you follow.

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newscalper
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Postby newscalper » Wed May 01, 2013 10:53 pm

MightyOne wrote:
newscalper wrote:So I'm straight on this - 00 is positioned at the top of the DA candle on the daily and the difference between that and the bottom of the fib is how much space you have or are you using some extreme for the bottom line?


If 00 is at/above a daily extreme then you are trading/positioned for the daily chart.

The other end of the fib (##) is your "risk space" or 90 pips in this example.

The lot sizes show where you can afford x number of lots.

If I short 8 lots at the 50% ret then my risk space is 00 to the 50% level; which is now ## as ## is always the current price WHEN you are in a trade.

Yeah, I'm cool with that :) I was just wondering if there was some TA reason to where the fib stretched to or if was purely down to space, which you've answered. Thanks.
There's one more question (isn't there always :lol: ) what's the maximum ret you would consider taking?

Actually, make that two. The 90 pips in this instance - is that a function of daily atr or something else? It could be 50% of the high to low as that lines up?
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newscalper
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Postby newscalper » Thu May 02, 2013 1:27 pm

Oop
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MightyOne
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Postby MightyOne » Thu May 02, 2013 2:39 pm

Space is like an abacus, its only purpose it tell you if the numbers work.

Saying that the lines of Fibo Space are rets is inaccurate and leads to a misinterpretation of their use...
it is probably better to think of them as thresholds into areas of better risk/reward ratios.

This is the skeleton...
Think of your stop loss as an entry onto a higher time frame where your entry is the best price of that period.
When you increase your position size, your entry price becomes an average (it moves) and is similar to a trailing stop on that period...hopefully you follow.

...you need to bring your own flesh.

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Postby trueblueTEX » Thu May 02, 2013 4:14 pm

MightyOne wrote:... Saying that the lines of Fibo Space are rets is inaccurate and leads to a misinterpretation of their use...
it is probably better to think of them as thresholds into areas of better risk/reward ratios...


This is what CONSTANTLY confused the hell out of me when looking at your fib lines. You would not believe some of the crap I drew trying to make heads and tales out of it. At some point I think I said to myself... "I don't think MO means 'retracement'" ... but I still wasn't sure. :-)

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dojirock
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Postby dojirock » Thu May 02, 2013 9:17 pm

Lots of good trading ops today...

zline, enter...take the ride...
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It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

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newscalper
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Postby newscalper » Fri May 03, 2013 10:26 am

Lets see where this goes
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out

back in

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newscalper
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Postby newscalper » Fri May 03, 2013 12:14 pm

out for a small profit @ 630 on my chart


had to go out so didnt take the long - that area there was why i got out -saw my trade as being countertrend

FXfreak
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Postby FXfreak » Mon May 06, 2013 8:55 pm

My trade from today, one loser...Did I understand something wrong or was I just unlucky?

- close over short zline and a new long zline

-> LONG

:-/
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FXfreak
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Postby FXfreak » Mon May 06, 2013 9:06 pm

current trade....what do you think?
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