MightyOne wrote:poltergeist wrote:MO,
I have some questions. and correct me pls, if I am wrong:
you enter the trade somewhere (without a precise entry point) beetween TPs? If you meet two consecutive SL, you are off till next week? How do you find the best moment to enter? The fibo level you mentioned?
Or you just enter the trade accordingly with the direction of the daily/weekly candle?
What's with the volatility on such big TF, how do you handle with it?
20 pips SL includes spread, I assume?
Or maybe I avoided sth?
1. I sell high and buy back when I believe that price will not fall lower as opposed to waiting for a BO or some sign of momo.
2. If I lost 40 pips I would just sleep the rest of the week.
3. Before ever sitting down to trade I have studied the pair from top to bottom and gathered notes.
I then enter on smaller charts in the context of the larger charts.
I may enter via: Sweet Spot Gold (best for high volatility), Rat Trade (beautiful on combined candle trades), 1 minute charts (pointless to wait for BO, just enter when you feel price will head higher/lower), Price closing over S&R or Failing to close over S&R.
4. You need only trade off of daily+ extremes if you are scalping. If you are holding then you should trade daily+ extremes off of the corrections extremes.
5. Volatility on high time frames is just profit; I will wait for a long term momo candle and liquidate beyond it.
6. 40 pips altogether includes spread.
I can't believe your max loss for the week is 40 pips. How far past an S&R line do you wait until you decide to close? Or do you wait for the candle to close?