dojirock wrote:Great questions Phil,
I do trade from 2 and 3 sema's for 2 reasons, 1 keeps me from overtrading and 2, it gives me the range I need to make my goal of 20 pips per session.
Yes I do double up and take the reversal which gives me my high success rate. I only look to cover the loss with the reversal then I protect it very closely.
I treat it like a 2 trade cycle. IF it does go to the stop loss, remember it has to close beyond the stoploss level...not just wick it. Thats why I use that script you wrote to close the trade if price closes above or below a certain price...then there is no reason for me to watch it. I also get some big runs that way due to im not interferring with the trade.
just to be clear, I take a trade and win or I follow it with a reversal and B/E, win or lose...thats the end of the cycle.
Rinse and repeat.
Also im going to post the Momentum indi that you wrote originally for me of the 2x body size, that I modified to my new findings for others to use.
great questions Phil, keep pippin....
doji
Ok so just to make sure i get this>
you stay at the computer until you get your 20 pips, goal for session. When a full cycle ends in loss, this means you will need to make up those lost pips for two trades, right? Say the 1st trade you enter with 0.01 ends in loss, you double on the reverse so it will become 0.02 lots. If this cycle ends in loss, do you start the 1st trade of new cycle with 0.04? Otherwise its more difficult to make up or you need to make more trades right?
Attached a chart with some scalps i took this morning. I think i start to understand why you enter of the M15, gives a bit more time and less 'false' signals. However, i drew on this chart one m15 zone. Price shot back into it and i took it short. Now i admit i forgot to aim for more pips since this was basically a m15 trade (entered afterwards Again), but would you think its ok to enter this way from the M5 using a M15 zone? Or would you wait for a m5 zone to break away first?
I kind of think its scary that once m5 momentum seems to form up into the down m15 zone, to take the short..
Also, when i took this shorts, i wanted to see a m15 close above before i would exit but i think im wrong thinking like this? I guess its better, and easier to make up lost pips, to wait for a m5 momentum close above the M15 down zone and than exit the trade?
Thanks,
Phil