Been waiting for a chance to short off of a monthly high for September. Entered in at the red line for .3 lots and 5% risk. Looking to hold until I see a low extreme for the month.
cwn6161 wrote:Been waiting for a chance to short off of a monthly high for September. Entered in at the red line for .3 lots and 5% risk. Looking to hold until I see a low extreme for the month.
Since price kept going up, I thought I'd give a shot in the long direction. Waited for a 50% drop in the momo candle, 45 pip stop, .5 lots. Closed out at the close of the new momo candle with about 20% gain
I think I'm going to focus on weekly candles from now on, using the open price as a line that I will trade away from.
Been reading through MOs posts (on page 188 of 200 some) to see if I can figure out some things a little better.
I know I want to shoot for the extremes...daily would be hard for me as I sleep during the time when the first extreme is usually made. Weekly/monthly give me a better shot at catching an extreme and at LEAST holding for the average range of the candle.
I'm still tinkering with ways that I can grab some of the daily range each day. Maybe something that was based off of a portion of the previous days range, that I could set buy/sell stops the night before depending on the direction of the weekly/monthly candles.
cwn6161 wrote:No complaints here! Just wish it wasn't demo
You know how to change that
Risk no more than 5% of your account per week and only place a trade when you feel that it would be stupid not to place a trade; there is no point in risking money when you are confused.
Do not tell yourself "all I need is X% a day"
Your needs are irrelevant...
Ask yourself how you can best trade the chart in front of you without external forces guiding your decisions.
