Aliassmith, can you tell me please, are you simply looking to get wicked in at your s/r lines or waiting for some kind of confirmation?
Thanks
Aliassmith Psychology 101 and other stuff
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- aliassmith
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gfg1 wrote:aliassmith wrote:The first +15 trade is one I was feeling greedy, fear of missing out,
stubborn. I should have took the +15 instead of being mental which
would have allowed me to take the trade marked +20. I did eventually
take +15 from the first entry point.
Alias, do you filter those trades based on hour, daily, etc. or take them as they come? TIA
I base them off off M5 and a lot of studying. I am still practicing, but as
you may be able to see, if I can be right only 50% it is very profitable.
Trade Your Way as Long as It Makes Money!
- aliassmith
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Brookmyre wrote:Aliassmith, can you tell me please, are you simply looking to get wicked in at your s/r lines or waiting for some kind of confirmation?
Thanks
Well my first study had to do with confirmation. Now I am studying less
risk entry points where I can get wicked in. Typically if it is a S/R point
I will only need about 5 pips risk to test the place. If it closes against me
I am out of there.
After about 10 pips move I move my SL to BE and look for my target area.
From the chart #1 in my mind was the only spot to test s/r on that swing.
#2 was the first spot to test and if that failed #3 would have been my second attempt.
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- aliassmith
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newschool wrote:Breakeven is the best strategy ever invented since Napoleon.
I find that if I had my entry to within a pip or so of where I want it, that price rarely comes back to that point. I move my SL to BreakEven after
a few candles and/or about 10 pips.
At that point it either goes to my TP or SL, I am all in.
Trade Your Way as Long as It Makes Money!
- aliassmith
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I managed to not make any emotional entries today, BIG victory.
Exit Targets:
*** initial SL of -5
*** candle closes against S/R smaller loss
*** adjusted SL of BE after price moves away 6 to 10 pips
*** range of +13 to +20 depending on situation
15 pips average will be 25% accuracy or better to Break Even.
50% accuracy and 50 trades a month get me to my 250 pips destination.
Follow the PLAN, Follow the PLAN, Follow the Plan
Practice, practice, practice!
Exit Targets:
*** initial SL of -5
*** candle closes against S/R smaller loss
*** adjusted SL of BE after price moves away 6 to 10 pips
*** range of +13 to +20 depending on situation
15 pips average will be 25% accuracy or better to Break Even.
50% accuracy and 50 trades a month get me to my 250 pips destination.
Follow the PLAN, Follow the PLAN, Follow the Plan
Practice, practice, practice!
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Trade Your Way as Long as It Makes Money!
aliassmith wrote:I managed to not make any emotional entries today, BIG victory.
Exit Targets:
*** initial SL of -5
*** candle closes against S/R smaller loss
*** adjusted SL of BE after price moves away 6 to 10 pips
*** range of +13 to +20 depending on situation
15 pips average will be 25% accuracy or better to Break Even.
50% accuracy and 50 trades a month get me to my 250 pips destination.
Follow the PLAN, Follow the PLAN, Follow the Plan
Practice, practice, practice!
lol
almost looks like my m5 scalp chart--------
made most of those same trades--- in those areas----
u catch this last move ----- not sure what happened but they are whacking it---- m5 came ack into a little resistance line on the m5 right before it started tanking
Bend over and assume the position for another 4 years of hope and change.
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