MightyOne wrote:cfabian wrote:Jalarupa wrote:Yeah that sounds really good...
Or you can use your full 2% pegged at a 50 pip stop loss risk... Enter off the high TF extreme (like you did)...
And keep adding 2% in your next trade and then 2x2% in your follow up trades... just as long as your average in tact, and if price goes close to your average (like in touching it) start think of deleveraging or taking a smaller profit... or Breakeven... Don't even think about taking the heat because you will be over extended according to your risk/reward ratio.
You will easily do 25% on your account if you can get these three orders out and price moves 100 pips in your favor.
You can even then begin to aggressively scalp 20-30 pips here and there...
In your current EU position you could have gone large on the leverage during last nites pullback... and liquidated those positions at the crash zone... without fear of taking too much heat or any at all for that matter...
I reckon when you so far into profit like you are, you can lay out some (proportionally leveraged trades) ie if you using 2% / 4 (per individual position) then you must use that same ratio times 4 or 5 (or how ever many you want) - x5 usually leave your Line far enough away from current PA. Try to not overpower your profit margin too much though... I hope this makes sense... That's why try to get that initial low risk 2% or 1.5% (at 50 -100 pips SL) out there quick and then keep adding... add like ya life depended on it... don't just sit back and get dumbstruck by the fact that your ccount is getting bigger... trade the mo'fo... (thats what I do... I watch with joy and forget that I am on the job...) when I look again it may be too late and I'll have to try again next session or next day...
btw... if you not comfortable with this... your way seems very valid and probably better in more volatile markets... but if you get a bounce off a prominent Fib line on a high TF then by all means GIVE IT HORNS! cuz you know where its going to go...
If the fundamentals match the technicals like the way they have been the past three weeks then you would be foolish not to tear the market a new one...
Jalarupa,
When is a good moment to add positions? Wait for a pull back say on H1, and when breaking that retrace add positions so the avg is above/below the pullback's extreme?
Also, in order for this to work properly, a trending market is needed. I find it harder to find a daily trending than H4 or H1. What TF is the one you base your trend on?
Thanks
You do not need a trending market...
What you need is to ask yourself how you can live without a trending market.
The clue of the day is: COPY & PASTE
- "What you need is to ask yourself how you can live without a trending market."
Personally, I guess not... hence why I stay away from the USDCAD (I think I'm afraid of it...
)
But yeah I see TRO taking it apart every so often with the RAT method, so I guess there's some opportunity to be had there... I just need to change my preconceived ideas and hopefully I can too...
Looking forward to hearing more MO