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tmanbone
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Postby tmanbone » Tue Aug 24, 2010 12:57 am

noushina wrote:I think Stratman's comment about how people let a winner turn into a loser fits nicely:

"Approx 50% of [my] trades will be exited around plus 2-6 pips. These are the trades that most people likely lose on because they allow them to reverse and hit a large stop. It's much better having 3 x +2 pips than 3 x -10 pips"


Good point here. I guess the question would be knowing when to hold and knowing when to fold. This ultimately would determine the outcome. I would like to hear points of view on this. Thanks,
"The simplicity of the markets is it's greatest disguise"

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TheRumpledOne
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Postby TheRumpledOne » Tue Aug 24, 2010 7:09 am

You need an "EXIT PLAY BOOK". I have written about this before.

Have a plan of EXACTLY what you will do when you are up 1, 2, 3,..., 18, 19, 20 pips.

Then STICK TO THE PLAN.

It will be hard for winners to become losers.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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newschool
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Postby newschool » Tue Aug 24, 2010 2:25 pm

IF the entry is somewhat discretionary, why not the exit also? Why not adapt to price action?

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tmanbone
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Postby tmanbone » Tue Aug 24, 2010 3:40 pm

TheRumpledOne wrote:You need an "EXIT PLAY BOOK". I have written about this before.

Have a plan of EXACTLY what you will do when you are up 1, 2, 3,..., 18, 19, 20 pips.

Then STICK TO THE PLAN.

It will be hard for winners to become losers.


I'll see if I can find it. Thanks,
"The simplicity of the markets is it's greatest disguise"



T

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Postby dragon33 » Tue Aug 24, 2010 4:25 pm

tmanbone wrote:
noushina wrote:I think Stratman's comment about how people let a winner turn into a loser fits nicely:

"Approx 50% of [my] trades will be exited around plus 2-6 pips. These are the trades that most people likely lose on because they allow them to reverse and hit a large stop. It's much better having 3 x +2 pips than 3 x -10 pips"


Good point here. I guess the question would be knowing when to hold and knowing when to fold. This ultimately would determine the outcome. I would like to hear points of view on this. Thanks,


No matter what you do but you need a plan just like TRO says.

You have a plan to enter you should have it also for exit especially when you see profit. This plan is different for everyone depending on what you expect against your entry.
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!

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Postby TygerKrane » Tue Aug 24, 2010 5:38 pm

tmanbone wrote:
TheRumpledOne wrote:You need an "EXIT PLAY BOOK". I have written about this before.

Have a plan of EXACTLY what you will do when you are up 1, 2, 3,..., 18, 19, 20 pips.

Then STICK TO THE PLAN.

It will be hard for winners to become losers.


I'll see if I can find it. Thanks,


Pick Your Poison:

[hr][hr][hr]

And if you are PURELY DTB'ing Like A Rat this a great reminder of what your mentality should be:


~Krane


:::EDIT:::
On second thought, NO ONE in this thread is purely DTB'ing Like A Rat :lol: :smt043
(I should cross-post this in THAT thread though...hmmm, maybe :roll: )

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Re: Cable long last Friday (Aug 20)

Postby TygerKrane » Tue Aug 24, 2010 5:51 pm

bohsen wrote:Hey guys, my first post on this forum. I am also a Dragon trader.. trying to be at least .. one day

cfabian and flex, I also had a long bias on Friday morning (GMT) due to that massive H1 momo and took two full stops (2nd on re-entry) which took me the weekend to get over and figure out what happened:

1. The supply / resistance zone is created on 12 August in the upper 56 area. Railtracks indicate institutional order flow: big sell order inventory resting here.

2. Price is strongly rejects this area in the 1st test - shows this is a strong level and there are still tons of sellers (Are you guys familiar with the Sam Seiden school of thought?).

3. Price puts in a double top on 16 and 17 August & creates clean H1 supply level (grey). Lots of wickdolls indicating strong selling pressure still.

4. In the 4th test price puts in yet another strong departure & a pretty 15min supply level.

5. The 5th test is key here and shows the quality of the new 15min level: price only just dips in and drops away very quickly yet again. This is where TRO went short :!:

6. Finally, there was a highter timeframe demand level just below the current price level acting as a magnet. Price had been trying to get there all week.

... and we were trying to buy this thing in the middle of nowhere! :lol:


So I think the mistake was that we were buying at a level where supply objectively exceeded demand. This is Sam Seiden's amateur mistake Nr 2. Mistake Nr 1 is *emotionally* buying after price has already rallied.

Of course this is all beautifully obvious in hindsight + I am probably overanalysing, but I had to write it all down to get over those stop outs.

I hope this helps somebody?!:roll:

Thanks for the analysis, bohsen.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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noushina
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Postby noushina » Tue Aug 24, 2010 7:58 pm

Nice finds Tyger. They're going on my wall

Quotes from TRO
-----------

AT +5 pips, I will be ready to bail at +3 if price pulls back.
At +10 pips, I will enter a trailing stop of 4 or 5 pips.
At +15, I will cancel the trailing stop and enter a hard stop at +10.

Then I will move the hard stop up if price moves up.

At +25, I may move the hard stop up to +25 or to a price ending in 0 or 9.

Sometimes, I may exit 1/2 of my position at +20 to lock in a 1% gain.

The idea is to be CONSISTENT. You'll miss out sometimes, but you only need ONE big run and you are done for the day.

Remember, the daily goal is 2% or more and DO NOT OVER TRADE.

-------------------------

What is
5 * 2?
4 * 3?

If you make 4 - 5 trades and net 2 - 3 pips, that's 10 - 12 pips a day.
If you risk 2%, you increase your account by 2% or more.

You must first learn to capture the small pips BEFORE you go after the larger pips.
Sooner or later you get real lucky and catch a rocket for 10 or more pips.

You need an EXIT PLAY BOOK.
What do you do at:

+ 1 pip - wait
+ 2 pips - wait
+ 3 pips - move stop to break even
+ 4 pips - wait
+ 5pips - move stop to entry + 2
etc.... up to 20 pips or more.

Then STICK TO THE EXIT PLAY BOOK. Your job is to execute. The market will take care of the rest.

--------------------------------

if price moves in your favor 2 pips and then stops...
if you do not take 2 pips and lose 10

who is to blame?

here's what happens...

first trade...
price moves up 2 and stops
trader takes 2 pips and then price zooms up another 20 + pips
trader gets mad

second trade
price moves up 2 pips and stops
trader THINKS and decides NOT to take the 2 pips
price drops and stops trader out

so... 2 + 2 = 4 (RAT)
or
2 - 10 = -8 (YALE STUDENT)

YOU DECIDE

WHEN PRICE STOPS MOVING... DO YOU KNOW WHAT WILL HAPPEN NEXT?

the idea is to be PROFITABLE PERIOD

FXfreak
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Postby FXfreak » Tue Aug 24, 2010 9:02 pm

i search the countdown which es/pip has in his charts at the right side directly next to the last candle. the countdown shows the time left of the current candle.

does anybody know where i can download that indicator?

i attached a picture from es/pip which shows the countdown.

thanks!!

Image

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PIP'S FARI
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Postby PIP'S FARI » Tue Aug 24, 2010 10:09 pm

FXfreak wrote:i search the countdown which es/pip has in his charts at the right side directly next to the last candle. the countdown shows the time left of the current candle.

does anybody know where i can download that indicator?

i attached a picture from es/pip which shows the countdown.

thanks!!

Image



google search "mt4 GP_clock indicator"
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