dragon33 wrote: aliassmith wrote: dragon33 wrote: aliassmith wrote: dragon33 wrote:
This should be an answer to a lot of people who are struggling with the entry and the SL.
Lets start with a picture!
Lets say you are entering with a limit order at the 50% section of the H4 candle from where the lines are starting. That way you are entering without any view what price will do next!!! This is told several times but for those who don't have the discipline to wait put your SL at the bottom or the 0% section!!!
On the next picture i will give you other possibilities.
The white lines on this picture are the same as on previous picture drawn on the H4 chart. The red lines are the new analysis!
Now you can see what would have happened if you got in with a limit. It depends on what for trader you are if you like this or not!! I don't!!
The first blue candle gives you a hint of a possible change but you need to see first some things befor that candle will hold! Let that candle close and see what happen next. Put a line at the 50% area and if price hit that line and run away in the direction you want be ready to enter at body close or high!!! You will make pips immediately. Put your SL at the bottom of the candle with the drawings on!!! If the SL is bigger then 20 take it at your own risk. This was 18 pips. Lets tune the SL.
Now you can see how it is possible to tune the SL. You could have entered with a SL of just 8 pips and when you look up that was a nice RR
For targeting another difficult part. Every previous H1 open, close or 50% area is a possible stoppoint so be ready to close and try to reenter.
Very nice explaination of doing both entry types . There are other ways
also and I think each trader will need to make a choice that will be best for
them. Usually there is not a one size fits all approach when it comes to trading.
BTW Dragon33, In what thread was it that you posted your live account
going from 400 Eur to 22K Eur? I can't seem to find it.
Of course there are other ways to trade! But i can tell you for sure that trading without lagging indicators is the best type of trading. I think i almost traded everything there is in during my learning curve.
The reason why i still pick in on this method is because there is a lot of interest for and it works great. It takes some time to understand but once you start seeing you just have to do it. Most people enter like picture one of my previous post and that is not the right way to do it.
After all the difficult part of trading is deciding where to enter and put your SL. Targeting is the next part and that's where a lot of people get confused by marketing techniques on the internet.
Yes it is possible to run a few hunderd pips but it ain't that easy like all people are saying.
I think maybe you got the wrong impression about my response.
I was not talking about other trading methods, such as indicators
and such. Personally I use zlines, fibs, S/R. What I am saying is
that you have many was to manage a zline trade.
One could build a whole strategy around building positions on
large timeframes using zlines. One could do multiple lots in and
partial lots out. Just saying trade management using zlines can
be successful many different ways.
Yesterday I scalped some pips and used those to "trade the eternal"
on a EUR/JPY yesterday around 4pm EST long. MightyOne has been
a great source of information.
oh ok lets say it was the language barrier
Yes, I work with a group of bavarian Germans from Krones on a project here in the U.S. and you can say there is a language barrier at times
As for trading, I think Zlines are one of the best trading concepts I have
come across. I have seen several ways to incorporate them into my everyday trading. I have not done any es/pip or MightyOne returns with them yet, but they have helped a lot to grow my account. I continue to research them since I want to understand them better.
Used alone or with other basic methodology they are a powerful edge.