Mr. D's Humble Quest in the Wick Land

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Mr. D
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Re: Mr. D's Humble Quest in the Wick Land

Postby Mr. D » Wed Oct 31, 2018 3:51 am

Mornin'!

Looking at weekly of SP500, cannot help but notice a setup for a z-line. The price is currently 2690-ish. If it's a z-line, the price will go up to 2745-ish. Adding MO's Crash Zone sets a goal of 2783. We have two days to find out.
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Mr. D
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Re: Mr. D's Humble Quest in the Wick Land

Postby Mr. D » Wed Oct 31, 2018 3:53 am

Today learning about the Weekly Gap. Thanks to TRO for making another video about it. The idea is simple yet it adds to the list of wonder-zones.

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Re: Mr. D's Humble Quest in the Wick Land

Postby Mr. D » Wed Nov 14, 2018 12:12 pm

Enjoying M15 trades on market openings (London, NY, Tokyo). Using dchappy's way, 1 point and out. Take the 5 % and out. Up to four times a day, twice on NY open - pre and post. The only thing is, need to figure out stop limits. Currently use 10 ticks, thinking about 8.

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Re: Mr. D's Humble Quest in the Wick Land

Postby LeMercenaire » Wed Nov 14, 2018 3:35 pm

Mr. D wrote:Enjoying M15 trades on market openings (London, NY, Tokyo). Using dchappy's way, 1 point and out. Take the 5 % and out. Up to four times a day, twice on NY open - pre and post. The only thing is, need to figure out stop limits. Currently use 10 ticks, thinking about 8.

Always the problem. Every trader needs to find his own way.

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Re: Mr. D's Humble Quest in the Wick Land

Postby Mr. D » Wed Nov 14, 2018 6:31 pm

LeMercenaire wrote:
Mr. D wrote:Enjoying M15 trades on market openings (London, NY, Tokyo). Using dchappy's way, 1 point and out. Take the 5 % and out. Up to four times a day, twice on NY open - pre and post. The only thing is, need to figure out stop limits. Currently use 10 ticks, thinking about 8.

Always the problem. Every trader needs to find his own way.


Hi, friend! Good to have you back. Are there guidelines/thoughts/nuggets of wisdom on this search for stop limits? Trial and error? What helped you, if you do not mind sharing?

Some traders use leverage. That's something I am also trying to get my mind around.

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Re: Mr. D's Humble Quest in the Wick Land

Postby aliassmith » Wed Nov 14, 2018 8:07 pm

Mr. D wrote:
LeMercenaire wrote:
Mr. D wrote:Enjoying M15 trades on market openings (London, NY, Tokyo). Using dchappy's way, 1 point and out. Take the 5 % and out. Up to four times a day, twice on NY open - pre and post. The only thing is, need to figure out stop limits. Currently use 10 ticks, thinking about 8.

Always the problem. Every trader needs to find his own way.


Hi, friend! Good to have you back. Are there guidelines/thoughts/nuggets of wisdom on this search for stop limits? Trial and error? What helped you, if you do not mind sharing?

Some traders use leverage. That's something I am also trying to get my mind around.


Are you saying use leverage as a stoploss?
Not sure how that works. Leverage is how much buying power you have based on your account size and the money your broker will loan you.
Last edited by aliassmith on Wed Nov 14, 2018 9:10 pm, edited 1 time in total.
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LeMercenaire
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Re: Mr. D's Humble Quest in the Wick Land

Postby LeMercenaire » Wed Nov 14, 2018 8:32 pm

aliassmith wrote:
Mr. D wrote:
LeMercenaire wrote:Always the problem. Every trader needs to find his own way.


Hi, friend! Good to have you back. Are there guidelines/thoughts/nuggets of wisdom on this search for stop limits? Trial and error? What helped you, if you do not mind sharing?

Some traders use leverage. That's something I am also trying to get my mind around.


Are you saying use leverage as a stoploss?
No sure how that works. Leverage is how much buying power you have based on your account size and the money your broker will loan you.


Yeah, sorry, I'm not sure I'm following what you mean by that either.

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Re: Mr. D's Humble Quest in the Wick Land

Postby LeMercenaire » Wed Nov 14, 2018 8:44 pm

Mr. D wrote:
LeMercenaire wrote:
Mr. D wrote:Enjoying M15 trades on market openings (London, NY, Tokyo). Using dchappy's way, 1 point and out. Take the 5 % and out. Up to four times a day, twice on NY open - pre and post. The only thing is, need to figure out stop limits. Currently use 10 ticks, thinking about 8.

Always the problem. Every trader needs to find his own way.


Hi, friend! Good to have you back. Are there guidelines/thoughts/nuggets of wisdom on this search for stop limits? Trial and error? What helped you, if you do not mind sharing?

Some traders use leverage. That's something I am also trying to get my mind around.


There's nothing particularly magical. If in doubt, go the tried-and-true route of working out where your stop is going to be placed, what's your percentage risk and figure out the per-pip amount from there.

When I am scalping, I - and I suspect most hardcore scalpers - will know your risk figure in cash amount and will run any trade with that invisible stop-loss figure in their head.

Whether I immediately close a bad trade out if that figure is reached, or I take a counter trade till I figure out if my original entry was correct, has just gone a bit haywire and will turn back in my favour...well, that's another kettle of aquatic beings.

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Re: Mr. D's Humble Quest in the Wick Land

Postby Mr. D » Thu Nov 15, 2018 1:43 am

Guys,

You're right. When writing the post, I was thinking about counter trading, something I think Lem's using when the trade goes the opposite way. It is only possible on MT4 and not on NinjaTrader, not sure about other platforms.

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Re: Mr. D's Humble Quest in the Wick Land

Postby LeMercenaire » Thu Nov 15, 2018 10:18 am

Mr. D wrote:Guys,

You're right. When writing the post, I was thinking about counter trading, something I think Lem's using when the trade goes the opposite way. It is only possible on MT4 and not on NinjaTrader, not sure about other platforms.


Most serious brokers (all?) will allow counter trading. Never used NinjaTrader. The way around it, if you are wedded to that platform for charting, is to keep it just to chart and place your trades with a separate stand-alone broker. I'd recommend doing that anyway.

One thing now though, is that you need to consider account size much more if you wish to counter, due to the ESMA bull****.

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