Never Lose Again
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- TheRumpledOne
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- TheRumpledOne
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- TheRumpledOne
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ThePitPirate wrote:TheRumpledOne wrote:pierre23 wrote:Tro, which order types do you use with MBT?.. I'm on their site and there are a tonne of different order types.. For your stops do you use Stop Limits? For your placing of trades do you use TTO or maybe a combo order type such as Limit + Trailing Stop?
To be honest its quite confusing, all the options given.. What would be the best to use to get the most out of normally placing a Limit trade, and placing a stop or trailing stop?
Also I recall someone saying about changing the preferences -> order entry before entering long and short? Something about changing between the stop method from first touch and trade through depending on you want to enter long or short?
What do you personally do when you trade with this MBT Navigator?
I use LIMIT ORDERS.
TRO and all,
Regarding the use of limit orders and the proper way to enter trades in the Buyzone method:
I have read all the posts but it still is a bit foggy to me. There is a descrepancy, a big one on some pairs, between the visual hitting of a bar on the buy/short lines, and the price that is actually available to buy/short those pairs when we "have a visual" hitting the lines. For example, when going long, when a green bar "hits" open+.0003, usually the ask price for buying that pair is higher than open+.0003 and even open+.0004, so I never get filled. When looking back at the chart it would seem to be a great buyzone trade, but I never got in the trade, so my questions are:
1) should I put the limit orders as soon as the "buyzone session" opens?, thus resulting theoretically in more bad trades, as I would go long when the ask hits the open+.0003 which is not necessarilly when the green bar hits that point?
2) If not 1) how are you guys doing it?
3) What percentage of "visually valid" buyzone trades are you getting filled? What are your statistics? Meaning when you look back at the charts what percentage of good looking buyzone trades have you really gotten filled?
Thanks in advance for your availabilitty and support.
In FOREX the Bid price is displayed on the chart.
In MT4 you can also display the Ask price on the chart.
If I am going LONG, I usually will enter a LIMIT order at the LONG trigger price when the ASK reaches that price, if I "want it bad".
If I am going SHORT, I usually will enter a LIMIT order at the SHORT trigger price when the BID reaches that price, if I "want it bad".
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
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- eudamonia
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cfabian wrote:Buzzard was on "get ready" for EURUSD, with 4 green candles.
Got in at next H1, at open -6 pips (red candle), it reversed and turned green again. I stoped it at -15.
Any comments on this trade?
cfabian,
A couple thoughts on this trade. The first is that it has been my observation that "good" buzzard trades should immediately show you the money. Others may disagree but if I see the first 5 min bar where I get in close in the opposite direction - I get out. I try to keep my risk under 10 pips.
Second, is that you can see that in the 3rd hour we already bounced off of resistance in a meaningful way. This might be a tip that selling is all done for the moment.
Lastly, remember that there are winning trades and there are losing trades. The key is to ride your winners and cut your losers. If you don't start making pips in the first couple minutes the odds are that this isn't an ideal trade. Why risk money on less than ideal trades? Just get out for +1, 0 or -2 or even -5. Trade like a cheetah - if that gazelle doesn't go down on the first paw swipe - why are you still chasing it?
Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.
- TheRumpledOne
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eudamonia wrote:cfabian wrote:Buzzard was on "get ready" for EURUSD, with 4 green candles.
Got in at next H1, at open -6 pips (red candle), it reversed and turned green again. I stoped it at -15.
Any comments on this trade?
cfabian,
A couple thoughts on this trade. The first is that it has been my observation that "good" buzzard trades should immediately show you the money. Others may disagree but if I see the first 5 min bar where I get in close in the opposite direction - I get out. I try to keep my risk under 10 pips.
Second, is that you can see that in the 3rd hour we already bounced off of resistance in a meaningful way. This might be a tip that selling is all done for the moment.
Lastly, remember that there are winning trades and there are losing trades. The key is to ride your winners and cut your losers. If you don't start making pips in the first couple minutes the odds are that this isn't an ideal trade. Why risk money on less than ideal trades? Just get out for +1, 0 or -2 or even -5. Trade like a cheetah - if that gazelle doesn't go down on the first paw swipe - why are you still chasing it?
Edward
First up, you said it went 6pips into RED, and you enetered when the hour opened? How much was the spread? Looks like there were a FEW pips to be taken if price stalled before going back up.
Second: I NEVER trade as soon as the hour opens, even if there are 3 green/red before it. You have your psychological lines plotted at the 00 25 50 75. Why not use them?
The hour opened in the middle of the 75 and 00 lines. If price went down to your 75 line its more of a confirmation that the candle wont reverse right away.
If it was me I would have even had a limit order for LONG at the 1.3000 line. I find after it hits a 00 it generally keeps going for xx pips. Not to say that it won't reverse, but it generally keeps going a bit.
- TheRumpledOne
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Hey pierre:
Sounds like you are using the PSYCHOLOGICAL TRADES and Ed is using the Buy Zone.
Either way, you can make a profit.
It's up to the trader to find and use what works for them.
Remember, it's not good/bad or right/wrong when it comes to trading....
IT IS PROFITABLE/UNPROFITABLE!!
Sounds like you are using the PSYCHOLOGICAL TRADES and Ed is using the Buy Zone.
Either way, you can make a profit.
It's up to the trader to find and use what works for them.
Remember, it's not good/bad or right/wrong when it comes to trading....
IT IS PROFITABLE/UNPROFITABLE!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Please do NOT PM me with trading or coding questions, post them in a thread.
Please do NOT PM me with trading or coding questions, post them in a thread.
When he indicated he had missed THREE buy zone entries I conclude he meant on 3 different currencies... it's not the pair he was looking at had crossed the BuyZone 3 times as he was waiting, correct?
TheRumpledOne wrote:Slapfish
the next think I knew, I'd missed THREE buy zone entries that could have netted me 20+ pips. What was I doing? I had my mind locked on the trade I wanted (on the past) and I missed the ones right in front of me!
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