TRO,
It was open all week except for friday.
A few of your regulars were very helpful.
Good to have you back.
MightyOne,
I woke up dreaming about exits and entrances. I could see a candle in my head and myself exiting at the beginning formations of a wick, entering at the formation of a wick, and exiting at the formation of the extreme wick.
One candle rides. No draw downs as you stated. All based on the previous one or two candles long wicks and a body(smallish) in the direction of profit.
Whew, seems risky, I've got some learning to do to pull that off.
At this point I don't feel like I can mix scalping and 30-40 pip runs.
Maybe at a later time.
Never Lose Again
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- prochargedmopar
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#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
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- prochargedmopar
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TRO,
Would you be willing or able to modify your dynfibs ss rr to paint the dots from the extreme of the body closing points instead of the wicks? It would help me to see breakouts of the bodies and the direction of price. The wicks appear to be erratic and unstable and only show the direction of loss/stops according to MightyOne.
Also,
One day in the chat room last week my father and I we were being taught about support and resistance levels. We were told to "watch" and "see" what happens when it's gets to that area(#/price) level.
My father (johnrich) said he'd like an indicator that would paint lines that were "fuzzy". They would be placed by the trader(him/me) on the chart but would look more like the 4th down line you see on TV during a NFL football game. Kinda transparent like but would bring you attention to the area. He's fully willing to donate to get it.
Thanks
Procharged
Would you be willing or able to modify your dynfibs ss rr to paint the dots from the extreme of the body closing points instead of the wicks? It would help me to see breakouts of the bodies and the direction of price. The wicks appear to be erratic and unstable and only show the direction of loss/stops according to MightyOne.
Also,
One day in the chat room last week my father and I we were being taught about support and resistance levels. We were told to "watch" and "see" what happens when it's gets to that area(#/price) level.
My father (johnrich) said he'd like an indicator that would paint lines that were "fuzzy". They would be placed by the trader(him/me) on the chart but would look more like the 4th down line you see on TV during a NFL football game. Kinda transparent like but would bring you attention to the area. He's fully willing to donate to get it.
Thanks
Procharged
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
- TheRumpledOne
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I would have to write a different indicator but I am not sure it would do what you are thinking it would do.
If you are using MT4, you can plot horizontal lines by hand with the line tool. And you can change the style and color. No need for another indicator. But I think I did write an indicator that would plot a horizontal line at the price you enter.
If you are using MT4, you can plot horizontal lines by hand with the line tool. And you can change the style and color. No need for another indicator. But I think I did write an indicator that would plot a horizontal line at the price you enter.
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.
- TheRumpledOne
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JESGPY wrote:TRO.
I am trading the with SWEET SPOT GOLD trigger lines, along with 3 level zz semafor to have an idea of the price behavior/direction.
On each trade I take I look forward to take 5 or 6 pips.
I have not hace a losing trade.... BUT!!!
I am not trading with any stop loss, not even mental. Some times the trade goes totally in the oposite side I took, but because the 3 level zz semafor shows me that the price will eventually reasume the direction I took, I leave the position opened. I am trading still with a demo account.
What I would like to know is a sugestion of how many pips should I place at risk. I know that depends on my risk tolerance. But i would like to know aproximate numeber, so I can calculate the value of my pips, because I am willing to risk 5% on each trade.
Sorry for making it to long.
THANKS
JUAN
Use the TRO DRAGON MONEY MANAGEMENT indicator that I coded.
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.
smartquant wrote:MightyOne wrote: It was the 5m range multiplied by 2.5 which is very close to the M15 480 range that I use now.
If I want to scalp then I use M15 range * 0.6666.
No matter what formula you use you want to place your stops based on the volatility of the pair you are trading.
You don't want to use a 15 pip stop with an avrg. range of 26 and lose 16% in 20 minutes.
When you size your position based on volatility then you stand a chance of making consistent returns and minimizing risk when things don't go your way.
+ there is no reason to size your trades so that you will be trading billions in 2 years time because IT IS NOT going to happen.
So calm down, widen your stops (4% risk max), and trade strategically.
Hi MightOne,
I was ready about using 2.5 times the 5min range for stops.
Is this 2.5 times the average range of the last X 5 min bars or simply 2.5 times the range of the last 5 min bar?
Thanks for your input.
It was M5 288 range * 2.5
After getting tired of changing my SL settings every 5m it then was
M5 1,440 range * 2.5
Until I realized that M15 480 range * 1 was almost the same number.
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prochargedmopar wrote:TRO,
It was open all week except for friday.
A few of your regulars were very helpful.
Good to have you back.
MightyOne,
I woke up dreaming about exits and entrances. I could see a candle in my head and myself exiting at the beginning formations of a wick, entering at the formation of a wick, and exiting at the formation of the extreme wick.
One candle rides. No draw downs as you stated. All based on the previous one or two candles long wicks and a body(smallish) in the direction of profit.
Whew, seems risky, I've got some learning to do to pull that off.
At this point I don't feel like I can mix scalping and 30-40 pip runs.
Maybe at a later time.
Maybe I will move on to talking about entry strategy...
MightyOne wrote:prochargedmopar wrote:TRO,
It was open all week except for friday.
A few of your regulars were very helpful.
Good to have you back.
MightyOne,
I woke up dreaming about exits and entrances. I could see a candle in my head and myself exiting at the beginning formations of a wick, entering at the formation of a wick, and exiting at the formation of the extreme wick.
One candle rides. No draw downs as you stated. All based on the previous one or two candles long wicks and a body(smallish) in the direction of profit.
Whew, seems risky, I've got some learning to do to pull that off.
At this point I don't feel like I can mix scalping and 30-40 pip runs.
Maybe at a later time.
Maybe I will move on to talking about entry strategy...
hmmmmmmmmm, that would be interesting. I am waiting by the computer for this one.
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MightyOne wrote:smartquant wrote:MightyOne wrote: It was the 5m range multiplied by 2.5 which is very close to the M15 480 range that I use now.
If I want to scalp then I use M15 range * 0.6666.
No matter what formula you use you want to place your stops based on the volatility of the pair you are trading.
You don't want to use a 15 pip stop with an avrg. range of 26 and lose 16% in 20 minutes.
When you size your position based on volatility then you stand a chance of making consistent returns and minimizing risk when things don't go your way.
+ there is no reason to size your trades so that you will be trading billions in 2 years time because IT IS NOT going to happen.
So calm down, widen your stops (4% risk max), and trade strategically.
Hi MightOne,
I was ready about using 2.5 times the 5min range for stops.
Is this 2.5 times the average range of the last X 5 min bars or simply 2.5 times the range of the last 5 min bar?
Thanks for your input.
It was M5 288 range * 2.5
After getting tired of changing my SL settings every 5m it then was
M5 1,440 range * 2.5
Until I realized that M15 480 range * 1 was almost the same number.
Hi MightyOne,
Thanks for your input. I don't know what M5 288 or M5 1,440 mean but I'll search around to learn more.
Thanks again.
smartquant wrote:MightyOne wrote:smartquant wrote:MightyOne wrote: It was the 5m range multiplied by 2.5 which is very close to the M15 480 range that I use now.
If I want to scalp then I use M15 range * 0.6666.
No matter what formula you use you want to place your stops based on the volatility of the pair you are trading.
You don't want to use a 15 pip stop with an avrg. range of 26 and lose 16% in 20 minutes.
When you size your position based on volatility then you stand a chance of making consistent returns and minimizing risk when things don't go your way.
+ there is no reason to size your trades so that you will be trading billions in 2 years time because IT IS NOT going to happen.
So calm down, widen your stops (4% risk max), and trade strategically.
Hi MightOne,
I was ready about using 2.5 times the 5min range for stops.
Is this 2.5 times the average range of the last X 5 min bars or simply 2.5 times the range of the last 5 min bar?
Thanks for your input.
It was M5 288 range * 2.5
After getting tired of changing my SL settings every 5m it then was
M5 1,440 range * 2.5
Until I realized that M15 480 range * 1 was almost the same number.
Hi MightyOne,
Thanks for your input. I don't know what M5 288 or M5 1,440 mean but I'll search around to learn more.
Thanks again.
The average range of 288 or 1,440 five minute bars
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