Never Lose Again

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kc8flq
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Re: Kill it or let it die?

Postby kc8flq » Wed Apr 01, 2009 2:39 am

razorboy wrote:Went long on the second wick in the blue zone..........killed it by the thumb - thought the green bars had some good momentum.

When should i have killed this?



To be honest, I don't see a zone there at all. I don't think I would've considered entering.


fair enough, but isnt that like moving your SL?


If the market is showing you that you were wrong what does it matter if you move your loss to zero, or as low as possible?
Give a man a fish.... feed him for a day...
Teach a man to fish.... feed him for a LIFETIME!!!

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pierre23
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Re: Kill it or let it die?

Postby pierre23 » Wed Apr 01, 2009 2:45 am

razorboy wrote:Went long on the second wick in the blue zone..........killed it by the thumb - thought the green bars had some good momentum.

When should i have killed this?


I see no momo candle there (current body 2x prev), I wouldn't have entered long.. I believe if the first candle of the timeframe your trading in closes against you, you look to BE or minimise losses. I think this is the rule if you are using the ATR x 2.5 as your stop. Why? Well, technically you'll get stopped out ~2 candles from now if it keeps heading in the opposite direction, whats to say the 2nd candle won't head back into profit? Not sure.. ask MO lol

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Postby pierre23 » Wed Apr 01, 2009 2:54 am

MightyOne wrote:
pierre23 wrote:
MightyOne wrote:
pierre23 wrote:
MightyOne wrote:This reminds me of when I was 19 and I mentioned to one of my father's employees that I had made $13,000 that morning.


Impressive :wink:

MightyOne wrote:You cannot exit at a loss there for after each success you become significantly more difficult to stop out.

You don't need a gagillion successful trades in a row you only need to survive your errors in judgment and that becomes more easy after each inflation of your SL.


I was on my way home from work today when what you said clicked to me. "He's right" I said out aloud.. I think my mind was a little tired from the days work and it set on thinking there was no point in risking all profit. But in each winning trade the next trade becomes easier and easier to profit from.

I will give it a go and let you know how it pans out.

thanks


Now that your mind has overcome its fear of losing short term profits I will put it more at ease:

Your largest stop need only be the size of the largest correction in an up move for longs and the largest correction in a down move for shorts. If you do not have a size for the shorts then check the last bear trend in your history.

Chances are that you will not enter at the apex before the correction and if it retraces greater than the maximum retracement then it is likely not a retracement.

ImageImage


Ok, thank you for going into more detail. It does make sense to only add to your sl until the top of the largest correction. I used this method last night, after an initial 2 losses I had 6wins consecutively and finished at +53pips.. winning getting easier after every win before that.

Just a question, do you add your net total of pips to the SL? Say your first trade hits sl at -10pips. The second you get +15. Are you adding +5 or +15?


You would add 15 pips less commission for ~ a 24 pip SL.

So you ended the session with 5.3% or did you risk more?


Ok. Just a question with the thick line you have plotted, you plot that when you sit down at the computer right? Trade long above it and short below it. The line expires every 4 hours in which you draw another?

Yep, ended the session at that. Needed sleep so bad, my eyes were falling out of my head lol

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Re: Kill it or let it die?

Postby razorboy » Wed Apr 01, 2009 2:59 am

i figured the four solid bull bars had some good movement to them

pierre23 wrote:
razorboy wrote:Went long on the second wick in the blue zone..........killed it by the thumb - thought the green bars had some good momentum.

When should i have killed this?


I see no momo candle there (current body 2x prev), I wouldn't have entered long.. I believe if the first candle of the timeframe your trading in closes against you, you look to BE or minimise losses. I think this is the rule if you are using the ATR x 2.5 as your stop. Why? Well, technically you'll get stopped out ~2 candles from now if it keeps heading in the opposite direction, whats to say the 2nd candle won't head back into profit? Not sure.. ask MO lol

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Postby MightyOne » Wed Apr 01, 2009 3:03 am

I knew it had more down steam es / pip :wink:

Do you see how this works?

If you worry about pennies then you will never be brave enough
to reach for dollars :shock:

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Postby MightyOne » Wed Apr 01, 2009 3:12 am

Image

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Postby MightyOne » Wed Apr 01, 2009 3:18 am

Don't wipe your eyes because you are not seeing things :shock:

ANOTHER 30 DEGREE CHANNEL!

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Postby pierre23 » Wed Apr 01, 2009 3:31 am

Without looking at the charts (I'm at work atm) the LRC or Shi Channel wouldn't revolve around those specific angles would they?

Also would it be possible for an indicator to be coded to show visually the angles or has this already been discussed?

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Postby es/pip » Wed Apr 01, 2009 3:45 am

MightyOne wrote:I knew it had more down steam es / pip :wink:

Do you see how this works?

If you worry about pennies then you will never be brave enough
to reach for dollars :shock:

Image


believe me i have racked my brain on the channel stuff

what i am able to see is the change in speed--- i can see it without drawing any lines at all------ my problem/issue is where to anchor the weight--------but i will figure this out even if it cripples me :D

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Postby TheRumpledOne » Wed Apr 01, 2009 3:53 am

Image

The draining never ends...
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.

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