es/pip wrote: MightyOne wrote: es/pip wrote:
all in all finished the day with +4%
considering all the b/e trades and this trade i posted, which i took a full stop on
great roi on the week
MO do you have any comments on this one, got in near the close of the wick bar
5 min slammed literally 30 pips taking me out before i could even think about getting out at b/e
i see the congestion to the left but with the increase of momo into it i thought it was going to go
Why would you enter near the close?
There is a reason why I say the a ZL trade involves the candle hugging momentum only.
After that candle closed you would either trade long as price moved above the momentum candle or you would wait for a pull back for the S&R trade.
Not referring to the cycle line trading:
I usually trade for 1 candle and that candle is the bar hugging the momentum candle.
The only way that I trade for 2 candles is if my entry candle closed
bullish and I have an even higher TF single candle trade that has time
left until it closes.
ok i can see what you are saying
i have another q for you
with all the different examples/methods that you have presented on how to trade
---------- degree channels
---------- trading in direction with adding p/l to your stop distance
---------- etc etc
which one do you trade----or is it a combination of all the ideas
My trades are always placed with value in mind.
The 100 bar ATR on the GBPUSD is 264 pips and that means
that with a 10 pip stop that currency has the ability to make me
26.4 to 1 per day and even more on momentum.
At 20 to 1 per day at 1% per trade $1,000 becomes
~$89,762,301,673,555,234,816,000 in 1 year.
That is over 89 sextillion dollars...
Even though that is an impossible feat to accomplish you can
clearly see that the real money in in capturing the range or at
least in trying to do so.
You can also see that 1% risk is OVER KILL when you are only
trying to get to a million dollars (no one needs to make more than $100,000/day).
So to answer your question I trade from a line in a long term direction.
As of recently this line is what I call the Dynamic trend and it
is used on a chart that represents my long term goal.
No real entry method is needed on a small TF chart like a 2m
or a 5m you just short as price picks up speed while trading away
from the line.
I have done simply that while focusing on first increasing the size
on my stop with profits and then letting price move to potentially
capture a ridiculous daily profit.
Due to my low risk and inflated stops I have both the time and
available margin to work more than one currency thus increasing
my chance of capturing a large move before dinner.
Using this strategy you need only be right 10% of the time and you will still be able to quit your job in a matter of years.
I have been exploring the use of Dynamic Fibs on a small TF traded in the direction of the longer term Dynamic Trend.