PA, S/R, ZL, EXTREMES & MOMO
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newscalper wrote:Yeah Same ideas but slightly different ways of looking at them, I'm combining candles on the high TF a-la Mo On the pairs I look at that was all I could see today, I'm trying to get into longer trades off high TF extremes and getting the entry down to the 5/15 minute level. Entries have been really tight: when I manage to get them on.
The issue for me has been the shift in thinking 'I'm 100 pips up...take profit' or 'It's coming back to my entry, exit for break even' to waiting because if what you're trading is a 3 day chart with combined bars price can come back to your entry several times within one bar and the swings can be 100s of pips.
That bloomin euro is just sitting there. C'mon!! I've got to eat
But in order to do so you need larger stops. Although tight entries happen, such big moves need space to "breath".
I would love to manage trades just as you described. Starting by being profitable constantly.
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!
"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"
"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"
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- newscalper
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cfabian wrote:newscalper wrote:Yeah Same ideas but slightly different ways of looking at them, I'm combining candles on the high TF a-la Mo On the pairs I look at that was all I could see today, I'm trying to get into longer trades off high TF extremes and getting the entry down to the 5/15 minute level. Entries have been really tight: when I manage to get them on.
The issue for me has been the shift in thinking 'I'm 100 pips up...take profit' or 'It's coming back to my entry, exit for break even' to waiting because if what you're trading is a 3 day chart with combined bars price can come back to your entry several times within one bar and the swings can be 100s of pips.
That bloomin euro is just sitting there. C'mon!! I've got to eat
But in order to do so you need larger stops. Although tight entries happen, such big moves need space to "breath".
I would love to manage trades just as you described. Starting by being profitable constantly.
I'm not in agreement on large stops. If you're going to trade with a larger stop you may as well trade a smaller time frame with a larger position. There's no money advantage to the larger stop. Sure with the smaller stop you may get stopped out a couple of times but the total loss will still be smaller than taking the larger hit if you're wrong.
I'm still in the CAD trade. What was the stop? 13 or something? Currently up 100+. The entry isn't something I struggle with, it's the next bit where I could now close for a 10:1 r:r but if trading 3 daily bars should be holding for a whole lot more, it then comes back to my entry and I'm out at b/e.
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