prochargedmopar wrote:07D1E0A0-03C8-461A-B61C-26F57EB04D72.jpeg
And here in lies the reason dchappy uses a hedge trade.
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prochargedmopar wrote:07D1E0A0-03C8-461A-B61C-26F57EB04D72.jpeg
aliassmith wrote:prochargedmopar wrote:Same thing dragon did trade after trade after trade.
E37E86EC-552B-44CD-99CA-EF3A44032590.jpeg
ECEB39A7-9CE4-495A-822A-71CD0C449EA2.jpeg
Are you consistent trading like that? I would take 50 pips in a day. With a $2k account I would trade about $1/pip. I think you said something about making $150 a day so you would need $6000 @ 1:5 leverage. I usually don't go above 1:10 leverage.
prochargedmopar wrote:And here in lies the reason dchappy uses a hedge trade.
Code: Select all
That's not a hedge, that's a stop loss in the most round about way possible.
A hedge is done with options, intermonth spreads, correlated charts, etc, and you retain the potential to make money while in a hedge.
First question: where did price come from?
You can clearly see that price descended from that top oval and, if you had any doubts, the fact that price returned there is a double-underline saying 'THIS IS A PATTERN'.
Second question: where did price go?
You trace your finger down until it stops and on the micro scale it retraces a little bit and forms a pattern (the idea of a pattern is a close or congestion and what close is at the maximum price of the expansion?...it could happen, but that is not what we are seeing)
Imagine that the micro pattern is sitting on something: that is why the oval is placed at that location.
Third question: is price reacting to the midpoint of the patterns?
this is a strategic place to take profit, esp. if you are trading back and forth, and by watching this area you can usually get an idea of what the plan is.
Fourth question: what is the market condition?
Is price making beautiful V's? Is it moving sideways (narrow or wide?)? Is it making steps? Are the moves straightforward or 'tricky'?
What do you expect going into the trade?
Now you consider your risk-box, how many lines you have, whether or not you need to adjust your positon sizing (need more lines? volatility?...)
Done with your homework? Great!
Now you can trade lines, risk lines, and make lines!
MightyOne wrote:prochargedmopar wrote:And here in lies the reason dchappy uses a hedge trade.
Code: Select all
That's not a hedge, that's a stop loss in the most round about way possible.
A hedge is done with options, intermonth spreads, correlated charts, etc, and you retain the potential to make money while in a hedge.
First question: where did price come from?
You can clearly see that price descended from that top oval and, if you had any doubts, the fact that price returned there is a double-underline saying 'THIS IS A PATTERN'.
Second question: where did price go?
You trace your finger down until it stops and on the micro scale it retraces a little bit and forms a pattern (the idea of a pattern is a close or congestion and what close is at the maximum price of the expansion?...it could happen, but that is not what we are seeing)
Imagine that the micro pattern is sitting on something: that is why the oval is placed at that location.
Third question: is price reacting to the midpoint of the patterns?
this is a strategic place to take profit, esp. if you are trading back and forth, and by watching this area you can usually get an idea of what the plan is.
Fourth question: what is the market condition?
Is price making beautiful V's? Is it moving sideways (narrow or wide?)? Is it making steps? Are the moves straightforward or 'tricky'?
What do you expect going into the trade?
Now you consider your risk-box, how many lines you have, whether or not you need to adjust your positon sizing (need more lines? volatility?...)
Done with your homework? Great!
Now you can trade lines, risk lines, and make lines!
EURJPYM15.png
prochargedmopar wrote:MightyOne wrote:prochargedmopar wrote:And here in lies the reason dchappy uses a hedge trade.
Code: Select all
That's not a hedge, that's a stop loss in the most round about way possible.
A hedge is done with options, intermonth spreads, correlated charts, etc, and you retain the potential to make money while in a hedge.
First question: where did price come from?
You can clearly see that price descended from that top oval and, if you had any doubts, the fact that price returned there is a double-underline saying 'THIS IS A PATTERN'.
Second question: where did price go?
You trace your finger down until it stops and on the micro scale it retraces a little bit and forms a pattern (the idea of a pattern is a close or congestion and what close is at the maximum price of the expansion?...it could happen, but that is not what we are seeing)
Imagine that the micro pattern is sitting on something: that is why the oval is placed at that location.
Third question: is price reacting to the midpoint of the patterns?
this is a strategic place to take profit, esp. if you are trading back and forth, and by watching this area you can usually get an idea of what the plan is.
Fourth question: what is the market condition?
Is price making beautiful V's? Is it moving sideways (narrow or wide?)? Is it making steps? Are the moves straightforward or 'tricky'?
What do you expect going into the trade?
Now you consider your risk-box, how many lines you have, whether or not you need to adjust your positon sizing (need more lines? volatility?...)
Done with your homework? Great!
Now you can trade lines, risk lines, and make lines!
EURJPYM15.png
Ok,
so what timeframe do I use on UJ or AU if my lines are 20 pips apart?
Gotta keep this as simple as possible.
No funny business.
Trade lines, risk lines, and make lines.
I’ve got lots of car parts to buy.
And that damned inflation.
Hella outa hand.
I could get a # of Bison for $3.99 on sale and reg price was $4.99 a few years ago.
Now I see at HEB it’s $9.97 a Pound.
Holy macaroni, I wish my hourly base pay rate would have
doubled to match the inflation rate.
Guessing a successful trader can just double his pip value.
LOL
prochargedmopar wrote:
Ok,
so what timeframe do I use on UJ or AU if my lines are 20 pips apart?
Gotta keep this as simple as possible.
No funny business.
Trade lines, risk lines, and make lines.
...
MightyOne wrote:prochargedmopar wrote:
Ok,
so what timeframe do I use on UJ or AU if my lines are 20 pips apart?
Gotta keep this as simple as possible.
No funny business.
Trade lines, risk lines, and make lines.
...
UJ has a HATR of 12 where as the AU has a HATR of 8:
Line widths H1:
4.8 pips on the UJ
3.2 pips on the AU
Line sizes H4:
9.6 pips on the UJ
6.4 pips on the AU
Line sizes D1:
19.2 on the UJ (20 pips is daily)
12.8 on the AU (20 pips is weekly)
As Alias said, you can trade H4/D1...
but you'll probably end up spending more time in your AU trades due to the smaller price ranges.
You do not need special indicators as you can do everything right within Advanced Charting platform (I set it up exactly as I would for myself):
for_pro.png
This is how easy it is to set up the fibo:
(located where you see the pitchfork)
for_pro2.png