EU 2+ day extreme.
Looking for shorts, target opposite extreme.
http://www.mql5.com/en/charts/2103263/e ... rski-banku
The ideas that I trade by:
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forextrading wrote:MightyOne, are you playing extreme in the direction of the main trend or playing in both directions?
I am trading the large chart.
Short term I might reverse with min. size.
Long term I might reverse with max. size.
Large charts, large size.
Small charts, small size.
The more lots you accumulate the easier your decisions will be.
Example:
Q: I started with 2 units & now have 16, what is the cost (risk) to reverse with 2 units and 25 space?
A: (2/16) * 25 or 3.2 pips.
I hope that answers your question
- Jalarupa
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MightyOne wrote:forextrading wrote:MightyOne, are you playing extreme in the direction of the main trend or playing in both directions?
I am trading the large chart.
Short term I might reverse with min. size.
Long term I might reverse with max. size.
Large charts, large size.
Small charts, small size.
The more lots you accumulate the easier your decisions will be.
Example:
Q: I started with 2 units & now have 16, what is the cost (risk) to reverse with 2 units and 25 space?
A: (2/16) * 25 or 3.2 pips.
I hope that answers your question
I love it when MO 'suggests' something... It generally always works out...
Still trying to get to grips with the math side of things...
I have consulted previous posts that you made, when you make reference to lot size readjustment and I feel like I may just figure it out... In the above equation you are saying that you have 3.2Pips of space at 16 lots? or am i missing the boat totally?
jalarupa wrote:...In the above equation you are saying that you have 3.2Pips of space at 16 lots? or am i missing the boat totally?
Had you worked your way to 16 lots and want to reverse with 2 lots (min. size) then any space you use would be 2/16 the size of your space at 16 lots; if you reverse with 2 lots and 25 space then your risk is 3.125 of how every many pips you hold at 16 lots.
Maybe you can afford to reverse with a risk of 10 pips without disrupting your plan, should you lose, to trade long term in the other direction & you take a short term trade with 6 lots risking 9.375 pips.
Here is a picture =)
Once you start frequently using space you will find that you go on many side journeys & that they all lead back to the main path.
Always ask 'what can I do' instead of 'what should I do' because what you can do is easy to answer.
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For our more advanced friends who use TA:
You will find that a chart is nothing more than triangles and breakouts & that triangles are nothing more than two channels that cannot agree on direction.
Use the simplest thing that works:
If you just want to reach the extreme then forget about the price action.
If you want to time your trades then bodies & wicks are enough.
If you see a triangle and it helps you plan your trades then use it, but if a particular triangle is only confusing you then don't use it on this trade.
You will find that a chart is nothing more than triangles and breakouts & that triangles are nothing more than two channels that cannot agree on direction.
Use the simplest thing that works:
If you just want to reach the extreme then forget about the price action.
If you want to time your trades then bodies & wicks are enough.
If you see a triangle and it helps you plan your trades then use it, but if a particular triangle is only confusing you then don't use it on this trade.
- Jalarupa
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MightyOne wrote: Here is a picture =)
Once you start frequently using space you will find that you go on many side journeys & that they all lead back to the main path.
Always ask 'what can I do' instead of 'what should I do' because what you can do is easy to answer.
My inner dyslexic thanks you...
So basically what you are saying is that if my full trading activity until now has granted me 15 pips at 16 lots then I can risk a smaller amount over larger space (to get the ball rolling again). So in your example if I am understanding you correctly, I risk roughly 3.13 pips at full 16 lots by dropping to 2 lots over 25 pips. Which means if my plan goes south then I have about 11.87 pips at full risk remaining...?
- Jalarupa
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Diversify... got you
Now to tackle that TA section... introspection...
I've noticed that the 35 pips position holds up nicely at extremes for mid range beta pairs(i add extra 10 pips for high beta pairs)... unless that extreme is coning, in which car you probably want to enter with a limit order beyond the extreme and protected by the HTF levels... but for the most part I can see that if you are trading off of the HTF then you don't really need much more than just a good level and some balls to do well in this strategy...
Now to tackle that TA section... introspection...
I've noticed that the 35 pips position holds up nicely at extremes for mid range beta pairs(i add extra 10 pips for high beta pairs)... unless that extreme is coning, in which car you probably want to enter with a limit order beyond the extreme and protected by the HTF levels... but for the most part I can see that if you are trading off of the HTF then you don't really need much more than just a good level and some balls to do well in this strategy...
- Jalarupa
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MightyOne wrote:For our more advanced friends who use TA:
You will find that a chart is nothing more than triangles and breakouts & that triangles are nothing more than two channels that cannot agree on direction.
Use the simplest thing that works:
If you just want to reach the extreme then forget about the price action.
If you want to time your trades then bodies & wicks are enough.
If you see a triangle and it helps you plan your trades then use it, but if a particular triangle is only confusing you then don't use it on this trade.
My problem is, I struggle to establish which lines are important... largely due to an overall lack of understanding... So I'm going to try and abide by your TA mantra; "Lines don't matter so much as understanding the PA"
SO PA moves between 2 opposing channels and sometimes Breaks Out of those channels to discover channel resistance on larger channels...
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