MightyOne wrote:...I have simply been sticking a pending order on a break in - with predictable results Maybe I have been at it wrong - using pending orders to try to predict the break in extreme rather than let it form - then use a pending order (pendings are mainly all i use because of work btw)
(after all I dont know just how far price will push through on a break in - if at all!)-
The long term is for placing/trailing stops, the short term is for accumulating size and space prior to the long term move.
Work/Sleep trading seems to be an epidemic around here
Trading Forex is like having a baby, you have to be ready to wake up at any time the price alert cries.
Focus on one cycle a day:
If you only have time to add once then add once and look for an exit.
If you can add twice then get the 3rd order in and look for the exit.
Write down your space, size, & pip value and then go to work or sleep: 53 & 6 @ $1.20.
What if you move to a chart where the pip value is 80 cents? (1.2 / .8 ) * 53, your new space is 79.5 & 6 @ $.80...
and back to $1.20: (.8 / 1.2) * 79.5 = 53. Gives you some ideas for situations where you have lost space doesn't it
Try to attack the same chart if you can but if it moves without you then it moves with out you.
Eventually (my favorite word...next to 'something') you are going to catch the long term chart making a move and you will be in the market with size (& that is what is important).
Thanks again MO
That's a really interesting answer
I now know you wait to see whats going to happen after price hits your alert
If you expect to see what you want to see - you act
I am thinking its a bit like dragon or espips - momo away - return to about 50% observe the reaction - hit the go button - with price heading in your direction - like tro's horz line approach
Im going to split my trading ideas over two types of ideas as a result
I am giving up a pending order on an extreme for an alert at the same level