The ideas that I trade by:

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Goonslinger
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Re: The ideas that I trade by:

Postby Goonslinger » Fri May 22, 2015 2:31 pm

MO,

In the above example for USDCAD, would you have liquidated when it failed to break as shown in the attachment and then looked to go long as there was a reaction at a 2 day+ extreme? Or would you have had faith in your initial position?
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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Fri May 22, 2015 5:52 pm

Goonslinger wrote:MO,

In the above example for USDCAD, would you have liquidated when it failed to break as shown in the attachment and then looked to go long as there was a reaction at a 2 day+ extreme? Or would you have had faith in your initial position?


Trading is placing and trailing stops on a long term chart.

Holding consumes time, the longer you plan on holding a trade the larger the period that needs to be traveling in the direction of profit.

On short term charts I will place a trade with a stop at a 2+ day extreme so that when/if I do decide to hold I can transition easily to a large chart; my stop is at a long term extreme ready to be trailed.

When a short term trade is taken against the direction of profit then I am hoping for a long term chart to conform to the short term direction by closing lower than 'something'; if this does not happen then I will simply again trade with the direction of profit.

traderev_usdcad.png
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Goonslinger
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Re: The ideas that I trade by:

Postby Goonslinger » Fri May 22, 2015 6:56 pm

Thank you. I believe I may have had a http://media.tumblr.com/tumblr_m8ywn1iesH1r6uu3b.gif moment. :D
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prochargedmopar
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Re: The ideas that I trade by:

Postby prochargedmopar » Sat May 23, 2015 5:12 am

MightyOne wrote:
my stop is at a long term extreme ready to be trailed.

When a short term trade is taken against the direction of profit then I am hoping for a long term chart to conform to the short term direction by closing lower than 'something'; if this does not happen then I will simply again trade with the direction of profit.



And I would assume "trailed" here would mean to ADD lots (reward multiples) and reduce the risk box.
Only his/her 2nd post so don't want him/her to get any funny Ideas. :idea:
LOL
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Re: The ideas that I trade by:

Postby MightyOne » Sat May 23, 2015 5:58 am

prochargedmopar wrote:
MightyOne wrote:
my stop is at a long term extreme ready to be trailed.

When a short term trade is taken against the direction of profit then I am hoping for a long term chart to conform to the short term direction by closing lower than 'something'; if this does not happen then I will simply again trade with the direction of profit.



And I would assume "trailed" here would mean to ADD lots (reward multiples) and reduce the risk box.
Only his/her 2nd post so don't want him/her to get any funny Ideas. :idea:
LOL


Of course, if you are not normalizing risk then there is no reason to move your stop loss...unless you like less profit :lol:

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Re: The ideas that I trade by:

Postby Goonslinger » Sat May 23, 2015 1:01 pm

Just to clarify some points.

I didn't take this trade, I'm just trying to walk myself through a potential trade. It's EURUSD on a 2h TF.

I enter a position from a 2+day extreme with space of 49 pips. If I fail to add at that point do I then look to add whatever it takes to bring my stop closer (normalise risk) to where I could/should have added initially? (Manipulate space as I see fit to compress space as opposed to doubling and then adding +50%)

As far as liquidation is concerned would that have been an otherwise good spot to have liquidated assuming you hadn't seen the next days bar? Or does the daily chart clearly show that I would have been too hasty?
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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Sat May 23, 2015 5:56 pm

Goonslinger wrote:Just to clarify some points.

I didn't take this trade, I'm just trying to walk myself through a potential trade. It's EURUSD on a 2h TF.

I enter a position from a 2+day extreme with space of 49 pips. If I fail to add at that point do I then look to add whatever it takes to bring my stop closer (normalize risk) to where I could/should have added initially? (Manipulate space as I see fit to compress space as opposed to doubling and then adding +50%)

As far as liquidation is concerned would that have been an otherwise good spot to have liquidated assuming you hadn't seen the next days bar? Or does the daily chart clearly show that I would have been too hasty?


The only time that you move your stop is after you add lots; when risk increases, your stop moves to bring the risk back down.

Price does not have to move for you to add lots:
When do other people move their stops? Whenever they feel like it, right?
So it is with you and your stops that you move them whenever you feel like it save that you
first add size.

Your space for a 2H chart is too small as you can see that a single candle could tear right through it.
Your idea may have been the 2H direction of profit & the double failure (I circled it in the pic) but
you would have certainly been watching the 5 or 15 minute chart; your space should be quite large compared
to the bodies in the chart period that you are observing.

goon_001.png
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Re: The ideas that I trade by:

Postby MightyOne » Sat May 23, 2015 6:11 pm

You can start reading from HERE to get up to speed.

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Re: The ideas that I trade by:

Postby yai » Mon May 25, 2015 1:26 am

Hello MO, :D

I've been following your thread since last November so far this is the best forex lesson I have ever come across(my forex journey is about 10 yrs which so far 'so so') :(
I read this thread from page 99 few times I'm going to reread again from page 169.
Is it possible to briefly guide me & many newbies with full time jobs? ''How to enter the trade & adding the space with one hour working time per day'' Your idea :idea: should enlighten us to see light at the end of tunnel.

Thank you for the very best thread. =D>

Best regards,

Goonslinger
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Re: The ideas that I trade by:

Postby Goonslinger » Wed May 27, 2015 12:42 pm

First missed opportunity. :(

I keep allowing myself to lose sight of what I'm meant to be trading - HTF's.

EDIT: just realised it was a pretty good red rat entry too. ](*,)
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