Three Charts

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MightyOne
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Re: Three charts

Postby MightyOne » Wed Aug 12, 2015 5:38 pm

jrtrading wrote:Edit: Exited this trade because price did not close higher, was also way too tight of a space.
Edit II: Price seems to want to go higher so I went in again, this time with a much wider space.

As I wrote some posts ago I decided to trade demo and that has some challenges in itself, meaning no respect for "money".
After some loss I put on a high lot trade which could have easily wiped me out, instead I am up 11.5%.
This is not good on many levels..

1:
USDCAD.afxH1.png


2:

USDCAD2.afxH1.png


Just for comparison, this is not the way that I do things at all :lol:

My initial space will always be ~35 pips (because of P&F studies done with Alias).

35 pips from an extreme or a long term breakout ("BOx") is plenty of space.

If you oversize your space, as someone who is new to space, then your trade selection suffers;
you are always within reach of the current price so you are apt to trade everything.

There are many more things, but this is enough for now:

Bodies show the way...
TRADE IN THE DIRECTION OF PROFIT

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jrtrading
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Re: Three charts

Postby jrtrading » Wed Aug 12, 2015 6:20 pm

MightyOne wrote: Just for comparison, this is not the way that I do things at all :lol:

My initial space will always be ~35 pips (because of P&F studies done with Alias).

35 pips from an extreme or a long term breakout ("BOx") is plenty of space.

If you oversize your space, as someone who is new to space, then your trade selection suffers;
you are always within reach of the current price so you are apt to trade everything.

There are many more things, but this is enough for now:

Bodies show the way...
TRADE IN THE DIRECTION OF PROFIT


Thanks MO! Makes sense :D

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Re: Three charts

Postby jrtrading » Wed Aug 12, 2015 10:03 pm

Edit: Please note that on a long term chart this extreme seems closer to demand areas than preferred thus it could only be bounce for that matter. It was just meant as an example for myself to think about.

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MightyOne
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Re: Three charts

Postby MightyOne » Thu Aug 13, 2015 1:48 am

You can also trade from "take profit" areas (red 'x'):

AUDUSDM30.png
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Re: Three charts

Postby jrtrading » Thu Aug 13, 2015 7:47 am

EUR/USD, attempt in trailing stop with space.

Edit: Exited, prices closed higher and I did not want to get caught.
Edit II: Went in again, but moved position to a W+ extreme. Will leave it there, it is so tempting for me to move in and out of positions which just leads to losses.

1:
EURUSD.afx1.gif
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2:
EURUSD.afx14.gif
EURUSD.afx14.gif (18.52 KiB) Viewed 332 times
Last edited by jrtrading on Thu Aug 13, 2015 10:08 am, edited 4 times in total.

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Re: Three charts

Postby jrtrading » Thu Aug 13, 2015 7:52 am

MightyOne wrote:You can also trade from "take profit" areas (red 'x'):


Thx!

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Re: Three charts

Postby MightyOne » Thu Aug 13, 2015 2:09 pm

EUR/USD, attempt in trailing stop with space.

Edit: Exited, prices closed higher and I did not want to get caught.
Edit II: Went in again, but moved position to a W+ extreme. Will leave it there, it is so tempting for me to move in and out of positions which just leads to losses.


Hopefully you are normalizing risk, it would be sad if you were just moving your stop.

"How long do I hold for?"

"How do I get to a %target?"

Simply focus on doubling your position size each trade & when you can do that then work on tripling your size each trade:

1 unit, 2 units, look to exit.
2 units, 4 units, look to exit...
or
1, 2, 3, exit
3, 6, 9 exit
or +50% then double:
2, 3, 6, exit
6, 9, 18, exit

If you exit with a loss then revert to a smaller size to re-expand space.

As your position size grows the %target will fall from outer space and land in your backyard :wink:

Then min. target that I would aim for is +21.16%
Maximum Initial risk: 0.08 or 0.8% over 40 space.

Reset your space to x% risk & 40 space after reaching a "waypoint".

When you are ready to shift from growth to keeping what you have then
trade 10 to 20 times smaller.

AccountSize/$PerPip:
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Re: Three charts

Postby jrtrading » Thu Aug 13, 2015 2:16 pm

MightyOne wrote:
EUR/USD, attempt in trailing stop with space.

Edit: Exited, prices closed higher and I did not want to get caught.
Edit II: Went in again, but moved position to a W+ extreme. Will leave it there, it is so tempting for me to move in and out of positions which just leads to losses.


Hopefully you are normalizing risk, it would be sad if you were just moving your stop.

"How long do I hold for?"

"How do I get to a %target?"

Simply focus on doubling your position size each trade & when you can do that then work on tripling your size each trade:

1 unit, 2 units, look to exit.
2 units, 4 units, look to exit...
or
1, 2, 3, exit
3, 6, 9 exit
or +50% then double:
2, 3, 6, exit
6, 9, 18, exit

If you exit with a loss then revert to a smaller size to re-expand space.

As your position size grows the %target will fall from outer space and land in your backyard :wink:

Then min. target that I would aim for is +21.16%
Maximum Initial risk: 0.08 or 0.8% over 40 space.

Reset your space to x% risk & 40 space after reaching a "waypoint".

When you are ready to shift from growth to keeping what you have then
trade 10 to 20 times smaller.

AccountSize/$PerPip:


Yes, I am normalizing risk all the way, i.e. reinvesting profits.
Thanks for taking the time to write the post, appreciate it.

JR

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Re: Three charts

Postby TheRumpledOne » Thu Aug 13, 2015 9:08 pm

MightyOne wrote:You can also trade from "take profit" areas (red 'x'):

AUDUSDM30.png


Those look like RAT ZONES!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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Re: Three charts

Postby jrtrading » Fri Aug 14, 2015 11:37 am

Realizing I have been posting way to much lately, maybe annoying some. Anyway, thanks for posting and reading in this thread.
I will now go back to my cave and ponder, and also practice accumulation..

AUDNZD.afx4.gif
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EURUSD.afx2.gif
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AUDUSD.afx4.gif
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