Out +9Pips
too early?
ZLine Coaching
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- Jalarupa
- rank: 1000+ posts
- Posts: 1300
- Joined: Tue Feb 23, 2010 5:50 pm
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- Location: South Africa
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scratty wrote:congrats Jala!Jalarupa wrote:Took the same trade as pablo... Out +50
What helps you to hold on your trades. Do you have an advice for the nervous finger
Well I dont want to throw off your thread by discussing anything other than the zline method... but here goes...
Well I try to establish bias before taking a trade based on the daily open as well as the nearest extreme...
In this case I entered the trade off the Zline pullback on the M5 charts... I was in profit immediately but was going for bigger fish, a little early but it gave me the opportunity to sell more once the daily open line rejected price...
My stop loss is according to MightyOne's MacroRat principal where by I give myself 50 pips breathing room which equates to a 5 macro pip stop loss... based on a 2% per trade philosophy...
Having entered a second time off the Daily Open Rejection via the "Manta Rat Trade method" I scalped 50 pips with that trade and left my initial trade on to pursue the further downfall of the Euro round three, which I am speculating on...
I now plan on trading off daily high extremes and scaling into a formidable position, if all goes according to my big plan...
As of writing this, I'm currently +8.8 macro pips in profit and have already banked 5 macro pips (which is my daily target to bank - that way it buffers me for any losses I could suffer at 50 pips)... I do this so I can hit the pips of the higher TF charts...
I hope this helps you in your quest
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