scratty wrote:Thanks Jalarupa. Congrats, those are nice trades.
I have Q's on the following interessting text on your chart:
Current Leverage is 4x2% looking to hit it with a big stick! Like MO says get leverage out quickly as CC's close over lines..
1. How do you calculate "current leverage"
2. What does hit the leverage with a big stick (Momo) mean?
3. Does it mean to get the leverage out quickly when cc's close over/under a line against your position?
Im sorry for the probably very stupid questions. But i think there are important messages behind it for me! Thanks already!
Well Current leverage is my risk % multiplied by the current open positions I have on book...
1 We at 5x2% until I closed one of the 2% off for my daily target of over +5 MPIP(+6.2)
2 Hitting it with a BIG STICK is when you get yourself into enough profit cushion to warrant some aggression... The way I understand MO's style when its time to hit the button you must HIT IT!
With ya profit cushion in tact you can get aggressive and just keep playing the larger time frame game (which is where we all wanna be really). I just ensure I keep bagging pips at 2% to build up more cushion for my stop losses...
3 well basically I look to see if CC's close over a line... if they do then I get interested...Like today the CC's closed below the Daily Open (A HUGE line for me) and then My bias was strongly short... Keeping my average above daily open I ensured I only took a small amount of heat for a trade that is currently sitting at +12.5% and I've banked 2.5%.
I have the idea along with others on Kreslik that the Euro is in s**t... so I'm gonna keep my trades over the weekend and see if I can perhaps sell a pullback If price can close below a line on a H4 chart... (which I hope for) Otherwise I'll take some profits leaving a profit cushion and get aggressive again with the shorts when price starts heading that way convincingly again...
I donno... I'm still new to the whole concept of currency trading and I am fortunate to be mentored by the best in the business on this website, so thank you all for your invaluable input and guidance.