aliassmith wrote:GBPUSD short about 15 min trade for 13 pips or 1.5x
I liked the double top so I went short, It did however stall at the 20 sma and I almost closed.
Think I'll go play video games!
You are playing a video game.
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aliassmith wrote:GBPUSD short about 15 min trade for 13 pips or 1.5x
I liked the double top so I went short, It did however stall at the 20 sma and I almost closed.
Think I'll go play video games!
Jhx wrote:I took this one based on what I saw (momentum close below the sma), didn't use fibs and it was an airball-ish~ trade. I'm going to attempt to do this on the NQ 1000t chart (I've noticed the time charts on smaller timeframes sometimes go nuts on this instrument, specially at a specific hour and tick charts seem a bit more 'stable').
NQ261021.jpg
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I have a few questions regarding the method (though I read LeM's post somewhere in the thread):No, Alias' base method is rule based:
Price looks to cross (aggressive entry) or does cross and retrace - usually (less in your face entry and certainly on the retrace, safe as can be), the ma.
You look for the MOMO bar to be printed.
You go in.
The fib gives you your targets.
So the entries are either:
1) Close over the ma with momo.
2) Close over the ma with momo > retrace (bounce off the ma?).
Is there any specific preference for each one? Maybe if the momo is too large you wait for the retrace and pass on the entry at the close?
Are the fibs meant to be drawn from the swing high / low to entry?
Thanks in advance!
LeMercenaire wrote:Jhx wrote:I took this one based on what I saw (momentum close below the sma), didn't use fibs and it was an airball-ish~ trade. I'm going to attempt to do this on the NQ 1000t chart (I've noticed the time charts on smaller timeframes sometimes go nuts on this instrument, specially at a specific hour and tick charts seem a bit more 'stable').
NQ261021.jpg
----
I have a few questions regarding the method (though I read LeM's post somewhere in the thread):No, Alias' base method is rule based:
Price looks to cross (aggressive entry) or does cross and retrace - usually (less in your face entry and certainly on the retrace, safe as can be), the ma.
You look for the MOMO bar to be printed.
You go in.
The fib gives you your targets.
So the entries are either:
1) Close over the ma with momo.
2) Close over the ma with momo > retrace (bounce off the ma?).
Is there any specific preference for each one? Maybe if the momo is too large you wait for the retrace and pass on the entry at the close?
Are the fibs meant to be drawn from the swing high / low to entry?
Thanks in advance!
I'm never in any rush to enter. You will find that in the majority of cases, you will have some kind of a retrace back into the body of the mono candle. You can then either try and catch that falling knife or get in when it comes back over the level of the momo candle close.
The fibs are set from the entry level first, then manipulated to give you your required s/l. Once the s/l is set, the targets will have set themselves. Where you set your s/l is entirely up to you. Just don't put it where everyone else would.
LeMercenaire wrote:Once the s/l is set, the targets will have set themselves. Where you set your s/l is entirely up to you. Just don't put it where everyone else would.
Jhx wrote:LeMercenaire wrote:Jhx wrote:I took this one based on what I saw (momentum close below the sma), didn't use fibs and it was an airball-ish~ trade. I'm going to attempt to do this on the NQ 1000t chart (I've noticed the time charts on smaller timeframes sometimes go nuts on this instrument, specially at a specific hour and tick charts seem a bit more 'stable').
NQ261021.jpg
----
I have a few questions regarding the method (though I read LeM's post somewhere in the thread):
So the entries are either:
1) Close over the ma with momo.
2) Close over the ma with momo > retrace (bounce off the ma?).
Is there any specific preference for each one? Maybe if the momo is too large you wait for the retrace and pass on the entry at the close?
Are the fibs meant to be drawn from the swing high / low to entry?
Thanks in advance!
I'm never in any rush to enter. You will find that in the majority of cases, you will have some kind of a retrace back into the body of the mono candle. You can then either try and catch that falling knife or get in when it comes back over the level of the momo candle close.
The fibs are set from the entry level first, then manipulated to give you your required s/l. Once the s/l is set, the targets will have set themselves. Where you set your s/l is entirely up to you. Just don't put it where everyone else would.
Got it, thanks LeM.LeMercenaire wrote:Once the s/l is set, the targets will have set themselves. Where you set your s/l is entirely up to you. Just don't put it where everyone else would.
Hah, I always place them in a previous high / low, as everyone else probably would . Any tips? For now my 'solution' has been to exit before the SL was hit, which isn't a bad practice I think.
Jhx wrote:LeMercenaire wrote:Jhx wrote:I took this one based on what I saw (momentum close below the sma), didn't use fibs and it was an airball-ish~ trade. I'm going to attempt to do this on the NQ 1000t chart (I've noticed the time charts on smaller timeframes sometimes go nuts on this instrument, specially at a specific hour and tick charts seem a bit more 'stable').
NQ261021.jpg
----
I have a few questions regarding the method (though I read LeM's post somewhere in the thread):
So the entries are either:
1) Close over the ma with momo.
2) Close over the ma with momo > retrace (bounce off the ma?).
Is there any specific preference for each one? Maybe if the momo is too large you wait for the retrace and pass on the entry at the close?
Are the fibs meant to be drawn from the swing high / low to entry?
Thanks in advance!
I'm never in any rush to enter. You will find that in the majority of cases, you will have some kind of a retrace back into the body of the mono candle. You can then either try and catch that falling knife or get in when it comes back over the level of the momo candle close.
The fibs are set from the entry level first, then manipulated to give you your required s/l. Once the s/l is set, the targets will have set themselves. Where you set your s/l is entirely up to you. Just don't put it where everyone else would.
Got it, thanks LeM.LeMercenaire wrote:Once the s/l is set, the targets will have set themselves. Where you set your s/l is entirely up to you. Just don't put it where everyone else would.
Hah, I always place them in a previous high / low, as everyone else probably would . Any tips? For now my 'solution' has been to exit before the SL was hit, which isn't a bad practice I think.
prochargedmopar wrote:aliassmith wrote:GBPUSD short about 15 min trade for 13 pips or 1.5x
I liked the double top so I went short, It did however stall at the 20 sma and I almost closed.
Think I'll go play video games!
You are playing a video game.
aliassmith wrote:Sometimes I feel like I should drop forex and trade solely options. I see why MightyOne always thought adding zeros to your account was/is normal.
My Apple play was 148 call @ $2.60 yesterday. It doubled today!
50% return on account.
BUT no, i am still addicted to that forex crack.
cheunt3 wrote:aliassmith wrote:Sometimes I feel like I should drop forex and trade solely options. I see why MightyOne always thought adding zeros to your account was/is normal.
My Apple play was 148 call @ $2.60 yesterday. It doubled today!
50% return on account.
BUT no, i am still addicted to that forex crack.
Very very nice, congratz!