Captain Jack » Wed Jan 22, 2014 4:44 pm wrote:
That's a pretty good summation. I look for 50 pips and it really doesn't matter where I pick it up. I once traded mostly on the D1 and H4 time frames, looking for those long runs for hundreds of pips. But while trading back then,my lot sizes were a lot smaller than what I trade now and I would only take one or two trade entries. Now, I look for the short run, jump on the Fox with larger sized orders and stack the hell out of them when it's obvious that I am correct.
The idea is to make money.
Here's a chart of a recent series of trades I posted in another thread along with my trading plan going forward. As you can see, I cleared my trades, booked my profit and began a new series of trade entries going into the next drop in price. The first set of trades brought in around 500-550 pips and with the following trade sets, these NZDUSD trades brought in close to 3000 pips.
I could care less if NZDUSD was going to drop for a month straight.... I make my money where it's given and it's given anytime when price is advancing or declining. It's really pretty simple and yes, people keep making it way harder than it is. You wouldn't get on a bus going to NY when you wanted to go to SF and don't sell into a price rise or buy into a price drop.
CJ
So you basically are doing the same that you did when you were trading bigger timeframes, but now you are applying that knowledge to trade in smaller timeframes? I think it's the first time I see a M1 chart from you.
Do you keep taking a look to H4-D1 chart to see the overall bias? or you just use M1-M15 right now.
BTW, excellent trades. You are a beast.
The trades were placed on the 15M time frame but the chart was posted using the 1M to better show the 10 trades. A second set of trade orders had just begun.
No matter what time frame you choose to trade on, I feel you should be looking others as well....I scan them all, 15M up to the weekly....
John
John
A man is not defeated when he is beaten, he is defeated when he quits.
The goal is not a "perfect trade" - the goal is a "profitable trade"!
my take on e u is that at best it would be only level one. If that is the case there was a double bottom were you have your level one. Your second line would be what I would say is level one push maybe. The four hour and daily seem to show this pair in range from about 1.35 to 1.38 so it is in middle of that. It really does not matter all that much. look at the range and one would buy around the 1.3660 area look for a break above the 1.3700 area. If it does not take the profit and re enter back were you got in the first time. This is for a buy. But what do I know I am always wrong. Set stop I would think about 20 pips below 1.3660
A closer look and the fox might run back down to 1.3650 area before any move up. See CJ early post on this type of chart. So maybe wait for that or set limit in that area or a little lower then go for at least a two to one risk to reward. If a break above 1.3700 hold (00 bounce a lot) then look for probably another 100 or so pips. If it never makes it back down then well then it was a miss. But to try and jump it after a break will probably be a false break and get you. If you are right add to the position and crush it.
A closer look and the fox might run back down to 1.3650 area before any move up. See CJ early post on this type of chart. So maybe wait for that or set limit in that area or a little lower then go for at least a two to one risk to reward. If a break above 1.3700 hold (00 bounce a lot) then look for probably another 100 or so pips. If it never makes it back down then well then it was a miss. But to try and jump it after a break will probably be a false break and get you. If you are right add to the position and crush it.
I hope you saw how the fox danced. I missed a little on the 1.3650 went down to around 1.3630 but there really was no pin until the bottom which would have been the entry signal. If you entered on a limit at 50 with a target of 1.3750 on a two to one you would be in good shape now. I know it did not make the full 100 pips that is why it is so hard to program this. It did move and you have to watch to see when to exit. There really was no pin or anything I can see on the 5 min chart up near the HOD around 1.3680 to tell you to exit. Now if you just took CJ's way and added position looking for the 50 pips on 10 pip intervals and I don't think he does anything systematically like that that but we can ask. You could have gotten 50 on first trade 40 on second 30 then 20 then ten for a total of 150 pips risking around 25 pips on a two to one target of 50. But the chart is the same over and over picking the top is always the issue. Plus the pips on the first trade taking it up to top of the daily range and dumping it for another 10-20 pips and boom you made almost 200 pips on a 70 pip move and risk of around 25 pips. That is how I see trading. There is never a bad entry but lots of bad exits. But what do I know I am always wrong.
