When I'm trading this scale in script, it has a set 50 TP and 50SL....there is also a recovery trade, of larger size, set at a lower limit...the SL is a hard stop on these trades...mobthehop wrote:CJ,
first off - thanks for your continued posting of charts - very helpful....Let's say the first 5 pending orders have been converted to buys, then the UJ reverses... Sorry I do not mean to pour oil on the flames, just saw the UJ drop!!!You can take it short after I get my 50 back to the 50...
Good luck to us!
1. Do you set your open orders to BE when the next pending is converted?
2. Do you close all on reversal, if yes, when? or
3. Do you let them go into DD till your initial SL (first order minus 10-15 pips?) is hit...
Would you pls consider to attach the following indicator to your "training charts":
- it places an arrow for every order entry
- it shows where all orders were closed
- shows pips profit / loss per order (might not work correctly on all Metals, etc as I have not added the proper PipFactor conversion yet)
- it shows breakeven line (if some orders in loss, others in profit)
- after close of orders it prints total pip profit / loss at bottom of screen
This was coded by blubb over at kreslik a long time ago....
Cheers & thanks for taking the time to answer my questions..
Mop
When trading larger lot size and smaller number or orders, I will manage the trade and price action will dictate when I close it once put on. It could be a 20 lot trade where I am looking for 5-10 pips...it all depends on the trade, the time frame and what I expect from it.
When trading larger lots on higher time frames, I will set a hard stop and take free trades to protect my capital.
Is there a set of rules I can provide you for each trade....no. I'm a trader and it's how I trade. What I do as far as money management isn't going to work for others.
Learning the patterns and the meaning behind them is what's important. Once you do, you can modify your trading, use larger orders with the same risk as before and increase your R:R value for the trades.
CJ
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