Is price at the beginning of the 3rd level on this?Captain Jack wrote:If price is chopping that much, you are probably at a level 3 high or low and the reset is taking place....Angat wrote:Thanks CJ, I'm going to focus solely on these longer moves now. I need to proved to myself I can do it. I should be able to reduce my screen time and increase my patience. Question - If there were 3 days worth of "chop" inbetween levels 1 and 2 or 2 and 3, would you just normally hold through it?Captain Jack wrote:Waiting for "only" the trades after a level 3 reset has taken place is the way to put all of this together. The best "M" and "W"'s usually occur there and the moves are the longest in length.Angat wrote:I guess you're waiting patiently for some 3 level moves (and the crap accumulation/manipulation that comes after) to finish before getting your trading finger clicking again. I guess this is the best way to trade, with the lowest risk and highest probability.Captain Jack wrote:
As I said earlier, I don't trade like a madman everyday and some days I don't trade at all. I trade to make money. Sometimes I do it with a lot of orders, other times I do it with a few. I said before nobody needed to trade like I was trading earlier in the thread, to make money. It's not about the pips you make, it about making money.
CJ
Congratulations on your trades, looks like you got some nice pocket money there.
If you trade on the 15M and are looking to "day-trade", 50pips is the target. If you are looking for the next move out of a level 3 reset, then the targets are 3xADR, with stops being moved up when a new level is reached and price moves away from that level, or a 20-30pip trailing stop.
CJ
CJ
