nanningbob » Thu May 15, 2014 6:45 pm wrote:Why anyone would wait for a candle to close has always been beyond me. If you trade 15M candles you can enter trades every 15 minutes but if you trade 1H candle you have to wait until the top of the hour??? So if you trade the 4H candle and it starts at 6 but a news story makes it move at seven you cant trade the move until 10??? Does price carry a stop watch and say, on your mark, get set ................ wait wait wait we cant move until the top of the hour? So if Toyota in Japan wants to cash USD to YEN the banker will tell him, sorry you cant convert these funds until the big hand hits the 12. We dont want to mess up our traders in the back room. Some rules in trading if you think about them are for ....................... ??????????? the trash bin, Candles have absolutely nothing to do with price action they just show what price has done over a period of time. Price moves when people, banks, govt., businesses trade money. They dont give a rip at what time they exchange money and neither should we. We move with price action.
35 pip stop ............ ah dont get me going on that one. Imagine this. You go to a stock broker and say I want to buy IBM stock. Place my order at 98 2/8 and place a close at 98 so I dont lose money. That is 1/4 of a penny. Did you know that 35 pips is 35/100 or 7/20 of a penny or 1/3 of a penny. Do you ever wonder why you never seem to get a perfect entrance when you are trying to enter prices priced to the hundredth or even a thousandths of a penny? Then you wonder why your SL gets hit after a 1/3 of a penny move. No where else in the trading/financial world do people try to trade like that. If a guys sneezes price can move a 1/3, there is no such thing a accurately placing price orders when your dealing with hundredths or thousandths of a penny. Learn to trade in a way that gives your entrances some room to move. Yesterday I placed a trade on the eur/usd. Price went against me about 35 pips and then dropped about 70. I took about a 30 pip profit and went on. Today it went about -20 and then dropped 70 again. I'm happy.
Ahaha. I set the 35pip stop on the TDMTL trendline, had to go away for a meeting, wasnt quite sure when I'd be back, price hit my pending sell and consequently hit my SL before I got back to the machine.  Anyway, lesson learned.
By the way, looking for entrances on 15M, say i a potential sell setup. I'll see the Sto pushe below 70 on H1, I drop to 15M and look for an entrance? I tried that way but the sto on M15 is usually at the very bottom. Did I miss something? Or should I anticipate on the 15M beforehand? I'm still kinda fuzzy on the details of making entrances.
Do forgive the lack of knowledge below, still studying charts to make sense of moves. CJ's thread was a great help, but I'm only beginning to see the more intricate stuff.
What I know so far:
Asian session is usually slow, past two days have been rides of 5-20pips per trade during this session.
Breakout of asian session is probably my next target for 10.7, where I'd focus on the CSS and Stos an hr or 2 before the london session, right at the end of asian session. I notice that usually are a few profitable trades that agree with 10.7 Signals.
All in all, these two weeks since I've came back to the forum from a hiatus has really opened my eyes. I hope that I'd be able to trade like you guys one day.
Sorry for the rant and also thanks to everyone - Bob, Steve, Tomasso, Gertje, Bold, CJ - some of the few that have contributed so much to the learning experience.
Cheers! |
