Hi F,
I read through Sun’s thread on the weekend. I found a couple of nice posts to add to my word summary document. I’m also learning from your coaching to her. On this thread I still have a lot of posts to catch up to….I’ve been a bit busy lately.
Today I made my first P&P….not that I’m ready to use such an advance technique, but just wanted to check it on action. It does feel nice to have the trade on profit covered on BE+1. However, I do have a question on how you an MM babysit those part stakes trades: As you know, by the nature of the market the likelihood of price returning to your initial entry is very much higher than continuing for hundreds of pips your way. I think on one of your post you reckon that 70% of the part stake trades end up on the BE+1. So it’s logic to me that those trades also need some babysitting as well….not as intense as when full stake and beginning of an entry.
So the question is, do you put a TP based on a higher TF…say H1, where PA suggests price might get there? That’s what I would do, but maybe you have a different approach and would like to share it.
Since MM spoiled me introducing me to T21, I’ve been trading based on T21(+9 LRs), M1 and M3. As MM pointed to me, T21 offers an earlier entry which may end up on some few more pips on the bag or earlier exit when wrong. So far I like a lot…I feel my entries have improved significantly, but unfortunately I still have the bad habit of cutting the winnig trades too early.
Cheers
Keen246
Hi Keen
Very well done if you are using a tick chart - normally you need to get used to a 1 min chart and then when it feels slow - you are ready for the tick
You are correct sometimes a tick can gain you a pip or 2 on a 1 min and anything from 4 to 7+ pips on a 5 min.
With regards to targets - always a difficult one.
I have many time takes 8 pips off at 70% left my 30% on and then see it go up another 30+ pips in next 15 mins.
The key is P & P ing - adding to the 30% to make 130% and then cutting back to say 60% and if possible adding another 100% if the move is travelling well.
Every FX pair as a ATR based on either last 7 / 14 / 30 days
If we chose the EU - slow days 60 -80 pips in one direction - busy volume days 120 -150 + pips .
GJ and EA etc can do 170 - 250 pip single moves on a busy day.
Yes look for main S & R levels approx 30 -50 and 100+ pips away from the morning LiTs areas. Fibs can be another guide - as well as time and next TW's whether just 10 mins away or 30 mins away
It is a nice problem if you take say 4 or 6 or more good trades in a day and instead of making say 40 -70 pips on each one - you are out with just 18 or 24 pips.
Just keep moving you stops on partials up more on the way - but give the move 8 -12 pips room on pullbacks. If you end up say over 75 pips - you might say I will give it 20 pips of leg room - but try not to lose more than 50% of the gain - ie in a 3 day part stakes winning trader up say 160 pips - dont lose over 80 pips on it.
Also - you will get used to trading against yourself - ie you are up say 50 pips on a 30% or 60% buy and you see the start of a nice scalp sell with a multi cross over at a KT - the scalp sell at 100% against yourself - every pip pullback on the rise is still gaining you either 70 or 40% on stake size
I know MM also used harmonics / PF's and Fibs on top of normal LR's when he is after a 200 + pip moves. I mainly stay with interim S&R's and the time rules - after all I just want over 50 + pips every trading day - the extra 100's etc are just cream on the cake
Hope this helps
Regards
F
