KillPhil08
Experienced member
- Messages
- 1,860
- Likes
- 381
Nah dude, the more the merrier.
wow i lost on that eurgbp trade. I went for a rejection of the downward trendline instead. What did u base ur decision to play the breakout on?
edit: oh i used a different trendline. Got it off the daily. No wonder it seemed to fail at first.
Once you go black you never go back
For longer term I try to choose the spot where it's not going to get back to. Reversal spots. At these points I go all in and stick to b/e asap - if it hits this level again i'll try for a better entry.
During breakouts and mid range, I test the water first then add to it but also scale out if i think it had more to go but my target has been met.
Hope this answers your question? Not sure if it does.
Could you please explain / link PN's MM method please.
Cheers:cheers:
Phil.
It's just exiting a portion of your position so that if price reverses back to your orginal position you break-even. For example exit half at the size of your stop.
The theory behind it is that price naturally retests the entry level (if you've chosen a signficant level), so the "trailing to breakeven" method results in a lot of unnecessary stopped-out trades.
However, I'm sure it's also used by vendors to boost their win rates :cheesy:
Personally, I think it's appropriate for breakout trading, because of the large number of "fakeouts", but for fading I would rather scale-in.
Thanks for the reply, and good trading.
Ah I see, I would never let a 40pip+ position reverse against me, It's against my will. I'd rather take the 40pips, let it come back and reenter off a more significant place. However, this is why I'm practicing hourly's and targets - I need more pips .
Also, not sure if you have a post, but what exactly is your mean trades - There is some type of rotation around it, any chance you could elaborate/explain it for me?
Good trading to you too.
Phil.
I'm uploading two videos on youtube at the moment. Unluckily the size of both combined is 300mb, it'll probably be another hour for the next one to be uploaded.
Now, this is my first video, so don't laugh - infact - PM me if you want a link to them.ki
If you have anything you want in a video which you need explained please tell me now so I can make them on saturday and you can watch them over the weekend. The two videos I've made is on overnight trading range and news trading. I'll probably record one on the NFP results but if there's anything else you want me to cover - trendlines, S/R, SbR RbS, longer term trends etc etc, don't hestitate to leave a message or PM me.