NEVER LOSE AGAIN!! TheRumpledOne
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I think this chart should clear up a lot of questions.
This is a 5 min chart of today so far. I've marked with red and green arrows the buy or sell signal that came first each hour in the 5 min bar that the entry would have been hit. You can see clearly from this chart what the maximum drawdown / profit would have been for each trade.
Whatever exits the individual trader choses to take are irrelevant - what counts are the facts. By using information in these 5 min charts a trading plan can be developed.
Bunny
This is a 5 min chart of today so far. I've marked with red and green arrows the buy or sell signal that came first each hour in the 5 min bar that the entry would have been hit. You can see clearly from this chart what the maximum drawdown / profit would have been for each trade.
Whatever exits the individual trader choses to take are irrelevant - what counts are the facts. By using information in these 5 min charts a trading plan can be developed.
Bunny
A quick observation from the above chart....technically the 9am short could still be running because the initial stop was never hit, it only stopped out for me because I brought it down to just beyond the next line when the 10am bar opened. HMMMM the same goes for the 10am long too, the initial stop hasn't been hit yet. It's coiling up ready to breakout.
Which brings up a question - what do you do if 10am is saying long but the 9am is still saying short? Bear in mind it was 12 pips in profit in the last 5 mins before the new hour opened, it was the 4th red 5 min bar in a row too - possibly to exit before the new hour begins could be a good idea...Time will Tell
IF (it's a big IF) the 9am was still in play, it could have been added to with the 11am short.
Bunny
Which brings up a question - what do you do if 10am is saying long but the 9am is still saying short? Bear in mind it was 12 pips in profit in the last 5 mins before the new hour opened, it was the 4th red 5 min bar in a row too - possibly to exit before the new hour begins could be a good idea...Time will Tell
IF (it's a big IF) the 9am was still in play, it could have been added to with the 11am short.
Bunny
wtg GUMP!! :clap:
JTrader
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trendie
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A quick observation from the above chart....technically the 9am short could still be running because the initial stop was never hit, it only stopped out for me because I brought it down to just beyond the next line when the 10am bar opened
Which brings up a question - what do you do if 10am is saying long but the 9am is still saying short? Bear in mind it was 12 pips in profit in the last 5 mins before the new hour opened, it was the 4th red 5 min bar in a row too - possibly to exit before the new hour begins could be a good idea...Time will Tell
IF (it's a big IF) the 9am was still in play, it could have been added to with the 11am short.
Bunny
my understanding is that you go for just 5 pips per trade, so the issue doesnt arise.
therein lies the rub; risking 20 pips for a 5 pip scalp. if you use SB, you are risking 22-23 pips, and you need 7-8 pips to give you your 5. (ie, 3 pips of the 8 are your commissions, thats 37.5% tax!)
I am interested in your experiences of last night, since, the charts show Support becoming Resistance at the 1.26 level. strictly speaking, you should have shorted at the failure to breach and hold 1.26.
and of course, the failure to hold above 1.28, most Sup/Res'ers would have shorted big at 1.28. (all this after the fact, admittedly)
a scalper could have taken a nice easy 10 pips on this one so far.
scalpers rule today! All trades today so far went into a mimum of 6 pips profit before hitting stops. Ignore my results they are not a true reflection of TRO's system. Gump is doing the right thing.
Maybe I should start my own journal after all.
Bunny
scalpers rule today! All trades today so far went into a mimum of 6 pips profit before hitting stops. Ignore my results they are not a true reflection of TRO's system. Gump is doing the right thing.
Maybe I should start my own journal after all.
Bunny
Gumping
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Yeah I took profit again there.
Strange though I had two position on as per normal. One was stopped out for -25, while the other wasn't....unless I entered wrongly.... So there's a -25 showing up when a +5 should be there. The other position trailed a little and made me +1 pip.
I'm confused
Going to look through my log to see what I did there....
[Edit: I entered the SL wrong on one of the trades. That one was a whipsaw - painful!]
Strange though I had two position on as per normal. One was stopped out for -25, while the other wasn't....unless I entered wrongly.... So there's a -25 showing up when a +5 should be there. The other position trailed a little and made me +1 pip.
I'm confused
Going to look through my log to see what I did there....
[Edit: I entered the SL wrong on one of the trades. That one was a whipsaw - painful!]
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Gump and Trendie the "taking 5 pips profit" I think was for UKtradergirl alone. If you look back to TRO's post on page 45 he states it's for her only. I'm sure I've read that TRO usually aims for 7 - 10 pips.
Trendie - a 20 pip stop means a 20 pip stop, you don't add any spread to it. It too was meant for uktradergirl (see page 45) I believe TRO uses a 25 pip stop.
I think every trade so far today (from 8am onwards at least) would have made at least 5 pips or more before a stop of 25 was hit. my own personal stop is 30 pips because I allow for the bid price to actually cross the line by a pip.
Bunny
Trendie - a 20 pip stop means a 20 pip stop, you don't add any spread to it. It too was meant for uktradergirl (see page 45) I believe TRO uses a 25 pip stop.
I think every trade so far today (from 8am onwards at least) would have made at least 5 pips or more before a stop of 25 was hit. my own personal stop is 30 pips because I allow for the bid price to actually cross the line by a pip.
Bunny
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JTrader
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Wake Up And Smell The Coffee!!!!!
By Anyones Definition -
A 25-30 Pip Stop Loss With A General Acceptance Of A 5 Pip Profit Target Is Kamikaze Trading!!!!!
Can't believe that this needs pointing out, and that otherwise seemingly generally intelligent human beings would consider this plan viable...
By Anyones Definition -
A 25-30 Pip Stop Loss With A General Acceptance Of A 5 Pip Profit Target Is Kamikaze Trading!!!!!
Can't believe that this needs pointing out, and that otherwise seemingly generally intelligent human beings would consider this plan viable...
Gumping
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I ran a 25 pip stop and got whipped out before going into profit. The other position I entered a 30 pip stop by mistake. Price went exactly 25 pips against before retracing.... so maybe 30 pip stops are the order of the day!
So that puts me on -14 for the day so far. Although if I entered my SL correctly, it would be -39.
This day trading lark is difficult!
And addictive.....:drunk:
