pocrel
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pocrel
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pocrel
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usually i do bud but this was such a tight stop i decided to push for a few more points, if its a really tight entry then i can leave the whole position ride but with bigger pins i would certainly take half off
pocrel
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pocrel
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sorry mate i miss read your question, i take half off at 1 to 1 usually and let the other half ride to support or a Pivot level
but if there is a tight stop like with the cac no harm pushing for a little bit more
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pocrel
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good going mags i am jealous, i nearly got a second entry on it but hesitated and it was gone 🙁
i think its called cable because something to do with the cable that ran under sea from uk to america, thats how they transmitted prices in the old days 🙂
Took the gbpusd trade. 15 full ticks on it. closed the other half after the positive gbpusd figure.
I'm definitely not a special geezer...
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pocrel
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Gas in exile
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Exits?
Hi guys, I'm a massive noob here as you can see. 🙂
I think I have the hang of spotting these setups but I am still having difficulty in choosing my exits - My understanding from your rules at start are that you should leave the trade to run until it reaches the next pivot/S/R point (See page 1 of the thread).
Hi Pocrel, can you specify where the support comes from; is it the previous highs of Apr 1st between 4pm and 5:30? When should S/R levels other that the preset pivot points be taken into consideration to exit?
Hi Brettus, excuse my ignorance, what do you mean by the positive gbpusd figure?
Good work here Pocrel, really appreciate it mate 👍
Hi guys, I'm a massive noob here as you can see. 🙂
I think I have the hang of spotting these setups but I am still having difficulty in choosing my exits - My understanding from your rules at start are that you should leave the trade to run until it reaches the next pivot/S/R point (See page 1 of the thread).
Hi Pocrel, can you specify where the support comes from; is it the previous highs of Apr 1st between 4pm and 5:30? When should S/R levels other that the preset pivot points be taken into consideration to exit?
Hi Brettus, excuse my ignorance, what do you mean by the positive gbpusd figure?
Good work here Pocrel, really appreciate it mate 👍
pocrel
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Re: Exits?
Hi guys, I'm a massive noob here as you can see. 🙂
I think I have the hang of spotting these setups but I am still having difficulty in choosing my exits - My understanding from your rules at start are that you should leave the trade to run until it reaches the next pivot/S/R point (See page 1 of the thread).
Hi Pocrel, can you specify where the support comes from; is it the previous highs of Apr 1st between 4pm and 5:30? When should S/R levels other that the preset pivot points be taken into consideration to exit?
hi Gas in exile,
nothing in trading is set in stone when you are trading live that is the first thing, we can all write down a set of rules and try to to stick to them, i have to say i still struggle to follow the simplest of rules and i am sure that shows up here when i trade live
as for my exits in the cac40 trade, as i got a good entry on the retrace of a pin bar i took my first half off just after 1 to 1 risk reward (now at minimum we are looking for 1 to 1 as a target) people can either take half off here or they can take there full position off here it is your choice.
Where the pivot levels s1 r1 etc come into play is they are used to make the initial
1 entry (finding pins around these levels)
2 risk reward to next (perhaps turning point) is there enough room for the trade to move
3 you can use PP r1 s1 etc as targets aswell (ideally i would love to hold out to these points all the time but sometimes its not possible, this is up to the individual and even on how you feel on the day, maybe news events coming out etc many things can affect this
as for looking for previous support and resistance areas these are perhaps previous highs lows, areas of congestion, places were as a trader you think price will stall
heres is my chart on the cac and the green line is where i thought price would stall
pinbar off daily pivot in audusd. entry at 1.0380
pocrel
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pocrel
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the closing price is along way away from the opening price
as with this pin if you are been picky i would prefer to see the close much closer to the open within a few pips,
now if the pin was the other way around and the close was above the open i would see that as a very positive close to the pin and and a very valid pin to trade
this is me been fussy and if you wan to trade every pin then thats fine to as i am sure you would have to do in an automated EA
But usually when price falls the bars are red. I don't get it mate. Please explain.
