ECPG New order: Buy limit 42 stop loss 40
Filled , again a nice flag/base breakout
ECPG New order: Buy limit 42 stop loss 40
Trailing stop on BK hit +1.3%
+1.83% overall
Took a small loss on ADX -0.3%
+0.53% overall and still holding CCE long
just one new order
buy limit FNV 76.2, stop 72.1
During this test run one thing has become very clear to me : due to the low frequency of trades as a position trader I should risk more per trade , at least 2-3% instead of 1%.
It may be more appropriate to change my results to R gain/loss instead of percentage gain or loss .
So I am +0.53R
Hi Chartsy, I also position trade and my approach is the same. 1% is just a rule somebody else came up with, I will normally always risk 2-3 sometimes more depending if all factors are in my favour.
however I also have multiple times I can add to the position. This for me has made the most significant difference.
I enter at the beginning of a trend (based on a pattern for new trends), give it time and then look as you do, for those continuation trades. Without going over my total capital exposure
hope this helps you at all. PM me if you'd like to discuss approaches
Hey mate .
That's interesting that you look for bottoming patterns/enter at the start of a trend . Continuation is just one approach for sure where I try and grab a piece of an already defined trend , but I have also been studying bottoming / basing patterns which suggest a new trend ( or at least a large short squeeze and pop higher).
Take, for example this low priced stock LIQT. A cheap stock , probably for good reason , but technically it has formed quite a substantial base and appears to be rounding off , but what interests me in this case is the latest weekly candle which has a large pump of volume and imo looks poised to pop higher. Is this a similar kind of approach you use yourself ?
Ps If you fancy a Skype chat some point my Skype Id is tajammy
another one is AAL in the mining sector, showing some strength
they take longer to form, naturally as we're talking about a completely new trend but there are always continations on weekly as you are clearly pointing out..love your thread by the way and hope im not taking it off topic
continuation and new trends for me
LIQT needs longer to go. on a weekly its base hasn't been established yet and still (again, just my opinion) weekly is still firmly in a downtrend, monthly the same. I generally wait for the monthly to begin an uptrend, and take a position off of a weekly chart
take this one LSE:WEIR
monthly is establising a new trend up, as long as the last high has been taken out and weekly is establishing a continuation of its new uptrend. so i would have two positions managed off the monthly and weekly, with each new breakout on the weekly adding to the position to a max of 3 positions (on the weekly) depending on what else i might have going on
there's no right or wrong way, but its what works for me anyway
Ditto down to a T for me too.Hi Chartsy, I also position trade and my approach is the same. 1% is just a rule somebody else came up with, I will normally always risk 2-3 sometimes more depending if all factors are in my favour.
however I also have multiple times I can add to the position. This for me has made the most significant difference.
That must affect your win/loss rate negatively in comparison to trend a continuation.I enter at the beginning of a trend (based on a pattern for new trends), give it time and then look as you do, for those continuation trades. Without going over my total capital exposure
hope this helps you at all. PM me if you'd like to discuss approaches
Ditto down to a T for me too.
That must affect your win/loss rate negatively in comparison to trend a continuation.
Malaguti
Quite interesting that. My 3+ bar retracement would have had me entering in nearly the same places as yours. Would have had one certain stop out and maybe another, though.
Cheers
I'd love to see your barjon candles in action. If you make some in the process, I'd be the first to applaud. Nothing makes me happier than to see success.