MT3++++14_10_2010.jpg)
Trade entry 16017 08:00 MT3 Setup Sell bid
Stop 16032 15 pips
Target 15920 above todays open
ATR 100% 145
Woodies cci on 10 min from extreme
Broke above R1 on daily
Outside of bollinger on 240 min
Trade exit stop hit
PNL 15 PIP LOSS
Stop 16032 15 pips
Target 15920 above todays open
ATR 100% 145
Woodies cci on 10 min from extreme
Broke above R1 on daily
Outside of bollinger on 240 min
Trade exit stop hit
PNL 15 PIP LOSS
Great trade....
ReplyDeleteTrade Setup HILO on 10 - Trade Entry was signal on 987Tick - trade taken at sel bid. That's good system trading. From a technical analysis stand point the candle closed above major hisorical resistance, it then failed to close below it. It then closed on it with a doji, it then went up. There was support from the 5EMA - also the ATR still had some room in it. Looking left on higher time frame charts we can see the next level was a 9 month high which was also a small amount above the mid figure 1.6050 at 1.6060. Based on how it close, ie it did not close below the level it jsut broke through - knowing this is bullish - with market participation at this time of day heavy - the trend being up - the day being a kind of drive it up and sell off Thursday.
I did not trade this and waited for weakness or another level.
Your trade was good - it was unfortunate that you did not trade the second time it signalled at 9.05 as this was the 9month high bounce...
In the absence of the 987 tick chart - i cannot see the trade properly to comment on it. Remember this. The idea is to enter at the highest high and lowest low if you can.
ReplyDeleteusing up to a 2.5% account stop get it above the high or low - if you cannot do this then you do not trade.
If the entry price after the signal is far away it may be prudent to wait for a pullback - as discussed this will mean you miss trades -
Your trade plan should describe this -
If the trade entry is too far from the trade setuo do not trade it. your stop needs to be above the high.....or below the low.
ReplyDeleteLook at the support from trade entry - it is only 15pip away at a level it jus closed above and may break down - your entry put you in the middle of the support zone and the high resistance zone - with a stop too small....
Do not increase the stop - just enter the trades that allow you an easy stop adn get you in early. If you combined the renko at that piint ouy were in 15 pips higher - which meant you have time to see 30pips MFE - which means at least you cold habe moved the stop in.
However even more important - we need to increase your position size and so we need multiple lots to scale out. so we would roll out of the first loat at 20 to 30 and move the second unti to break even . we therefore need to aim to take trades that allow us to do this - so we need to verbally drill and backtest trades to make this a reality. - trading multi lots will make you or break you...
The ATR needs checking on the 30min as it is around 155= another system rule was that when trading a level with the MT3 - it must hold the level - this broke through and closed aobve it and did not close back below.
ReplyDeleteLook at the 9month high + the MT3 setup + Entry on the renko - that was a 70pip trade by 11AM - That is what we are looking for. Prin it annotate it.. stick on the wall a good example - then prin the above trade out as an example that only a newbie would trade