The+trade+i+should+have+taken++14_10_2010.jpg)
The trade i should of taken
Trade entry 09:10 16052
Stop 16067 15 pips 1 pip above the high
Within my Money management rules 2.5%
Target 15911 above the open
Trade Setup & entry MT3 Signal
Stop size Within Money management rules, max 15 pips
Resistance at new high 16066 9 month previous high
ATR at 165 over 100%
Woodies in divergance on 30 & 10
Trade entry 09:10 16052
Stop 16067 15 pips 1 pip above the high
Within my Money management rules 2.5%
Target 15911 above the open
Trade Setup & entry MT3 Signal
Stop size Within Money management rules, max 15 pips
Resistance at new high 16066 9 month previous high
ATR at 165 over 100%
Woodies in divergance on 30 & 10
That's a great response to your trading. Really good you have assessed what you have done and you have assessed it against your system rules in your trade plan - you have found that to the novice it was a good trade but to the pro you can be it was followed but missed money management filter rules regarding the stop placement and trade entry. You have then posted the ideal trade you are looking for. So you have an exmaple of how not to do it and a great exmaple of how to do it. In doing so you get the pciture. If you backtest and find 3 trades like this every day - it will re -iniforce - just like learning scales in music - if you want to be good preparation work is required - practice makes perfect so practice it - but use system rules defined in a trade plan as the black and white guide - these need to be correct... to learn good habits and keep them. do not practice or trade wihout the system rules in a trade plan, what, when ,how.
ReplyDeleteWhen you are a more advanced trader or you backtest your rules you will notice that a 1pip stop abiove the high is completely inadequate -
ReplyDeletein fact the doulbe top took it out due to the spread. At this stage you are heading in the right direciton. You were introduced you to levels to assist and also provided a renko and range chart with the MT3 to allow you to take trdes very early. The goal of the system is to enter at the ho or li with a stop that is not goin gto get hit - at at entry that provides the largest profti oppurtunity. The most important part was the bounce at the 9month high - a limit order jsut bleow that level was the perfect profesisonal trade for levels- so combine that with the MT3 and oa greate combination of reasons to trade - however your suggested trade is still not the one you should ahve taken when you compare it to the other trading time frames... The best trade put you 10 to 15 pips above the high of the day.... Learn how to backtest using the MT3 trading time frames combines with Levels - read the chart such as year,month,week, daily with the signals..
but this is more advanced and will soon come with practice. I could wrap it all up in the MT3 and will do soon but I liek traders to learn how to trade and use software to assist them...
otherwise you are mereley a clueless passenger in a taxi and not a trader
Just out of interest technicalluy speaking the best trade on that chart was the retest and failure at 10:30.....
by learning to combine mulitple reasons to trade,
learning where to place your stop and targets
you will become extremely successful with a HILO strategy such as the MT3
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ReplyDelete