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Trade setup New high
+ MT3
+ 88% Fib on daily 16050
+ 16050 whole number
+ 08:00 4 hour bar Timing
Trade entry 16041 Renko 08:00
Order Sell bid
Stop 16055
Target 15970
Trade exit issue placing stop and warnings exited trade immediateley
PNL 5 Pips loss
A nicely executed trade which followed the system rules. Stick with it, one day you hit the buzzer and get a banana the next day you get a banana - sometimes it happens so they are consecutive sometimes not...
ReplyDeleteYou can see the value of these trades charted when you look at your performance stats. You will see that the shorts have a poorer performance in an uptrend to the longs.
Observations and lessons learnt will eventually guide you to a robust and optmised trading system, whereby we can say, trade with the trend and be flexible about levels, on counter trend we need to understand what the chart is saying to us, are we walking in front a train leaving the station when we should be getting on the back of it? The MT ATR HTF lets you see when you are better placed to counter trend, so do pivots, fibs and even round numbers.... This trade was, lets step in front of the bus and expect it to stop.... chart time and practice leading to identification of the trend and likely stalling points is the key to filtering... at the moment your system is simple and will not take in to consideration, is this high + level a good setup? It is simple yet complex enough for now - to take on too much when learning is to make it complicated.
looking at the long trade at 07AM, this was the far superior trade recognise. yes your interpretation of your system rules missed the weekly level + low setup by 6pips and also the fib, but your current understanding of how to trade trends and counter trends measn you would have exited prematruely - you were right to trade your system the way you did and eventually we will teach you how to trade like this below.
ReplyDelete7AM Low, pullback and trend continutation trade 10MIN FXMAX MAX with the trend... before all the 8am fighting, stop well under the low at a 38.2% prev day fib retrace, just above a recent weekly level, + magic figure of 1.600, jsut above weekly 88% fib 1.59990, The FXMAX 10min MAX had been closed under and this was a pullback to the trend and support zones...
look at the renko and MT Trend Slope - there was a divergence with the renko low.... this was a fantastic oppurtunity... not only that the stop could have been easily below the low offering a risk reward of 10pips to 150pips looking to R2 as the target.
This is the mother pattern all of my setups and entries - the one that i dream of and have framed on a number of walls, the 150pip to 200pip with trend HILO trade.. In time you will trade the pattern like this.
TRADING LEVELS IN A TRENDING MARKET
ReplyDeleteIf the trend is up ie we have bulls around...
if we have a level of support at 1000 and resistance at 1010,
Low = 1000
High= 1010
current price is 1005, current daily ATR 10pips, if the daily ATR is an average of 150pips, if we are trading around the open and expecting a herd of bulls to break through which level would you best trade and how?
Long near 1000
short near 1010
ANSWER:
Long 1000
Stop under low
Target: 1000 + Daily AVG ATR = 1150
QUESTION
If you missed the long at 1000
Do you trade the short?
Leave the short?