Baruch's Forex System Journal
- Thread starter Baruch
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If that works for girlpower, great.
If spikes work within my chart paramenters, I ignore em completely. If not, they take me out, so we probably have similar results, different reasons.
Sometimes it takes too long to get news on an event though. A few minutes can be a long time.
The pound spiked last night in Eurpoe, but worked great with my charts, so I went with it (still in it, but damn close to resis on my 60 min channel). Send me your email and I'll send you a screen shot of what I'm referring to. I don't know how to post a screen shot here, or I would.
My approach is mostly to analyse and project market directions and the potential probabilities based on historical cases, whether right or wrong.
When sometimes, not always, the market direction has quite clearly developed, about 40 pips would be OK, providing the marketmakers don't run your stops out (usually they would).
Quote from Scientist:
Hey folks, I hope you all had a great weekend! I sure did, and upon my gf's convincing words, resisted the temptation of checking my positions over and over.
As it turned out, above ES trade was one of the best I've made in weeks. "Was", because I just decided to get out. We might see a bit of a "correction" during the trading day today - the market seems very oversold. My profits were taken at 99 level, so I covered for a profit of +21.00 pts /84T.
If, however, the market goes into selling mode on volume soon after the open, I will re-enter. If it goes up a bit (which I consider quite likely, scanning the tape over the last few hours), then I will will also re-enter, just at a better price.
Well, that's just my decision. Any comments?
Best Regards!
Ballsy hold over the weekend.
I had same outlook as you, but I bailed out friday before close.
Good job!
Jay
Scientist
Quote from OddTrader:
My approach is mostly to analyse and project market directions and the potential probabilities based on historical cases, whether right or wrong.
When sometimes, not always, the market direction has quite clearly developed, about 40 pips would be OK, providing the marketmakers don't run your stops out (usually they would).
40??!! You risk 40 pips in one trade??
If you analyse the markets enough time and costs (you understand what that mean), your accumulated knowledge and experience would tell you a rough estimation.
But no one knows for sure, only the market knows how much it gives us.
Many say: Entry is the easiest part, worth only 20% weighting, of a trade.
Quote from OddTrader:
If you analyse the markets enough time and costs (you understand what that mean), your accumulated knowledge and experience would tell you a rough estimation.
But no one knows for sure, only the market knows how much it gives us.
Many say: Entry is the easiest part, worth only 20% weighting, of a trade.
Yeah, exit is much more important. And how much you risk, when you are wrong.
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