Need somewhere to think out loud,
- Thread starter Turveyd
- Start date
then yeah doh!!
Keeping your losses small is easy!!!
2 things, maybe 3.
1. I use Heiken Ashi and don't trade against the current direction according to this, which better times pull back reversals with the longer trend, aim is to get in near low of the range, SL is auto set to 12 but I close it when I can and manually exit if it starts to turn against me.
Okay put it all in 1 LOL
I also try to use Heiken Ashi for my exit, it works pretty well, keeps me in wayyyy longer.
I also don't hold against HA, I'm long HA turns red take thy profit.
Try to stay out of slow times, when the market isn't really doing anything, the boredom makes you do stupid things I find.
For a Long position, I only need to be above 1 of my EMA's, 30, 100 or 300, doesn't matter which, then I take the trade near the 10sma Envelope 0.007%'s lows, or the 0.003% mid point on faster markets, most of the time if the current direction hold, it'll hold.
By taking advantage of the 10's range, that's basically within there meaningless noise, but even if the trade goes bad, if you get in at the low, good odds you'll get out at the top, if the top's coming down then good odds it'll keep going down, exit and short.
Never trade against the 10's direction, if it's strong aswell.
Confusedyou will be, but it works GREAT, just got to fight your instincts, it's easy to play a down move for a reversal, but tricky to take the up spike in the down move and short it, for some strange reason, you fear it'll keep going up, 80% of the time it doesn't
Now this is what I'm talking about.. A nice example of your method
.. Are you looking at the 5 min chart to make your decisions? And if the price goes below the 10 sma will you still take a trade?Now this is what I'm talking about.. A nice example of your method
Errrr NO!!
M1 chart
And there is no 10SMA, it's a channel I don't use the Mid point, I use an area which I consider movement within to be noise / chop, it's the direction the 10 is moving which is key, which I trade along with.
And along with the 30ema, 100ema and 300ema any 1 will do.
Chart attached, this is after the big move up, study the action in the 10's ranges.
Market turns below the yellow dotted 30ema, 30ema is going down, short near the top of the 10 channel and profit.
Market then makes a perfect pretty much double bottom on the 100ema and turns back up, 10's stalled out so acceptable entry.
Slower markets use the inner dotted 10 range. to enter near with the 10's direction.
Still confused ??
Attachments
I'm watching and mostly paying attention, you'd think the chance of making good $$'s would make me watch and trade all the time, hey I'm LAZY!!!
Sideways chop over lunch at the moment, tempted to play the range, which so far would of made some okay scalpy pts.
It's an improvement vaguely, few more weeks and maybe actual trades LOL
Sideways chop over lunch at the moment, tempted to play the range, which so far would of made some okay scalpy pts.
It's an improvement vaguely, few more weeks and maybe actual trades LOL
It's dead over US Break time, off out in 45mins so calling it a day, that and don't want losers to ruin my weekend LOL
MUST TRADE more next week, must stop being lazy.
Lucky trade earlier, entry and exit wise, a off system bounce as I was bored, nearly held long which would of been bad.
MUST TRADE more next week, must stop being lazy.
Lucky trade earlier, entry and exit wise, a off system bounce as I was bored, nearly held long which would of been bad.