Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; Originally Posted by black bear I would have liked you to concentrate on one or two markets td and list ...

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Old May 5, 2008, 9:47pm   #2157
 
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Quote:
Originally Posted by black bear View Post
I would have liked you to concentrate on one or two markets td and list all trade setups...
YOU AND MY PROP FIRM BOTH.

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Old May 6, 2008, 1:33pm   #2158
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Heya all

First of all: Thank you T_D for this thread!

I must admit that I am not through the total tutorial (only page 31) but I think I have the very basics. I won't ask silly questions till I am through :P so don't worry.

Just wanted to ask if there is a good setup at the moment on the AUDUSD: The last hour seems to be a nice pinbar. We have confluence with the 61,8% fib from the last high and the pivot level at 0,944.

Click the image to open in full size.

Stop would be 0,9429 (red line) entry at 0,9454 (light blue line).

Now my worries: I usually look for a minimum of 2 risk / reward in each trade. The first bigger overhead resistane is at 0,9475 which is about 1 R. The next one is the longer term 0,954 (which I am not sure if this is an alltimehigh). I don't dare aiming for the 0,954 level ... so my question: would you have taken this trade?


Best regards and keep this nice work on! Moving on to page 32
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Old May 6, 2008, 2:57pm   #2159
Joined Apr 2008
Little update: Took this trade on paper. Almost 0,5 R profit at the moment. Trailing Stop below the "breakout" candle.

Damn this pin bar trading works excellent. Need to "reread" the chapters of greed ^^

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Old May 6, 2008, 3:01pm   #2160
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Last post before I quit spamming: One thing I was not that comfortable with was the exit. My plan now is to sell half of the position at my 1 R level, trail stop to entry level and let the rest do what market wants to do with it.
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Old May 6, 2008, 3:23pm   #2161
Joined Nov 2007
zishor, check out the R:R_Determination intro I wrote a few weeks ago; the bit of most relevance here is that it isn't always the most efficient exit strategy to "take 1/2 profits and move stop to BE".

http://www.trade2win.com/boards/firs...briefcase.html

Last edited by MrGecko; May 6, 2008 at 3:25pm. Reason: spelling
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Old May 6, 2008, 3:49pm   #2162
Joined Apr 2008
Hi Gecko,

thanks alot for this precious bit of information! Risking one R and then let only a half run is one thing to think about. In my trade here I think this showed my unconfidence of the next pivot levels. Trailed stop now to 0,9472 so I at least have a 1 R on paper. What kind of R/R do you suggest to aim at while trading this pin bar setup?

argl I am doing it... asking before I finish the the whole thread (Page 35 )

Anyway thanks a lot for your help Gecko
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Old May 6, 2008, 9:00pm   #2163
 
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superspurs I like the look of that eurchf, obviously I am a bit late for it now but I had a line at a similar place to you (Thick white line on chart).

What do you think of the daily chart now ? I have marked a new pivot (thin dotted line) that today has bounced off. Not a very good place for a pin though is it .........................?

Just noticed there is a pin balancing on recent highs on usdchf as well, could give more weight to the idea.
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