Munchie "the noob" dude's Virgin Trading journal

This is a discussion on Munchie "the noob" dude's Virgin Trading journal within the Trading Journals forums, part of the Reception category; Originally Posted by Shakone stop loss looks about twice the size of target point. Is that correct? no, its a ...

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Old Aug 15, 2011, 12:28pm   #25
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread
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Originally Posted by Shakone View Post
stop loss looks about twice the size of target point. Is that correct?
no, its a short order at green line with stop loss at the red line above and t/p level at the bottom line.

its approximately 2:5 risk reward.

does look like its not happening atm, given the flat movement and low volume of the eurusd atm but hey, its experience nonetheless lol
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Old Aug 15, 2011, 12:33pm   #26
 
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Re: Munchie "the noob" dude's Virgin Trading journal

Ahhh ok, good. Best of luck munchie.

The only thing I would say regarding MACD and so on. Is that people enter orders at various prices. Their reaction (wanting to get out, take profits, or stay in) is not usually based on whether an indicator says this or that. Consider for yourself, that you entered long at a price, and you are comfortably in profit, price keeps rising, the MACD turns down slightly, but price keeps rising. Which are you going to listen to more, the open position that's showing your profits are increasing by the second, or the MACD that's telling you to short? In that position, are you in any urgency to close your position? What matters is price. If derivatives of price help you, by all means use them. But I don't think they help much.
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Old Aug 15, 2011, 12:51pm   #27
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread
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Originally Posted by Shakone View Post
Ahhh ok, good. Best of luck munchie.

The only thing I would say regarding MACD and so on. Is that people enter orders at various prices. Their reaction (wanting to get out, take profits, or stay in) is not usually based on whether an indicator says this or that. Consider for yourself, that you entered long at a price, and you are comfortably in profit, price keeps rising, the MACD turns down slightly, but price keeps rising. Which are you going to listen to more, the open position that's showing your profits are increasing by the second, or the MACD that's telling you to short? In that position, are you in any urgency to close your position? What matters is price. If derivatives of price help you, by all means use them. But I don't think they help much.
thanks shakone for your feedback. you make some valid points in your post and i agree that price action is by far the better indicator over any indicator.

primarily, im using the macd to focus on a change from +ve to -ve trend movement as a general indicator for possible entry and reversal of trend over a longer TF of say 1 hour and then hone in on shorter TF to tune my entry.

wrt to exits, im looking to major round numbers and key sup/res levels rather than macd to weaken. the stocs im using for both entry and exit.

all the indicators are just that in my mind, indications of reversal and price weakness or momentum and ultimately it will be a combination of all factors outlined to decide whether to enter/exit or not.

obviously not an exact science or some might scoff at its simplicity, however im always very open to feedback likes yours and value them above my own views as i neither have any ego nor stubborness to accept anything that could help me improve my trading!
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Old Aug 15, 2011, 1:04pm   #28
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread quick update: eurusd doesnt look like moving to the bear side for today, pending order still in place altho not expecting it to be triggered.
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Old Aug 15, 2011, 1:12pm   #29
 
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Re: Munchie "the noob" dude's Virgin Trading journal

That's a sell Shakone.
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Old Aug 15, 2011, 1:21pm   #30
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread update: i think whats becoming clear so far is that the chart and pending order ive placed is based on 1hr macd crossover and for that, unless a hugely volatile mkt, i would be swing trading as opposed to day trading *make notes*

pending order cancelled as likelihood of reaching it today is small and my strategy is more for day trading rather than swing trading.
changing TF to T30
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Old Aug 15, 2011, 1:58pm   #31
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread eurusd breakout on the upside confirms my thoughts that my pending order wouldnt be likely hit today.

thoughts: missed the breakout or still room to get in?
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Old Aug 15, 2011, 2:55pm   #32
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread eurusd testing major res level 1.4433...possibility to trade breakout but sticking to my principle strategy.

would be interesting to see how it plays out...
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