Goldmine!

This is a discussion on Goldmine! within the Trading Journals forums, part of the Reception category; Glad you asked about entries...please see attached chart. Your stop would be placed below the low of the previous red ...

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Old Jun 2, 2010, 11:13pm   #15
 
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Re: "... it is time to look for the entry" two conditions !

FX4Newbies started this thread Glad you asked about entries...please see attached chart. Your stop would be placed below the low of the previous red candle...around 1.2165 i.e. below support. The price and time are built in to the way price interacts with the pitchfork tool. I will be posting a simple explanation for members who may not be pitchfork traders.

Enjoy and take care.

Quote:
Originally Posted by pssonice View Post
when is the time ?
where is this entry ? lser
u will never execute any trade!
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june2-2010-2a.jpg  

Last edited by FX4Newbies; Jun 2, 2010 at 11:23pm.
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Old Jun 3, 2010, 2:22am   #16
 
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Re: Use of Stops

FX4Newbies started this thread Trader was stopped out of one trade and not the other...one had a cash stop, the other no stop...have had problems. Here was my reply:

What you have experienced is typical in the market. However, you have to strategically place your stops. Using Cash Stops...just selecting a number of pips from your entry, may not be the best way. You need to hide your stops behind the buyers and sellers in the market. How do you locate them? One way for sure is to observe where support (where there are pending buying orders) and resistance (where there are pending selling orders) areas are. Your stops should be placed on the other side of these areas. The idea is to use these orders as a buffer that would shield you from any market action to take you out. For example, if you were selling with resistance overhead, your stop should go above the resistance level.

Sometimes, if I use a larger stop that is hidden behind a support or resistance area, I place an alarmed line maybe 15 to 20 pips or so from my entry to alert me if the market is moving in the opposite direction. That way I can re-evaluate my setup and entry.

And yes, they do hunt the stops...that is money for them.

Hope that helps.

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Old Jun 3, 2010, 3:45am   #17
 
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Re: "I want to get in a trade, and let it run," u r a dreamer ...

FX4Newbies started this thread Hello again pssonice,

This is what I mean by letting it run...sometimes I do not want to scalp. It is worth it to me to wait for my set-up and entry, then let the market go. This is my preferred style of trading. Chart T/F: 1 hour.

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Last edited by FX4Newbies; Jun 3, 2010 at 4:05am.
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Old Jun 3, 2010, 4:52am   #18
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Re: Don't quite understand what you mean!

Quote:
Originally Posted by pssonice View Post
my profit right now : 365 $
20100602.0728 EURUSD b.GT.12210 .... bottom
20100602.0746 EURUSD b.GT.12224 .... no top
20100602.0753 EURUSD s.LT.12224 .... top
20100602.0803 EURUSD b.GT.12208 .... bottom

" I don't like flipping coins, do you? "
Just put him on ignore. He has nothing nice to say about anyone on these boards.
Good luck with your trading!

Peter
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Thanks! The following members like this post: Doomberg
Old Jun 3, 2010, 4:57am   #19
 
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Re: Don't quite understand what you mean!

FX4Newbies started this thread Thank you Peter,

I got that idea pretty early on as I saw there were other very aggressive messages to others, not to mention the ones to me.

Appreciate your encouragement as well.

Take care, and best of trading to you as well.

FX4Newbies

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Originally Posted by wackypete2 View Post
Just put him on ignore. He has nothing nice to say about anyone on these boards.
Good luck with your trading!

Peter
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Old Jun 3, 2010, 4:58am   #20
 
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Re: "I want to get in a trade, and let it run," u r a dreamer ...

Quote:
Originally Posted by pssonice View Post
No1 is able to call on any entry just in time.

I m the one and only who is able to call on entries "just-in-time"
Since I use PPs as my Entry Triggers, all my Entries are clearly stated (or easily deduced if I don't post them) hours in advance.....go figure, numb nuts
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Old Jun 3, 2010, 5:19am   #21
 
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Re: Goldmine!

FX4Newbies started this thread Glad you have a system that works for you.

The trading statistics in your post...not sure how they fit. I don't think I like those numbers, do you?

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