B
Black Swan
Not sure what to say tbh...so I'll add nothing...good luck...
meanreversion
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Please don't fall into the trap of obsessing about win rate. It's really not that important. If, for example, your average winning trade makes 3 units and the average loser costs 1 unit, then you only need be right a quarter of the time to breakeven.
Forget win rate and focus on developing a system which has positive expectancy (this is all in the Van Tharp book ----- please read it before trading any more cash in the market).
The trend in EUR/USD is clearly down right now, you're not putting the odds on your side by going against it, and you only have a limited number of chips. Look for rallies to sell, not dips to buy.
Forget win rate and focus on developing a system which has positive expectancy (this is all in the Van Tharp book ----- please read it before trading any more cash in the market).
The trend in EUR/USD is clearly down right now, you're not putting the odds on your side by going against it, and you only have a limited number of chips. Look for rallies to sell, not dips to buy.
Another suggestion is to look at your stoploss levels, are they based on any backtesting or are you hoping that 100 pips will 'give it room to breath' as I hear people say?
Earlier I mentioned that if you really wanted to go long (and I didnt) then there were two possibilities. Firstly there was a 1 hour PIN which closed at 1.2197ish, the logical stoploss being a couple of ticks below the low so say 1.2174ish, that would have given you a stop of 23 pips.
The second possible entry was on a 4 hour PIN (not a very nice one) at 1.2204 with a stop at 1.2173, again a 30 pip stop.
I'm not saying you should necessarily have taken these trades given the trend, my point is that these were perfectly logical stop levels which were way less than your 100 pips.
Earlier I mentioned that if you really wanted to go long (and I didnt) then there were two possibilities. Firstly there was a 1 hour PIN which closed at 1.2197ish, the logical stoploss being a couple of ticks below the low so say 1.2174ish, that would have given you a stop of 23 pips.
The second possible entry was on a 4 hour PIN (not a very nice one) at 1.2204 with a stop at 1.2173, again a 30 pip stop.
I'm not saying you should necessarily have taken these trades given the trend, my point is that these were perfectly logical stop levels which were way less than your 100 pips.
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rathcoole_exile
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no mystery, it just hit the daily S3 Pivot level, which is a VERY tough nut to crack
edit: sorry for the typo, this should of course say S2 not S3, otherwise we'd probably be at war ....
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What level do you have that at, I have it at 1.2250 but I worked that out manually so I'm not certain.
rathcoole_exile
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for FTP, my figure is 1.2219,
sorry, I meant Daily S2, apologies for the typo
but still a tough nut to crack .........
sorry, I meant Daily S2, apologies for the typo
but still a tough nut to crack .........
rathcoole_exile
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yep, I have it squashed between weekly S3 & S4 (Cam), so no action yet
but you're 100% correct about the FTP WS1 holding the ES
and some people still don't believe in Pivots,
and a greater number still don't understand they're all you need to trade, stick yer OSMAs etc up an erse .....:smart:
belize
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Wow rathcoole_exile, I had'nt really done much with pivots before. But after adding them to my chart they fell close to where I was planning to take action. Have a look, on the first chart I had drawn some red boxes where I was going to consider taking my profit (If the trade continues going the right way) Then after your post I tried adding the pivots to see what you were talking about. Have a look at the second chart they fit into my action areas. Do you find them to always be relible market turning points?
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rathcoole_exile
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not always, sometimes they make great jumping off points for a breakout/breakdown too
Moneymakingmachine
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I think i was wrong when i suggested that you can play for 25p a point with CFD's, i'm not sure though i don't have an account.
Bloodhound
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Hi Gamma,
Have a look at this thread. Might be of interest - as far as I can gather, SB with MT4 and minimum size 10p.
http://www.trade2win.com/boards/spread-betting/93212-meta-trader-4-a-8.html#post1136104
All the best
belize
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Todays trade is going well, up around 100pips so far! (see chart below) I am going to let it roll over at 8.00pm (I will post the after roll over chart later, it takes a while to update) I have also moved the stop up to 100pips behind the roll over price.
Still undecided about where to take profits, expecting a pull back at 1.2410 will see how it acts to decide wether too hang in for 1.2580 as originaly planned.
Cheers for all the feedback so far.
Still undecided about where to take profits, expecting a pull back at 1.2410 will see how it acts to decide wether too hang in for 1.2580 as originaly planned.
Cheers for all the feedback so far.
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B
Black Swan
Yep I mean 5% across 5 pairs (1% per pair) check out mataf.net for the correlation table I've posted up a few times. IMO you should only trade the 5 most liquid/traded pairs, plenty out there on the t'interweb as to which ones, why, and the best times etc...nice work on the trade btw...now you have the pleasure of the taking profits issue...
