coolpixel1
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First chance I've had to check what's going on today -grrr! Some nice moves indeed - shame I'm too late to get in. The 4H chart-checking is also, for me, not always possible :|
First chance I've had to check what's going on today -grrr! Some nice moves indeed - shame I'm too late to get in. The 4H chart-checking is also, for me, not always possible :|
Yes, I use S&R for exiting. Over the last month or so I've been discussing exit strategies with my colleague and he had been studiously exiting with arrows - and losing. I suspect that the author also uses a combination of market knowledge couple with S&R. The problem with this approach is that occasionally you lose out too - with big movers like GBP/USD pips are lost but in the big picture a profit is profit. The other thing we looked at was referring to the H1 chart when a set up looks to be a good one - however, we do not usually enter this way (using H1) but wait for the confirmation on H4. But... exiting it could well be viable to check the H! as it, say, approaches a support or resistance level to see what's going on. If 2-3 candles have indicated an obvious counter-trend that has a couple of times strengthened an exit somewhere near a line. A bit touch & go but maybe in the long term this would work. The only other things I check is volatility, though not as much as I check the Trader Dynamic Index if in doubt, or a candle (e.g. pinocchio) shows obvious rejection in an ongoing direction. There's probably a hundred different things I could check but one thing I've noticed is that the longer I look at a chart the longer it starts to look the way I want it!
And not always with a positive result :cheesy:
First chance I've had to check what's going on today -grrr! Some nice moves indeed - shame I'm too late to get in. The 4H chart-checking is also, for me, not always possible :|
You guys who closed out trades on Friday did well.
Looks like its going to be a losing month if you're strictly trading by the FPM rules...like me! We still have a few more trading days left in November, but I don't see us recouping all these losses.
Ah well...every system has to have its draw down periods. We just need to stick to the rules.