Dislikedsure. Looking for IBs after the move makes it cleaner, even though you might miss some big moves.Ignored
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Dislikedsure. Looking for IBs after the move makes it cleaner, even though you might miss some big moves.Ignored
DislikedHi Oksana, could you kindly insert 2 external variables to you indicator?
1. The number of bars on which to draw the lines, after the inside bar (not to the next inside bar).
2. A pip filter to up or down shift the lines, as support or resistance to broke.
Thank you!Ignored
DislikedHello, fellows...
I agree with NAL ("barbeque-man")... there are some less than perfect setups, and maybe we should aim to get a quicker free ride on those trades.
Personally I didn't take the earliest IB formed today, cause last week's close on almost every pair were in a danger zone... very close to strong S/R levels... So I wait for Mr. Market to wake up and took the IBs that formed later. EUR/USD is going fine, but USD/JPY and USD/CHF, even in a free ride, are a little in slow-motion... GBP could have been a nice trade, but I still have some issues to work with this pair (kind of mental block for being burned sometimes....)
Cheers!
HTIgnored
DislikedIn the attached chart, the arrow points to an IB and the next bar is the 1 EST bar, which breaks the IB to the downside (which is below the 1EST open price). I got in and this got stopped out during the next bar.
Now, is this a valid entry that just failed. Are there specific reasons why one would not take this IB. For instance, you don't consider any IBs until 1EST candle is closed.
Looking forward to input from the team. Thanks in advance
TSIgnored
Disliked"Barbeque-man" - you're hilarious!Where have you been hiding the past few days? How's those patients - still impatient?
Ignored
DislikedI think it's worth to have a look at this post by PC: http://www.forexfactory.com/showthre...18#post1980318
This IB's was somewhat in a overnight range but looking at the big picture PC looked for a break of the TL so this trade had really good R:R. And also notice that the IB is formed on the bar prior to the daily open.Ignored
DislikedHi TradeStar,
I use a 14 sma and a 14 period DMI to try and filter out some odd moves i.e. spiking against the underlying trend.
If you added this to your chart you may not have gone short in this instance.
The price had been going up for a few hours prior (14sma up) and the DMI was certainly showing long.
It may help you in the future.
AlIgnored
DislikedHi TradeStar,
I use a 14 sma and a 14 period DMI to try and filter out some odd moves i.e. spiking against the underlying trend.
If you added this to your chart you may not have gone short in this instance.
The price had been going up for a few hours prior (14sma up) and the DMI was certainly showing long.
It may help you in the future.
AlIgnored
DislikedI didn't take this trade, but I'll try to work through it with you. The IB straddles the opening price on your 1am bar. So, at this point, you already know it could go south, or north. In this case it starts out to the south.
I take it you entered two lots short @ 1.5391.
Ok, I think I see what you are saying... that the price retraced and took out your stop before you even got to the 1:1 target. In that case it's just bad luck.
You will get these occasionally, because you are aggressively trying to enter the market before the majority of people do.
Personally, I would have still taken the trade, and accepted the small loss, the method over time will make way more than those small losses will add up to. Even if I stopped out twice before taking the following long trade, I think you can see I would have made it up easily in that trade that developed.
So, let's say you shorted 2 lots @1.5391 and stop loss was 1.5410. You would lose around 20 pips. If you took that short trade twice you would lose around 40 pips potentially.
Then you take the long trade...
Long@ 1.5391 lot 1 t/p around 25 pips and lot 2 t/p 1.5490-ish for 100 pips (125 pips subtract 40 pips = 85 pips give or take...
I am just rough eyeballing your chart, I'm sure the numbers are off a bit, but hopefully you can see that you still could have pulled a winning trade from that difficult situation.
Cheers,
G10.Ignored
Dislikedjust one thing...
So, let's say you shorted 2 lots @1.5391 and stop loss was 1.5410. You would lose around (20) 40 pips. If you took that short trade twice you would lose around (40) 80 pips potentially.
i've seen lots of people forgetting this, when you set your SL, keep in mind the potential loss is doubled by the fact you have two lotsIgnored
Dislikedjust one thing...
So, let's say you shorted 2 lots @1.5391 and stop loss was 1.5410. You would lose around (20) 40 pips. If you took that short trade twice you would lose around (40) 80 pips potentially.
i've seen lots of people forgetting this, when you set your SL, keep in mind the potential loss is doubled by the fact you have two lotsIgnored
DislikedI agree with Judith.
To avoid this I simply set my risk fixed for each trade that I place whatever stoploss I use.
To do this and avoid repetitive manual calculations I coded a very little indicator that shows the correct lot size based on risk (%) and stoploss on current equity.
In this way I don't worry if stoploss is too much big since I raise/lower the lot size so that in worst case (stoploss hit) I will lose the same fixed percentage amount.
Hope this helpsIgnored
DislikedI agree with Judith.
To avoid this I simply set my risk fixed for each trade that I place whatever stoploss I use.
To do this and avoid repetitive manual calculations I coded a very little indicator that shows the correct lot size based on risk (%) and stoploss on current equity.
In this way I don't worry if stoploss is too much big since I raise/lower the lot size so that in worst case (stoploss hit) I will lose the same fixed percentage amount.
Hope this helpsIgnored