this is NOT recommended. most gurus here would say this is heading for a disaster. but I don't have any fixed rules. for the three-setup trades (which is a reverse trade) I look at the following factors for stop and exits:
- resistance and support levels ( for today I have resistance around 1030 and support yesterdays low of 1006)
- mood of the market. believe bias is still down, however yesterdays strong move up from the low might give us a relieve rally.
- in general I like to let the trade go and move my stop. if it goes against me, I never risk more than the high or low of the trigger bar.
The following user says Thank You to Silvester17 for this post:
Sure...........last two trades.......Medium level news at 7:00 AM......went down got support at 72.50 so I went long 1 tick above the high of the previous bar.....+8+1...I was looking for the market to head to yesterdays close and another shot at 73.00.......it stopped exactly at 73.00 (centenial #resistance).....showed a bit of a change in sentiment as demonstrated by the large wick so 10 seconds before the close of the bar I set my sell stop 1 tick below what had been the low......however....the market was moving quickly and filled me before the bar closed.....+8+16.
Not wanting to piss away my mornings gains.......I stopped. Unlike yesterday when I managed to turn +71 into +23. LOL
The following 3 users say Thank You to Jeff Castille for this post:
Yes, GMT+1. At this time of the year, I have the same time zone with London. Later in the year (sometime in August or September), I'll be 1 hour ahead of London. London opens now @ 8:00am; which is also my 8:00am. I take those quick early trades between the London Open (8:00am) and 10am.
The following user says Thank You to lolu for this post:
I have been following your post for a few weeks now. I like to SIM your set ups with British Pound but cannot find your rules. I know I have see your rules in this post but do not know where. When some of you would have any time would please tell me the post number please. Thank you for your help all Have a great Holiday.