This awesome setup appears just before 0500 this morning.
The white arrow appears followed shortly by a red arrow on the 512 tick chart.
The trade is entered before the red arrow develops.
I then switched to the 2000 tick chart.
The first target triggered and I moved the second target down quite a bit. +5 pips
(I felt like a crazy man and moved the first target to 5 pips instead of my usual 3).
I also moved the stop to above the entry but I would have had a little profit (+/-1 pip) on the trade if price would have retraced.
I closed the trade when the long white arrow appeared. +30 pips
This is the rule and I also had to leave for work.
The following user says Thank You to sorge2000 for this post:
Last night I was adjusting my ATM and Stop strategies and setup a couple templates that I wanted to try today.
The first trade I made was a EURUSD short that immediately triggered the +2 pip target. I wasn't quick enough to move the target. +2 pips
I got short again and the trailing stop was triggered this time. +5.8 pips
The third trade was entered long because I received a counter trend signal. I was stopped at -4.6 pips
I moved to the GBPUSD thinking the trend was a little more defined and smoother.
I entered a short without any real signal, just following a hunch, and it triggered the trailing stop. +9.7 pips
Trades 1-3 Trade 4
I switched to sim and traded a moving average crossover system.
I entered a long position but didn't get a very good fill.
The first target triggered then price went sideways for a few minutes.
I had the stop set below the slower moving average.
I stepped away from the computer for a few minutes, the trailing stop jumped up (it was set to trail @ 4 pips), and I was stopped out.
Net Trade: +10.4 pips
I used this method (MA Crossover) years ago when I was trading options.
I didn't have much success with it but looking back I don't think I had a good exit strategy.
I let the trade trade swing back and forth and would often give back my profit.
I've been watching the EMAs on my charts lately and I think the crossovers work well with the TSI indicators.
Also, there are journals in this forum where the crossover is used successfully.
I spent the weekend drilling Vulcan holes into my head. Pounding a "No Emotions" mantra
Today I made 2 groups of Long trades separated by a short retrace.
I didn't want to make any short trades because my regression channel told me that I was in an uptrend.
The 1st 2 were typical trades where the first target was triggered and then after the stop moved up I was stopped.
The 3rd trade never moved in my direction and I was stopped out.
The 2nd group:
+5.1 pips
+15 pips
I entered on the white (long) arrow. I was a little hesitant to do that but it is part of my trading plan so I jumped in.
It paid off so I guess that's why it's in the plan.
I also changed from 2 targets per trade to all in, all out.
This brought the $/day goal in line too. $/day isn't the primary goal though.
Another thing I want to accomplish is to have the discipline to stop trading after I reach my daily goal of @ least +10 pips.
Right now I can feel the tug to continue trading but I need to conquer it.
I need to treat it as a business not a game. I find that too often when I continue after hitting the goal I end up giving some or all of it back.
Total for today: +14.3 pips
The following 2 users say Thank You to sorge2000 for this post:
Today I jumped into 3 trades that I had no reason to be in.
The first was a long that was chasing the move. I hadn't been up long (still working nights) and just entered because it felt good.
After a few minutes, I came to my senses and reversed the trade.
It moved down into profit but my target was too far away as I did an all in, all out trade and the price retraced and stopped me out. 0 for 2
The third trade was a long when the EMA turned up with the price above it (below were I had been stopped) and it turned down and I was stopped again.
The next 2 trades were back to my method which is 2x contracts with the targets set @ 50% of the trade. i.e. 1 contract for each target.
The 4th trade was a long that I got in late on. I usually enter at the white arrows but I was away from the computer when it appeared.
I got in at the green arrow which is confirmation.
This triggered the first target and eventually touched the trailing stop.
The 5th trade was a re-entry long that I adjusted the target really tight. Timid I guess, but it worked out for some small plus pippage and the white short arrow appeared thereafter.
4th: +9.7 pips (net)
5th: +1pip (net)
I drew a regression channel on the 2000 tick chart and noticed a trend divergence between the 2 periods (596 -2000).
My guess would be that we may be seeing a turn up in the EURUSD?
The shorter period chart is indicating higher highs & higher lows.
The last trade crushed me.
I entered using my rules (white arrow) but I was under the moving average and entering a Long position.
I was also in a downtrend.
