Am on a leading diagonal idea, allthough more like a channel now... Anyway, if the channel holds we have a very nice opportunity and very good R/R trade here...
Target is larger degree 0.382 retracement..., SL below the recent low, I like to be below round numbers... But you could take it just below the low to get an even better R/R trade...
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Bullish move up, so far so good...
Low-risk traders move SL to BE, as long as it's below the channel trendline...
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SL to BE...
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Looks rather weak at the moment, SL at BE, no risk for me!
Trade closed: stop reached
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BE...
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Ronnee
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Hehya...you sure giving me heaps of charts with your ideas...thanks...ordered a smallish trade here @ 129850. Sl 129580 Tp 131662...see how I go...very new. And learning.. Stop losses are my problem especially overnight or Hugh swings which seem to happen....if you r very sure of the trend and can afford to should you keep right out of trouble with these or cut your losses? I guess every trade is different. It's annoying when you are right with the trade but your timing of entry can be wrong sometimes...if you follow me..cheers ron
KVE
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Hi, thanks for your comment. For this one I want to be out as soon as we break clearly through the channel trendline. As you said, every trade is different, your reasoning is good, you just need time to figure out what suits you best in different situations. I'm still learning to you know, probably always will, people change, markets change, your acount changes...
I used to have my stops wider, then I switched to tighter stops but I didn't like that alot so I try to not set them too tight... Again, every situation is different, for some patterns/structures you can keep it tight, others require some room...
Also when you see a huge move coming on higher TF's, you can phase in your entry based on smaller TF setups, but you need to carefully calculate your position sizes and stops so that you don't over-risk on the whole position..., that way you don't miss the trade if it comes sooner than expected, it doesn't matter if you're not in with full position, you can always add later if the plan works out.
If you get good at spotting lower TF setups in the direction of the higher TF setup you can enter trades there, have tight SL, take profit on them if it works and always keep part open (you can change to wide SL since the position is smaller) for the higher TF trade... That way you might end up with your higher TF trade almost risk-free since you made money on every other trade and are just trading with the leftovers... For counter-trend trades, doing it that way, you could actually end up really buying the bottom or selling the top...
Ronnee
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Cheers, closed this for nice enough profit for me,, only because long weekend etc. been burnt before with something happening and pending orders creating Hugh swings at opening! Maybe too early but a profits a profit. Done well with gold selling since 1270.0... Cashing up and re entering at same level..Chartwatchers, gave me the confidence. He's incredibly good....Ron
KVE
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Thanks for the tip, following him now!
Ronnee
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Hi again, further of Chartwatchers, check out The Bear Awarkens chart. Of 9 days ago! These predictions have gone nearly exactly as written . I followed this from the start, it's now got to the 3 rd wave........so watch out from here. I cashed out 3 times and reentered at the same time. I think he's a master.. It will be interesting to see what happens.....a lot on the world scene, Brexit,,US rates, Elections.what if here, with Trump,!! I think now he can beat Ms Clinton! China..smoke an mirrors!! I feel they maybe in trouble, with a lot of others. .... Cheers happy trading. R