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metalorn 09-17-2008 11:32 PM

Another +8 pips on EURUSD starting at 1.4358!

http://i36.tinypic.com/2h6g7qx.gif

disbellj 09-17-2008 11:34 PM

Don't Chase Price. Let It Come To You.
 
Quote:

Originally Posted by metalorn (Post 68870)
Don,

so there's no need for horizontal line if you got everything setup and the price is moving, right? Because it might be the case, that you draw a random line and the price takes 10 minutes to get there...

How about this. If you see price really moving, and if the M5 candle matches the H1, make a horizontal line above or below where price is, if it's still moving when it gets there, make the trade. If not, don't. Then close the trade if it reverses towards the line. The line is there as a point of reference to know how fast price is moving up or down. If it's moving good, then you'll have a hard time making the horizontal line before it reaches it, or making a horizontal line after the trade starts (cause you need to be concentrating on that price and that line). So test the move and place the horizontal line a little away from price at the time. Within that 5 minutes (or less), you'll be in and back out of the trade. Just learn to wait and watch, or get an alarm for lines crossing the preset horizontal lines while matching the H1 candle color. If TRO was here, maybe he would have written an indicator that did this. Oh well, guess we have no way of finding out. Now the thing that TRO was also trying to get across is we don't want to chase price. We want it to HIT US! (hit our horizontal line). If it does, then we get pipage no matter how small. Cause if it stops, we stop the trade. If it continues to surge, we continue to hold on. Now you can go for big pips, or smaller pips, depending on if you're using Fib). But price moving is the key. If it doesn't, there will be another trade along when volatility gets going and movement starts happening. Why trade if there is nothing going on if you're a scalper?

TRO would say that you are up against some of the best traders in the world, and the longer your money is out there, the more chance you have of losing it. ANYTHING CAN HAPPEN!! If we believe this, then we take what we can get when we can get it and aren't greedy.

Money management is as big a part of it as the trading technique. If the money management is good, you'll risk a few pips to gain more on average, and if you haven't seen the money management calculator yet, it proves you don't have to trade a lot to get there quickly. Just stop losing. Don't let it move against you. If it does (unless you're using fibs and have a pretty good idea it's going to continue, and are willing to take that chance, that's your choice. I say why take the chance if you can make money not going for the "home run" trade. We don't need all the pips, we just need to hit it when the price is moving and use that horizontal line as a trigger/reference (I would say stop loss, but if it gets closer to this line after you begin the trade, are you gonna let it?). Is it moving or not?

Don


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