| Author |
Message |
newark18
rank: 150+ posts
Age: 36
Joined: 11 Mar 2010
Posts: 365
|
|
I am still in this trade from a few days ago. So far up 209 pips at 2Us. I averaged into my position after I thought retracement was done. However, I doubled up my position when price allowed me double up and keep my S&R line below the retracement level (used h3CCs to double up). I did not use MO's most recent thoughts on adding positions. I missed opportunities to increase my position because i was either sleeping, working or playing with my kids. Now I need to think about where I want to exit.
|
|
|
|
_________________
"It's always as simple as price closing or not closing over a line which you believe to be S&R" by MO
|
|
   |
    |
|
cwn6161
rank: 50+ posts
Joined: 28 Feb 2010
Posts: 90
|
|
| newark18 wrote:
|
I am still in this trade from a few days ago. So far up 209 pips at 2Us. I averaged into my position after I thought retracement was done. However, I doubled up my position when price allowed me double up and keep my S&R line below the retracement level (used h3CCs to double up). I did not use MO's most recent thoughts on adding positions. I missed opportunities to increase my position because i was either sleeping, working or playing with my kids. Now I need to think about where I want to exit.
|
if that is the level you trade off of, you are at a high. see what happens at that close!!!
|
|
|
|
|
|
| |
|
|
newark18
rank: 150+ posts
Age: 36
Joined: 11 Mar 2010
Posts: 365
|
|
| I need to work on adding positions according to MO's new strategy. I can't seem to conceptualize how to do it after you added to your position once already.
|
|
|
|
_________________
"It's always as simple as price closing or not closing over a line which you believe to be S&R" by MO
|
|
| |
|
|
cwn6161
rank: 50+ posts
Joined: 28 Feb 2010
Posts: 90
|
|
This is what I understand about the addition to your position:
1) Look for a retrace in price.
2) As price moves back in the desired direction, this retrace has essentially created a support line. When you add to your position, you want your average to be below that support.
3)Depending on how far the retrace went, that determines how much you will add. Larger retrace = larger risk = smaller addition
|
|
|
|
|
|
| |
|
|
cwn6161
rank: 50+ posts
Joined: 28 Feb 2010
Posts: 90
|
|
Still watching my trade on USDCAD. CC hasn't closed above support, so I'm still holding on. The red line represents my SL, which is the same % risk as what I had with my initial position.
I recall MO saying he has a 4.5% dd limit for the week. Assuming he starts with 4.5% risk, he must move his SL in accordance with the additional positions he places on a trade. Is that correct?
|
|
|
|
|
|
| |
|
|
bredin
rank: 500+ posts
Age: 36
Joined: 16 Feb 2009
Posts: 713
|
|
After averaging in your stop will have to move to keep your risk the same.
Is this in conflict with 'never move a stop'?
G.
|
|
|
|
_________________
Welcome to the era of "Guns and Maskies" Trading!
The previous message contains discretion. Viewer nudity is advised.
Insanity Industries Indicators Here
|
|
  |
|
|
cwn6161
rank: 50+ posts
Joined: 28 Feb 2010
Posts: 90
|
|
| I suppose it would, but how else do you keep risk constant?
|
|
|
|
|
|
| |
|
|
newark18
rank: 150+ posts
Age: 36
Joined: 11 Mar 2010
Posts: 365
|
|
I am out of this trade now because I think this is ready for a correction. Any thoughts would be appreciated. I made 241 pips at 2Us. I never did anything after I doubled up.
|
|
|
|
_________________
"It's always as simple as price closing or not closing over a line which you believe to be S&R" by MO
|
|
| |
|
|
cwn6161
rank: 50+ posts
Joined: 28 Feb 2010
Posts: 90
|
|
| newark18 wrote:
|
I am out of this trade now because I think this is ready for a correction. Any thoughts would be appreciated. I made 241 pips at 2Us. I never did anything after I doubled up.
|
I think I would have gotten out a little earlier, once a CC made a new high close on the chart. Who's to say my way is right though? You did great!
I'm still in on my trade of USDCAD. I'm going to be stubborn on this, as I still haven't seen a CC close above my support line.
|
|
|
|
|
|
| |
|
|
newark18
rank: 150+ posts
Age: 36
Joined: 11 Mar 2010
Posts: 365
|
|
I took this EU trade a little while back. Price close above what I considered resistance. And I entered after rejection. So far up 115 pips at 1U and looking for a place to average in.
|
|
|
|
_________________
"It's always as simple as price closing or not closing over a line which you believe to be S&R" by MO
|
|
| |
|
|
|
|
Calendar
