StylusK wrote:Don_xyZ wrote:Here goes the crazy naming by Don
FrInger (Fractal Bollinger Band)
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This combo is wild. It doesn't have anything like a static bias and it's very good for htf. Fractal and BB compliments each other. BB alone is already very good and if you add Fractal, then it's for sure becomes even more effective.
StylusK wrote:I'm trying to pick some sort of near high, low or some pointy place for the stop placement at the moment. It's the only way that I know to keep it somewhat consistent
. I suppose the M5 extreme is even less discretionary, so maybe I could try that.
But in terms of smaller stops using M1, how can I pick the stop so that it's tighter that's not a near high or low? Or would this require some additional knowledge
?
Well, I only showed my perspective on it. You don't have to copy what I do. Tight stops can be achieved. I showed it a lot of times in my other thread. That thread is not that long, please read it and start taking notes when it's necessary.
I know I know, it's just that my track record of figuring everything by myself isn't very good lol, so that's why I'm trying to pick up breadcrumbs from people that know the craft.
Aside from that, these are today's trades:
MA-EU-Monday-10-4.png
#1 I wouldn't say was bad, just didn't work.
#2 was a very ugly entry. So 'wide' that it took almost an hour to play out and ended up exiting with half R
#3 worked fine
#4 worked fine
I think about 2.3% ish after commisions.
The thing that I'm noticing today, which I also noticed last time, is that there can be other triggers within the lifespan of a trade. I don't know if it makes sense but what I mean is that there are more trades than the ones I took, but since I was already in a trade I didn't take them, except for #3, which I took when #2 was open, and #4, which I took when #2 was also open.
I think the more I try to explain it the less clear it becomes. But I guess my question is if it's a good idea to still take the triggers even with an open trade, or if it's generally a better idea to let the trade play out before taking the next.
Ok, here goes:
1. Why you didn't trade before 16:00 mt4 time?
2. There will be losses. Fact checked, trading involves losing money if you're not comfy with the word risk or loss then trading is definitely not for you.
3. Losses can be minimized either by using a high win rate strategy or widening SL pips or using layer etc.
4. Wide SL always equal longer to me to hit TP (and SL obviously).
5. Trade grading is part of WIL. Questions like:
When to take a trade?
Where to take the trade?
How wide must SL be?
How big is too big how big is too small?
Is there any way around big SL?
How fast will it reach there?
What if price doesn't reach there when it's already outside of your kill zone?
How long does it usually take to get there?
Compare my previous charts and you'll see that I ignored a couple of
possible trades because it's too big. This is applied WIL.
post162007#p162007edit in red.
StylusK wrote:4 trades today, 3 wins, 1 loss.
The loss was a bit spiky, and after commission and whatnot, spread was either 0.1 or 0, but still, it almost felt like a -2R.
Anyhow, the total was slightly below 1R, I thought it was more til I actually saw the daily pnl.
MA-EU-Tuesday-11-4.png
The small V indicates what I think I need to look for. I don't think I need to take every close over the ma just because, so I'm thinking that I need to see some form of pullback, so the V indicates that price went to the other back, reversed and then closed over. Don't mind my artist skills:
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Note that I don't even know if this is the correct approach, so I might be once again falling into creating arbitrary rules that came of my youknowwhat
1. You must take into account the fees (spread, commission, rollover).
2. Trading on bigger tf will instantly reduce your fees although it will also reduce the number of trading opportunities during the day/week.
3. BONZ is a breakout trade, even though it can also be used for others.
4. Using Fractal's extreme point for SL is good but you must have an idea of where the price currently is inside that H8 layer.
, but there are still plenty of entries so that's good.