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zedDoubleNaught
Registered: May 2010
Posts: 301 |
01-26-12 07:02 PM
For these 2 posts, I had a question:
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01-26-12 04:02 AM
We now have a double bottom and long at 1.3148 stop 20.When price retraces to previous support ,it is a confirmed support.
01-26-12 04:43 AM
Dr Cornelius want to go long at 1.3160 because there are a lot of short stops above the price and we want to get them running and buying
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Did you go long at 1.3148 or 1.3160? Or both? It looks they were both would have worked out, and what was the exit?
thanks
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oilfxpro
Registered: Oct 2007
Posts: 1600 |
01-26-12 08:00 PM
Quote from zedDoubleNaught:
For these 2 posts, I had a question:
...
01-26-12 04:02 AM
We now have a double bottom and long at 1.3148 stop 20.When price retraces to previous support ,it is a confirmed support.
01-26-12 04:43 AM
Dr Cornelius want to go long at 1.3160 because there are a lot of short stops above the price and we want to get them running and buying
...
Did you go long at 1.3148 or 1.3160? Or both? It looks they were both would have worked out, and what was the exit?
thanks
I went long on both and came out at 80 on one for+ 32, second at b/e or 1.3160 b/e.
First exit was a mechanical target of 30/stop 20.
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zedDoubleNaught
Registered: May 2010
Posts: 301 |
01-26-12 09:58 PM
Quote from oilfxpro:
I went long on both and came out at 80 on one for+ 32, second at b/e or 1.3160 b/e.
First exit was a mechanical target of 30/stop 20.
thanks -- I have been wondering about Price Action trading, this helps fill in a big question I had. I am generally on the side of the previous comment about "high probability" without actual counting. But in considering the opposing side, I've read about halfway through Al Brooks book, and have noticed thinking to myself "wow, that's like what I see all the time". I like the screen shots, especially the 2-parts -- one at the set up, the next at how it turned out.
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cornix
Registered: Jan 2011
Posts: 3032 |
01-27-12 03:33 AM
My favorite quote on the "high probability" matter:
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." George Soros
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oilfxpro
Registered: Oct 2007
Posts: 1600 |
01-27-12 06:45 AM
Quote from cornixforex:
My favorite quote on the "high probability" matter:
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." George Soros
Stops should be placed where the market can't take you out of good trades. As a result of placing wider stops your hit rate increases.If you select highest probability entries and trades , your hit rate will be 80 % plus.
If you select a any reasonable trending strategy ,with a stop loss of 40 pips and target of 26 pips your hit rate will be around 65 % , use a stop loss of 20 and target of 22 your hit rate will around 50 %.The profit comes from picking the highest probability entries by increasing your hit rate to 80%.
Think what happens if you put your stop down to 6 or increase to 100 .I have already showed a few trades where small stops actually cost hundreds of pips when getting taken out of great winners of 50 to 100 pips.
Let us say you do a thousand trades ,
800*26 =20,800 profit
200*40 = 8,000 loss
net profit of 12,800 pips per year
* futures account $10 pp = $128,000
Drawdown 600 pips * $10 = $6,000
No good trading 10 cents a pip and making $1,000 a year at a bucket shop like Oanda , and telling mothers how to suck eggs.
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oilfxpro
Registered: Oct 2007
Posts: 1600 |
01-27-12 08:42 AM
This is how Dr Cornelius trade low risk breakouts.
Dr Cornelius look at correlated markets like euro/usd to see if it is also strong.If trading Dax watch for other indices and euro /usd correlation.This is high probability price action confirmation.
 low risk cable breakout.jpg
This has been downloaded 64 time(s).
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