wow thats pretty clear after a few stouts. seriously guys... much obliged.... I have spent a lot more on books which have shared a lot less. cheers SS p.s. Anek.. post the address where the crate of stout needs to be mailed Rn. thanks for putting it on paper... printing as I type !!
Heh. Today could have paid for enough stouts to put anyone in a pleasant coma for quite some time. ~Cx
Piscuy, Are those entries "fractal" entries? How do you know when to get out? Always had a hard time with entries like that..... B
Indeed. I've always said a profitable daytrader charging for ANYTHING is an oxymoron. Oops did I say that out loud ? Too bad. More stouts. Anek
They are based on supports and resistances. For me personally the exit happens when I am not longer comfortable holding the position. If its a big position, I may exit half or one third. What makes me uncomfortable? A tough support or resistance that is getting closer, loss of momentum, a trendline that it has not been able to break, news coming out soon, etc. etc. My reason for entering a trade is to capture profits, if I belive I cannot capture any more profits or am risking the profits I alredy have I close the position. I know my answer in this term is a big ambiguous but its not because I dont want to give you an answer, it is simply the best way I can explain it. Exit when you no longer have a valid reason for being in the trade, whatever it may be. Reply to this if you want to discuss it further. Piscuy.
I guess a general answer like the one I just gave will not solve your problem. Why dont you share with us your rationale behind the taking of a trade? Lets discuss your reasoning and perhaps we can find a way that you dont have such a hard time with entries and exits like those. The more specific and substantial your questions the better help you will get from me and from everyone on this thread. The trades I detailed are just based on support and resitance, trendlines, double tops, etc. There is no magic behind it. Fractals are a geometric pattern that is repeated at ever smaller scales to produce irregular shapes and surfaces that cannot be represented by classical geometry. If you ask me too complex to figure out fractals for daytrading, may work on larger time frames but I dont trade them. I like to keep trading simple. Piscuy
Possible AHG Addendum Bullish Scenario Up swing (1HH, 1HL, required) Confirmation bar closing above previous bar high (bright green paintbar) after the retracement while the most recent HL remains intact. Preferably not higher than half the distance between the last HL and the last HH. Target based on price action and next resistance or the very beginning of a conservative averaging up play for the possible upcoming uptrend. Ideally target must surpass the risk over the long run, unless price action says otherwise. Stop below most recent HL. Open for discussion, needs further examination. A wise/experienced trader I know claims the best possible entries are found at the birth of new trends with the very first confirmation. Easier said than done, this could be a possibility. Anek Note: An uptrend requires 2HHs and 2HLs, this play anticipates it with minimal risk.