EUR TS1 in formation

[Sejake]

Interesting setup in EURO forming.....

[NHN123]

Interesting setup in EURO forming.....
Question about using smaller time scales for entry:

If you enter on a smaller time scale, what targets would you use? The higher time scale targets, or the timescale that you used for entry?

Thanks very much.

[Sejake]

For me both....depends how confident you are in the longer term target.
The shorter time frame target can be an initial target where you take partial profits and then hold for the longer target.
You can also gauge the price action at the shorter timeframe to decide if you should take profits or hold, for example if the price blows through short term target then it could give confidence that longer term targets will be met.

It's all a matter of probabilities and will need to be re-evaluated as new data is received.

This is just my view of course.....

Sejake.

[NHN123]

For me both....depends how confident you are in the longer term target.
The shorter time frame target can be an initial target where you take partial profits and then hold for the longer target.
You can also gauge the price action at the shorter timeframe to decide if you should take profits or hold, for example if the price blows through short term target then it could give confidence that longer term targets will be met.

It's all a matter of probabilities and will need to be re-evaluated as new data is received.

This is just my view of course.....

Sejake.
makes very good sense - thank you.

[Steve Griffiths]

Hi Sejake...

A good call here, and has just riggered on the 60min Chart :)

Nice one.................

Steve

[Sejake]

Hi Steve, I've entered as well. Working well so far.

Still holding EUR/GBP long as well, so it will be interesting to see how these play out.

[mrkam]

MTP RT for esignal triggered this yesterday on the 240 min the long red bar, and moved red for a couple of bars, but the stopped out to this new trigger... I was out, missed this last move, was stopped out yesterday, oh well!!! Maybe this is the move....

[Sejake]

Since entering on manual hourly Euro short....now have a bit of time to play around and look for possible hourly targets.......first step on way to 4 hr target if it triggers.....

[Sejake]

4hr entry triggered and has hit 100% profit line in the same bar.
Have now pyramided my original long and will see what happens here.

[Steve Griffiths]

Hi Sejake.

EUR/USD collapsing nicely now..................:)

What a great trade Sejake and well spotted, a perfect example of taking the larger-degree analysis and entering with a smaller initial risk on the shorter time frame............. a brilliant example, well done !!

Steve

[Angel]

Hi Sejake, hi all,

First I would like to thank you all for the very valuable posting on this forum.

My question is :

Do you CLOSE your trade when you get a divergence pattern on lower time frame or do you MOVE your stop at breakeven ? For example, you're LONG on daily basis, the target is away and suddenly you get a SELL ABC pattern on 4 hourly chart ?

Close your LONG trade and banking your profit is a good idea, but wouldn't it be better* to move your stop at breakeven in this case and leave the trade to its target ?

Many thanks for your attention,

Rgrds

Angel

* If the trade goes in your favor, you INCREASE the odds to catch the very few big winners.

[Sejake]

Hi Angel,


Do you CLOSE your trade when you get a divergence pattern on lower time frame or do you MOVE your stop at breakeven ?

I generally don't use indicators or divergence.


For example, you're LONG on daily basis, the target is away and suddenly you get a SELL ABC pattern on 4 hourly chart ?


I think if you enter a daily trade and feel strongly that your daily target should be met then you should stick with that target, but consider taking partial profits at intraday targets.

Close your LONG trade and banking your profit is a good idea, but wouldn't it be better* to move your stop at breakeven in this case and leave the trade to its target ?


Moving stops to B/E at the 100% initial risk point is always a good idea, preservation of capital is #1 priority....

Hope this helps....

Sejake