CatFx50 - page 366
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hey guys
do you put stop loss every trade?
how many? averagehi Dellan
Stop losses are (in my opinion) mandatory for each and every last trade you make. Stop Losses are what separates a new trader from a veteran trader.
To emphasise my point - I've read that in many Professional Market trading companies, if a broker is found placing a trade without a stop loss, its grounds for immediate termination (I'll see if I can locate the book I read that in).
That says something to me...
From my personal experience, I've lost several thousand dollars because I didn't put in a stop loss - its better to take a 20 pip hit, then a 200 pip hit.
And don't mistake a "mental" stop loss for an actual stop loss. Mental stops are too easy to "adjust".
As far as how much goes, thats your call - the CatFx50 system suggests a 34 pip stop loss - but this is really dependant on your personality.
I go with a stop loss of anywhere from 20 -34 pips depending on how strong the trade looks.
At the end of the day - remember, never place a trade without a stop loss and a target for taking profit (although, that can adjust if you find yourself on the good side of a market run) - and dont forget trailing stops as well - they can be good.
Hi Moneyline,
On a level 3 trade you state the Hist_StepMA_Stoch briefly changes color. Does that mean it changes color as the candle goes toward the 50 EMA and when the candle closes it goes back to the original color that it started with because price is moving away from the 50 EMA by the close? I'm just trying to get in my mind what brefly means. I have another question, if you go looking for a level 3 trade in retrospect on your charts, if the candle changes color during its formation but goes back to the original color how can you tell it's a level 3 trade? I would think you would actually have to be watching the charts at the time of the color change to determine if you have a level 3 trade? Please correct me if I am wrong in my description.
Dave
Hi Dave,
You've got a point there and that's one of the reasons I stated something about working on some newer graphic depictions. The illustration meant to convey the message of the change in color of Hist_StepMA_Stoch, and not necessarily with just one candle. It can change color for many bars, but, if and when Hist_StepMA_Stoch changes color again, AND the price continues to be on the correct side of EMA 50 (for either short or long), then you have an entry signal.
To clarify the point even further: The change in Hist_StepMA_Stoch's bar color can be just for a few minutes, but it can also last for many hours. If you can remember that price and Hist_StepMA_Stoch don't always cross at the same time, the better!
moneyline
Stop Loss!
hey guys
do you put stop loss every trade?
how many? averageHi dellan,
PLEASE DO NEVER ANY TRADING WITHOUT A STOP LOSS IN FOREX (OR OTHER MARKETS)!
There always come times when huge or horrible news come on. Therefore the markets can explode or shink in some seconds to minutes over hundreds of pips.
Forex is margin based and most brokers close positions automatically if the margin is exhausted. So if you do not have a stop loss the max. stop loss is your total account. => One disaster and your account is blown away.
Beside bad news, only think about your internet connection is damaged and you will not reach your trading platform while a trade is running. Yes you can take the phone and try it that way, but what is going on when this happens a minute before NFP-news came ...?
Even if you work with countertrades (placing pending orders to the opposite side) - what happens when this trade could not be activated because the price movements are to fast for your quotings.
Take care and secure your money.
mibl
Hi mibl,
On the usdchf 08:00 trade I used a high of 1.2299 (bid on my chart) for a recent high for breakout. If I entered at 1.2303 which would be the ask price (4 pip spread) then that would put the bid even with the reference high and not really a break above it. Am I calculating that correctly?
Also, to get the 1.2271 price did you see a cross of the indicators during the 14:30 bar and have expections of a completed cross after the bar closed. I know that the longer you use the indicators the more accurate the expections for it are. I know there are a lot of other variables involved while anticipating the formation of a trade but any insights into these indicators would be appreciated.
Thanks,
frayedHi frayed,
the prices and charts I post have always the bid-prices on it like most brokers deliver them.
The entry point for the short signal yesterday on usdchf in the afternoon depends on how you look at additional filters. The understepping of histo's -0.04 during the candle creation was in the area of 1.2267 to 1.2262. ShadowWz's last version of aNina only prints the dots when the condition is valid on the candle close (the one before painted dots at once during the candle and it could be that the movement afterwards during the candle killed that crossing again). So, the aNina-dot as crossing-confirmation first came one candle later. But aNina is only one other additional filter.
=> You can choose yourself at what point you want to enter. Because of these variations I posted the range and not the clear point for that signal.
Look at this kind of signals in the future to get a feeling when to wait for aNina and when to enter before aNina is getting its dot.
Beside that, in the meantime I use the +/-0.04 filters on HistoStepMAStoch like that that I enter the trade when I see an significant overstepping of the filter level during the candle. I do not wait anymore until the candle closes. That is a little riskier but you get in 4 of 5 entries better prices than waiting on the close. (If you remember the beginning of Nina's catfx you remember that there were no filters and the entry condition was going in when histo is red/green at the candle opening.)
mibl
Consolidation on all three pairs -> flags
from left to right EURUSD - USDCHF - GBPUSD
mibl
neuimex
folks to make things easier for all of us if you would download neuimex platform we wouldnt have all these different price feeds i use this platform so does nina i get my signals off of these charts to trade my live acct on a different platform
harold4x, very good idea! Do you have neuimex running without timelimit? I saw the demo version is limited to 30 days. Any idea to avoid this limitation (except live account)?
Thanx
premvim
HI!
GOOOD MOOOOOOOORNING ALL!!!
You see, a few minutes and if you want you are done for the day.
Nina
harold4x, very good idea! Do you have neuimex running without timelimit? I saw the demo version is limited to 30 days. Any idea to avoid this limitation (except live account)?
Thanx
premvimHi, I think you can just simply get another new account.
moneyline
HI!
GOOOD MOOOOOOOORNING ALL!!!
You see, a few minutes and if you want you are done for the day.
NinaHi Nina,
My thinking exactly! With FOMC coming out tomorrow I just don't know how active tonight will be.
moneyline
Signals so far...
So now the flags are dissolved....EURUSD 8:30cet: level 4 long @1.2770, current high @1.2802 (>8:30cet)
USDCHF 8:30cet: level 4 short @1.2189, current low @1.2157 (>8:30cet)
GBPUSD8:30cet: level 4 long @1.8676, current high @1.8727 (>8:30cet)
I took the daily highs as triggers for the consolidation-breakout
UPDATE: As you see the breakout came between 8:00 and 9:00 cet - opening of the exchanges (derivatives and stock ex.) in london. Breakouts of nightly consolidations often take place at that time. But you must be careful, and hold you finger on the close button if you trade that because of just as well it often happens that there are spikes created near 9:00 cet.
mibl