Forex Freeway - page 11
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Dan,
The stop placement is correct according to your pic. I remember this setup and I did not take the trade. First, my personal money management criteria said no to this trade because I like to take a maximum of 1:1 trade. Meaning if I go for 20 pips, then I want my stop to be no more than 20 pips. Occasionally, I break my own rules but not this time. Second, I knew there was news coming out from E-12 and Germany. I usually wait until the news clears and price decides where it wants to go. Some may or may not agree with me about my risk-reward and that is ok. Each person is different in their trading approach. I just know what works for me.
DeSoftI agree with the r-r.
It is just that I barely see a trade where a 1:1 r/r would be the case.
So thats still confusing me
I agree with the r-r.
It is just that I barely see a trade where a 1:1 r/r would be the case.
So thats still confusing meDan,
I know what you are going through. When I first started trading like this I would wait for my "ideal" setup. Sometimes, I would miss a great trade because it did not fit my criteria. That's why I said that I do not always follow my rules. I will make an exception and use a larger stop if I see the market is surging strongly. Another thing that I do is monitor multiple currencies. For example, if I am watching the EUR/USD and the GBP/USD and they both signal long. The stop for the GBP/USD is 35 pips while the EUR/USD is 25, then I would choose to take the EURO. While not all my trades are perfect, I do try and choose the ones that meet my discretion.
DeSoft
Another thing that we may look at doing is dropping down to a 1 minute timeframe and use the same criteria. I will try and test seperately and see if it works.
DeSoft
Desoft,
I was just pondering an idea that I had yesterday when I encountered the SL placement trouble. Just tell me if I am nuts...
Scenario:
Even in a healthy uptrend there will be always downfractals build, and in a downtrend there will be up-fractals. So lets say all freeways switch to green for an up trend. Now we wait for a down fractal to be build and place out long trade after this downfractal confirmed by the first no-touch candle.
That way we get our stop much closer to the market and have it still hiding behind the fractal?
In a good up trend, the down-fractals are likely to be higher than the last one. So if our stop gets taken, we might be wrong about the trend anyway in first place.
What do you think?
Dan,
I know what you are going through. When I first started trading like this I would wait for my "ideal" setup. Sometimes, I would miss a great trade because it did not fit my criteria. That's why I said that I do not always follow my rules. I will make an exception and use a larger stop if I see the market is surging strongly. Another thing that I do is monitor multiple currencies. For example, if I am watching the EUR/USD and the GBP/USD and they both signal long. The stop for the GBP/USD is 35 pips while the EUR/USD is 25, then I would choose to take the EURO. While not all my trades are perfect, I do try and choose the ones that meet my discretion.
DeSoftI agree. If someone wants a purely mechanical system, just program a robot to do the job. Learing to trade is like with anything else. A good example is airplane aerobatics. Maybe at first it doesn't seem like a good comparison, but if you think about it, can anyone learn AEROBATICS from a BOOK??? I don't know any pilot who's done it. You simply have to get out there and practise. The same with the markets. You just have to sit out your alloted "ass-hours" of screen time.
After a while you will notice that you have a feel of what the price wants to do, and that perhaps, the rules are not enough.
Desoft,
I was just pondering an idea that I had yesterday when I encountered the SL placement trouble. Just tell me if I am nuts...
Scenario:
Even in a healthy uptrend there will be always downfractals build, and in a downtrend there will be up-fractals. So lets say all freeways switch to green for an up trend. Now we wait for a down fractal to be build and place out long trade after this downfractal confirmed by the first no-touch candle.
That way we get our stop much closer to the market and have it still hiding behind the fractal?
In a good up trend, the down-fractals are likely to be higher than the last one. So if our stop gets taken, we might be wrong about the trend anyway in first place.
What do you think?This way you will definately get a better price, and I believe it is the way to go. But to siplify things, why don't you just put the Murray Math lines on the chart and use that for entries. Or at least it will give you an idea of where the price might stop the retrace.
How do you use the murrey lines with freeway?
MM give you a trading range. The outer lines act like ovebought , oversold areas. You'd simply get into the market in these areas in the direction of the trend as shown on the FF.
mm lines
MM give you a trading range. The outer lines act like ovebought , oversold areas. You'd simply get into the market in these areas in the direction of the trend as shown on the FF.
Hi DanielTyrkiel
What you mean by the outer lines there are a lot of lines when u display the MM lines?
So you would go long somewhere between -2/8 and 3/8 and short between +2/8 and 5/8 together with free way?