Thursday, May 20, 2010
Before the opening
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"When i trade at home, I often watch the sparrows in my garden. When I feed them bread, they take just a little piece at a time and fly away.They keep on flying back and forth, taking small bits of bread. You will never be able to shoot a sparrow, it is just too fast. That is the way I day trade". M. Weinstein.
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7 comments:
hello..nice blog and results!congratulations!
what's the moving averages you use?
thanks!
Dear Forexbird, still doing nice I see.
You told me I can ask you about the graphs and so on, so may I ask you what made you go out on the "14.9" trade ? WMA spreading, blue bar charts, CCI and QQE not giving any signal... Do you have a look on something else ? Chartism on MT4 maybe ? Reaching a resistance level ?
It is mainly curiosity but in the same time you might be able to give me a tip, because entering a trade is never a problem, but like most of us, I always have doubts trading out.
Do you have main things you look at to close your positions ? I have some rules (CCI, fast pull back, HH or LL on tick chart) but still too much "intuition" in thiq, part that I wish to be able to turn as rare as possible. So I thought that I might look to many things in the same time. I think your experience could help me...
So good continuation and thanks for your contribution to the scalpers' community.
Cheers.
marcelao23,
i use WMAs 48,54,60,and 80,90, 100 ...150.
Ema 21.
Sparrow,
The 14,9 trade was an easy setup : ascending lows and break of previous high (113,14).
Yes it was logical indeed, but I was talking about the reason that made you close your position around 113,32. Was it "blocking" at this level or did you see something on another time scale ?
Any tip about how you go out ? (if in + or in - by the way) This is still the point I feel the less comfortable with : When to go out...? :-( Do you fix targets ? Do you have a look at pivots points ? Fibo ?
Thank for your help and advices,
Sparrow FX
I don't look at indicators anymore. I usually exit a profitable trade when i see 2 bars of opposite color. 2 reds after a blue rally. Or I move manually a stop 2-4 pips behind the price and this is filled on the first adverse run.
hope this help.
It is really great time to enter into a trade, as getting into new trend can be seriously profitable. I am doubly sure about everything, as that is something that helps me do well. I trade with OctaFX broker and with them, I am always secure using their low spread which is just 0.2 pips, so that really helps with scalping and more importantly the smooth platform where all trading orders are executed instantly, it is ideal scenario for me!
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