Plans on Thursday
Technically, a lot of different levels are gathered. Because of euro's rising up, than fell down to the bottom of a contract and now it is rising again. Also, soon we will have a new contract.
Today,a tight core have gone through the Europe, we are waiting for Chicago.
Speaking about the strategy which I`m planning to use, on the one hand everything is quite simply: I will chose a core( probably one of today`s) and I will trade expecting to gaining a movement 100 points minimum, I mean the length of a medium pair range, on the other hand a core shouldn`t become a place where you could be scammed - I had a such bad experience on Wednesday. My inexperience in a new method become the reason of failure.
The mechanism of trading is not an intuitive thing (except when you are choosing the core). Usually, I`m looking for the core with 5-10 points level.
I take a size of the whole unit which I`ll trade with and divide it on two independent units (it is possible with MT, but with other brokers you will have to regulate it by the means of the take profit). I put 50 points on the first order and 100 points on the second one. The core includes the price and goes on my order limit or while the price is in the core I will set the order on outside.
So, two units will be open by the same price.
Good - it is when we will go in a right direction, from the beginning or when will get maximum 2 overturns. 2х5+4 pips (the commission)=14.
Tolerably - is when there are 3-5 overturns. 30 points.
The first profit will cover everything or some part of losses and the second one will give us a profit.
Anyway the price will go down at 100 points - today or tomorrow/the day after tomorrow.
The mathematical sense in the ratio of profit to loss (the old rule,the game should be worth the candle):1k5 - 1k10. For the more long-termed deals 1k20-1k30. If you had a bad day than you should expect a movement at 200 points up and try to wait for a necessary profit. Here you should have a patience of a titan - because it will bring you a profit anyway, but you may think about to cover everything at unplanned points, and at 80 or less with the motivation "to chill". I`m not sure that it will be a right decision.
So, you can trade every day in a such way - the question only is how to chose a right core(the level)? Frankly speaking I don`t have an answer YET, but later on I will post my vision of this situation. Usually all these things are happening intuitively. Sometimes you need to weight everything, but more often you should just keep your eyes open.
Today,a tight core have gone through the Europe, we are waiting for Chicago.
Speaking about the strategy which I`m planning to use, on the one hand everything is quite simply: I will chose a core( probably one of today`s) and I will trade expecting to gaining a movement 100 points minimum, I mean the length of a medium pair range, on the other hand a core shouldn`t become a place where you could be scammed - I had a such bad experience on Wednesday. My inexperience in a new method become the reason of failure.
The mechanism of trading is not an intuitive thing (except when you are choosing the core). Usually, I`m looking for the core with 5-10 points level.
I take a size of the whole unit which I`ll trade with and divide it on two independent units (it is possible with MT, but with other brokers you will have to regulate it by the means of the take profit). I put 50 points on the first order and 100 points on the second one. The core includes the price and goes on my order limit or while the price is in the core I will set the order on outside.
So, two units will be open by the same price.
Good - it is when we will go in a right direction, from the beginning or when will get maximum 2 overturns. 2х5+4 pips (the commission)=14.
Tolerably - is when there are 3-5 overturns. 30 points.
The first profit will cover everything or some part of losses and the second one will give us a profit.
Anyway the price will go down at 100 points - today or tomorrow/the day after tomorrow.
The mathematical sense in the ratio of profit to loss (the old rule,the game should be worth the candle):1k5 - 1k10. For the more long-termed deals 1k20-1k30. If you had a bad day than you should expect a movement at 200 points up and try to wait for a necessary profit. Here you should have a patience of a titan - because it will bring you a profit anyway, but you may think about to cover everything at unplanned points, and at 80 or less with the motivation "to chill". I`m not sure that it will be a right decision.
So, you can trade every day in a such way - the question only is how to chose a right core(the level)? Frankly speaking I don`t have an answer YET, but later on I will post my vision of this situation. Usually all these things are happening intuitively. Sometimes you need to weight everything, but more often you should just keep your eyes open.
posted by smart at
1:30 AM
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