Discretionary Trading Systems, training chart posts - Posts, questions and discussions
16/10/2010 17:22:13
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Posts: 387
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Hi
I trade mon to fri ( sometimes Tues to Thurs only)
7Am to 10AM GMT
$GBPUSD
HILO MT3 Trading
And or MT2 trend trader
I have posted some videos and blogs on trading with them – I will have to provide more later on.
http://microtrends-ninjatrader.blogspot.com/
http://www.micro-trends.co.uk/videos/
The idea is to get in with trend or counter at the high or low and then get out at point which is as near as possible to the daily range about 150pips on the GBPUSD.
I am not interested in 10pips or 20pips or even 50pips. I trade for a risk reward of 1 to 15 – 10pips to earn 150pip
The MT3 will get you in at a high or low –
If you have missed it the MT2 will get you in on a pullback and trend line rejection – trend continuation.
I have a number or elements I mix in to enable me to filter trades or take them early on just a setup pre- empting the trade entry signal if need be – based on strong levels and technical.
For example short at a 9month high retest on Thursday – was a good trade to take just as a level. So If I want to be double sure I wait for the MT3 to fire a setup and then a trade entry on something reactive like the Renko to get in there – nice and high so that the stop is way above the high and allows me to have a small stop and increase my position size for the same trade risk size of 2.5%
Historical Horizontal HILO levels , year, month, week, daily
Previous day ,week, month, year, Fibonacci levels
FXMAX MAX Green and FXMAX LONG are trend guides.
If you hit one of these on pullback on the 10,30 or 60min chart at a low with a MT3 long setup – and a historical level , plus 2S or 23 then you are lined up for the easiest trade possible.
Four counter trend trades I use the MT ATR HTF on the 30min and daily to tell me if we are at 100% of the normal daily low to high tide range… this is a good reversal point combined with other factors.
You need to get in the trade so that you do not get tense regarding the stop…and early so that the profit opportunity it large…. Later entries are not worth bothering about.
Just trade the easiest best setups possible and wait for them all week if you have to.
Project is completing the internal work migration to NT7 and then the silver bullet – plus internal infrastructure… lots to do
Many Thanks
Tom Leeson
edited by forum on 03/11/2010
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16/10/2010 17:21:23
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Administrator
Posts: 387
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Bonjour Tom,
As always you are doing a great job. I'm quite impressed with all the workspaces that you have created.
Can you give some explanations how you trade?
Which criterias do you follow?
What is your project?
Merci
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