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Normally, we all see a run of a currency pair move so far in price action that it passes through its resistance/support lines. I am curious if anyone have any recommendations or strategies as to how to get in on the trend instead of sitting on the sidelines and wait for a reversal? By sitting on the sidelines, we may miss further movement in the direction of the trend for who knows how long.
I think it depends on trader and strategy.
I only enter a trade when my system gives me the signal. If I miss the entry point, I will not enter anymore. If the price has moved x pips from the signal point I don't know how much the price will move further - may be the move is almost over.
I think it is very risky to enter a trade later than the moment in which the entry signal occurs. I prefer to sit back. There will be other oportunities in the next days. You don't have to rush.
I think it depends on trader and strategy.
I only enter a trade when my system gives me the signal. If I miss the entry point, I will not enter anymore. If the price has moved x pips from the signal point I don't know how much the price will move further - may be the move is almost over.
I think it is very risky to enter a trade later than the moment in which the entry signal occurs. I prefer to sit back. There will be other oportunities in the next days. You don't have to rush.
Good Luck!
this is good advice. Don't jump into a trade becuase of greed!
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this is good advice. Don't jump into a trade becuase of greed!
Very good advice! Don't be greedy !
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Normally, we all see a run of a currency pair move so far in price action that it passes through its resistance/support lines. I am curious if anyone have any recommendations or strategies as to how to get in on the trend instead of sitting on the sidelines and wait for a reversal? By sitting on the sidelines, we may miss further movement in the direction of the trend for who knows how long.
One of the most profitable methods is entering a trend on a pullback. If you can control your emotions and trade those pullbacks, you will be a very successful trader. Remember, every trend will have its moments of pausing or resting, and your job as a trader is to identify those pauses and jump on it. Sure there will be situations where the pause was a percusor of trend exhaustion and reversal, but that is why you use stops, right?
A few years back I bought a course on trading from Dr. Martin Miller (Dr. Marty). It was for commodities, but I think it is applicable to forex as well. In that course he described how to trade pullbacks or what he called "pattern trading". It is a great method. A similar method was described to me during an email exchange with Jerry Toepke, with MRCI. Jerry, in my mind, is the guru of seasonal trading for commodities.
This kind of strategy is best traded on a discretionary basis. I have been struggling to find a way to automate it, but till now the human brain seems to be better than an EA!
One of the most profitable methods is entering a trend on a pullback. If you can control your emotions and trade those pullbacks, you will be a very successful trader. Remember, every trend will have its moments of pausing or resting, and your job as a trader is to identify those pauses and jump on it. Sure there will be situations where the pause was a percusor of trend exhaustion and reversal, but that is why you use stops, right?
A few years back I bought a course on trading from Dr. Martin Miller (Dr. Marty). It was for commodities, but I think it is applicable to forex as well. In that course he described how to trade pullbacks or what he called "pattern trading". It is a great method. A similar method was described to me during an email exchange with Jerry Toepke, with MRCI. Jerry, in my mind, is the guru of seasonal trading for commodities.
This kind of strategy is best traded on a discretionary basis. I have been struggling to find a way to automate it, but till now the human brain seems to be better than an EA!
Good luck.
Maji
That's right human brain better than EA....if you trade and won 20 pips and wait for next day to enter position it means you've profit 20 pips on that day...but if you use EA suppose there're 5 times you enter position and totally won 10 pips ...you only get 10 pips profit (what about if loss)....see emotion with good decision better than robot
This is a tricky one, I know, but if you use the Absolute Fibonacci Framework, you can better identify where movements are going, and when to get in. The framework is split up into different fractals. Here's an example of just one fractal that seemed to be working for the EUR/USD when this screenshot was taken.
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This is a tricky one, I know, but if you use the Absolute Fibonacci Framework, you can better identify where movements are going, and when to get in. The framework is split up into different fractals. Here's an example of just one fractal that seemed to be working for the EUR/USD when this screenshot was taken.
I always hear alot about Fibs, but where can I find a better understanding about Absolute Fibo Framework? I don't want to just read about theory but like to see real life examples....
I understand that one should never chase the market, and wait for a pullback for there will be another day....
I always hear alot about Fibs, but where can I find a better understanding about Absolute Fibo Framework? I don't want to just read about theory but like to see real life examples....
I understand that one should never chase the market, and wait for a pullback for there will be another day....
I don't think it's so much about 'chasing the market' as 'seeing the market' so the trades come to you. Absolute Fibonacci is my own invention, and I have a website at www.leftbraintrading.com, but if you want to PM me I can send more examples - or join a webcast on the 18th and I can run through the concept live with you.
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LEFT Brain Trading - the right mindset and technique for success in Forex
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