Darren's Journal

[Darren]

Yesterday I didn't take a trade and today I missed a couple of good opportunities and just took 1 trade. Small rent paid. Next....

[Michal]

nice to see you posting :-bd (hug)

[immy]

Yesterday I didn't take a trade and today I missed a couple of good opportunities and just took 1 trade. Small rent paid. Next....

Looks like similar day like Kyle! hmmmm I have to be more specific with my entries in the chatroom.. I'll try! cheers

[Darren]

Yesterday I didn't take a trade and today I missed a couple of good opportunities and just took 1 trade. Small rent paid. Next....

Looks like similar day like Kyle! hmmmm I have to be more specific with my entries in the chatroom.. I'll try! cheers

Very similar! There was about 3 other opportunities that I would have taken had I not been disturbed/away, but that's the way it goes sometimes!

More specific entries sounds great ^:)^

[Darren]

One trade so far...

[Darren]

Two more this afternoon:

[Darren]

A bad start for me today. I didn't catch any of the big moves and then had a couple of rents.

[Darren]

And a BE for this afternoon:

[Darren]

Opening trade, but badly managed! :

2014-08-01_0837Dax1.png

Continuing on from that, it is clear that I am a fan of taking part profits at 10+ pips, then some more after another push etc, but Dax is not the same as currencies so I am not sure if this is the best strategy. I do like taking some off the table when in profit and I know I shoot myself in the foot for doing that sometimes (like today!) so I think I may change it slightly, but would like others idea's on this! I may take 1/4 off at 10+ pips and move the rest to BE, then take another 1/4 after another good move, maybe 20 or 30 pips, another 1/4 at the next push then trail Aims with the rest for the home run moves. This is a bit ambiguous which I am not happy with but I am not sure if strict rules are applicable with Dax!

[immy]

The only problem with pip based targets, as opposed to market generated levels is exactly what happened in your case. When the markets start trending the wave structure expands. Wae 1's become 40-50 pip long and wave 3's become 150 pips. Markets are Chaotic. So best way to go ahead is used market generate stop loss and target areas. during low volatility day a 20 pip move is very hard to achieve where as on a day like today and YD, 20 pip is hit in a flash. Now if you go with strict box size of 15 today and YD you'd be sitting on your hands. There is a give an take. But one strategy applied consistently would be great. I would say, if you want to close part, close it at 1.61 of Wave 1. using fib exp. By closing part of your position and not thinking of adding on you will never get to the stage of adding on. And that is what we all need to be working towards. Closing part at 1:1 suing Seed is the only strategy where I would like to close half but after I've done that I am not after 1:2 win, I'm after a big win. Using S1's we are to look for add ons... but before we get there, simply managing one entry correctly using the system/market generated signals would be recommended. IMHO>

ps: if you took seed entry, then 1:1 exit would be used not to grab some profit rather to convert this into a risk free trade and still have 20 pips room to muck around. trailing aims levels would have been ideal here.