+ 4.78 pips = + $19.78

12.01.10

First trade my target was 1.3125 and I got stopped out where the red dot is at.

Second trade my stop was directly above the yellow resistance line where I placed a thick red line for demonstration. The min/max chart shows my stop missed being hit by only .00003. The target was 1.3050. I didn't hold completely to my target but it came to within a pip or so of it so I'm comfortable with my decision to take profit at that point.
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4 comments:

  1. GumpDecember 1, 2010 at 10:34 PM

    Hi Harvey.
    Not too interested in stops or targets as I'm not sure I believe in their use. I'm most interested in where your S&R lines are derived from, what your entry trigger is based on and why your using at 30 sec? time frame.

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  2. HarveyDecember 2, 2010 at 7:04 AM

    My S&R lines are derived from the major high's lows and trend-lines. I only put the most obvious one's on my chart so at most I'd typically only have 4 lines on the chart. To identify these S&R lines I'll look at the 1hr chart all the way down the the 1min chart.

    I look at the 30 sec chart mainly because it provides a level of detail I like to see when I'm placing my entry. It's basically personal preference.

    My entry trigger simply comes down to once price hits a stop I want to be in at then I'm in. You can always see on my charts where I've placed an order and if it's triggered or not. All orders above price are long and all orders below price are short. I'm trying to catch the momentum.

    My entry is based on what I perceive the overall context of the market to be. Do I think price is moving fast and I can expect a quick extension from current price? Is price moving and swinging slowly so I should by on pull backs? etc..

    I also have a 5 second min/max chart on my screen so I can quickly place my orders above or below the current price.

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  3. GumpDecember 2, 2010 at 11:50 PM

    Thanks, Harvey. Sounds good. I have no "triggers" either I'm just "in". Are you looking for new S&R formed by the present day's action?

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  4. HarveyDecember 3, 2010 at 12:01 PM

    Yes, if a new high/low is made during the session I will move my S&R. If a new really obvious trend-line is created during present days action I will mark it on the chart as well.

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