Often “re-entry” into a trade where you’ve already taken profits, can be a little tricky. Questions arise such as “gees – is this move over already “? or “man…..not sure this is the right level, perhaps it’s gonna pullback a little further “.
Aside from years of experience , practice and application, as well a fine tuned short-term trade technology / indicator – there really is no easy answer.
If you’ve been viewing charts for as long as I have, and enjoy the “geometry and math” that goes along with it- often these little “areas for re-entry” just come jumping off the screen.
It takes time, and it takes a considerable amount of trial and error in order to hone “some kind of strategy” that gives you a tiny glimmer of hope – in navigating the short-term time frames / noise that goes along with them.
A couple of other hints:
- I don’t really believe there is much need to get any smaller than the 1H chart (coupled with the 15 minute chart).
- If you consider that a 5 minute chart can move from overbought to oversold every couple of hours or less – there is really no solid indication as to “what level to enter” as…it’s really just noise.
- With whatever technical indicators you use ( RSI, MACD, Bollinger Bands, Stocs , MA Crosses ) consider placing orders “above / below” current price action when your signal is met – and allow the price to “move towards you” as further confirmation.
- Take the time to place several smaller orders ( in the direction of the original trade ) and let momentum ( if in fact you are correct ) pick up your orders “as price moves towards you”.
- Smile and laugh when you get it completely wrong (and price “shoots off” in the opposite direction) as – you don’t have a position! You’ve done something right!
With these simple things in mind, get back to the charts, consider my tweet and subsequent “re-entry across the board”.
See if you find anything useful as…..every single trade entered this morning has moved directly into profit.
Thanks again for the tips Kong. So you’ve played some nice USD shorts today?
USD longs JM….long.
so short pairs EUR/USD as well GBP/USD…
long pairs like USD/CAD as well USD/CHF etc…..
Interday volatility has em bobbin around closer to break even now.
Surely sir you must the joking… That long-term TL from July 8th confluencing with the Aug high did not prompt you to pull the trigger on a picture perfect E/U long? You fundamental wacko, you… *grin*
He he he…..check the entries today my friend.
How come I’m in profit across the board?
Cuz I’ve been long USD for weeks now.
Go man go – nice seein you here at the blog!
Good to be here! You are posting entries? I had no idea. But where?
I generally tweet entries and “occasionally” post full on here at the blog.
You can dig back / search for the odd “trade alert” post here as well twitter.
I’ts nothing formal as I generally don’t just “give away the farm”.
“If you consider that a 5 minute chart can move from overbought to oversold every couple of hours or less – there is really no solid indication as to “what level to enter” as…it’s really just noise.
With whatever technical indicators you use ( RSI, MACD, Bollinger Bands, Stocs , MA Crosses ) consider placing orders “above / below” current price action when your signal is met – and allow the price to “move towards you” as further confirmation.
Take the time to place several smaller orders ( in the direction of the original trade ) and let momentum ( if in fact you are correct ) pick up your orders “as price moves towards you”.
Smile and laugh when you get it completely wrong (and price “shoots off” in the opposite direction) as – you don’t have a position! You’ve done something right!”
Words of wisdom… Words of wisdom my friend. Thanks Kong!
Thanks man.
Hopeing to save the odd fellow from spending half a lifetime ( as it originally felt like to me ) trying to apply math / technique to these smaller time frames.
I have use for the 5 minute at times, but generally plan around the old 1H which in terms of forex moves – is still very small / micro, as the moves t-a-a-a-a-k-e- w-e-e-e-e-e-e-k-s-s-s- t-o-o-o- f-f-i-i-n-n-a-a-l-l-y-y- turn!