PumbaPLS wrote: Thu Aug 18, 2022 8:15 am

in addition ive heard someone say never use candlestick charts because if you went to a grocery store and you had a can of soup with three candlesticks on it for price you would be lost asking the cashier for the price of the soup

and its easier to catch a knife when it hit the floor then fall from the ceiling /
markets that actually close are supposed to have better opening trades

PumbaPLS wrote: Thu Aug 18, 2022 12:11 am both RplusT and Meyney, I wonder how you decide when to exit a trade?

Do you have pre defined TP and you hold to it no matter what?
You dont have a set TP and exit whenever you "feel" like a reversal could come soon?
Maybe you trail?

etc.

Yeah, I wonder too. Usually I take some trades off when I reach the bottom of my coffee cup.....Meaning, I can't really tell. It depends on the price action.
As I trade with Trendlines, usually it's the break of those. A long run like yesterday is not standard, but the advantage of Trendlines is, that I can let it run.
As I have the habit of adding and adding orders, I definitely take some off during the course of a long trend run like yesterday. And then there is the end of my trading day, when I close all.

My chart looks like this:

RplusT wrote: Thu Aug 18, 2022 11:36 am Yeah, I wonder too. Usually I take some trades off when I reach the bottom of my coffee cup.....Meaning, I can't really tell. It depends on the price action.
As I trade with Trendlines, usually it's the break of those. A long run like yesterday is not standard, but the advantage of Trendlines is, that I can let it run.
As I have the habit of adding and adding orders, I definitely take some off during the course of a long trend run like yesterday. And then there is the end of my trading day, when I close all.

My chart looks like this:

i took into consideration your mtf envelopes looks promising

Yes, Trend envelopes work very well as long as people are aware that in mtf they appear on lower TFs only once the conditions on that higher TF are met and continue that direction. But as a reference in relation to the price action they are very convenient.

Nice Trend envelopes trading today, even before the European open.

PumbaPLS wrote: Thu Aug 18, 2022 8:03 am In your first post you wrote that your first target is the low/high.. which leaves many questions open

1. Do you leave a runner?
a. With how much risk you leave that runner?
b. When do you decide to exit that runner?

2. Do you have several Targets? 2? 3?
a. You get the idea..

3. Why do you do that despite the math working against you doing that? I guess a mental thing?

Ah I see what you mean.
Yes I think trading especially managing trades is 90% a mental game and of course without decent moves whe as retail traders are nowhere. About the R:R I agree pre defined targets will often not work, but I find it useful to compare my Stoploss area with a possible target zone, for example the previous high or low; if this it out of balance I will pass. Most common mistake is to move the stop too early to breakeven, I think this is the reason why many fail trading R:R. Personally I like to enter on a lower timeframe with potential target zone (SD and S&R) on higer timeframe: stop is tight but enough room When I see price is clearly moving against me instead of just a spike/hunt I will close the trade. I always have an emergency stop in cause of disaster but enough space to let the trade 'breath'. To be honest I am not a top daytrader, a have a few friends in my group who are better, but my analyses / charts are mostly ok. Moreover, I find trading often boring....When I take a trade I say goodbye to my money -it is gone- anything can happen- and fingers crossed: let's hope for a good run, and yes sometimes when price is moving nicely I will trail=walk away and or add positions.
Best M.

RplusT wrote: Thu Aug 18, 2022 1:46 pm Yes, Trend envelopes work very well as long as people are aware that in mtf they appear on lower TFs only once the conditions on that higher TF are met and continue that direction. But as a reference in relation to the price action they are very convenient.



TrendEnvelopes-alerts (mtf).mq4

try this more option

gy daily

I will post this new template soon. Next version at Christmas.

Meyney wrote: Sat Aug 20, 2022 5:31 am I will post this new template soon. Next version at Christmas.

Man.. is this better?. I have fallen in love with your moving averages. If anything should be added, I think it should be something for entries.. as trendlines are still subjective for a lot of us.