GBP FINE TUNING ENTRY
OKAY, IF YOU ARE IN A POSITION TO MONITOR THE MARKET, YOU COULD THEN FINE TUNE YOUR 4HR SHORT LIMIT ORDER , PULLBACK ENTRY IN THIS WAY.
LOOK AT THE CHART AND FOCUS ON THE 4HR AND THE 1HR. YOU CAN SEE THAT THE 4HR IS IN PULLBACK MODE BUT THE 1 HR IS TRYING TO BULL PIVOT.
LOOK AT THE CHART AND FOCUS ON THE 4HR AND THE 1HR. YOU CAN SEE THAT THE 4HR IS IN PULLBACK MODE BUT THE 1 HR IS TRYING TO BULL PIVOT.
WE WON'T KNOW IF A BULL PIVOT HAS ACTUALLY FORMED ON THE 1HR UNTIL THE END OF THIS 1HR BAR. BUT WE CAN SEE THAT THE CLOSE OF THE LAST 1HR BAR HAS FORMED A POTENTIAL SWING BAR. SO WE CAN PROJECT AHEAD OUR 3BAR COUNT FROM THERE TO THE 9853-56 RANGE.
BUT WHAT WE DO KNOW IS THAT IF IT DOES PIVOT WE CAN SEE RIGHT NOW WHERE OUR 3 BAR TARGET WILL BE ON THE 1HR IF THE PIVOT DOES FORM AT THE END OF THIS BAR , THAT IS THE 9853-56 RANGE.
SO NOW WE CAN ADJUST OUR 4 HR LIMIT SHORT ENTRY TO 9853-56, THE PROJECTED 3BAR LEVEL OF THE 1HR. A FILL THERE WOULD REDUCE OUR POTENTIAL STOP TO 20-25 PIPS.
AND, MOST LIKELY THERE WOULD BE AT LEAST A SMALL BOUNCE OFF THAT 1HR 3BAR SO THAT IF THE 4HR DID CLOSE UP AFTER YOUR 4HR SHORT LIMIT ORDER HAS BEEN FILLED YOU CAN STILL CLOSE IT WITH A SMALL PROFIT AND THEN LOOK TO GO LONG WHEN THE LONG SETUP IS FORMED.
IF THE 1HR PIVOT DOES NOT FORM THEN ADJUST YOUR SHORT LIMIT BACK DOWN TO 9846. THEN IF THE 1HR GOES DOWN AND PIVOTS UP AGAIN LOWER, YOU MAKE THE SAME ADJUSTMENT AND RECALCULATE YOUR PULLBACK ENTRY BASED ON 3BAR IN THE SAME WAY.
YOU DO THIS AS LONG AS THE 4HR PULLBACK IS IN PROGRESS. AT THE END OF THE 4HR PULLBACK (TEST) BAR, IF YOUR SHORT ORDER HAS NOT BEEN FILLED YOU CANCEL IT AND RE-ANALYZE THE SETUP BASED ON THE CLOSE OF THAT 4HR BAR.
YOU'RE IN THE GAME EITHER WAY AND YOU DON'T CARE IF THE MARKET GOES UP OR DOWN. JUST RIDE THE WAVES BABY, JUST RIDE THE WAVES.
YOU MAY THINK THIS IS PLAYING IT TOO FINE BUT IT WORKS AND IF YOU ARE TRYING TO WORK WITH A $250-300 MINI ACCOUNT IT IS THE PERFECT WAY TO LOOK AT THINGS.
IT IS NOT THE WINNING TRADES THAT DETERMINE YOUR SUCCESS BUT THE LOSING ONES, AS IN WHEN YOU LOSE YOU LOSE SO SMALL THAT YOU CAN STILL STAY IN THE GAME FOR A LONG TIME. LIKE YESTERDAY'S 21 PIP DRAWDOWN.
IF YOU CAN KEEP YOUR AVERAGE LOSSES IN THAT AREA YOU WOULD HAVE TO LOSE ABOUT 10 TRADES IN A ROW BEFORE YOU SET OFF YOUR MARGIN ACCOUNT LIMIT.
JERRY
BUT WHAT WE DO KNOW IS THAT IF IT DOES PIVOT WE CAN SEE RIGHT NOW WHERE OUR 3 BAR TARGET WILL BE ON THE 1HR IF THE PIVOT DOES FORM AT THE END OF THIS BAR , THAT IS THE 9853-56 RANGE.
SO NOW WE CAN ADJUST OUR 4 HR LIMIT SHORT ENTRY TO 9853-56, THE PROJECTED 3BAR LEVEL OF THE 1HR. A FILL THERE WOULD REDUCE OUR POTENTIAL STOP TO 20-25 PIPS.
AND, MOST LIKELY THERE WOULD BE AT LEAST A SMALL BOUNCE OFF THAT 1HR 3BAR SO THAT IF THE 4HR DID CLOSE UP AFTER YOUR 4HR SHORT LIMIT ORDER HAS BEEN FILLED YOU CAN STILL CLOSE IT WITH A SMALL PROFIT AND THEN LOOK TO GO LONG WHEN THE LONG SETUP IS FORMED.
IF THE 1HR PIVOT DOES NOT FORM THEN ADJUST YOUR SHORT LIMIT BACK DOWN TO 9846. THEN IF THE 1HR GOES DOWN AND PIVOTS UP AGAIN LOWER, YOU MAKE THE SAME ADJUSTMENT AND RECALCULATE YOUR PULLBACK ENTRY BASED ON 3BAR IN THE SAME WAY.
YOU DO THIS AS LONG AS THE 4HR PULLBACK IS IN PROGRESS. AT THE END OF THE 4HR PULLBACK (TEST) BAR, IF YOUR SHORT ORDER HAS NOT BEEN FILLED YOU CANCEL IT AND RE-ANALYZE THE SETUP BASED ON THE CLOSE OF THAT 4HR BAR.
YOU'RE IN THE GAME EITHER WAY AND YOU DON'T CARE IF THE MARKET GOES UP OR DOWN. JUST RIDE THE WAVES BABY, JUST RIDE THE WAVES.
YOU MAY THINK THIS IS PLAYING IT TOO FINE BUT IT WORKS AND IF YOU ARE TRYING TO WORK WITH A $250-300 MINI ACCOUNT IT IS THE PERFECT WAY TO LOOK AT THINGS.
IT IS NOT THE WINNING TRADES THAT DETERMINE YOUR SUCCESS BUT THE LOSING ONES, AS IN WHEN YOU LOSE YOU LOSE SO SMALL THAT YOU CAN STILL STAY IN THE GAME FOR A LONG TIME. LIKE YESTERDAY'S 21 PIP DRAWDOWN.
IF YOU CAN KEEP YOUR AVERAGE LOSSES IN THAT AREA YOU WOULD HAVE TO LOSE ABOUT 10 TRADES IN A ROW BEFORE YOU SET OFF YOUR MARGIN ACCOUNT LIMIT.
JERRY
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