Posts by "daveo"

ok he was the original but like all trading studies they tend to get simplified, sort the wheat from the chaff so to speak. Dalton is highly regarded for condensing the material. Tom Alexander another author although his small book is highly priced imo. Big buddy of mine Tom boy.

yep sure and also refer back to August and Sept balance areas still valid for MP. Your level could well play being about 100/120 pts below the 200 dma (refer previous failed tests). Also the 161.8% at 6397

Not sure on FTSE but likely to react with the big boyz. It made the 78.6% level at 6422. I can't decide where W.1 low was so not useful to project where W.5= W.1. The whole move down from 6820 started well before the US indices which is unusual. It might be a 5 sequence rather than corrective ?

Extraordinary story !

Hi JayDee,

I am not subscribed to the premium trade signals and analysis but I gather the audusd trade you refer to was a long entry, probably below the current price at the time of posting.

In answer to your question a good rule of thumb is to risk no more than 2% of your account on any one trade and not more than 5% of account on all open positions.

When calculating risk always assume the trade will hit the stop loss so you should reduce your normal lot size to cater for a wider than normal stop loss. If the trade starts to come into profit and the trade analysis logic is still valid you can always add at the same time as tightening the stop loss. This is how I would handle the scenario. You have to assume the market will screw you. You have to think smart with your trade management and never ever allow your account to be over exposed.

Get into the habit of trailing your stop to logical levels as pattern develops. I don't know how many times Ashraf's trades have almost hit TP target, failing a few pips shy, and then proceed all the way back to the original stop loss---crazy scenario !!!