This week it has been tough trading the FBT (First Bar Trade) on the 3m chart for sure. Yesterday was the worst, but in trading this setup everyday for several years, I just continue to take the trade if it triggers. Today, it paid for the week, as the market opened and held ground for a while and then just gave it up.
Again when the stoch goes to oversold, I watch the high of the last bar on the 70t to manage the trade and hope for a good move. You just have to take them all no matter what "your" trading style is.....or you will only take all the loser and miss most of the winners.....at least that is what I have noticed........A LOT!!!!!
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HOI DENNIS,
IF THE TRADE GOES AGAINST YOU DO YOU HAVE A EXIT STRATEGY OR DO YOU GO ALL THE WAY TO YOUR STOP, IF TODAY THE TRADE WAS GONE AGAINST YOU YOUR STOP WAS 18 TICKS ABOVE?
I AM GLAD FOR YOU THIS ONE PAYED FOR THE WHOLE WEEK, I UNDERSTAND THAT YOU HAVE TO TAKE THEM ALL.
Great question, What I am trying to show is just having a simple idea and then building on that.
Take the first bar setup, of course the trigger is easy, but how you manage it is personal. I have been trading that dang thing for years and it may sound funny but there are days when you can just feel it's in trouble and bail.
You had a short, it triggered, the ticks were above zero and climbing. The first spike in the prem was to the upside after 9:42....the stoch would go down and the price just sat there....all signs of trouble.
The best way to approach this idea and all others is to do some back testing of rules, and more important to look for when it didn't work and if there is any thing common in that. Let's say that every loser the ADX was above 90 and every winner it was below 30.
Then if I went short and saw the ADX move toward 90, I would get my banjo playing behind out. This type of study will also give you more confidence in taking your setups when they come to you......
Hope that helps......
thanks dennis for commentary my question,about the entry , i am still not sure i get it, take today the low of the firstbar is 690,80 a few seconds in the next bar it takes out the low, but i guess thats to early to take the trade, if so where should the entry be according to your rules ,the close of the second bar?
by the way, what a magnificant house you are building, thanks for sharing the photos with us!
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