NEVER LOSE AGAIN!! - TheRumpledOne

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too funny - or, maybe u shud lay off the jack daniels

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I don’t trade Forex and I know nothing about it. So I apologize in advance for what might be a basic question.

From my understanding TRO uses a 20-pip stop loss. Can anyone chime in and tell me what 20-pips would be equal to in ES ticks? I’m trying to figure out the best s/l for the ES.

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re: So I apologize in advance for what might be a basic question.

no need for apologies...hehe

I think he uses 10 pips but anyway - It depends on account and risk tolerance. Here's from earlier in the thread...

If I risk 2% per trade, that's all I want to lose. Of course, I could lower my position size to get a wider stop, but what's the point? When price goes my way, I want to make money faster.

RISK = STOP LOSS * POSITION SIZE.

$1000 ACCOUNT BALANCE

2% MAXIMUM RISK

$1000 * 0.02 = $20

$20 = STOP LOSS * POSITION SIZE.

If I pick 10 for stop loss, then I trade 2 minilots. If I pick 20 for stop loss, I trade 1 minilot. There is no "right/wrong" way.

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websouth

WHAT IS THE HIGH OF THE DAY?

IS PRICE NEAR THAT HIGH?

IS PRICE GETTING CLOSER TO THAT HIGH?

IS PRICE AT THE HIGH OF THE DAY?

IS PRICE MAKING A NEW HIGH?

so TRO o enigmatic one

Most things are a myth except for the high of the day....? If trend is a myth probably the high of the day is too. A high would be relative just like trend. New high over what time period. Is that the high of the session, last 12 hours, last 24 hours? Forex is a 24 hr market... Is a certain high time of the day more significant? Like 420? Using GMT, CMT, etc.

IS PRICE MAKING A NEW HIGH?

Ok I'll buy that. Good question. But relative to what?

++++++++++++++++

hey somebody's got to bust your chops

No, high of the day is NOT a myth. Of course, the high can be relative to what time your day starts.

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lipton80205

I don�t trade Forex and I know nothing about it. So I apologize in advance for what might be a basic question.

From my understanding TRO uses a 20-pip stop loss. Can anyone chime in and tell me what 20-pips would be equal to in ES ticks? I�m trying to figure out the best s/l for the ES.

That would be a 10 pip stop loss.

I would imagine 10 ticks if ticks are the finest movement.

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TRO, thank you.

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sam028

TRO posts 291 posts, something like 15 posts/day, and I still don't understand what he wants to tell us.
Maybe it's because my english is no very good, and maybe because I should read carefully all these posts with my eyes more open.

But I was just wondering, am I alone ?

What do I want to tell you?

TRADING IS SIMPLE.

DO NOT COMPLICATE IT.

I AM TELLING YOU TO LEARN TO SEE PRICE WITH YOUR VERY OWN EYES.

DO NOT BE FOOLED.

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TRO.

If previous bar is red, then look to go short at the previous bar low.

If previous bar is green, then look to go long at the previous bar high.

When you say "high" or "low". Do you include the wick of the candle or is it the close of the bar which you consider to be the high or low.

I know simple question just want to make sure I am doing this right.

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lipton80205

TRO.

If previous bar is red, then look to go short at the previous bar low.

If previous bar is green, then look to go long at the previous bar high.

When you say "high" or "low". Do you include the wick of the candle or is it the close of the bar which you consider to be the high or low.

I know simple question just want to make sure I am doing this right.

Yes, the wick is included.

High is the high of the previous bar. As in, open, HIGH, low, close.

The green horizontal line is plotted at the previous candle's high.

The red horizontal line is plotted at the previous candle's low.

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lipton80205

I don’t trade Forex and I know nothing about it. So I apologize in advance for what might be a basic question.

From my understanding TRO uses a 20-pip stop loss. Can anyone chime in and tell me what 20-pips would be equal to in ES ticks? I’m trying to figure out the best s/l for the ES.

10 pips in Forex is about 3 - 4 ticks (1 point in ES). imo