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Need help picking entry points

Discussion in 'Beginners Bootcamp' started by Steven Hartwell, Dec 2, 2009.

  1. Steven Hartwell

    Steven Hartwell Private

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    Hello I have been trading for six months and I am having a hard time picking good entry points. I trade using 15 minutes chart along with a 1 hour chart, and also look at a daily chart to determine the trend. I mainly trade price action (chart patterns) and I always get in to late and miss to many pips or get in on the tail end of the move and get a couple of pips no where near the pips I should be making anywhere from 50-100 pips. It almost seems like I am scalping which is not the style I want. Can anyone help me tweak my entry points?????
     
  2. Forexwatchman

    Forexwatchman Sergeant

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    I need to know more information to offer guidance.

    What currency pairs do you trade (some just aren't near as volatile as others)? Also unless they are trending you're not gonna see near as much potential for big wins as you would once the pair IS trending (you probably knew that though).

    What indicators do you use and how? You're aware that some should only be used in certain market conditions, otherwise they're useless?

    How much exposure to the market are you comfortable with? With a T/P of 100 pips you'll have to wait a lot longer than one of 50 pips, on average, and you'll usually have to risk more as well (though that's not necessarily the case).

    You've got the right idea, I also use the 1hr and 15 min time frame and I just posted my exact strategy under the Systems and Strategies threads. From what you said it sounds like you're using a lagging indicator and then entering a trade before it retraces or so late that no more than 40 or 50 pips are left before those who got in early decide to 'cash out' so to speak and you see those retracements happen before it then continues its direction. Fib's are the right tool for measuring that, but I don't personally use them.
     
  3. Ricex

    Ricex Sergeant

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    Without knowing what strategy your using, other than chart patterns, it will be difficult to give advice. The markets are not easy to read at the moment for long term trades.

    General advice would be to make sure you know where strong resistance and support are, have a look at this simple eur/usd 4hr chart, btw the 4hr chart is a very good indicator of overall trend if your trading on 15min charts.

    Eur/usd has been in a range for quite sometime and this can be used to your advantage. I have indicated roughly your major resistance and support, now trying to keep probability on our side at all times, you would be generally looking to go long off support and short off of resistance. You might have to be patient, but that's part of being a longer term trader, let the market come to you.

    eurusd example.

    At the point where you have identified these levels, move down the timescales and home in on your price action patterns.

    Within this chart are many more lines of R & S that can be drawn to help in the decision process. Sorry if I'm teaching you how to suck eggs, but the fact that you said you seem to get in at the end of a move is maybe because your not aware of R&S points, and they are a very basic fundamental tool.

    Also maybe try adding an oversold/bought indicator like stochastics or rsi to help with your entry.
     

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