Hi,
i would like to share with you all a new way of looking at the market with price action , what do i mean by price action, well i mean the amount that the price has moved in a certain amount of time.
I am looking at the 15 min time frame to judge the price action momentum - volitility ,
I want to see that the price has moved at least 20 pips from the open to the close price , this gets my attention , next i want to see a pullback of 25% of the way after this 15 min candle has printed , this will be the entry criteria.
lets say the price in 15 mins from the open to the close was 40 pips , i would look for a 10 pip retrace then enter the trade, i use a 30 pip stop loss to give the trade room to breath , i use 30 pip stop loss regardless of the candle size as long as the candle is at least 20 pips in length i use the slingshot retrace entry, no more than 50 pips in length from open to close too high risk .
i close half of the trade out at 30 pips , this will get me to breakeven and also lock in 15 pips of profit , i will exit the next half at 60 pips, once 60 pips is achieved i net 45 pips total.
the only thing i am usiing to determine the trend is the 50 sma, i want to see open and close above the 50 sma to look for long or the open and close under 50 sma to look for short, if the candle is half way through the 50 sma avoid , it must be clearly past the 50 sma .
there you go thats all there is to it, any questions feel free to ask ,
good trading
james agnew.
:)
i would like to share with you all a new way of looking at the market with price action , what do i mean by price action, well i mean the amount that the price has moved in a certain amount of time.
I am looking at the 15 min time frame to judge the price action momentum - volitility ,
I want to see that the price has moved at least 20 pips from the open to the close price , this gets my attention , next i want to see a pullback of 25% of the way after this 15 min candle has printed , this will be the entry criteria.
lets say the price in 15 mins from the open to the close was 40 pips , i would look for a 10 pip retrace then enter the trade, i use a 30 pip stop loss to give the trade room to breath , i use 30 pip stop loss regardless of the candle size as long as the candle is at least 20 pips in length i use the slingshot retrace entry, no more than 50 pips in length from open to close too high risk .
i close half of the trade out at 30 pips , this will get me to breakeven and also lock in 15 pips of profit , i will exit the next half at 60 pips, once 60 pips is achieved i net 45 pips total.
the only thing i am usiing to determine the trend is the 50 sma, i want to see open and close above the 50 sma to look for long or the open and close under 50 sma to look for short, if the candle is half way through the 50 sma avoid , it must be clearly past the 50 sma .
there you go thats all there is to it, any questions feel free to ask ,
good trading
james agnew.
:)
(Discuss) my 15 min slinghot method
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