The "Flip" Trade (support and resistance changing roles)

[walterw]

	Quote:	Don4
	Hey walter thats great to hear, looks like you may be demoing efx now but not sure, if u are their free charting lags quite a bit compared to auctual price. They are suppose to release their new charting package sometime this year. Commission is my only gripe with them they are high you pay when u enter a trade and when u exit, but i believe if u trade over a certain amount they will cut u a break on commision. I had a lot of problems with there demo,but have not had any with their live platform. Just wanted to let u know,hope u make many pips!!!

Yes, I have an acct at oanda... but will probably try efx as I like the ecn concept where there is no deal desk pricing... anyway I calculated their comisions and its equivalent to 1 pip would that be correct...?

I think that with flips as the ones you are showing me... there is great amount of pips to be made ¡¡¡ cheers Walter.

[Don4]

Here is a list.

[walterw]

Thanks for that info Don...

That +1 pip are you referring to the spread between bid/ask ?... I understand you can also get inside that spread in pipetes (ej 1.32334) On high liquidity hours does the spread get less than 1 pip in pipetes ? thanks Walter.

PD: did you see the chart with the lsma exits ?

[Don4]

walter the +1 pip is between the bid and ask,but it does fluctuate some depending on the liquidity.on average the major pairs run from 1 to 2 pips
but you can catch them at even quite a bit. You can trade between the spread. Yea,the lsma can be quite accurate at picking the tops I will start looking at that a little harder.

[walterw]

Hello fellow traders, today friday june 8 has been a very dull market almost all day, until momentum showed up for a nice clear flip... happen to be also a super coil break... flips on days like this are not that frecuent, I thought I would not have any... cheers Walter.

[Don4]

Today wasnt a good day, think i was like 1 for 6. But it was my fault,the flips were there. I was just trying to scan to many pairs at 1 time and being a little to aggresive. The one that i did hit i closed half my position at 10 pips and had stoploss at 6 so i was already in a + trade. And i told my self that i wouldnt touch it i would just let it run and see what happened but ended up closing it out for 8pips.(still learning this setup)

[walterw]

Hi Don, I think the trade was ok... the key would be to find a way to stay inside all the way down...

Should we start considering the fact that if we are outside keltner we asume we are having momentum.... so... from there on momentum may build or not.. if 50 % of the position was closed at the scalper exit... you already have a "free trade" (thanks Irushing for concept)... so now staying inside will be the key if momentum builds up...

So far in terms of exits, as scalper I am I had suggested the use of very small targets... now looking at forex and how forex develops momentum in such a way should we consider a diferent alternative to stay inside longer..

Here is mi first idea: Super Runner = coming back into keltner... wich could be a 1/3 last 3rd exit.

So here would be the proposed complete exit idea : 1rts Scalper exit 1/3... 2nd runner exit another 1/3... 3rd super runner last 1/3....

technical criterias : 1rst scalper exit with cci 1rts hook from 100 level

2nd runner exit with cross of oposit 50 level and 3rd super runner exit at re-entry of white keltners...

Other combination could be just 50/50 scalper and super runner...

Tell me what you think... this are just ideas... cheers Walter.

[Don4]

walter,these are some great ideas, i think next week ill play around with the 50/50 idea and see how it works out. One thing though you think it would be best to close the first position on the scalper or close on the cover of the stoploss + commission to get that free trade? Just wondering.

[walterw]

	Quote:	Don4
	walter,these are some great ideas, i think next week ill play around with the 50/50 idea and see how it works out. One thing though you think it would be best to close the first position on the scalper or close on the cover of the stoploss + commission to get that free trade? Just wondering.

good question there Don, that would require some meditation from my part and some cat walk on the park... taking a fixed target sometimes it sounds to me a little "pretensious"... thats why I like not to establish any particular target but really gow with the flow and being trigered by a technicall factor...

In terms of math yes, would be ideal, in real world... I dont know...I like the technical triggers... any way some meditation will make the diference...

Think momentum here is the final key to success in terms of RRR... being able to cash in does big moves will make a tremendous diference... cheers Walter.

[Don4]

One more thing, this flip that happened today presented two different types of trades back to back just wanted to get your thought on what you would consider more valid. The first one would be more aggressive but less risk because of stops could be placed fairly tight below support. The second would be less aggressive but greater risk because price would be so far away and stops would have to be above support.Your thoughts!