The 3 Little Pigs MTF Trading Strategy - EURJPY Late Entry 15-Apr-16

The 3 Little Pigs MTF Trading Strategy – EURJPY Late Entry 15-Apr-16

A question from Thomas following the Pro Member Live Weekly Workshop a few hours ago which is worth sharing with all members.

Hey Jon, I was going through the 3 Little Pigs MTF Trading Strategy and I have installed the scanner and the indicator on my MT4 charts and received a signal to short the EURJPY and I missed it. And the next 4 Hr Candle has formed so what happens in this situation – What are my conditions of entry?

  • Wait for another signal
  • Do I wait for a retracement
  • Enter now

The answer is this – It’s a case of personal choice…

  • You can wait for the next signal – The downside is you miss this move.
  • You can wait for a retracement (to the original Entry price) – The downside is you may miss this move.
  • You can take the entry now – The downside is you get a worse Entry (as you have a bigger Initial Stop (behind the MA)). However , at least you are involved in the move.

In this situation I usually…

Take half the position at the current price and then the other half on a retracement (to the original Entry price).

I prefer this approach to missing the entry completely. At least I will have half a position on (albeit at a worse Entry price) so I am involved in the move. And, I may also get additional involvement at the original Entry price (if there is a retracement).

Hope it helps.

All comments welcome.

The 3 Little Pigs MTF Trading Strategy - EURJPY Late Entry 15-Apr-16 Chart

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The 3 Little Pigs MTF Trading Strategy - EURJPY Late Entry 15-Apr-16 Scanner

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DISCLAIMER & COPYRIGHT

This update is based on my analysis on my charting package. It may differ to yours as it can be affected by time, market movements, charting packages and broker prices. I accept no liability for loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on any information in this report or analysis.