In response to several emails expressing frustration over the lack of recent Dipper and Little Dipper signals I can only reiterate the old mantra, “Follow the plan”. If there are no confirmed signals then there should be no question about whether to trade – Just say “No”. Keep in mind that my goal is not primarily to make money, but to avoid losing money. That’s just my old geezer tactical trading plan and may not apply to more risk happy traders. Most traders I’ve known who have gone bust, including several very talented and experienced ones, have NOT followed the old geezer plan.
To further limit risk exposure my trading plan is also diversified along a number of potential revenue streams: the Asian straddle, the Dipper, Little Dipper, TRAK and OL, with confirmations provided by the 8/8 hi/lo, parabolics, pivots, 7/14LRs and LC30. That may sound pretty busy but, in fact, we’re really using different setups within different time frames and at different times of day so the focus of our attention is actually fairly narrow at any given time during the trading day. We also trade the correlation and overnight tattletale of the EUR/USD to daytrade the FXE, particularly at the open. Going forward this week we’ll touch on a few of these indicator nuances to better understand what constitutes a “Go” and a “Just say No” setup signal.
Related posts:
