Higher Time Frame Trading

Hit TP for 115 pips.

EurCad Long

EU long

Hit SL. 32 + 43 = 55 pips

Am enjoying your posts, good job

Stopped out for -74

Hit SL for -68pips

There were plenty of news. And EU and EurCad were late entries which extended my risk than usual.
Today I had a pull back of 193 pips.

But both the entries were a confluence of 50 fib and treandline.

Weekly performance:
Pips gained: 376
Pips lost: 193

Net: 183 pips for this week.

UJ long

First trade of the week.
Closed for +75 pips.

Last two weeks I was not trading much. Most of the time I was in hospital and was not in state to trade mentally.

I became a father of a little boy.

There are certain things I noted about myself(I beleive it happens for all human beings). I always loose in a trade, when I m emotionally unstable.

I am very much sure that I have an edge. But risk/money management is what I need more focus on.

So here are the question I ll be asking myself before entrying a trade. This is how I m planning to calculate my winning probablity.
1) Is the price approaching a Trend Line/ S&R area and are we seeing a bounce? (30 %)
2) Is there a fibonacci level confluence? (15 %)
3) Is there a S/R level confluence? (15 %)
4) Are we in the direction of trend? (20 %)
5) Is R:R > 1:2? (10 %)
6) Is divergence supporting the position in H1 or H4? (5 %)

If all the answers to the above questions are yes. Then it adds upto 95% which is the max probabilty.

Number of lots depends on this percentage of winning probablity. 5 lots is max I m planning. If 5 lots are in market, I call it as loaded.

95% & SL not more than 50 pips - 5 lots
80-89% & SL not more than 60 pips - 3 lots
60-79% & SL not more than 80 pips - 2 lots
less than 60% - 1 lot

I use 50 SMA to see the trend.

GJ long

Here is a classic entry which has 90% of probablity.

1) bounce from resitance (30 %)
2) bounce from fibonacci level of 38 (15 %)
3) Resitance level confluence (15 %)
4) direction of trend (20 %)
5) Is R:R > 1:2 (10 %)

But I just had 1 lot in the market.

USDCHF long

TP hit.
2lots of 44 pips = 88 pips.

EU sell
Hit TP for 56 pips.