G'day All,
The aim of this thread is to discuss trading setups/situations which over time have a greater than 50% chance of being profitable with a R:R ratio of 1:1.
Sounds simple!
As trader who has really struggled at times and is really not profitable, I'm open to wisdom and experience from more profitable approaches to a trade.
I'm happy to help determine a setup's edge as I have a fair bit of data crunching experience.
Any setup or idea is worth discussing.
I'll get the ball rolling.
As you can see on the chart below, i had a successful long trade. I exited my long shortly into the candle after a bearish candle. I has assumed that based upon the previous price action represented by the candle that price had been going up and has failed and commenced coming down, so I exited a winning trade at the time happy with the pips I had made. However as you can see, shortly after I exited price rebounded very strongly and has continued to go up.
Based upon the information I had I chose to exit the trade (or I could have opened a new short trade based upon the price action of the previous candle).
Based on this setup, should I have expected price to fall? If so what % chance of the next trade being a profitable trade (based upon R:R 1:1).
I'm hopeful that I have explained the situation in my OP correctly for some great discussions and ideas.
Over to the FF community!!
Cheers
Timmy
The aim of this thread is to discuss trading setups/situations which over time have a greater than 50% chance of being profitable with a R:R ratio of 1:1.
Sounds simple!
As trader who has really struggled at times and is really not profitable, I'm open to wisdom and experience from more profitable approaches to a trade.
I'm happy to help determine a setup's edge as I have a fair bit of data crunching experience.
Any setup or idea is worth discussing.
I'll get the ball rolling.
As you can see on the chart below, i had a successful long trade. I exited my long shortly into the candle after a bearish candle. I has assumed that based upon the previous price action represented by the candle that price had been going up and has failed and commenced coming down, so I exited a winning trade at the time happy with the pips I had made. However as you can see, shortly after I exited price rebounded very strongly and has continued to go up.
Based upon the information I had I chose to exit the trade (or I could have opened a new short trade based upon the price action of the previous candle).
Based on this setup, should I have expected price to fall? If so what % chance of the next trade being a profitable trade (based upon R:R 1:1).
I'm hopeful that I have explained the situation in my OP correctly for some great discussions and ideas.
Over to the FF community!!
Cheers
Timmy
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