The Thief of Wall Street
Chicky's Trading Journal 314 replies
bo7a method... method for GBP/JPY 205 replies
VPS Using VNC Viewer - help appreciated 7 replies
Using a VPS server with team viewer for webcast 2 replies
Chicky's House of Pleasure and Pain 11 replies
DislikedCannot describe what happened.
9 out of every 10 times, those scalps cost me a lot.Ignored
DislikedMoved tp to a relatively comfortable level, at 1.2988 (just above our level of 1.2986) though I am sure if it gets there will also attempt and 1.2960. But I feel like getting some rest for tomorrows Marathon (which is at a very inconvenient time, I will be in a meeting, ....................my first business meeting in this new country).Ignored
DislikedMy connection is down for last several hours. Can not access my charts. Thanks to cellphone, at least I can do something. Pa should soon follow news. Thinking of lowering tp to near 1.2760Ignored
I have changed rules of this thread and accordingly amended the first post.
You are now free to participate and let me know of my mistakes or post your views here.
DislikedHi Chicky, glad you finally opened this up. I also noticed the first post
Just curious because you seem to only be scalping and taking trades based on major fib levels (but only their retracements) and PA.
I'm not as experienced as you but lately I've been asking myself one thing. How do I know which direction to base my trades on aside from being bull or bear biased?
I ask myself that because I don't make use of MAs, RSI (less of it), Stochastics, CCI or anything. And normally PA doesn't tell a whole story unless you get those pin point...Ignored
Dislikedaeternum, thanks for participating.
I don't know what kind of trader I am, either scalper or not, but:
on my main real account, I take a consistent 0.5% risk per trade. 0.5% 0f the account balance just before taking a trade. Not more than one trade at a time, only eurousd, sl 5 to 25 pips and tp 10 to 30 pips. If I see pa is stuck at a level, take a trade in opposite direction if pa bangs its head/ass into a resistance/support. Most of the time it takes many attempts for pa to break a support/resistance. In long run my my win rate is slightly...Ignored
DislikedDefinitely helps. But I realised sometimes when price keeps banging against a certain level, its a 50-50 chance to either break and overshoot (I notice most of the times, as long as we just go 1 pip over the line, we will eventually break it), or U-turn and fall face first.
I am trying my trades without any indicators right now, based solely on support and resistance and fibonacci levels only. Daresay, similar to what you are doing although I definitely lack the experience.
Right now with EW, I have also spotted a possible gartley pattern appearing...Ignored
DislikedBreak or bounce is always a chance. The only thing I try to do is to take a position when market is moving. If I enter in wrong direction, get a chance of correcting myslef. However, important thing here is the number of pip sl. If one is risking very few pips, can earn back those few pips, but if the number is high, it may require more than one move to compensate for one loss.
The best is to have a limit for sl and tp. A hard limit. PA may miss a tp by just one pip and reverse to hit your sl. But at the same time, vice versa could also happen....Ignored
Disliked.......................... The only thing I try to do is to take a position when market is moving. If I enter in wrong direction, get a chance of correcting myslef. However, important thing here is the number of pip sl. If one is risking very few pips, can earn back those few pips, but if the number is high, it may require more than one move to compensate for one loss............Ignored
DislikedGetting stopped out and re-entering for the same TP target. Should achieve this target before London open, if not earlier.Ignored
DislikedI am slightly off my position size calculation, but can get a killing chance.Ignored