Result of GBPUSD sell post 8956 was 50 pips
exited for the time of day
exited for the time of day
1
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DislikedHi all, I want to share a trade I took on CADJPY. I think the entry was very nice. We were in a daily supply level, momentum line was broken and a 1H supply zone was created. However, the take profit level is not worked out well yet. Currently I still did not set a target because I am in doubt where to take profit. Should I: - take profit somewhere near the opposite daily demand level? - take profit somewhere near the opposite hourly demand level? What do you guys recommend? Or Could someone maybe guide me through the specific set of rules regarding...Ignored
DislikedHi everyone, I'm struggling to find a good exit plan, I'm new to trading Supply and demand . May you please share yours? How do you manage your TP?Ignored
Disliked{quote} Hey LiliBiili, there are a lot of ways to manage TP and all of them have their Pros and Cons. The way I do it personally is taking my 1st TP a few pips before an opposing level on my Entry Timeframe. This opposing level doesn't have to be a "Qualified Zone" for me, it simply must be a place where there are Buyers/Sellers. My 2nd TP is placed a few pips before an opposing level on my Trend Timeframe. Pros for this approach. Higher win-rate because 1st TP usually is about 2:1 - 3:1. Cons for this approach. Giving up the ability to hit that...Ignored
Disliked{quote} Thank you, do you trail your stop loss for instance if the trade is in R/R = 1:1 or you don't trail the SL, in general do you have a SL trailing strategy? When I backtest I don't trail the SL to breakeven and I get a good R/R, when I trade live everything is different ( I trail the SL) and sometimes I'm out at BE and trade runs in a really good R/R . I think I'm more of a set and forget kinda trader, finding high probability trades and not trailing the SL and accept the lose (1%) in each trade works for me. But at the moment I don't have...Ignored
Disliked{quote} Mmmm I don't trail my stop EXCEPT for a very particular instance. If the HTF is in a strong trend and I hop on board @ a HTF Zone then I will trail my stop. Other than that instance I don't ever trail stops. Your reply brought back some memories of my trading a few months ago. How come you handle your Trade Management differently when backtesting versus when you are trading live? Also, do you have a trade journal? If not, why not? and If so, what do you track in it?Ignored
Disliked{quote} Now that I think about it, I think it's just because of the ability to run the candles fast forward in the Forex Tester, because in live a candle takes, 1 hour in H1 TF to be closed, or 4 hours in H4 TF, but in Forex Tester or any kind of back-testing program is less than a couple of seconds ! so as long as I backtest , I have to change this attitude and manage just like live. Yes, I have a journal and I record trades, as I said I am a newbie and I have to practice more and follow the rules 100%. My TF sequences is D H4 H1, but I noticed...Ignored
Disliked{quote} You've hit the nail on the head with keeping consistent with your trading approach between backtesting and live trading. I mean the whole reason to backtest is to see how your rules will affect your live trading after-all. More importantly, or maybe just as important is what and how you track ALL of your trades in your trading journal. The only reason i'm making such a big deal out of this is because journaling my backtesting (and now my live trades) has taken me from 2 years of losing money consistently to finally consistently making profits....Ignored
Disliked{quote} Hello traders , GBPNZD, a long rally took placed as expected last week. New daily and h4 demands can all be traded by confirmations. To short this pair , we need to see daily trend to turn first . Happy trades , Best , Haluk . {image}Ignored
Disliked{quote} Hello All, H4 demand marked worked well for the long trade. After daily turns to equilibrium, I added a short trade also on the h4 chart on Friday. This pair worked as S/D trade laboratory last week . For this week , we are at the middle .I think best is not to diddle too much at these levels . But I believe that we have some more room to go upside to sell it from the curve level. To reach there , h4 demand below could be the entry for the coming week. Due to above scenario of the GBPNZD , I checked the Oil chart as an alternative...Ignored