A 1 pip gain is better than a 1 pip loss.
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DislikedI am a relatively new trader and I have made too many mistakes on both trusting and not trusting my instincts.
I am currently trying a new system and it seems to be working out for me. Therefore, this thread is here to help me keep track of my performance and trades. Hopefully, I will be able to help some newcomers as well, although there are probably a lot more experienced traders here to do that.
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Explaining my system:
I used to complicate my charts with all sorts of garbage, indicators, lines, dots, arrows. Everything was...Ignored
Dislikedtrading has always supposed to be like that . instead of buy low sell high. fibo are very important sequence of any rejection/ further trend outlook.
If u have dollar index, fill it fibo too.
U may want to further reduce ur stop loss and target.
Here's a trick; if a breakout is valid, support will turn resistance, price will retraced and will not fall under it, and next movements will be a spike or long candle bar more than likely. If i am trading a breakout, i will only use stop loss right after the point, meaning if the price retraced...Ignored
Dislikedi don't usually post charts i give an example on aus/usd, but seeing u maybe know something about macd and fibo. i give u some tips, perhaps i am nobody on ff.
* Don't short a bullish trend.
* Don't go against the trend.
* Keep loser smaller
* Don't nurse a trade and expect all trades to become winner.
* Cut losers and get into a new set up.
* Buy because trend is going up, sell because trend is going down.
23.6 conquer, sustain = retracement will likely to begin. DOnt ever buy low sell high, buy only confirmation is in, sell only confirmation...Ignored
DislikedI appreciate the tips! I'm still learning. My experience in trading doesn't even come under years yet. Barely 3 months in.
Right now I'm looking for a system that I will be more comfortable and reliable with.
Yes, it hit my BE+1. Nevertheless, not a loss. I took a long at 1.29827. Earlier yesterday when it was 1.295, I wanted to go long, as that was where my previous TP was hit. Sadly, I didn't take the long. Missed out 70 pips upwards action. Now I'm long with 1.3 broken. Looking to go higher to probably test 1.32 this time round.
127.2...Ignored
DislikedRe-entered short 1.29602. Could have waited a bit and shorted at 1.2969, but at least I'm in. First TP at 1.29337. It may go lower, but I'm not taking my chances because of daily PA and 4H oversold stoch.Ignored
DislikedNot going to post or read the forums anymore. It appears that I am easily swayed.
I will come back only when I am ready. Good day to everyone and good luck.Ignored
DislikedI have found my direction. But I am only going to post my main direction and possible alternatives here from now on.
No more distractions for me.
Right now I see this as the start of wave 5. Looking for higher high past 1.308.
Edit: Possible target levels, 1.31762, 1.31985, 1.32744.Ignored
DislikedPossible 15/30 min double bottom. Right at the 61.8 level too.
Edit: Possible 1H Hammer.Ignored
DislikedThat's actually an explanation I needed really badly. Right now I'm trying to figure out how to play around with fib levels. I normally follow the bigger time frames while looking at 4H for entry and re-positioning.
I'm also looking to learn harmonic patterns because when you actually spot them, it pays off.
Edit: Thank you very much for giving me some tips and posting some stuff here Been a while since someone else posted here.Ignored
Dislikedanyway, if you are keen to learn about fibo, i can enlighten you since ur in singapore.
The thing is, fibo is just a guide on the bigger timeframe.
While intra-day has it own rules as well.
We don't predict price and future.
Fibo is a a guage and calculation of the future " BOX " range, we are expecting, so your entry is likely to take a bounce then selling/buying in btw.
i show u what is an easy fibo here.
every fibo has it own rules. fibo is not 100%, fibo is just a calculation of previous resistance/support or etc. every fibo...Ignored
DislikedRight now, I'm using stoch and CCI on my fxtrade to tell me if its overbought or not. While I plot most of my stuff on metatrader4, with only MACD and stoch running there. My main purpose is to figure out if its overbought or oversold at key fib levels. This will then tell me if it is time to buy or sell.
I normally don't look at metatrader4 because I will always be doing something else. And this annoys me because I miss out lots of good trades.
I actually intended to scalp for about 1 - 3 hours a day. But if my method works, I can scalp way...Ignored
DislikedI would trade from one point to another point using fibo without having to scalp, u can scalp the whole day, but once a breakout happen ur GONE. because if u dun take stop loss, ur dead lol.
I used to work and trade its not good, its either u do a proper timing trading, or u do it long term trading, don't attempt to do that work and do something and trade.
U get emotional and etc when things dont go ur way. There's no luck in this market.
Anyway, stop using CCI, RSI, STOCH. i can give u the only tip is that
the market move in trend, so[b]...Ignored
DislikedI did think of placing buy and sell limits so I can enter trades according to the trends. But I would miss out most of the action.
Right now I'm looking towards having a set goal and understanding and roughly knowing where direction is headed. Its not entirely a prediction. I still have an alternative, I'm just looking to have a set target. Practise makes perfect I guess.Ignored