DislikedI was going to use the trend line as my TP area but decided I would do BE and see what eventuates.Ignored
FS
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DislikedOk, firstly I am not looking at this chart for any sort of entry so this is just a view of what I would "potentially" look for if I was looking for an entry.
I have put some thoughts on the 3 different TF and you can see how they are all different. The lower the TF the better you may be able to refine your entry. Simply apply the correct risk management to all positions that you may be looking at.
I cant emphasise enough the value of learning correct risk management with trading. Finding a trade is the easy part, using correct risk management...Ignored
Dislikeddw, your analysis is perfect ! i accept it all it is so much clear to understand... i just myself with the RN. it seems i would be comfortable and stay in the higher tf for a start ?! As much as i want to apply RN in the lower tf, i think i am struggling anyway i will try.Ignored
DislikedAnother one away from a RN area that did not go in my favour. Stopped on this one for -12 pips. In hindsight it is a strong support area on hourly so maybe wasnt the best place to be selling.
I always find it useful to reflect on failed trades to see what I might have missed.Ignored
DislikedHi Dark Wolf,
Nice thread. I like your approach. Thank you for showing - will be following with keen interest.
livindayliteIgnored
Dislikednba do not be in a rush to move to the lower TF. You must be able to have a good understanding on the longer TF before moving the quicker faster TF. Simply watch the lower TF to start with and look at where you might get in and out and see if it would have turned out for you. Or start on the lower TF with a demo account at first until you feel comfortable with what your doing before committing your live account to the lower TF trades. By using a demo to start with this may give you a feel for the market at the lower TF and let you find your feet...Ignored
DislikedWith the onset of NFP later I am closing all my open longer term positions and taking my profits. Been some nice trades I dont want to risk giving too much back to the market. Next week will start the search for more opportunities.
Still keep an eye on the 5 min EU for any opportunities but I think between now and NFP best to stay out.
AUDUSD +22
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NZDUSD -3Ignored
Disliked
one question, from your chart, i notice often you use the candle's closes to draw the SLs, NOT the lows. is there any reason?
p.s. in year back, i read one trader cum author, in his book he also mentioned to use the closes instead lows to draw SLs.
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Dislikedyes, so far
just that after reading your reply then i decided to stay on with the higher tf (as opposed to the lower tf which i was indecisive) to short the pair, sori.
again my ambiguity is the RR?
i use the large scale RR-Large in this trade, instead small scale RR-Small.
cheersIgnored
DislikedHi DW, any chance you could post your indi for the xx00 and xx50 round numbers ? The dotted green and red lines
Cheers
DanIgnored