DislikedCurrently long on EURUSD but struggling for any upside momentum, have set targets and will let it play out overnight.Ignored
Happy Easter everyone.
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DislikedCurrently long on EURUSD but struggling for any upside momentum, have set targets and will let it play out overnight.Ignored
DislikedSecond trade of the night on EURAUD. I took my first entry after a quick drop post UK open and quickly found out I hadn't picked the best of entries. So, what can I learn from the first entry? Firstly, the more examples I collect, the more I can learn from the entries. I'll have to have a in-depth review but my gut instinct says taking trades where the divergence is quite far apart isn't always optimal. Note how the 2nd trade was over a shorter distance... I took a 2nd entry at 1.4022 as price began to form a double bottom and it also correlates...Ignored
DislikedNot a typical divergence setup but a nice example to post of how you can maximise the use of pip range bar charts. Given most of Europe is on a Bank Holiday, it wasn't a big surprise to see a flat UK session. Incredbily flat. However, with US data on tap there was a good chance price would have a breakout. I waited for the news to be released and once price cleared to the upside, I waited for a re-test of the level to ensure it wasn't going to dive the other way. +15 including a horrible spread of 2.4 pips at the time. {image}Ignored
The result:
Had the trade lost trader A would still have lost 1%. However under scenario two the profit has improved by 23% in relation to the original gain.
To go back to my actual trades under the scenario of only taking 1 trade the result would have been: +20 pips for a gain of 0.4% NOTE:I used 1% risk with a hard 50 pip stop and willing to exit prior to the hard stop. This is worth covering in another topic.
Using the actual result of 3 entries the result looks a lot better:
Remember, I have NOT risked a single percentage point more....had ALL 3 trades lost my loss would still have been 1% yet I have improved my profit by over 50% in relation to scenario 1. If I do that just 5 times in a month I have made an extra 1% in the month and if you extrapolate that to 12 months it becomes a significant advantage.
I understand not every trade will allow all trades to be entered but I do know over a period of time this method is a fantastic way to increase your profits by using some skill and adjusting of mindset.
There are 2 very important things to remember when doing an average:
I cannot offer any hard and fast rules however I will never use more than 3 averages. When identifying a trade I'll mark some levels that I'll want to average at if the trade goes against me.
I hope you find this post useful and any questions please let me know.
Originally published at https://flipfloptrader.com
Disliked{quote} Good to see I am not the only one who make the same mistakes. I found that double bottoms work big time as a signal, in addition to hidden divergence. JPN225 had formed a double bottom. Now waiting for price action and confirmation on Renko. {image}Ignored
DislikedSome crazy moves in the GBP. GBPAUD has done a complete reversal and now setting new daily highs.Ignored
Disliked...The determining factor was purely down to the fact the AO had dropped significantly compared to actual price. {image}Ignored
Dislikedeurusd in the oven. Double top. Hopefuly ready for a short in a bit. {image}Ignored