@Mastermind of cours bro money management first .. I usually use basic analysis and price angles in trading which i simply ignored . Pair traded : AUDCHF {image} CADJPY {image} GBPAUD {image} Obviously I'm still a beginner in this sysmet Thanks for your help..
Chart structure is the main issue that I see.
In terms of a D1 setup notice how there is not really a good place to put your stop.
Placing the stop just below a previous D1 low is not really a good spot for these longer term setups.
In some situations thay might be but generally not.
What you want is a clear separation between the D1 candle clusters forming the lows.
From a chart structural perspective a reasonable place for the stop is below a key level of support.
A key level of support is typically shown by some distance between swing lows that form a 'strong' support.
On the AUDCHF, CADJPY take a look across to the left and note how the next key swing low is deeper down the chart.
CADJPY:
Take a look at the swing lows close to the 0/8 MML (ignore the fact that its an MML level) notice the 2 separated swing lows.
This forms far better chart structural support zones because trading has continued away from the first low for multiple days but when it re-visited the price zone later it was respected and buyers came in and pushed price higher.
This is what you need to be looking for in terms of a good support zone for taking longs.
Opoosite for shorts ... taken from key resistance levels.
GBPAUD:
SL far too tight.
Recall from Post 1 where I have suggested that a SL at 50% to a full octave gap my be needed to give the trade room to breathe.
GA is a volatile pair and in my view should be given close to a full octave gap as a SL.
If the SL in pips at a given lot size for a given location means that the risk% will be breached then pass on the trade.
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Not all key support and resistance levels hold, they do get broken but that is all part of the risk.
The idea is to think before we place our SLs and TPs and fit it in with chart structure and other trading factors.
Even after all of this is done the trade can still be a loser.
On average though the longer term expectancy should fall in our favor.
We must exercise patience and an unwillingness to open every opportunity that we see ... this must be avoided.
An option might be to wait for trade 1 to 2 to go into positive pips and then add into these positions when the opportunity arrives.
Masterrmind............
Master your Mind then Master your Trades
