As a newer trader I am trying to understand why Mr Pip took last long as wasn't a NSL the expectation? I know you did spectacular on the same type of trade. Just wondering how to justify the long entry. Thanks.
Ratios & Harmonics: a Different Way to Trade
- #39,006
- Mar 27, 2018 10:54am Mar 27, 2018 10:54am
- Joined Nov 2013 | Status: Trader | 2,780 Posts
It's in fear when people show what they truly value.
- #39,011
- Mar 27, 2018 11:19am Mar 27, 2018 11:19am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #39,012
- Mar 27, 2018 11:21am Mar 27, 2018 11:21am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #39,014
- Mar 27, 2018 11:32am Mar 27, 2018 11:32am
{quote} Just so I understand your thoughts, why did you buy here?
According to this trade, there was also pretty noticeabel structure before the huge move down. And there was immediate structure a little left of my entry candle, I saw bears were quite strong and slowing down at my AOI. After that I saw one last attempt to push lower, followed by the bullish engulfing candle, which was my entry. Didn't get stopped out by 0,5 pips. And hit my target for over 2% ( see previous post).
Please ask if you have any more questions, happy to answer.
"Luck is when opportunity meets preparation"
- #39,015
- Mar 27, 2018 11:50am Mar 27, 2018 11:50am
{quote}I personally don't know where you are from, if you are fom the US, I believe the max leverage you can get on a forex account is 1:50. I use 1:500. Because I have to have less money in my account to keep my positions open. But your risk is pretty high in my opinion, 5% is really a lot. Maybe think about increasing your total account size and risk less p /trade.
Yes, I’m in US so 1:50. Watching the 8 hour charts it seems most trades can be taken with a SL of 150 pips or less so that’s the default SL and TP that I have plugged in. I adjust them to where they need to be when they pop up on chart based on recent highs or lows and profit targets. Seems like most are less than 150 but that’s what Im basing my risk % on. $600x5% divided by 150 gives me pip value for whatever Im trading. I’ll round pip values, too. Nickels at this point. At $700 I’ll adjust up...so I dont figure 5% of balance in each trade just on round numbers of the balance. My long term plan, once I deem myself consistently profitable, is to do what you mentioned and increase my tradeable capital, reduce risk to around 2%, and go on from there.
I have about 10 pairs I cycle through for opportunities. I picked those based on spread cost. I picked the cheapest ones and avoid the exotics.
Probably more info than you wanted or needed.
Thanks for your help!
- #39,017
- Edited 1:27pm Mar 27, 2018 12:16pm | Edited 1:27pm
- | Joined Dec 2017 | Status: Trader | 1,054 Posts
- #39,019
- Mar 27, 2018 12:48pm Mar 27, 2018 12:48pm
Another long.
This time it is the UJ
As you can see on picture 1, longer term structure
picure 2:
AB=CD pattern;
Gartley as confluence ( strong confluence on the lower end of the swing )
Bullish rotation; Why?
Because bears tried to push down the first time, bulls pushed up;
Then another attempt which didn't quite got as low, with a pretty decent rotation candle.
Might as well be the biggest loser, but we as traders don't care. Have a good evening!
Disclaimer: just showing the 'newer' trader the process and what you you could look for! Information based only.
This time it is the UJ
As you can see on picture 1, longer term structure
picure 2:
AB=CD pattern;
Gartley as confluence ( strong confluence on the lower end of the swing )
Bullish rotation; Why?
Because bears tried to push down the first time, bulls pushed up;
Then another attempt which didn't quite got as low, with a pretty decent rotation candle.
Might as well be the biggest loser, but we as traders don't care. Have a good evening!
Disclaimer: just showing the 'newer' trader the process and what you you could look for! Information based only.
"Luck is when opportunity meets preparation"
