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Weekly Pivot trading with TDI

  • #3,001
  • Sep 7, 2018 7:10am Sep 7, 2018 7:10am
Quoting KORTrader
However I missed optimal EC short chance( blue color ellipse), now I short EC.(making LL) TP about WPP 1515 {image}
Why open new trades 30 minutes before NFP?
  • #3,002
  • Sep 7, 2018 7:12am Sep 7, 2018 7:12am
Quoting RonFXLive
Hi guys, My money management method is I trade with risk ratio. Meaning if my hard stop is at 40 pips. My TP will always be 100 to 150 pips due to risk reward ratio. 1:2 or 3. For example - I short EURUSD and long GBPUSD. I lost on EURUSD at 40 pips each = 160 pips. 4 positions. I won on GBPUSD at 100 - 150 pips. 400 pips - 4 positions. I am still on the winning side of 240 pips but I must make sure that it will go to my target price. This is just my style of trading risk management. Hope you guys can understand. Thanks. Ron.
Thanks for sharing your Money Management stat Ron! I find setting a hard stop of 40 pips useful, no running red beyond that. I have a question though if its okay.

If your TP is at 100 to 150 pips, do you set a trailing stop for the profitable trades? I believe you set your Break Even at 30 pips and trail stop every 30 pips,

I hope its correct.

Thanks Ron!
  • #3,003
  • Sep 7, 2018 7:17am Sep 7, 2018 7:17am
Quoting Van.ghoul
{quote} Thanks for sharing your Money Management stat Ron! I find setting a hard stop of 40 pips useful, no running red beyond that. I have a question though if its okay. If your TP is at 100 to 150 pips, do you set a trailing stop for the profitable trades? I believe you set your Break Even at 30 pips and trail stop every 30 pips, I hope its correct. Thanks Ron!
Maybe I'm wrong, but it was just an example. Not an exact way of putting SL)
Ron meant that your R/R should be 1:2 or 1:3.
  • #3,004
  • Sep 7, 2018 7:17am Sep 7, 2018 7:17am
Quoting Van.ghoul
{quote} Thanks for sharing your Money Management stat Ron! I find setting a hard stop of 40 pips useful, no running red beyond that. I have a question though if its okay. If your TP is at 100 to 150 pips, do you set a trailing stop for the profitable trades? I believe you set your Break Even at 30 pips and trail stop every 30 pips, I hope its correct. Thanks Ron!
Hi Van,

Thanks for your above message.

Yes I do use trail stop. Every 60 pips gained, I will locked with 30 pips gained.

As for breakeven, if I gained at 30 pips gained, I will put breakeven at 1 pip.

Thanks
  • #3,005
  • Sep 7, 2018 7:20am Sep 7, 2018 7:20am
Quoting antisystem
{quote} Maybe I'm wrong, but it was just an example. Not an exact way of putting SL) Ron meant that your R/R should be 1:2 or 1:3.
Yes bud. I will put my sl at my own S/R lines. Reasonable SL in place.

Always think of SL first before thinking of TP. How much are you willing to risk per trade.

Stoploss is the most important of all.
  • #3,006
  • Sep 7, 2018 7:24am Sep 7, 2018 7:24am
Anything can happen in forex market. I use hard stop because I do not like to have floating loss trades and huge draw down too. This is just my style of trading for many years till today.

And if I get stop out, I will just look for another setup. Opportunities are always there every single day.
  • #3,007
  • Sep 7, 2018 7:33am Sep 7, 2018 7:33am
I should have stayed long on GBPCAD and short on eurgbp for longer :/
  • #3,008
  • Sep 7, 2018 7:36am Sep 7, 2018 7:36am
Quoting sharingan9
I should have stayed long on GBPCAD and short on eurgbp for longer :/
Dosent matter you made profit. Remember being greedy will kill us look at that NFP I was long EU I took my profits and I left and it’s plummet down
  • #3,009
  • Sep 7, 2018 7:37am Sep 7, 2018 7:37am
Mine was worst. closed at lost. Short trade.
Holy shit..

Well again. We never know.
  • #3,010
  • Sep 7, 2018 7:38am Sep 7, 2018 7:38am
Quoting Neil0163
{quote} Dosent matter you made profit. Remember being greedy will kill us look at that NFP I was long EU I took my profits and I left and it’s plummet down
You're right haha. nice profits bro. You played EU very well this week. you mentioned the support near the 61-78 area and boom up it went. Nice trading bro you deserve every quid mate
  • #3,011
  • Sep 7, 2018 7:39am Sep 7, 2018 7:39am
Quoting Neil0163
{quote} Dosent matter you made profit. Remember being greedy will kill us look at that NFP I was long EU I took my profits and I left and it’s plummet down
Absolutely agree)) I was kicked with BE. This week -1%.
No problem. Next week, next opportunities, next profits)
  • #3,012
  • Sep 7, 2018 7:40am Sep 7, 2018 7:40am
DOLLAR INDEX.

Here we come 98.00
  • #3,013
  • Sep 7, 2018 7:41am Sep 7, 2018 7:41am
Quoting RonFXLive
{quote} Hi Van, Thanks for your above message. Yes I do use trail stop. Every 60 pips gained, I will locked with 30 pips gained. As for breakeven, if I gained at 30 pips gained, I will put breakeven at 1 pip. Thanks
Cool Ron!

I will take to heart what you always preach; to always lock in profits, every pip counts !

I would like to take advantage of your kindness and knowledge with one last questions if its okay.

I believe you always close all your trades before the weekend due to possibility of gaps that might happen during Mondays opening. But do you give sometimes an exception and hold trades over the weekend? My guess of exceptions are if the trades has already Break Even or is profitable and trail stop has already been placed.

Thanks Ron!
  • #3,014
  • Sep 7, 2018 7:42am Sep 7, 2018 7:42am
Quoting Van.ghoul
{quote} Cool Ron! I will take to heart what you always preach; to always lock in profits, every pip counts ! I would like to take advantage of your kindness and knowledge with one last questions if its okay. I believe you always close all your trades before the weekend due to possibility of gaps that might happen during Mondays opening. But do you give sometimes an exception and hold trades over the weekend? My guess of exceptions are if the trades has already Break Even or is profitable and trail stop has already been placed. Thanks Ron!...
Yes you’re right about that Van.

Look at today NFP. For those who went long EURUSD and never put sl will definitely have floating loss trade and hoping that it will reverse.
  • #3,015
  • Sep 7, 2018 7:43am Sep 7, 2018 7:43am
Quoting RonFXLive
DOLLAR INDEX. Here we come 98.00
For EU- it's bear time
For us- it's beer time
Have a nice weekend!
  • #3,016
  • Sep 7, 2018 7:44am Sep 7, 2018 7:44am
Quoting RonFXLive
{quote} Yes bud. I will put my sl at my own S/R lines. Reasonable SL in place. Always think of SL first before thinking of TP. How much are you willing to risk per trade. Stoploss is the most important of all.
I re phrase it in my head " how much I am willing to loose per trade " !
  • #3,017
  • Sep 7, 2018 7:44am Sep 7, 2018 7:44am
Quoting antisystem
{quote} For EU- it's bear time For us- it's beer time Have a nice weekend!

I miss my target. 1.15000 - 1.14500
  • #3,018
  • Sep 7, 2018 7:45am Sep 7, 2018 7:45am
Quoting denisius
{quote} I re phrase it in my head " how much I am willing to loose per trade " !
Risk per trade. Lol
  • #3,019
  • Sep 7, 2018 7:48am Sep 7, 2018 7:48am
Quoting RonFXLive
{quote} Good to hear that Emerald2112. At least you’re stress free from trade. It doesn’t matter whether it hit your sl or be. We can always find new opportunities to trade. Happy weekend to you.
Dam it. Saved half the profit but down now on CJ. Davits advice below is good here I think:

"I don't trade news. Prefer to be out most times specially NFP. One usually finds good opportunities after."
  • #3,020
  • Sep 7, 2018 7:50am Sep 7, 2018 7:50am
Guys,

Next week will be nice to trade..Normally a strong report can last for few days NFP at 201 and wages is strong.

After a strong pullback, I will be looking for short setup.
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