DislikedI can understand why some folks traded this one.The risk was ok within a pip or 2 to the pivot low versus my candle risk and this is the first thing i allways look at before i consider a trade.Very good time which was the start of the us open where the london and US traders overlap. The reason i did not trade this pair because my price went below my sweet zone and i normally don't like to trade on Fridays because of the carry over on the weekends....but sometimes i will. Have a good weekend ! {image}Ignored
Ok Folks should be covered by now ! Remember i said to look at risk first . Ok we was within 2 pips of candle risk(28pips) versus pivot low to the left --so that is
acceptable in my eyes.Once we look at our risk we apply our rules.One more tip checking your risk out first will help keep you out of ranges.The forex market is one of the best trending markets . Best time on candle close for good liquidity.
This was a strong move without any heat ! Should be in the money now ! I repeat all position or positions covered now . Trading conservative or aggressive MM should have got you in profit fast. Like i said in my previous trades pros look at the pivot lows and highs for targets. If you like what you see let me know.
acceptable in my eyes.Once we look at our risk we apply our rules.One more tip checking your risk out first will help keep you out of ranges.The forex market is one of the best trending markets . Best time on candle close for good liquidity.
This was a strong move without any heat ! Should be in the money now ! I repeat all position or positions covered now . Trading conservative or aggressive MM should have got you in profit fast. Like i said in my previous trades pros look at the pivot lows and highs for targets. If you like what you see let me know.
- #303
- Edited 11:02pm Dec 3, 2018 10:42pm | Edited 11:02pm
Where is my entry here ? I can see the entry candle without drawing anything on the chart. I can also see the lowest low of the last 5 candles .Hint :Remember me telling you about the # 2 candle entry after the lowest low.Once we meet all criteria we look at the risk most important to me. Is it worth the risk ?
- #311
- Dec 13, 2018 10:04am Dec 13, 2018 10:04am
Great momentum at the right time with no heat. Some traded this one earlier in the week and i had to pass because of risk.All other rules
applied.Do i feel bad not taken this trade ?Absolutely not.Sometimes it just boils down to how risky of a trader you really are. This time of year we have to be real careful. Everyone have a great weekend !
applied.Do i feel bad not taken this trade ?Absolutely not.Sometimes it just boils down to how risky of a trader you really are. This time of year we have to be real careful. Everyone have a great weekend !
Let's go over the rules
1. Highest high of the last 5 candles . Yes
2. Daily rsi down yes
3.Lower 25% close entry yes with a bonus close and low 1 pip or less yes means strong close
4.20gmt not the best time
5.Sweet spot between the 50 and 40 yes 6. price below the 20ema and 50 sma yes. 6. 1 candle risk versus RR to pivot low is good --at least a 1 to 1.
7.Red closed candle hit cover price at half the risk yes 8. Did we have HH and HL going up -- No So are trend is still down.
1. Highest high of the last 5 candles . Yes
2. Daily rsi down yes
3.Lower 25% close entry yes with a bonus close and low 1 pip or less yes means strong close
4.20gmt not the best time
5.Sweet spot between the 50 and 40 yes 6. price below the 20ema and 50 sma yes. 6. 1 candle risk versus RR to pivot low is good --at least a 1 to 1.
7.Red closed candle hit cover price at half the risk yes 8. Did we have HH and HL going up -- No So are trend is still down.
- #315
- Dec 20, 2018 12:10pm Dec 20, 2018 12:10pm
Ok i can look at this chart and tell you it's the lowest low of the last 4 candles.By no means am i trying to change the 5 candle low or high set up just something to think about on descent or deep enough pull backs. I've haven't really tested this enough yet.
- #317
- Dec 20, 2018 10:17pm Dec 20, 2018 10:17pm
Danc,
Here is the Aud/Usd.I think that was what you were referring to in your reply above. Now this is the highest high of the last 4 candles on a sell position.You can see
how deep price pulled back. Our risk would only be the one candle risk . It's a lower 25% close and it's right in our rsi sweet spot also.Now we look at our candle risk versus or pivot low...so there we have good space and at least a 1 to 1 RR.If you did trade that particular entry you would be in the money without any problem.Remember you would cover at half your risk..so your fine there.You did well and should be covered on any other positions.
Here is the Aud/Usd.I think that was what you were referring to in your reply above. Now this is the highest high of the last 4 candles on a sell position.You can see
how deep price pulled back. Our risk would only be the one candle risk . It's a lower 25% close and it's right in our rsi sweet spot also.Now we look at our candle risk versus or pivot low...so there we have good space and at least a 1 to 1 RR.If you did trade that particular entry you would be in the money without any problem.Remember you would cover at half your risk..so your fine there.You did well and should be covered on any other positions.