Just trying to put a kiss on the cheek of success
- #1,704
- Jul 18, 2019 12:22pm Jul 18, 2019 12:22pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,761 Posts
Always a Student, Never a Master - Emulate What Works
hello everyone!
I'm not in front of my computer and I know the weekly candle hasn't closed yet but is anyone else looking at attempting longs around this level for AUD/USD?
I've attached a screenshot from metatrader 4 iPhone for review. 
I'm not in front of my computer and I know the weekly candle hasn't closed yet but is anyone else looking at attempting longs around this level for AUD/USD?
I've attached a screenshot from metatrader 4 iPhone for review.
- #1,709
- Jul 18, 2019 12:52pm Jul 18, 2019 12:52pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,761 Posts
Always a Student, Never a Master - Emulate What Works
So after a few days of demoing this method, here are some results:
29 trades (I switched to using 3 units per setup during this time). Out of those 29, 13 ended up in negative pips, the others were BE or some TP hit. (Technically 55% WR but meaningless with this sample size).
43.7 pips in the green. And execution errors were made on my part.
+4.4% growth on the account.
Quite happy with that, considering I started this week (the previous w-e / week was back-testing). I am focusing on H1, as I want to maximise the number of setups I need to assess.
Here are 3 sample trades:
Very close to hitting TP2, and eventually would have but it's part of the game.
Similare situation here:
Here is an example where I didn't manage the trade correctly according to my rules. Worst case scenario it should have been a BE trade, and a 1R trade under normal circumstances (with 3 units taken, 1 hit tp, other 2 hit BE).
Now I am showing on purpose less than optimal outcomes, but for me there's a comfort in knowing that when the trade reverses against me, I can lock in that TP1 and know that the other units will hit BE in that case. Like everything in trading, it's a matter of tradeoff.
29 trades (I switched to using 3 units per setup during this time). Out of those 29, 13 ended up in negative pips, the others were BE or some TP hit. (Technically 55% WR but meaningless with this sample size).
43.7 pips in the green. And execution errors were made on my part.
+4.4% growth on the account.
Quite happy with that, considering I started this week (the previous w-e / week was back-testing). I am focusing on H1, as I want to maximise the number of setups I need to assess.
Here are 3 sample trades:
Very close to hitting TP2, and eventually would have but it's part of the game.
Similare situation here:
Here is an example where I didn't manage the trade correctly according to my rules. Worst case scenario it should have been a BE trade, and a 1R trade under normal circumstances (with 3 units taken, 1 hit tp, other 2 hit BE).
Now I am showing on purpose less than optimal outcomes, but for me there's a comfort in knowing that when the trade reverses against me, I can lock in that TP1 and know that the other units will hit BE in that case. Like everything in trading, it's a matter of tradeoff.
- #1,713
- Edited 3:55pm Jul 18, 2019 2:55pm | Edited 3:55pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,761 Posts
Always a Student, Never a Master - Emulate What Works
- #1,714
- Jul 18, 2019 4:48pm Jul 18, 2019 4:48pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
hello everyone! I'm not in front of my computer and I know the weekly candle hasn't closed yet but is anyone else looking at attempting longs around this level for AUD/USD? I've attached a screenshot from metatrader 4 iPhone for review. {image} {image}
I am looking at this pair too....
will look again after this Week' bar/candles close .. if you want to long Weekly chart on Sunday NY open at 5pm, your initial Stop Loss would be the low of Week 27 July 01-05 W1 bar/candle... that would be ~ 170pips iSL.
The average weekly range for the past 52 week is about 125pips
The average weekly range for the past 5 week is about between 95 and 110 pips ... narrowing.
I see two key price levels above .. 0.7100 and 0.7150.
The trade plan questions:
1) how to deal with a 50% retracement?
2) how to get an average +1.5R minimum for this pair?
3) what position sizing ?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #1,716
- Jul 18, 2019 6:25pm Jul 18, 2019 6:25pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,761 Posts
Always a Student, Never a Master - Emulate What Works
- #1,720
- Jul 18, 2019 9:33pm Jul 18, 2019 9:33pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
Good Morning anybody long GBPJPY? i'm not convinced to open it because of what i see on D1 and W1. what do you think of it guys? : )
not buying the retracement ... it is 3 bars/candles late now...
bar/candle 1 closed is nice when both the Stoch(8,3,3) and Stoch(14,3,3) cross up their 50-levels.
bar/candle 2 open can be the order entry... but risky because RSI(14) has not cross up its 50-level.
bars/candles 2 and 3 will make you sweat a little for 8 hours because after London session closed, the market liquidity becomes thin.
when we trade H4 we must learn deal with those small candles and cope with the 'stress'.
Note: if you are an advance price action trader, you would have enter a trade after candle 1 closed.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett