DislikedFor those of you who are struggling, here's a suggestion. Try trading a simplified version of my methods. Such as this one below: {image} If the candles are blue/blue and the HMA is green and the the RSI is above the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart. If the candles are red/red and the HMA is Magenta and the the RSI is below the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart. Ways to exit are many... 1. At +1R or +2R, etc. or whatever other Profit Target you use. 2. When one or both candles turn the...Ignored
- #4,102
- Edited 12:24pm Sep 28, 2019 11:10am | Edited 12:24pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Always a Student, Never a Master - Emulate What Works
- #4,104
- Sep 28, 2019 12:52pm Sep 28, 2019 12:52pm
- Joined Apr 2019 | Status: Trader | 1,996 Posts
{quote} If you show your trades maybe someone here can see what you are doing wrong (51 trades on 4H in a week is a lot). By the way, forget the SR-levels it only complicate your trading.
GBP/JPY continue down, again on the H1 but didnt wait for the candle to close as busy on a job so it made me pay for that one.
GBP/AUD again on the H1. Probably the same reason as EUR/AUD.
And AUD/NZD continue down turned into a reversal by the looks of it.
My plan next week is to screenshot each trade as I take it for better diagnosis after. Hopefully I wont be so busy with my proper job as well to concentrate on the trades better.
- #4,111
- Edited 3:06am Sep 29, 2019 2:51am | Edited 3:06am
{quote} Cheers boss. I also see GBP/AUD is sitting on H1 and H4 support so a continue down is not such a good idea just yet. The same with EUR/AUD {image}
. GBP/AUD: To late for entry now(RH rule: entry within 1-3 candles after crossing (I only take entry at first candle after crossing to get in early)). On your last post the image shows correct entry the only thing was that stop loss should have been at swing point. If you had stop loss at swing point you would be in profit now. Also remember that RH doesn't care about support/resistance. On EUR/AUD I don't see any entry signal.Edit:
When I take a closer look at your GBP/AUD trade I see that the stochastic 8,3,3 isn't under the 50 line so your entry is not correct.
- #4,112
- Sep 29, 2019 3:02am Sep 29, 2019 3:02am
- Joined Apr 2019 | Status: Trader | 1,996 Posts
{quote} Luckily for you that I'm not your boss
{quote} More a case of throwing trades in when time allows so as to get on the larger trend. If my SL was based on the daily candles then the story might be different. That would mean having confidence in the daily continuing in the direction you require but does not always work that way. Usually the daily reverses as well and we get even bigger losses. Perhaps my only option is to do daily charts or some form of scalping in the evenings
- #4,116
- Sep 29, 2019 3:35am Sep 29, 2019 3:35am
- Joined Apr 2019 | Status: Trader | 1,996 Posts
{quote} Can you calculate risk in % with that. If not, change to calculator that can do that. The calculator I put link to in very good and I use it myself.
I could do the same on a weekly chart but would take a while to reach TP. Might give that a try this week.
{quote} Yeah of course. I am risking 0.2% of my 50K demo account which equates to about £100 a trade with a TP of £200. I could do the same on a weekly chart but would take a while to reach TP. Might give that a try this week.
- #4,119
- Sep 29, 2019 5:56am Sep 29, 2019 5:56am
{quote} Yeah of course. I am risking 0.2% of my 50K demo account which equates to about £100 a trade with a TP of £200. I could do the same on a weekly chart but would take a while to reach TP. Might give that a try this week.
- #4,120
- Sep 29, 2019 6:01am Sep 29, 2019 6:01am
- Joined Apr 2019 | Status: Trader | 1,996 Posts
{quote} Unless you're likely to one day load up an account with 50k wouldn't it be better to demo trade in more realistic conditions? Maybe switch to a 1k account with 100 leverage, and risk 1%-2% of balance per trade?
