Out of the GER30 trades but not as good as I wish. I also notice that I have execution problems. I had no problems waiting when I was in drawdown since I knew that price was in the expectations, but out of the blue when price moved in my favour I closed the trades very early, although it reached my estimated TP some time later. Masterrmind what do you think would be the best approach to this issue? Should I just move to the 4hr charts since there prices would reach faster my stop losses or take profits? Thank you for your input on the matter.
Recall that I have shown not 1 but now 2 real accounts with positive outcomes.
This can only mean that there may be something worthy to learn in applying D1 TF for longer term consistent profit however, I still will trade this account for the full 12 months.
The D1 TF is applied here for good reason, it works and it works well.
I suggest you lower trade frequency meaning try to space out when additional trades are entered and do not have them close together.
Perhaps waiting a minimum of D1 bars in combination with a minimum of pips is needed.
This might force your entries to be more uniformly spread and not clustered together.
Ofcourse the drawback is that potential profit might be missed by not adding in trades sooner, nevertheless you need to look at the risk across your account.
Stops should be on average about 122 pips to 244 pips and initially traded using volume in the range of 0.01 per 1K Equity and targets from 1 to 4 times SL pips or up to 4RR.
All this has to align with chart structure meaning on a D1 chart your target zone should have been visited recently as this gives you some confidence that price may well reach it again some time in the future.
If price has not recently been in that ZOI then a 1to1 harmonic projection could be applied to add some confidence in reaching the target.
There is plenty more to say and many gaps to fill in but I will address these in future posts as time permits.
You are always free to test other TFs in your own time but I intend to keep this thread as a D1 or higher trading environment since I know it works.
Keep up the good trading you are doing well.
Masterrmind .........
Master your Mind then Master your Trades
I haven't been able to put additional positions when in profit because I usually close the first one fast... I must address this issue and become disciplined in TP terms as well.
