I'm in, short
TP = 14796
SL = 14896
TP = 14796
SL = 14896
Strat's PASR Long Term, Stress Free Trading
{quote} Keep sharpJust out of interest, where you exited, was that an opportunity to go short? I don't have that chart... possibly to 4500?
Looks like you're doing pretty well out of this chaos yourself.
- #12,965
- Mar 24, 2020 4:03am Mar 24, 2020 4:03am
{quote} Lot more help if you tell us the pair, or better yet upload a chart(s) with support/resistance drawn and your entry/exit. Then we can maybe help you
Seems like whole world is short lately.
{quote} At least his on the right side of the trade
We have an all time low at 1.1409 Thats my base target for this to be taken out, however I'm taking what it will give me each day.
So before I consider going long I'm looking for a worker close above 1.20 to trade shorter timeframe. Longer timeframes I'd be looking for "normality" above 1.24
I have a buy signal now on GU but I'm standing aside. If it turns at 1.1712 I'm much more comfortable selling BUT if BOE pile in the money it will continue a bullish surge that you can jump on but be careful.
Think of where to trade to.
We are trading with the BOE, Fed, and ECB. So even a 100 pip trade is a "scalp" at the moment. I expect to see big bullish surges as the countries re-align their values. The Fed will need to do something soon.
Just trade what you see long or short but keep your positions small with healthy stops and close profits.
All the fundimentals are fundimentalist! I'm never a bull or a bear, thats just BS..
Private Msgs are turned off to weirdos, loafs and brain drainers
{quote} Scrolling back in time, yes (see chart). I didn't as I'd been sitting there all day keeping an eye on the screen and reading. Felt it was time to go outside! Looks like you're doing pretty well out of this chaos yourself. {image}
Private Msgs are turned off to weirdos, loafs and brain drainers
- #12,968
- Mar 24, 2020 5:19am Mar 24, 2020 5:19am
{quote} Can't load a chart because....
GU Trade what you seeGU Trade what you see MK2 {image}
Miffed I didn't enter on that EURAUD hammer this morning, blinding obvious that was.
{quote} Not quite sure what you mean. Can you show me on a chart? As I understand it, the 5 minute chart is trading the swings on the 1hr chart, so if the 1hr chart isn't trending there's not a trade on the 5 minute.
I have had to use GBPCAD because I'm in GU at the moment with running trades so I don't trade this but it's close enough to show you.
If you can trade one of these a day all next week and be in the green by next Friday, it's a really good start to build a plan around. The aim is consistency, forget trying to draw levels and just trade what you see on 5 min. You'll begin to know where the levels are on higher timeframes without even needing to use charts after some time and checking now and again.
Without looking this would probably be the same as a 15min Basic PASR...
Build up consistency and then you can build on a profitable plan that suits you.
PS be careful with this Risk Reward must be 2:1 retail mentality. This is good advice for mechanical systems but you must manage your risk when you are in the trades, when you develop add on skills, RR becomes dynamic and I only measure it AFTER the trade, once or more a week I might get a 10+
PPS Trade real small at first and this will help. Dropping all the baggage I have absorbed over the years is the hardest thing but it's like realising you can run 10 miles without water (maybe not in Austrailia though!) so you don't need to carry the weight.
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