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  • #421
  • Apr 23, 2020 7:35am Apr 23, 2020 7:35am
hello, that was my trade too, but out too early, Laura
  • #422
  • Apr 23, 2020 7:43am Apr 23, 2020 7:43am
Quoting LauraT
{image} I know people find losing trades useful to see too, so here's one Yesterday I showed some examples of winning trades with poor entries. This is an entry I was fine with but it turned out to be a loser. Just goes to show, we should not measure how well we executed a trade based on the final outcome. With losses in general, embrace them, accept them, they happen. The quicker you can move on to finding the next opportunity the better. That's not to say we don't learn from our trades though. I always carry out a daily review of my entries...
great cut loss. peanuts. to the point.

I guess we don't cut losers as the trade gets HEAVY (over size) and continue to add to losers.

been following here for a few days, and still waiting for the most important thing i.e. Trade Management/Money Management/Risk Management.

evening Laura. Keep up the good work.

regards
leacher
Time & Price Forecast - Jenkins
  • #423
  • Apr 23, 2020 7:52am Apr 23, 2020 7:52am
Quoting LauraT
{quote} Hi Rick, If I'm in a long-term trade I don't worry about individual pieces of red news but for my short-term trades (which the majority here seem to favour) I would either close or protect profit. It's too much of a lottery with news.
Thanks for this.
Posting your entry on higher TF will be appreciated, please.
  • #424
  • Apr 23, 2020 7:55am Apr 23, 2020 7:55am
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AU now as we speaks. moved SL to BE+5 . aiming for ADR high
  • #425
  • Apr 23, 2020 8:09am Apr 23, 2020 8:09am
I took 2 trades on USDMXN one preceding the Red News and the other Post Red News ended up with over 100 pips on the 2 of them. Didn't stay in very long because of the news and the conditions that the USDX was presenting.
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  • #426
  • Apr 23, 2020 8:20am Apr 23, 2020 8:20am
Busted some shorts in the USDCAD. Failure over 200sma ...... Target PDL!

Really good thread, thumbs up!
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  • #427
  • Apr 23, 2020 8:21am Apr 23, 2020 8:21am
Evening all (for me at least!)
EU M1 again
notes on the chart
cheers
Attached Image (click to enlarge)
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  • #428
  • Apr 23, 2020 8:34am Apr 23, 2020 8:34am
Quoting Degolep
{quote} Too many alerts for same pair. {image}
it is set to Alert once per bar if conditions are met
  • #429
  • Apr 23, 2020 8:38am Apr 23, 2020 8:38am
Quoting LauraT
{image} I know people find losing trades useful to see too, so here's one Yesterday I showed some examples of winning trades with poor entries. This is an entry I was fine with but it turned out to be a loser. Just goes to show, we should not measure how well we executed a trade based on the final outcome. With losses in general, embrace them, accept them, they happen. The quicker you can move on to finding the next opportunity the better. That's not to say we don't learn from our trades though. I always carry out a daily review of my entries...
i entered the same trade and i lost too.
Lessons to learn
  • #430
  • Apr 23, 2020 8:43am Apr 23, 2020 8:43am
Quoting james.trades
M5 trade on EU. Closed out for +22 pips. Many thanks for your replies yesterday Laura have learnt my lesson about the importance of RSI now.. {image} {image}


Hello James,

Do you mind sharing your RSI indicator in the bottom window of your chart.

Thanks
  • #431
  • Apr 23, 2020 8:44am Apr 23, 2020 8:44am
One more trade. Not entirely following the rules (going against the sentiment) but a nice spike into a liquidity pool
Cheers
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  • #432
  • Edited Apr 24, 2020 12:00am Apr 23, 2020 8:48am | Edited Apr 24, 2020 12:00am
Hey guys, I would like to contribute something that I thought would be useful to everyone still learning on streamlining your process to find viable setups.

Scan Trade Guide

M15>M5>M1(Indices only)

Number of charts: 4

1st: EUR pairs
2nd: GBP pairs
3rd: JPY pairs
4th: Indices/USD pairs

  1. Check if EMA channel is approaching or at 200SMA, note down pairs that fit on checklist board
  2. Check RSI Composite to determine if price is not just ranging (<40 for shorts | >60 for longs)
  3. Check MTF SMA200 Indicator for all reds/greens
  4. Check for where price is at with regards to these areas (ADR High/Low | Daily High/Low | Daily Open)
  5. Repeat for M5 and M1(Indices only)
  6. Repeat process every hour

(note: if price has gone too far off from the higher TF, possible to go down to lower TF to look for retracement entries)

Tips:

  1. When channel is below 200SMA bias = short, dont be afraid to look for sell trades only.
  2. When channel is above 200SMA bias = long, dont be afraid to look for buy trades only.
  3. Trust the 200SMA acting as strong resistance/support
  4. Best opportunity to trade is when price is closest to 200SMA
  5. You are only wrong when the entire channel has cross and close above/below the 200SMA until then always enter trades that fit the criteria

  • #433
  • Apr 23, 2020 8:53am Apr 23, 2020 8:53am
Quoting maxwell-eqtn
{quote} Hello James, Do you mind sharing your RSI indicator in the bottom window of your chart. Thanks
It's the indi at the bottom of the first post on P1 mate.
  • #434
  • Apr 23, 2020 8:57am Apr 23, 2020 8:57am
Attached Image (click to enlarge)
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Dow trade. Price had poked above daily open line and it was a standard channel trade. Target was Yesterday's High, which was met. I let it run a little longer to see if it had legs but, once I felt Yesterday's High wasn't going to support price, I took profit.
  • #435
  • Apr 23, 2020 9:06am Apr 23, 2020 9:06am
Quoting james.trades
{quote} It's the indi at the bottom of the first post on P1 mate.

Thanks James and Laura and everyone that has contributed

Happy Trading
  • #436
  • Apr 23, 2020 9:10am Apr 23, 2020 9:10am
Trade on DAX
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  • #437
  • Apr 23, 2020 9:13am Apr 23, 2020 9:13am
AU has been bouncing off the top locked ADR but with a Comp bias just under 75 I wouldn't be risking a short here. I am a scalper and have been enjoying repeated wins every time it drops below the lower channel. If it does turn, I should be in a position to exit gracefully.
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  • #438
  • Apr 23, 2020 9:15am Apr 23, 2020 9:15am
ATR plus sma
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  • #439
  • Apr 23, 2020 9:15am Apr 23, 2020 9:15am
Quoting hepsibah
AU has been bouncing off the top locked ADR but with a Comp bias just under 75 I wouldn't be risking a short here. I am a scalper and have been enjoying repeated wins every time it drops below the lower channel. If it does turn, I should be in a position to exit gracefully. {image}
Oops. there we go
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  • #440
  • Apr 23, 2020 9:27am Apr 23, 2020 9:27am
If a pair takes out the ADR in one direction, its not too far from the 200ema, and still matches criteria, is it safe to say its going to keep running or should we avoid trading pairs that have run that far? Quite a lot of what id been looking at seems to have taken out the ADR already
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