1H Swing Trading on EURUSD | Page 36 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, EUR/JPY

Similar Threads

5/6 candle swing low swing high Indicator 5 replies

Swing high / Swing low indictator+alert? 20 replies

Trading Swing by Swing 39 replies

Swing highs and swing lows 3 replies

swing high/swing low indicator and volume tic history 13 replies

Attachments: 1H Swing Trading on EURUSD
Exit Attachments

1H Swing Trading on EURUSD

  • #701
  • May 28, 2020 1:22pm May 28, 2020 1:22pm
Quoting broketrader
Wow! Just got what I needed, one good push from last trend line touch at 1.10 to put the account again near the top. I Could have bought at a better level as I missed the retracement to SMA in that big bull candle but at that moment I was somehow not focused on my trading, I was feeling like the system was derailing because of the choppy market we had in the previous weeks so when that happens, let the market do it's thing and just trade the system and have patience... still have to learn that. When the trend was there, just added some heavy trades...
Congrats, nice to see you back on track.
  • #702
  • May 28, 2020 3:28pm May 28, 2020 3:28pm
Nicely Done!!!
You learn something everyday if you pay attention.
  • #703
  • May 29, 2020 4:44am May 29, 2020 4:44am
Nice trading.

Hope you do not mind me asking the following questions.

Do you have any timing on these trades?

or do you watch the charts every hour?


From reading your post i am not sure if your stop loss management is still the same.

In your first post you mentioned Stop Loss and Money management at the trader's discretion, Are you still using a mental stop loss ? or do you have a rigid one.?
  • #704
  • May 29, 2020 5:25am May 29, 2020 5:25am
Nice win. You invested quite heavily in those trades, more than I've seen you do before. Any reason why you did that or why you were so confident to do so?
  • #705
  • May 29, 2020 5:26am May 29, 2020 5:26am
Quoting Del62a
Nice trading. Hope you do not mind me asking the following questions. Do you have any timing on these trades? or do you watch the charts every hour? From reading your post i am not sure if your stop loss management is still the same. In your first post you mentioned Stop Loss and Money management at the trader's discretion, Are you still using a mental stop loss ? or do you have a rigid one.?
Thanks, I have no issues with people asking, I only have issues with fortune tellers ;-)

The only timing is given by the SMA-96 and price action near of it meaning that a new signal will be generated but also when price is near the trend line (if you have one) if you need to re-enter the trend, like the latest trade that I entered, that's when I need to watch closely, otherwise, when the trend is well established, I only watch the closing hour or every 2 hours but sometimes also continuously just because I enjoy it.

My stop management is still the same for the system trades but I use rigid stops around 10-15 pips when I enter later with bigger lots like my latest trade.
For system trades I use previous swing plus some margin to calculate my lot size according to the risk I take but I don't set any stop on the trade itself, I prefer to close manually.

Now, these are the general rules but I often try alternatives, just because I'm not fully happy with my entries and exits, they are a work in progress but the overall system is there.

I hope this answers your questions.
Simplicity is the Ultimate Sophistication.
  • #706
  • May 29, 2020 5:56am May 29, 2020 5:56am
Quoting Gofitty
Nice win. You invested quite heavily in those trades, more than I've seen you do before. Any reason why you did that or why you were so confident to do so?
Thanks, it was not a question of confidence, I only thought that it was worth taking the risk if the trend was resuming, I explain...

I saw the price going well under the trend and then retracing and closing right on the trend (candle A), like it did in candles B and C and that for me was a sign so I got the previous low as stop which was 10 pips away and decided to take the risk and go for 700$ on that trade which was about 11% of account balance (I had ~6400 at that exact moment), that is 7 lots.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 102 KB


So the most important thing when taking a trade is to know how much you are risking on it if you are going to take it, what convinced me at that exact moment was the price coming back to the trend, nothing else ! It could very well had crossed the trend on the next candle and I would have taken an additional loss but overall the trade was good, risked 700 for a profit 5600, that's a 1:8 risk/reward ratio, of course you don't know that when you take the trade but I would have been happy even getting 700 or 1K out of it if the price action had decided otherwise...
Simplicity is the Ultimate Sophistication.
  • #707
  • May 29, 2020 8:24am May 29, 2020 8:24am
I see a possibility of a reversal if current hour confirms the top pinbar, and that could be followed by a later test of the trend-line.
I plan to go short very slowly now and a bit bigger later if price action confirms...

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 108 KB
Simplicity is the Ultimate Sophistication.
  • #708
  • May 29, 2020 8:49am May 29, 2020 8:49am
Quoting broketrader
I see a possibility of a reversal if current hour confirms the top pinbar, and that could be followed by a later test of the trend-line. I plan to go short very slowly now and a bit bigger later if price action confirms... {image}
Hats off to you sir, I am observing your system for over month now. I hope one day I could follow it consistently with proper risk management. The best thing in you is, you know what you are risking and what is your take profit. Maybe your experience is what gives you an edge over Forex Trading Loser like me. I keep falling but could not discipline my trading.
  • #709
  • May 29, 2020 9:50am May 29, 2020 9:50am
Quoting broketrader
{quote} Thanks, it was not a question of confidence, I only thought that it was worth taking the risk if the trend was resuming, I explain... I saw the price going well under the trend and then retracing and closing right on the trend (candle A), like it did in candles B and C and that for me was a sign so I got the previous low as stop which was 10 pips away and decided to take the risk and go for 700$ on that trade which was about 11% of account balance (I had ~6400 at that exact moment), that is 7 lots. {image} So the most important thing when...

Makes perfect sense. I didn't realise on big trades you have stops so tight but I am pleased you do as it is something I have been playing with the idea of doing - wish I'd done it today as would have saved me 30+ pips on a loss. I notice with my system that at my signal the price almost always never comes back if the signal is a good one so seems a bit silly having big stop as you're taking a bigger loss for no reason. Trying to use my Oanda account today so that my trade results will get shown on here as I work on a mac and mostly use IG so metatrader is a pain. I feel like your system has a lot of things I can learn from and can add to mine so enjoying the watch.

Glad you're back in the positive! Seen a lot of traders on here get hammered this last week or so. Seeing good traders win is always good for my confidence.
  • #710
  • May 29, 2020 10:01am May 29, 2020 10:01am
Quoting Ooptimistic
{quote} Hats off to you sir, I am observing your system for over month now. I hope one day I could follow it consistently with proper risk management. The best thing in you is, you know what you are risking and what is your take profit. Maybe your experience is what gives you an edge over Forex Trading Loser like me. I keep falling but could not discipline my trading.
Thanks!

You are right about the risk, I think this is anyway the most important thing to focus on, but except for the last trade where I did know where I wanted to exit, normally is to the system to tell you where to exit, so at the beginning of a trade I have usually no idea, except for the stop loss

Now don't be to rude against yourself, It's years I have been trading Forex and this is the first time I'm still green after 6 months, I can tell you that it has been a difficult path for myself too, and I'm far from saying that I'm at the end of the tunnel, as I said previously my first milestone is to stay green for a year, that would be really significant for me, maybe from there my trading will be more consistent and stable.

Good luck to you and don't forget that we are all in a never ending learning process !
Simplicity is the Ultimate Sophistication.
  • #711
  • May 29, 2020 10:10am May 29, 2020 10:10am
Quoting broketrader
I see a possibility of a reversal if current hour confirms the top pinbar, and that could be followed by a later test of the trend-line. I plan to go short very slowly now and a bit bigger later if price action confirms... {image}
Some shitty pa at previous hour, hesitating in going north or south, it seems that we have now a good bearish move, let's see if we can close the hour below 1.11
Simplicity is the Ultimate Sophistication.
  • #712
  • May 29, 2020 7:50pm May 29, 2020 7:50pm
Quoting broketrader
{quote} Thanks! You are right about the risk, I think this is anyway the most important thing to focus on, but except for the last trade where I did know where I wanted to exit, normally is to the system to tell you where to exit, so at the beginning of a trade I have usually no idea, except for the stop loss Now don't be to rude against yourself, It's years I have been trading Forex and this is the first time I'm still green after 6 months, I can tell you that it has been a difficult path for myself too, and I'm far from saying that I'm...
No kidding it takes time. I don"t trade your system but i have started to become profitable this year and this is my 11th year with the markets. although style of trading which i'm having success with i have only been using for the past 3 years. And i would say the first 5 years were just b.s trying to find a holy grail system of indicators.

I think most successfull experienced traders would advise newcomers to ditch indicators, except maybe 1 and just focus on price action and market structure. That will hasten the process.
  • #713
  • May 30, 2020 12:24am May 30, 2020 12:24am
Quoting broketrader
{quote} Thanks, I have no issues with people asking, I only have issues with fortune tellers ;-) The only timing is given by the SMA-96 and price action near of it meaning that a new signal will be generated but also when price is near the trend line (if you have one) if you need to re-enter the trend, like the latest trade that I entered, that's when I need to watch closely, otherwise, when the trend is well established, I only watch the closing hour or every 2 hours but sometimes also continuously just because I enjoy it. My stop management is...
Thanks for taking the time to reply.

so with a small initial entry your Stop loss is more flexible.

but when you enter late you have a tighter stop.

That's useful to know.

How about targets ? i see that some trades you exited quite quicky .

Do you have set targets such as previous HH or LL or rigid say 100 pips target?
  • #714
  • May 30, 2020 1:17am May 30, 2020 1:17am
Quoting cisco92111
{quote} No kidding it takes time. I don"t trade your system but i have started to become profitable this year and this is my 11th year with the markets. although style of trading which i'm having success with i have only been using for the past 3 years. And i would say the first 5 years were just b.s trying to find a holy grail system of indicators. I think most successfull experienced traders would advise newcomers to ditch indicators, except maybe 1 and just focus on price action and market structure. That will hasten the process.
Well, being profitable with a system and if you're happy with your results for 3+ years is a great accomplishment, Congratulations !!!

My road of profitability is shorter but I think that I progress every month so maybe in 2 years hand a half from now I will be where you are now...
Tag a wall with "cisco92111 was here!" so I will see it and tag it when I'm there... that remembers me that movie "The Shawshank Redemption", if you haven't seen it go watch it ! We are like those prisoners in our losing prison and one day we are liberated and must learn to remain free, without falling again.

Attached Image
Simplicity is the Ultimate Sophistication.
  • #715
  • Edited 2:37am May 30, 2020 1:36am | Edited 2:37am
Quoting Del62a
{quote} Thanks for taking the time to reply. so with a small initial entry your Stop loss is more flexible. but when you enter late you have a tighter stop. That's useful to know. How about targets ? i see that some trades you exited quite quicky . Do you have set targets such as previous HH or LL or rigid say 100 pips target?
No, I don't have specific or rigid targets and yes, very often I get out too fast, it's something I'm working on and the good thing is that there will always be another trend to trade in the next days so I will have plenty of occasions to improve that, that's the beauty of trading the 1 hour instead of the daily.
Simplicity is the Ultimate Sophistication.
  • #716
  • May 30, 2020 2:29am May 30, 2020 2:29am
Quoting broketrader
{quote} No, I don't have specific or rigid targets and yes, very often I get out too fast, it's something I'm working on and the good thing is that there will always be another trend too trade in the next days so I will have plenty of occasions to improve that, that's the beauty of trading the 1 hour instead of the daily.
Thanks
Appreciate you taking time to post your trades and answer the queries.
  • #717
  • Edited 2:30am Jun 1, 2020 1:53am | Edited 2:30am
Possible pin bar forming at recent top, this is not system trade just price action so I'm not putting too much faith in it.
I will enter short small with a stop just above it, if it's genuine, the price shouldn't go above it and it will be a nice way to anticipate the next swing...

Also watching those near the top trend lines that could add more confirmation...

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 105 KB
Simplicity is the Ultimate Sophistication.
  • #718
  • Jun 1, 2020 3:06am Jun 1, 2020 3:06am
Quoting broketrader
Possible pin bar forming at recent top, this is not system trade just price action so I'm not putting too much faith in it. I will enter short small with a stop just above it, if it's genuine, the price shouldn't go above it and it will be a nice way to anticipate the next swing... Also watching those near the top trend lines that could add more confirmation... {image}
As it often happens it was a bear trap, no issues, will wait other signs and retry later...
Simplicity is the Ultimate Sophistication.
  • #719
  • Jun 1, 2020 4:06am Jun 1, 2020 4:06am
Quoting broketrader
{quote} As it often happens it was a bear trap, no issues, will wait other signs and retry later...
The stop loss was too tight, should have put at least 10 pips !
It did just like on the previous trade, getting bears under the trend line and closing above it so i'm trying a long trade with a stop just below of this previous wick.
Same trade but far smaller! I will either get stopped or close if I see a close under this top trend line.
Simplicity is the Ultimate Sophistication.
  • #720
  • Jun 1, 2020 5:01am Jun 1, 2020 5:01am
Quoting broketrader
{quote} The stop loss was too tight, should have put at least 10 pips ! It did just like on the previous trade, getting bears under the trend line and closing above it so i'm trying a long trade with a stop just below of this previous wick. Same trade but far smaller! I will either get stopped or close if I see a close under this top trend line.
On the wrong side again, the first trade was right but too tight stop, so re-entering again that trade with a stop above high but will close it if it approaches the trend line again (fake break) or if it doesn't break the trend lines below in the coming hours.

If it fails, it will be the last trade in this context.
Simplicity is the Ultimate Sophistication.
0 traders viewing now