exited for the time of day
Trading Institutional Order Flow
- #8,964
- Oct 15, 2020 10:45pm Oct 15, 2020 10:45pm
- | Commercial User | Joined Jan 2016 | 2,682 Posts
Be careful what you think because your thoughts run your life..Solomon
- #8,965
- Oct 15, 2020 10:53pm Oct 15, 2020 10:53pm
- | Commercial User | Joined Jan 2016 | 2,682 Posts
Hi all, I want to share a trade I took on CADJPY. I think the entry was very nice. We were in a daily supply level, momentum line was broken and a 1H supply zone was created. However, the take profit level is not worked out well yet. Currently I still did not set a target because I am in doubt where to take profit. Should I: - take profit somewhere near the opposite daily demand level? - take profit somewhere near the opposite hourly demand level? What do you guys recommend? Or Could someone maybe guide me through the specific set of rules regarding...
Great question. Learning where to take profits is always a good problem to have
There are several ways this can be done, within the methodology as well as using other approaches. There is no single right approach. Each trader will adapt general principles to suit their style
The general principles are that the trader should seek to set initial profit targets at the nearest opposing "quality" level because the expectation is that there will be opposing traders at such levels. Now, one must always also factor in where this opposing level is relative to larger timeframe levels because for example, if one is short at a level at or near a larger timeframe level the expectation is that a number of demand zones will break as the larger timeframe supply zone exerts more force on the lower timeframe levels. So such a trade may run well beyond "nearest quality opposing levels".
Alternative targets can be obtained by using levels on timeframes higher than the entry time frame is the trader decided to use a scaling out approach.
best wishes
Be careful what you think because your thoughts run your life..Solomon
- #8,970
- Oct 17, 2020 3:23am Oct 17, 2020 3:23am
{quote} Mmmm I don't trail my stop EXCEPT for a very particular instance. If the HTF is in a strong trend and I hop on board @ a HTF Zone then I will trail my stop. Other than that instance I don't ever trail stops. Your reply brought back some memories of my trading a few months ago. How come you handle your Trade Management differently when backtesting versus when you are trading live? Also, do you have a trade journal? If not, why not? and If so, what do you track in it?
) but main curve (big daddy) is D and my entry in H1.
{quote} Hello traders , GBPNZD, a long rally took placed as expected last week. New daily and h4 demands can all be traded by confirmations. To short this pair , we need to see daily trend to turn first . Happy trades , Best , Haluk . {image}
H4 demand marked worked well for the long trade. After daily turns to equilibrium, I added a short trade also on the h4 chart on Friday. This pair worked as S/D trade laboratory last week
. For this week , we are at the middle .I think best is not to diddle too much at these levels . But I believe that we have some more room to go upside to sell it from the curve level. To reach there , h4 demand below could be the entry for the coming week.
Due to above scenario of the GBPNZD , I checked the Oil chart as an alternative . Difficult to trade from d/h4 time frames but I will be looking for a long with confirmation from 39.00$ to daily supply above which is around 42.00$ . The reason is mainly due to the direction at the daily chart which is towards to upside .
Happy trades ,
Best ,
Haluk .
shoulda-woulda-coulda stayed in! Trad management is a problem for me. I seem to jump at the 2-1 too soon or go break-even too soon, take profits too soon......last week was same thing on GBPUSD posts above - left TOO much on the table.
Price pefectly tapped the H1 supply zone inside the daily supply zone.....still going down, I took 22 pips and it reached 55 pips so far....
USDCAD is approaching Monthly and Weekly demand/support. Not ready to jump in yet, but you have to be aware that the bottoms are approaching
We are probably about to see some first tests of long-term levels as shown on daily chart below. I'm not calling a complete reversal but these levels make for some interesting Day Trading for sure.....
We are probably about to see some first tests of long-term levels as shown on daily chart below. I'm not calling a complete reversal but these levels make for some interesting Day Trading for sure.....
{quote} Hello All, H4 demand marked worked well for the long trade. After daily turns to equilibrium, I added a short trade also on the h4 chart on Friday. This pair worked as S/D trade laboratory last week
GBPNZD reached to daily supply and downtrend started at h4 . But the impulsive trade is still up . We are at inside the daily demand , not a good place to sell. I will short GBPNZD after watching the reactions from this daily demand during the week.
OIL, the price did not reached to the level I planned from last week. The zone is tested several times. Knowing that, I will try again longing form 39$ and/or from lower demands.
I've checked the gold as well but the chart is not looking good , price is at middle levels without any significant imbalance.
Happy trades ,
H.
