Going for it

Never mind that position i have there, its a short term sell anyways.
Next week there will be some more action in here.
I have had some nasty shit to deal with and its almost done.
Next week on thursday that shit ends and i can put that behind me.
And focus more on trading.
And staying in shape, staying focused.
Im guessing that i will have a 7 months from september to trade daily, so through the autumn and winter.
And if i do those 7 months OK probably there will be 7 months more like that.
If however i dont make any doe during those 7 months, its done. Im out for the time being and no more trading for a year or two.

Its not the candlesticks themselves that means anything.
Just like sounds called "language" dont mean anything on theyr own.
It only means something when people look at it and make decisions and buy and sell and close.
It means something in the context of a human mind making decisions.

So...
That means a certain candle or formation in one place doesnt mean the same thing as that candle of formation in another place.
Or if i put it differently:

Thats why i dont think any simple system or EA that equates a RSI or MACD or what ever with another reading of the same numbers will do much good at all. Because such systems dont take the context into account. I might be wrong of course, and i would be happy to be wrong.

Hi Yaed,

Been a long time

Have you noticed how often Price has to move Higher/Lower to find "Value" before it can Break through a Level

Yeah, its like 80-90% chance it will, so its definitely worth keeping an eye on.
Its only when the market completely looses hope of a level that it will be abandoned, otherwise it usualy gets back to a former low (although by then it will create a high) when its going down and a former high (although by then it will create a low) when its going up.

Im waiting for a double bottom on M1, and then i will enter a buy.
Preferably it would be at the 1.04 area

Moving the TP, giving it some room to breath...

So yeah, we are talking the MINUTE moves of price.

But alas, it was not to be more then so.

Once more we are at it.

But no.
Yes this is horrendously taxing.
But i kind of like it.
I also like running and digging ditches.

I was reading Idries Shah in the sunshine when this struck me:

STRATEGIES

I am critical of this idea of finding "a strategy".
In my experience its an illusion.
Many strategies have elements that is rather sound and logical.
But none of them seem to do much good on the whole.
I dont care to actually ARGUE my point since there is nothing to be gained from that.
I am not a one to ARGUE strategies, since they are illusory.
If there WAS a strategy it would be: Buy low, sell high. Close on good profit or hurtfull loss.
Close when you are wrong.
Or correct enough in a matter of normal circumstances.
Dont wish or hope for "the best", it will cloud your judgment.
Thats why noone will find a "Complete strategy" in here.
I wont try to present one because i dont know one.
I havent seen one, and maybe i will never.
Finding "A strategy" for trading is like finding "A strategy" for life.
There are many that sort of can be applied here and there.
But i doubt there is one that works all the time.
Thats why there is something called "Wisdom".

I learned from very few traders.
Probably there is 5-10 people that i can remember exactly that i learned something tangible from.
SKFX is one of those.
There was just this one simple picture about order flow and he just drew a line and wrote a few words.
And its still with me.
In everything i write here.
That one picture made me realise something very obvious.
Its people doing it.
People looking at price and having human feelings making human decisions.

General TP/SL targets
Trying to ascertain a GENERAL take profit or stop loss is like asking: When im on the train, how long before i get off?
Well if you dont know where you are trying to go with the train, how could anyone answer that question?
What im trying to say is that TP/SL depends on what move you are trying to ride. What train you are trying to catch and where are you trying to go with it.
And as far as i can see, you need to close some positions at a loss LESS THEN THE LOSS HAS BEEN BEFORE.
Because a move might go against you, and then start going towards you TP again, and then ONCE MORE get you into more loss.
And sometimes you should close that trade.
I cant exactly tell you under what circumstances if i cant see the particular trade you are thinking about.
Which all in all means that EVERY TRADE is specific, every trade is individual, every trade has its own merits and strengths and so forth.
And that also means of course that every trade has its own take profit and stop loss depending on such things as:
* The general volatility of that time of day. (Can be ascertained very easily using the very simple indicator ATR)
* The general volatility of that instrument that you are trading.
* The specific political/economic/news conditions of the instrument that you are trading.
* The specific timeframe of how long you are expecting to be in the trade.

HOWEVER, and as a RESULT of just that, there ARE, STILL general guidlines to use on what TP/SL to use.
BASED ON THOSE CALCULATIONS I PRESTENTED ABOVE.
Which means in my case a TP of 25 pip is a REAL good nice solid trade.
And a SL of 15 pip is a significant loss and a BAD deal gone to shit.
But NOT during very volatile times such as NFP news in which case if i DO trade that i need about double the SL and TP.
BASED ON THOSE CALCULATIONS I PRESENTED ABOVE.