1036SGT 15122022
AUDCAD Hourly Time Frame Zoomed Out
AUDCAD Hourly Time Frame Zoomed In
----
I feel there are better price action pairs to wait for out there. But I am not sure if I should wait, or not. I am still experimenting on getting the right feeling, for me. To wait, or to take lower grade setups as they come.
Examples :
CADCHF HOURLY :
GBPCAD HOURLY :
EURCAD HOURLY :
1042SGT
1044SGT
---
1120SGT
I am thinking if I should have a TP level based on previous TP levels in the same trend? Because if I allow price to go up and down, it is going to waste alot of my time and opportunity cost. I could have just taken profit at the "peak", and go look for other opportunities, instead of letting my money sit and stew, as price fluctuates.
It's not perfect, and never ever will be.
Example in the AUDCAD pair that we placed the Buy Limit on.
1124SGT
---
1130SGT
Ok, focusing on the concept and not the indicators(I learned from Rayner Teo on his YouTube videos).
What I am doing currently, I feel is that I am not marrying myself to the indicator, and dying with the indicator. Previously it was the 60SMA. What I should be focusing on, is the concept, and the concept I am practicing is Trend Following. As human, I have a lot of limitations such as limited attention span and energy. So, I would practice the concept, but limit the amount of indicators I apply on this concept, as well as the amount of Time Frames I watch. But at the same time, maximise the amount of indicators and the Time Frames I watch, in order to get to my true winrate, and also to allow my concept to realise its full potential.
And so, the amount of indicators I would use would be a combination of,
10EMA
20EMA
50EMA
100EMA
150EMA
200EMA
60SMA
100SMA
150SMA
200SMA
I think, it falls into a few "setups" in this concept because I have my usual pairings.
10/20EMA
20/50EMA
50EMA/60SMA
100/200SMA
100/200EMA
60SMA
Something like that.
The take profit or lack of, is determined by the price action. If price makes a lot of retracements, I would mark out a suitable Take Profit level before I begin trading, in order to maximise the opportunities I have. Usually price makes alot of retracements that wastes our time on the higher numbered Moving Averages. Whereas one could trail the stop loss on the lower numbered Moving Averages because it has less drastic swings.
1142SGT
Fixed Take Profit level
1146SGT
---
2041SGT
Got stopped out again.
I would like to believe it is variance. Some trades are, and some trades are due to bad decision making.
How things look like now, for AUDCAD after getting stopped out.
Many previous questions, and ideas pop up in my head, and I feel that I could fill in the blanks and try.
One of which is the Oversold/Overbought using the Moving Average only. Unsee the price and only turn on the 10/20EMA. This time, I used the 20/50EMA.
The 20EMA crossed the 50EMA.
Next enttry because I hit the max attachment limit.
AUDCAD Hourly Time Frame Zoomed Out
AUDCAD Hourly Time Frame Zoomed In
----
I feel there are better price action pairs to wait for out there. But I am not sure if I should wait, or not. I am still experimenting on getting the right feeling, for me. To wait, or to take lower grade setups as they come.
Examples :
CADCHF HOURLY :
GBPCAD HOURLY :
EURCAD HOURLY :
1042SGT
1044SGT
---
1120SGT
I am thinking if I should have a TP level based on previous TP levels in the same trend? Because if I allow price to go up and down, it is going to waste alot of my time and opportunity cost. I could have just taken profit at the "peak", and go look for other opportunities, instead of letting my money sit and stew, as price fluctuates.
It's not perfect, and never ever will be.
Example in the AUDCAD pair that we placed the Buy Limit on.
1124SGT
---
1130SGT
Ok, focusing on the concept and not the indicators(I learned from Rayner Teo on his YouTube videos).
What I am doing currently, I feel is that I am not marrying myself to the indicator, and dying with the indicator. Previously it was the 60SMA. What I should be focusing on, is the concept, and the concept I am practicing is Trend Following. As human, I have a lot of limitations such as limited attention span and energy. So, I would practice the concept, but limit the amount of indicators I apply on this concept, as well as the amount of Time Frames I watch. But at the same time, maximise the amount of indicators and the Time Frames I watch, in order to get to my true winrate, and also to allow my concept to realise its full potential.
And so, the amount of indicators I would use would be a combination of,
10EMA
20EMA
50EMA
100EMA
150EMA
200EMA
60SMA
100SMA
150SMA
200SMA
I think, it falls into a few "setups" in this concept because I have my usual pairings.
10/20EMA
20/50EMA
50EMA/60SMA
100/200SMA
100/200EMA
60SMA
Something like that.
The take profit or lack of, is determined by the price action. If price makes a lot of retracements, I would mark out a suitable Take Profit level before I begin trading, in order to maximise the opportunities I have. Usually price makes alot of retracements that wastes our time on the higher numbered Moving Averages. Whereas one could trail the stop loss on the lower numbered Moving Averages because it has less drastic swings.
1142SGT
Fixed Take Profit level
1146SGT
---
2041SGT
Got stopped out again.
I would like to believe it is variance. Some trades are, and some trades are due to bad decision making.
How things look like now, for AUDCAD after getting stopped out.
Many previous questions, and ideas pop up in my head, and I feel that I could fill in the blanks and try.
One of which is the Oversold/Overbought using the Moving Average only. Unsee the price and only turn on the 10/20EMA. This time, I used the 20/50EMA.
The 20EMA crossed the 50EMA.
Next enttry because I hit the max attachment limit.
Hi bye mai hai
Do not short(15 Minutes Time Frame) if price is trending higher high and higher low on the 3 Minutes Time Frame.
Do look out for opportunities to short when price is trending from higher high and higher low to, lower high and lower low on the 3 Minutes Time Frame.
