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  • #101
  • May 1, 2023 10:54pm May 1, 2023 10:54pm
Hello nadi-fx

Great thread and following with interest.
The latest buy trade you entered at 9704 can you highlight where your take profit is so I can compare if I have it right.
Still learning this but not 100% sure whether you religious have a 3-1 Risk to reward or take profit at the next level regardless if risk reward.
Thank you for your time.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #102
  • Edited May 2, 2023 12:59am May 1, 2023 11:07pm | Edited May 2, 2023 12:59am
Quoting Seabreeze
Hello nadi-fx Great thread and following with interest. The latest buy trade you entered at 9704 can you highlight where your take profit is so I can compare if I have it right. Still learning this but not 100% sure whether you religious have a 3-1 Risk to reward or take profit at the next level regardless if risk reward. Thank you for your time.
Hi, my take profit on this trade is already set up top at 10750 about 100pips. I initially always shoot for 3R especially if it falls into a solid level, I bank it like where I have for this buy trade. However, there is a level before that at 10388ish around 70 pips profit, If I see price not breaking it easily and plays around it, I could just take the 70 there. In another words I will not settle so easily for take profit when a level is lower than 3R or 90 pips and initially is set at following level.
Nothing is set in stone, but I will stand my ground to get my 3Rs and wont panic or give up on littles threats.

Overall, it's about having a structure and following it, but in a frame of managing risk too... many things to consider in different circumstances, such as;
what day of the week I am,
what kind of profit or loss I am at,
am I excelling or bleeding,
... and a few other factors... and then to act accordingly.

I give you couple of scenarios...
let's say it's Thursday week is winding down, I have had 3 trades all losses, so I am down 90 pips... I enter the 4th trade, it is not a loser but only a weak winner meaning its stuck at some mediocre level where it could easily turn on me and eat my profit. At this juncture its wise for me to bank a descent some if I can, let's say 65pips to reduce the bleeding, one more day in the week is left and I may not be able to survive such week... so I accept and walk away with my 25 pips loss for the week or a better opportunity later... keeping my head above the water.
another one could be... its Wednesdays, been in couple of trade one win one loss and I am up +60... on following trade I will follow the structure fully and stay on offense aggressively to reach my 100pips avg goal and possibly beyond.
The name of the game is to survive first and to go for the kill second... for me IMHO.

In normal circumstances I follow my structure religiously to answer your question, let it play out the way it should.

I hope it help and I answered it to best I could.

GL
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  • #103
  • May 1, 2023 11:48pm May 1, 2023 11:48pm
So given we have a limit order to sell at 1.10367 ish will you cancel that depending on price action and your confidence in carrying on with the buy trade, or let things play out? Just want to understand how hands on you are after setting up the trades.
Its all just one persons opinion
  • #104
  • May 2, 2023 12:35am May 2, 2023 12:35am
Quoting axecap
So given we have a limit order to sell at 1.10367 ish will you cancel that depending on price action and your confidence in carrying on with the buy trade, or let things play out? Just want to understand how hands on you are after setting up the trades.
Let things play out. I for most if not always take my shot at up coming LV.
I will give my buy the shot to break through and at the same time don't miss out on the new trade in opposite way. I don't know what's going to happen at that level, I just don't know.
I treat each trade as it's own.
Stay the Course
  • #105
  • May 2, 2023 12:41am May 2, 2023 12:41am
Now, this move (red circle) allows me to put my Stop at BE. It serves me well to be at a risk-free trade before going to bed. I can only wake up to a nice surprise and not a bad one, I like that.
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  • #106
  • May 2, 2023 12:41am May 2, 2023 12:41am
Quoting nadi-fx
{quote} Let things play out. I for most if not always take my shot at up coming LV. I will give my buy the shot to break through and at the same time don't miss out on the new trade in opposite way. I don't know what's going to happen at that level, I just don't know. I treat each trade as it's own.
refreshingly honest.
Its all just one persons opinion
  • #107
  • May 2, 2023 2:14am May 2, 2023 2:14am
Quoting nadi-fx
{quote} Hi, my take profit on this trade is already set up top at 10750 about 100pips. I initially always shoot for 3R especially if it falls into a solid level, I bank it like where I have for this buy trade. However, there is a level before that at 10388ish around 70 pips profit, If I see price not breaking it easily and plays around it, I could just take the 70 there. In another words I will not settle so easily for take profit when a level is lower than 3R or 90 pips and initially is set at following level. Nothing is set in stone, but I will...
Brilliantly and clearly answered.

That was the answer I was hoping for. Nice thread well done.
Tthank you for taking the time to answer.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #108
  • May 2, 2023 2:22am May 2, 2023 2:22am
nice tread.
I notice you use recent Levels. I look left and draw level where most touches are. questions so many but how you define the level is getting weak or price will not respect the level or how many time you trade same level ? I use 3 touches then I feel level not going to hold. unless its major S/R. I mark block on EU 3 touch reference points. thanks
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  • #109
  • May 2, 2023 3:44am May 2, 2023 3:44am
Morning

With regard to say a buy order running with a 90 pip TP above the entry. But we have a sell order at 70 pips above where we took the long would the sell order not negate and close the long position. I have never tried it so may be dependent on the broker used (IE if they operate order cancels order)
Regards
  • #110
  • Edited 6:11am May 2, 2023 5:20am | Edited 6:11am
Quoting nadi-fx
Now, this move (red circle) allows me to put my Stop at BE. It serves me well to be at a risk-free trade before going to bed. I can only wake up to a nice surprise and not a bad one, I like that. {image}
Up late.... so now you are out of that open trade?

Regardless, I can now see why the 30-pip trailing stop makes sense. Gets you out of a minor move at BE and allows you to wait for the next level to enter
  • #111
  • May 2, 2023 7:03am May 2, 2023 7:03am
Good morning to all... I see long trade is closed but at breakeven. That level is dead now, but it served as a profitable one with serval nice bounces.
My 9408 LV was missed to be triggered by a hair this time less than a pip, I think.

I get your post shortly. Coffee time.

GL
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  • #112
  • May 2, 2023 7:22am May 2, 2023 7:22am
Quoting qasmanc1
nice tread. I notice you use recent Levels. I look left and draw level where most touches are. questions so many but how you define the level is getting weak or price will not respect the level or how many time you trade same level ? I use 3 touches then I feel level not going to hold. unless its major S/R. I mark block on EU 3 touch reference points. thanks {image}
hi and thank you.
The answer to this question is in my first post... but thread is young, and I'll answer it again.
I filter with "Time", Two weeks. Recent levels! as you also mentioned. Recent to me is two weeks. Otherwise, you will have a level at every step of the price.
If no reaction on a level after two weeks is dead to me, I don't care how strong once it was.
so in short...
* Two weeks with no rejection reaction
* or... once is broken.

GL
Stay the Course
  • #113
  • May 2, 2023 7:31am May 2, 2023 7:31am
Quoting nadi-fx
Good morning to all... I see long trade is closed but at breakeven. That level is dead now, but it served as a profitable one with serval nice bounces. My 9408 LV was missed to be triggered by a hair this time less than a pip, I think. I get your post shortly. Coffee time. GL
good morning, having coffee as well.
without patience how can you be a trader?
  • #114
  • May 2, 2023 7:32am May 2, 2023 7:32am
Quoting costa32
Morning With regard to say a buy order running with a 90 pip TP above the entry. But we have a sell order at 70 pips above where we took the long would the sell order not negate and close the long position. I have never tried it so may be dependent on the broker used (IE if they operate order cancels order) Regards
your fellow trader here name axecap asked similar question i have explained there, so please refer to post 104.
but on extended explanation;
I treat each trade as individually and at its own... so I could be in both trade going the opposite direction of each. if i am in buy then 70 pips later there is a level for sell, i take the sell and may leave the buy still open for more profit. this happens for most cases when my 3R has not meet. I stand ground for that.
But if I have meet my 3R profit and then i got a level coming I bank and reverse. At no cost I will not let a new level trade opportunity to be wasted.

Technically speaking... you will need to operate with a broker that allows hedge or no FIFO.

GL
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  • #115
  • May 2, 2023 7:34am May 2, 2023 7:34am
Quoting Steverino832
{quote} good morning, having coffee as well.
Beautiful, makes morning look brighter.
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  • #116
  • May 2, 2023 7:35am May 2, 2023 7:35am
I have never used the MT4 trailing stop previously.... I notice it is in points.... is 300 points = 30 pips?
  • #117
  • May 2, 2023 7:40am May 2, 2023 7:40am
Quoting pakeha
{quote} Up late.... so now you are out of that open trade? Regardless, I can now see why the 30-pip trailing stop makes sense. Gets you out of a minor move at BE and allows you to wait for the next level to enter
Yes buddy it serves well most time but also stings you at times too when fakes you out one more time before taking off. But you wanna be more safe than sorry.
on this one I was fortunate enough to notice the move before going to bed and manually move it to BE at 35 pips gain... if i am sleep my trail is set at 40.
Overall that bounce was kind of weak from get go and I could expect this to not be a super star move.
The one-time trail 30-40 pips serve well in the long run. The key is when you do get faked and kicked out before runs to the moon to Not affect you and start change things around.
Stay the course, it's all part of the game.

GL
Stay the Course
  • #118
  • May 2, 2023 7:41am May 2, 2023 7:41am
Quoting pakeha
I have never used the MT4 trailing stop previously.... I notice it is in points.... is 300 points = 30 pips?

Correct.
Stay the Course
  • #119
  • May 2, 2023 7:45am May 2, 2023 7:45am
It is unreal how I missed this nice strong bounce, less than a pip. and my LV is right on the money, no mistakes there, it's just a mis.
... nothing ever bothers me more than this kind of things lol. It's a bummer.
I hope you guys were triggered.
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  • #120
  • May 2, 2023 7:53am May 2, 2023 7:53am
Quoting nadi-fx
It is unreal how I missed this nice strong bounce, less than a pip. and my LV is right on the money, no mistakes there, it's just a mis. ... nothing ever bothers me more than this kind of things lol. It's a bummer. I hope you guys were triggered. {image}
Yes, I was fortunate enough to get triggered... SL at BE now on that trade... wait and see how much follow through there is, esp with FOMC tomorrow
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