DislikedEG could be worth watching next week as in the buy zone. Not much for the EUR next week but we have GBP claimant count change on Tuesday and GDP on Wednesday so worth keeping an eye. {image}Ignored
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- #44,104
- Mar 11, 2024 6:53pm Mar 11, 2024 6:53pm
Last two weeks. Missed out of the GA/EA moves south.. so disappointed. Still holding some AU shorts. {image}
Could you please share your risk management strategy/template? I would like to learn and I suppose some other traders too would be interested in learning more about proper risk management.
{quote} Excellent work
I do not always trade with a S/L, if I do, I will place my stop where I’m not likely to be stopped out but where I’m comfortable that if a trade goes against me I will be stopped out to reduce my losses. If I’m unsure or less confident I will trade with much tighter stops, get stopped out and then look to re-enter at a better price when more overextended. I generally find stops quite restrictive and the number of times I’ve been stopped out but only just by a few pips and then the trade moved in my favour. This is mostly down to experience. Of course, we should only really be taking very high probability trades and should look for what I call the overall ‘story’ or confluence which could be pivots level/price level, ADR reached, S/R, signals (such as pinbar), price action, news and events.. all these elements aligning at the same time for a higher probability trade. If I trade without stops, and the trade goes against me, then I would look to scale out gradually if price does not turn, but this does depend on account size as this is not always possible. It’s probably better to get stopped out and re-enter when higher probability. This is my personal approach that should not be copied as everyone is different and with a different account sizes etc. Everyone should develop and stick to their own risk management strategy that works for them individually. I hope this helps. Regards
Successful trading is intrinsic to risk management and discipline
{image}
Resistance turned support zone
Longer term trend is up (has been in an up trend for over a year)
Price is on the trend line
Selling the JPY
4h pin bar
Price below WPP (S38)
Successful trading is intrinsic to risk management and discipline
- #44,114
- Edited 5:50am Mar 16, 2024 5:31am | Edited 5:50am
- Joined Mar 2019 | Status: Trader | 494 Posts
AN - Maybe worth watching for shorts if price reaches the next resistance zone.
Will wait to see how price reacts to the AUD rate decision on Tuesday and NZD GDP on Weds. 
Will wait to see how price reacts to the AUD rate decision on Tuesday and NZD GDP on Weds.
Successful trading is intrinsic to risk management and discipline
Another one to watch perhaps. Silver
Heading towards a resistance zone and Feds policy meeting next week, rate decision on Weds.
Fed may start dialling back on a restrictive monetary policy with a cut in June.
Heading towards a resistance zone and Feds policy meeting next week, rate decision on Weds.
Fed may start dialling back on a restrictive monetary policy with a cut in June.
Successful trading is intrinsic to risk management and discipline
