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Cable Update (GBPUSD)

  • #823,501
  • Apr 26, 2024 4:53am Apr 26, 2024 4:53am
1.26 is weekly resistance.
Compulsions can be hard to resist
  • #823,502
  • Apr 26, 2024 4:55am Apr 26, 2024 4:55am
GU:H4
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Intraday Trading is an Art _ hoda
  • #823,503
  • Edited 5:46am Apr 26, 2024 5:29am | Edited 5:46am
Quoting Pat Chiko
{quote} Hi Fardeen, As promised, I'm sharing my "recycle leverage" money management approach for forex trading. This strategy revolves around reusing the same capital repeatedly while adding profits along the way. Here's how it works: Initial Capital: Start with a fixed amount of capital for trading. Cash Out Profits: After a successful trade, cash out the profit and set it aside. This allows you to lock in your gains and reduce your risk exposure. Reenter with Pullback: After cashing out, wait for the market to pull back or correct, then reenter...
Appreciated for the explanation bro.
Very easy to understand now.
Gonna take me some time before i reached that stage in my trading journey.

I also take profit partial on average ~1:4RR (more precisely based on the internal structure) of 3/5 position when i first enter a swing trade.
Then i wait for retracement 50%-62% coupled with SnR and/or SnD. I add back 0.5% of my original balance before i open fresh trade + half of the partial TP with adequate SL (1.5x ATR 1HR FOR GOLD)
And for Nas100 (i use $30-70, depending on ATR at the time of n3) on my swing trade and partial TP ~1:8-10.

My problem comes with my number of times i stopped out particularly in GOLD.
I have many good wins but that comes with a lot of stopped out and later have to be re-enter at very bad price. But the good thing is sometimes it takes only to 2 good winners to cover the total risk of the 20 trades of my trade set + put gains into my account.

My profit factor on my Gold account is a stagnant one.

My money mangement still have a lot of room to improve, is there any good book you recommend which helps with money management. Particularly that can help with holding onto drawdowns. This way i can only placed SL as a hard stops.
Using proper size to keep account alive while enable the trade to breath.

P/S:
At this point, should i wish you a happy retirement bro?
More time in the market, does not mean you trade better!
  • #823,504
  • Edited 1:30pm Apr 26, 2024 5:58am | Edited 1:30pm
Limit 2538 broken, and a tl tested and may correct enough for next bull target, waiting to see 2493 breaks and hold if.
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #823,505
  • Apr 26, 2024 5:59am Apr 26, 2024 5:59am
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  • #823,506
  • Apr 26, 2024 6:37am Apr 26, 2024 6:37am
Sell/Buy STOP is a something good or bad in trading?

Everytime i used it, i got a bitch slap on my face in the past.
(Used to place stop orders for NFP)

Today the same happened in UJ. To all these Sell Stop waiting to catch Intervention.
BOJ had the chance to do something for its weakening currency but decide to bitching around. And some folks still waiting for Intervention.

It will intervene provided the currency weakness is affecting/ hurting its economy (through high import cost), otherwise its a good thing for Japanese Economy as it is an export oriented Economy.
Weak currency increase competitiveness.

Market and Limit orders proves to give better trade, why? Both comes with trading a setup/ a plan.

BUY/SELL Stop orders are just another word for gambling (at least for me)
More time in the market, does not mean you trade better!
  • #823,507
  • Apr 26, 2024 6:49am Apr 26, 2024 6:49am
Quoting Fardeen1209
Sell/Buy STOP is a something good or bad in trading?
like every type of orders, stop orders give a nice result only in specific circumstances, and very well placed, calculating the expected volatility, spread widening, what u r going to risk just to mention few
chaos is just unknown order
  • #823,508
  • Apr 26, 2024 6:54am Apr 26, 2024 6:54am
Quoting Luxyus
{quote} like every type of orders, stop orders give a nice result only in specific circumstances, and very well placed, calculating the expected volatility, spread widening, what u r going to risk just to mention few
May be, but low chance we can get a consistent result from it.
More time in the market, does not mean you trade better!
  • #823,509
  • Apr 26, 2024 6:58am Apr 26, 2024 6:58am
Quoting Fardeen1209
{quote} May be, but low chance we can get a consistent result from it.
ye it can t be the unique strategy for a constant income, or at least i use them very rarely and only when the set up is worthing a try.
chaos is just unknown order
  • #823,510
  • Apr 26, 2024 7:06am Apr 26, 2024 7:06am
[quote=Fardeen1209;14846183]Sell/Buy STOP is a something good or bad in trading? Everytime i used it, i got a bitch slap on my face in the past.

For my trading strategy I use buy stops all the time and will put them just above the latest high price and as it retests the current low I might move them down a bit closer to price because price has dropped down further meaning you have more chance of making a decent profit.
I find this works well in a highly active bullish market but when price meanders like today you put the buy stop above highest price and it might only go up a few pips before falling back.
I struggle with selling but this strategy can be used for selling also and I'm sure other traders employ this idea in either Bull or Bear mode
So I'll have these buy stops in place to take advantage of a rising price but will also activate trades at market
Don't Leave Money on the Table
  • #823,511
  • Apr 26, 2024 7:23am Apr 26, 2024 7:23am
Alright i'm leaning towards bulls.

Lets see
  • #823,512
  • Apr 26, 2024 7:26am Apr 26, 2024 7:26am
5 mins till data, not putting in an SL like yesterday this time around. If the data goes south then I will end it myself and go short to 124
Insane in the Brain..
  • #823,513
  • Apr 26, 2024 7:28am Apr 26, 2024 7:28am
Quoting Traderview
Alright i'm leaning towards bulls. Lets see
Of course the market is bullish presently but what will happen after the news in three minutes remains a guess
  • #823,514
  • Apr 26, 2024 7:34am Apr 26, 2024 7:34am
Different data sets on DailyFx to FF waiting of the refresh on DFX to understand if there is a change to the PA
Insane in the Brain..
  • #823,515
  • Apr 26, 2024 7:34am Apr 26, 2024 7:34am
Quoting Obdyx
{quote} Of course the market is bullish presently but what will happen after the news in three minutes remains a guess

Unusual reaction to positive US data, but maybe it will head back to 2500/2490
Don't Leave Money on the Table
  • #823,516
  • Apr 26, 2024 7:35am Apr 26, 2024 7:35am
Quoting BeeTogether
Different data sets on DailyFx to FF waiting of the refresh on DFX to understand if there is a change to the PA

I use forexlive.com plus their calendar as well as FF calendar
Don't Leave Money on the Table
  • #823,517
  • Apr 26, 2024 7:38am Apr 26, 2024 7:38am
So data was green. This could be a move down in play unless MM wants to take us above 12550
Insane in the Brain..
  • #823,518
  • Apr 26, 2024 7:43am Apr 26, 2024 7:43am
Early morning yet after the news but currently, it's still the bulls
  • #823,519
  • Apr 26, 2024 7:43am Apr 26, 2024 7:43am
these prices are meaningless for me, seen too much time to take a good trade, placed some alerts but i think that my week ends here.
chaos is just unknown order
  • #823,520
  • Apr 26, 2024 7:45am Apr 26, 2024 7:45am
Quoting Obdyx
Early morning yet after the news but currently, it's still the bulls
hard to say. I’d be more bullish had daily R1 cracked so far it’s touched and dropped
Insane in the Brain..
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