Hello peeps 
Just wanted to put a few thoughts down regarding my trading over the past few months.
After I decided to have a re-think following a dismal May, I was looking to combine things I'd learned with other strategies which would give me a new 'Stevie system' if you like.
Rather than just trading 5 pairs exclusively and being in the market all the time, I've since looked to trade any of the pairs my broker offers but only when I see a set up I like. It may mean I'm out of the market for a few days but that's OK - also a much more relaxed way of trading for me.
Around this time, SeekingLight directed me to the james16 thread and I found nuggets of gold in there which I could combine with what I'd already learned. A huge thanks must go to SL as this has really helped me grow as a trader.
Most of my recent trades have been off daily pin bars / shooting stars. I only take the trade if it's out of recent traffic or if it appears after a pullback of the overall daily trend.
The last month I've set trades with a 1:1 risk reward ratio initially and, as the trade goes my way start tightening the stop loss, often to just above break even. Now, this is where the balancing act comes in and I haven't quite got it yet - maybe I never will.
Look at last night's trades for example - EURAUD & EURCAD shorts. I was also considering USDCAD short but this was stuck in traffic so I didn't take it after all. Shame, as that came tumbling down too but no matter. Was also looking at the yen & swiss pairs but decided to stick with the two set ups that looked the most promising.
Now, I'll take the trade at the end of the daily PB which some may deem a little more risky and often the trade will go against me for a while before the previous day's low/high is broken. Of course sometimes it doesn't break which has accounted for some of my unsuccessful trades.
There are pros and cons about moving that s/l just into profit fairly early on and also the 1:1 risk reward ratio. The EURAUD short was 60 pips up overnight so the s/l was moved to +10 which of course made a successful trade whatever. Unfortunately on this occasion it was stopped out and looking at the chart now I'd be over 100 pips up and well on the way to my t/p at 1.6550. The EURCAD was more successful & hit my t/p without hitting the s/l.
Also the 1:1 risk reward ratio does limit the eventual profit as sometimes the PB may precede a 500+ pip move. Of course we may not catch it all but if we could just catch a decent chunk of it.... This is where my original method came into it's own but it's downfall was in choppy times where you'd get whipsawed all over the place. What I'm doing now takes something from the original method - my initial s/l is normally 10 pips below/above the previous days low/ high.
So, that's about where I am at the moment - still learning, still trying to squeeze more pips out without increasing risk. I think I've got the balance pretty right (for me) - just need to keep disciplined and just take the trades that look 'right' to me.
Rambling on a little but it's good to go back and re-read as the time goes by.
Kind Regards
Steve
Just wanted to put a few thoughts down regarding my trading over the past few months.
After I decided to have a re-think following a dismal May, I was looking to combine things I'd learned with other strategies which would give me a new 'Stevie system' if you like.
Rather than just trading 5 pairs exclusively and being in the market all the time, I've since looked to trade any of the pairs my broker offers but only when I see a set up I like. It may mean I'm out of the market for a few days but that's OK - also a much more relaxed way of trading for me.
Around this time, SeekingLight directed me to the james16 thread and I found nuggets of gold in there which I could combine with what I'd already learned. A huge thanks must go to SL as this has really helped me grow as a trader.
Most of my recent trades have been off daily pin bars / shooting stars. I only take the trade if it's out of recent traffic or if it appears after a pullback of the overall daily trend.
The last month I've set trades with a 1:1 risk reward ratio initially and, as the trade goes my way start tightening the stop loss, often to just above break even. Now, this is where the balancing act comes in and I haven't quite got it yet - maybe I never will.
Look at last night's trades for example - EURAUD & EURCAD shorts. I was also considering USDCAD short but this was stuck in traffic so I didn't take it after all. Shame, as that came tumbling down too but no matter. Was also looking at the yen & swiss pairs but decided to stick with the two set ups that looked the most promising.
Now, I'll take the trade at the end of the daily PB which some may deem a little more risky and often the trade will go against me for a while before the previous day's low/high is broken. Of course sometimes it doesn't break which has accounted for some of my unsuccessful trades.
There are pros and cons about moving that s/l just into profit fairly early on and also the 1:1 risk reward ratio. The EURAUD short was 60 pips up overnight so the s/l was moved to +10 which of course made a successful trade whatever. Unfortunately on this occasion it was stopped out and looking at the chart now I'd be over 100 pips up and well on the way to my t/p at 1.6550. The EURCAD was more successful & hit my t/p without hitting the s/l.
Also the 1:1 risk reward ratio does limit the eventual profit as sometimes the PB may precede a 500+ pip move. Of course we may not catch it all but if we could just catch a decent chunk of it.... This is where my original method came into it's own but it's downfall was in choppy times where you'd get whipsawed all over the place. What I'm doing now takes something from the original method - my initial s/l is normally 10 pips below/above the previous days low/ high.
So, that's about where I am at the moment - still learning, still trying to squeeze more pips out without increasing risk. I think I've got the balance pretty right (for me) - just need to keep disciplined and just take the trades that look 'right' to me.
Rambling on a little but it's good to go back and re-read as the time goes by.
Kind Regards
Steve
- maybe in my own lunchtime lol
. I deleted both my posts as he was answering it....in my post I kiddingly referred to Steviet as "becoming a legend". (which will be true if he can win over time)
..can you briefly describe what you mean by in/out of traffic.. 
(j/k).