No Brainer Trades | Page 378 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD, USD/CHF, USD/JPY

Similar Threads

No brainer fundamental trades 55 replies

This time... I'm Keeping MY MONEY (BRV - No Brainer Trades) 3 replies

The Koala System (No brainer) 127 replies

EUR/GBP SHORT for No Brainer 67 replies

Selling USD and YEN is a no brainer. 12 replies

Attachments: No Brainer Trades
Exit Attachments

No Brainer Trades

  • #7,541
  • Jan 23, 2009 4:16am Jan 23, 2009 4:16am
my order was hit. And also the TP
  • #7,542
  • Jan 23, 2009 4:19am Jan 23, 2009 4:19am
Quoting misterboy
my order was hit. And also the TP
How tight was your stop loss and TP?
  • #7,543
  • Jan 23, 2009 4:21am Jan 23, 2009 4:21am
Quoting RedCabbage
How tight was your stop loss and TP?
Pretty tight. Stop was about 25 pips and TP was about 20 or so. Got out for 18 pips.

I based it off a 15 minute chart so didn't expect a huge bounce.
  • #7,544
  • Jan 23, 2009 4:29am Jan 23, 2009 4:29am
Quoting misterboy
Pretty tight. Stop was about 25 pips and TP was about 20 or so. Got out for 18 pips.

I based it off a 15 minute chart so didn't expect a huge bounce.
Money management is critical for staying in this game long term.

Read about this and risk/reward ratios it will save you from a blown account when you have a bad run.

By the time your broker has had their spread even a stoploss like I typically use of 40-50 is at risk from 'noise' some pairs are worse that others.

Only taking trades with a risk reward ratio of 2:1+ means you only have to be right 33% of the time to break even.

I only take a trade if there is a clear potential run of >x2 my stoploss size.
  • #7,545
  • Jan 23, 2009 4:31am Jan 23, 2009 4:31am
Quoting RedCabbage
Money management is critical for staying in this game long term.

Read about this and risk/reward ratios it will save you from a blown account when you have a bad run.

By the time your broker has had their spread even a stoploss like I typically use of 40-50 is at risk from 'noise' some pairs are worse that others.

Only taking trades with a risk reward ratio of 2:1+ means you only have to be right 33% of the time to break even.

I only take a trade if there is a clear potential run of >x2 my stoploss size.
You're right. But this is not the only way I take them. I too prefer trades based on longer time frames with better RR. At least RR of 1:1.
  • #7,546
  • Jan 23, 2009 4:37am Jan 23, 2009 4:37am
Bumasoft i`ve got one more novice question don`t laugh i know it`s stupid but when i try to determine the S/R level do i have to look where price was closed or do i have to look at the spike
  • #7,547
  • Jan 23, 2009 4:44am Jan 23, 2009 4:44am
Quoting mattpajek
Bumasoft i`ve got one more novice question don`t laugh i know it`s stupid but when i try to determine the S/R level do i have to look where price was closed or do i have to look at the spike
A line at each can give you a nice s/r zone to play with. Look back and see how price behaves at 2nd and 3rd visits.
  • #7,548
  • Jan 23, 2009 4:45am Jan 23, 2009 4:45am
Quoting mattpajek
Bumasoft i`ve got one more novice question don`t laugh i know it`s stupid but when i try to determine the S/R level do i have to look where price was closed or do i have to look at the spike
I usually look at the spikes, but RedCabbage just gave you a better answer . So look for ranges rather than a fixed price.
  • #7,549
  • Jan 23, 2009 4:56am Jan 23, 2009 4:56am
thank you guys i know i`ll be playing with that all weekend but i guess the practice is good path to become successful trader
  • #7,550
  • Jan 23, 2009 5:14am Jan 23, 2009 5:14am
Quoting RedCabbage
A line at each can give you a nice s/r zone to play with. Look back and see how price behaves at 2nd and 3rd visits.
Have a look at what happened when price revisited the levels I circled back in December. The small range 11084-11138 gave a healthy 100+ countertrend short when it next visited and price reversed from this range before continuing north.

There was also a range where the trend changed direction below 10500 but the lower line is not visible in this timeframe. It hit the bottom of the range to set off a trend reversal.

The trades were executed in 1h and 30m charts.
Attached Image (click to enlarge)
Click to Enlarge Name: 050109USDCHF.jpg Size: 187 KB
  • #7,551
  • Edited 7:42am Jan 23, 2009 7:32am | Edited 7:42am
I shorted GBPJPY at 120.95, currently +36 pips.

Update: closed at +50 pips. 59 pips for today and I'm off till monday . I made 110 pips in two days, thanks to your lovely thread and BRV's blog. Trades were worth at least double though, so I still need to learn how to maximize my profits. I still have a fear/panic problem and doing my best to control myself... Hope you guys had a good week!
  • #7,552
  • Jan 23, 2009 7:42am Jan 23, 2009 7:42am
I really must get back into putting these things up beforehand but anyway this is a classic set up. A nice buy from 11250 over 100pips to a predictable resistance line at 11398 and a with trend sell.
Attached Image (click to enlarge)
Click to Enlarge Name: 230109eurjpy.jpg Size: 170 KB
  • #7,553
  • Jan 23, 2009 7:46am Jan 23, 2009 7:46am
Quoting RedCabbage
I really must get back into putting these things up beforehand but anyway this is a classic set up. A nice buy from 11250 over 100pips to a predictable resistance line at 11398 and a with trend sell.
That's a nice one. Congrats!
  • #7,554
  • Jan 23, 2009 7:46am Jan 23, 2009 7:46am
Nice work RC. Can't believe I missed the shorting opportunity at 113.98. Trendline and previous daily low intersecting.....duh
  • #7,555
  • Jan 23, 2009 8:01am Jan 23, 2009 8:01am
Quoting libb
Nice work RC. Can't believe I missed the shorting opportunity at 113.98. Trendline and previous daily low intersecting.....duh
None of us see all of them I get overwhelmed with all the pairs I watch, that's why 2 heads are better than 1. Or should that be 12 heads are better than 1?

I didn't see the TL, I only use them in 4h if they are really obvious otherwise I would be in danger of spending all day updating my charts!
  • #7,556
  • Jan 23, 2009 8:05am Jan 23, 2009 8:05am
Similar set up iminent on NZDUSD libb?
  • #7,557
  • Jan 23, 2009 8:09am Jan 23, 2009 8:09am
Quoting RedCabbage
Similar set up iminent on NZDUSD libb?

Hmmm...yeah similar setup but S/R is a little too....fuzzy for me. I'll prob pass.
  • #7,558
  • Jan 23, 2009 8:18am Jan 23, 2009 8:18am
What ever happened to BRV?????


Walt
  • #7,559
  • Jan 23, 2009 8:20am Jan 23, 2009 8:20am
Quoting jones247
What ever happened to BRV?????


Walt
He's busy in his real job apparently.
  • #7,560
  • Jan 23, 2009 9:05am Jan 23, 2009 9:05am
Hmmmm let me see if i`ve got this correct.Do you determine s/r level from h1 and than you execute the order from m15 chart or do you watch both
3 traders viewing now