Backing Trades Thru Charts

Good day coke.

what is the techinical target for 3 bullish drive.. 1st tp is fib .618 and for longerterm is there any chances going beyond that..

Good luck in your trades

Three drive pattern is considered as a reversal formation and should be at the end of a trend, in this case you have the structure but in the wrong end of the trend. I would trade it as a regular channel.

PDF:

Thanks .. Appreciated your point..

Good luck

AUD/CAD LTL broken

This didn't play out but it is interesting how the same trend line was respected 3 further times in September and then again on 20th October.

Still waiting and looks like 1.6 is the area of interest now.

GBP/CHF I'm taking this recent drop as a ''partial decline'' (rejection at necline). Pattern might be discarded if your TL gets broken. #3591

USD/JPY V Bottom + Poor Rejection at Fib might indicate a break

GOLD

Does this sound familiar?

You use a conservative MM risking no more than 2% per trade.
You are doing a great analysis and your setups do play along.
You use a very good RRR in all your setups #3350
But after all, still feel that weeks of hard earned profits vanish in matter of days or even minutes?

You might need to balance your Time:

Let’s presume for the following trade that you used 1% as risk and there was this great trade opportunity on a daily TF.
You set 150 pips as SL and the target was 450 pips, a nice 3:1 RRR. After 2 weeks it reached your target and your account grew 3%. So far you made a nice setup with a great RRR and implemented a conservative MM.
Then you spotted 2 nice H1 setups, the RRR was very good too (3:1) but unfortunately they went against you and hit your 20 pips SL for each trade.
You were still using a ''conservative MM'' and risked 1% in one setup and 2% in the other one; you lost 3% and two weeks of hard work as well.

What went wrong?

The MM was good, the RRR was great and you did your best analyzing the market. One might say ''hey, this is Forex and we can’t win them all'', that is true but there is a way to protect your capital and your time.

Solution:

1. Determine the maximum SL you feel comfortable with
2. Know how much money your risk percentage represents
3. Divide the money you are risking by the amount of pips in your SL
4. Use that pip value in all your setups.

Example:

Let’s say you have a $10.000 account and have determined that the maximum SL used is 150 pips equivalent to 1% of your total capital:

150 pips = 1% = $100 1 pip = 67 cents. Your maximum risk is $100 when you use 150 pips as SL

100 Pips = 0.67% = $67 1 pip = 67 cents. Your maximum risk is $67 when you use 100 pips as SL

50 Pips = 0.335% = $33.50 1 pip = 67 cents. Your maximum risk is $34 when you use 50 pips as SL

20 Pips = 0.134% = $13.40 1 pip = 67 cents. Your maximum risk is $13 when you use 20 pips as SL

Conclusion:

If you take the previous trade when you made 450 pips and lost 40 pips you would have ended up with a profit of: $273.20 instead of $0
Weekly setup = 450 pips = 3% = $300.00
2 H1 Setups = -40 pips = -0.268% = - $26.80
By determined the maximum SL, one can set a standard lot size that will balance the time in your trades, so 1 pip won’t over valuate as you shrink your SL.
Your capital is as important as the time invested!

TLC

EUR/CAD

ABCD in Eur/Cad H4 timeframe

usd/cad h4 setup

Eur/Aud H1 setup

AUD/JPY Bearish Scenario: Weekly TL rejection + Double Top (To be confirmed)

GBP/USD Since white TL is very close to confluence point, it might get tested as well.

NZD/USD Strong Concluence Point.

EUR/USD Currently testing 50% fib.

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