Thanks Cubby, I think I'm confusing myself here! Just have a bit of trouble finding the right stop loss points.
On a broader note, I can't believe how much time and energy I wasted trying to find an 'all green buy' all red sell' system that never consistently works and eventually eats your account away.
I think the key to Forex is just education and experience, following a simple but effective strategy, like this and sticking to it.
Would be interested in hearing others comments.
Who ever entered here just got stopped out. The higher red line is where price may find resistance...It's the next swing level and is stronger then the first one marked
Decent day so far. I may be done. Got to watch the over trading....
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Nice trading. Apologies if this has been asked before, i haven't found it posted so far, when you take the 70% do you move the SL to breakeven at that point too, or leave it at the same level?
Nice trading. Apologies if this has been asked before, i haven't found it posted so far, when you take the 70% do you move the SL to breakeven at that point too, or leave it at the same level?
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Has not been asked. good question.
after 70% is hit move your SL to the next swing level. Usually it locks you 30% in profit. if trend continues keep moving it to the next swing level or just wait for 3 and 5 ema's to cross 13.
Who ever entered here just got stopped out. The higher red line is where price may find resistance...It's the next swing level and is stronger then the first one marked
Hope not to many people lost 25 pips
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Thought I would step in here. On the 15 min chart you will notice a bullish doji/pinbar/cross formed on the same bar as the breakout and 2 bars later. these bars most often indicates buying pressure so as a precaution IF you see that pattern you exit your trade to avoid probable further losses. A doji/pinbar/cross happens when the price goes up or down and then returns to near the open price of the bar. What is a bearish (down) doji? It is when the price goes UP and then comes back down and closes where the candle opened.
What is a bullish (UP) Doji? It is when the price goes DOWN and then comes back up and closes very near where the candle opened.
after 70% is hit move your SL to the next swing level. Usually it locks you 30% in profit. if trend continues keep moving it to the next swing level or just wait for 3 and 5 ema's to cross 13.
I think I've probably said this wrong again, what I mean is do you have to have a previous low/high before acting on the current low/high
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it is only in the moments of consolidation when market stopped moving (wedge, flag, triangle, box) that you need to consider that.
Usually, previous low is of no matter, because it is up there somewhere, left alone standing in the rain of the downtrend^^, but when market pauses, it should be your valid entry.
I mean, there are thousands of systems that use this kind of break out strategy, they are all based on lows and highs and usually you use the lowest low and highest high.
If there is too many previous lows that are lower, you are probably already in an uptrend.
Also it matters how far the previous low was, how valid it looks etc...
