Forex Day Trading

Currently looking for a potential short on AUDJPY 4 hourly and USDCAD 4 hourly

thanks for your answer

but,there should be a way to recognize the way that currencies act against news.what should i do to be a pro guy at fundamental analyze ?
i guess im good at technical and im taking 30 pips daily with risk management.

Quick short on EU 5min for +16 pips

my silver SLo was hit for 81 pips loss during the intraday)
if i could have 18 pips higher then it would be alive

i am monitoring the h4/daily silver.
you have a good bear candle closed yesterday after doji.

Hi nba,

Sometimes ya just gotta take the good with the bad trades as good as the set up might be the market will always surprise you at times.

too bad, my e-g was hit also for 65 pips loss
i thought monday bear candle was good to carry "down" but it didn't

agreed with u, dw. thx.

Ya but I think there was a bit of news that might have helped on some of the moves last night

Pays to make sure your aware of the upcoming economic news releases, I was a bit cautious of one of the trades I put on last night but and was very close to taking it off but stayed with it. Moved against me and was stopped.

These things are going to happen, It doesnt matter how good of a trader you are, you will take losing trades and or losing patches of trades.

The battle can be how the emotions can affect you as the trader hitting that patch.

looking forward for a strong down force to hit the TP on G-J.

short it yesterday - after seeing the big PB, follow by the inside bar or a high wave candle, then the bear candle closed on monday.

let see how it would turn out this week.

cheers

Looking ok for ya so far nba, I did look at that one also but decided against it stop was a little wide for me.

Nice work on the trade so far.

i just follow the (down) trend like this case

Well the wise old man once said

"The trend is your friend"

oh dw i am just a beginner looking forward to seeing traders joining your thread to share their trading experience.

for this moment, i have a question about setting TP. i short g-chf after seeing the monday bear candle "broke down" the last 4 days' candles.

but g-chf has been making new record low and thus i can't find the "reference location" to set TP so i thought just leaving it open and only shift it down when making some good pips.

any idea?

cheers

TP is always the hardest part of any trade. Getting in is the easy part getting out is where the dilema can start.

Be careful of the greed.

Each trader is different on how they look for and handle TP levels, and it does become especially hard once you have no evidence of support and resistance areas.

Trailing the position down could be a good idea using swing levels at the very least ensure that break even is evident. It is always frustrating giving pips back and watching potential profits being eroded.

Many traders will focus on R:R for their TP levels.

I would not like to suggest to you any particular method really as only you can decide on how to handle open trades and how much you are potentially willing to let the market move back. On the other hand once it moves back up and potentially swings back down you could be in for a nice ride.

I personally like to have set target levels where I simply take my profit off the table and then look for a new trading opportunity. Too many times I have looked to get more and more out of a trade only to see it turn and erode much of the trade.

Occassionaly I will leave the break even in and let it ride and get lucky with a large move trailing down with swing levels. Once you have some profit locked in its all good as you simply cant lose on the trade, its just a matter of how much profit are you willing to give back.

USDCAD stopped out.

AUDJPY has been triggered short.

EU making a nice run down on the 5 min.

Sleep time for me good trading all.

thx 4 sharing your comments. i appreciated.



ya, my e-g is a good example... the market took it out after a hard work week!

2 shorts currently open on AUDJPY and AUDUSD both 4 hourly. Overnight AUDJPY came within 25 pips of my TP target and then moved back up slightly.

Entering break even on both positions to safeguard the trades.

Just looking at my daily charts before heading off to work, no daily trades that are really catching my eye. EG looks like it may have some potential for a short but im not going to look at that one as yet.