DislikedShort T2 entry on AUD 15M, a bit risky given the move lower we have seen already, but have taken it nonetheless.Ignored
Are you always targeting 1:2 or do take any partials at 1:1?
Are you always targeting 1:2 or do take any partials at 1:1?Ignored
DislikedB.E on AJ M15... in Brent long on H1...Ignored
The EB is a reversal pattern. Therefore, it needs some sort of trend or pullback from which to reverse. Otherwise, if one just trades every EB that appears, there is no edge. Two of your three trades had no trend or directional movement to reverse.
Separately, it is logical to expect that if one wants to achieve results unlike most other forex traders, one's approach to the game must be unlike most other traders. Among other things, this means that even if a strategy is mostly mechanical, a trader must learn what the various nuances...Ignored
DislikedDefinitely bailed out too early on the AUD trade earlier. What is now very interesting is the weekly AUD chart !Ignored
Thanks very much for your reply. All your points have been taken on board. I purchased Forextester earlier this week, should have really invested in it along time ago! I like your idea of simply drawing a vertical line through all the EB's. A really simply and easy way to train your brain to be able to pick out the winners. I'm familiar with the expectancy formula and how to build a risk model, and that it's essential to calculate the best R:R and max drawdown etc.
I still think that one of my biggest problems is lack of patience...Ignored
Thanks very much for your reply. I'm familiar with the expectancy formula and how to build a risk model, and that it's essential to calculate the best R:R and max drawdown etc.
I still think that one of my biggest problems is lack of patience TrekkerIgnored
The wonderful thing about calculating per-trade expectancy and building a risk model is that you will know what your expected return is per month and per year. This can then allow you to plan accordingly.
For example, if your return objective is 20%/month from Strategy A, and your risk model shows you can expect to make one-half that, or 10%, then you now know you should either
1) add a smaller timeframe to your current strategy to increase the number of trades, and hopefully raise your account's expected result up to the 20% objective,...Ignored
DislikedReally tricky week to trade and you've done good Nige1.... bodes well for the futureIgnored
DislikedClosed Brent for 1:2.5, and was stopped for 1 unit on the gbpchf, had stop at 50% level on both, so net up 1.5 units for these.
AUD currently at just above the 1:1 level, leaving it open to see if it can take out yesterdays high and make a run from here.