Price Action and Trading Discussion

Results of trading on
2013.04.04 14:56
sell0.10eurusd
started point: 1.28106
stop loss: 1.28200
take profit: 1.26400
closed at: 2013.04.04 15:11
closed point: 1.28200
Results: -9.40

sell0.10audusd
Results of trading on
started at 2013.04.04 18:27
started point: 1.04056
closed at: 2013.04.04 18:47
closed point: 1.03995
Results: +6.10

I took this one also on four hours long trade GBPAUD 4 HOUR red line is the target


http://www.tenkebeforexsignal.com/

Results of trading are below:
buy0.10usdcad
started at 2013.04.04 18:49
started point: 1.01432
stop loss 1.01317
take profit 1.01643
closed at: 2013.04.04 19:19
closed point: 1.01377
Results: -5.43

Results of trading are below:
sell 0.10 audusd
started at 2013.04.04 18:40
started point: 1.04015
stop loss 1.04127
take profit 1.03887
closed at: 2013.04.04 18:47
closed point: 1.03995
Results: + 2.00

AUDNZD Hourly:

Hi guys,

A couple of trades taken today.

First one on this pair was yet another losing position for me. One of those frustrating ones that spikes past your stop only to come back into your planned direction. Currently just moved past my original target area as I am typing this. Take the good with the bad when you trade and move onto the next opportunity

EURJPY Hourly:

My second position was bit kinder to me with my target area being achieved.

Nice work Tiwa, if your still holding this one as an open position it would have moved up nicely today for you.

hey guys been holding onto eur cad for a few days now it went and hit my tp today 1.3140 and it just kept climbing!!! kinda frusterating to see i only snagged 130 pips outta the potential pips that were there.

One of the really hard parts about forex i have yet to figure out and ive probley said it before is know where to set your TP. Think we all have some fair agreement on the statment the big money is always made from holding positions sitting and waiting. As much as 130 pips adds to my account in terms of bottom line there has to be one or two trades in a year that really exponentially grow my account and i just havent had that.

I can say i am on the path of being successful and i have been begining to see myself being profitable consistently however i am not able to catch big trades when they matter and if i do just hold and wait and end up catching a big trade i cannot forsee when to close out and see price substaintially retracing back on me before i feel the trend has changed.

I feel forex is not hard but is really a mental game takes alot of focus and concentration and determination. This year being my first year in uni i have noticed trends where i am more into school and less concentrated on forex there have been times where i just pop on the comp take a trade and leave and i end up taking substantial drawdowns on my account. And there are other times where i can really focus on forex spend a couple hrs a day and end up making over 500 pips a month hands down.

I feel this game holds water and if it is really this hard to win then it is definetly something worth playing . I think im on my way to becoming a trader but still have a long way to go in terms of experience and tweaking my skills to get the most outta my trades.

Anyone got any suggestions on how to conquer this and know when to set a strict tp and abide by it and when to just let the price run for a good 500+ pips.

Setting SL is much easier because you can set it right below or above the next support or resistance and not care whether it hits it and stalls or goes straight through and never looks back because ur objective is to get minimize risk however with TP it is the opposite as your trying to maximize pips!

Yes Darkwolf still going actually i took that GBPAUD twice the i posted earlier was a set up i have been
for two days and this one i took on weekly time frame which was trigger on monday and was against me
but my stop never been hit so percentage have been taking after swap deduction i will leave the trade on
and see how it will play out, with my understanding i should see two candles.


http://www.tenkebeforexsignal.com/

Hi jibjib for me regarding take profit i personally like taking percentage may be half my stoploss and let the
trade run that way i don't have to worry if am going to loss or not we have to remember is not all trade that will work out as expected so taking percentage put my mind at rest.

http://www.tenkebeforexsignal.com/

Hi Jibjib,

I think I have written about this topic numerous times across this thread.

It is indeed easy to build a trading plan and develop an entry point to enter you trades. It is however much more difficult to develop your exit strategy. Due to the psychological and emotional aspect of this even the most seasoned traders will at times struggle with this.

This is indeed an aspect of trading that is very individual to each trader and their trading method.

What many traders struggle with is the WHAT IF !!!

· What if I held on just that bit longer

· What if I set my stop in a different area

· What if I trailed that position instead of a fixed take profit

· What if I managed to get that move of 500 pipsinstead of 100.

What I think a lot of traders fail to put into perspective some times is the flip side of WHAT IF.

· What if I had of taken my profit instead of letting my stop get hit

· What if I had taken my profit instead of letting the market turn and hit my break even level

· What if I had taken 100 pips instead of price retracing and hitting my trail at 30 pips.

It can indeed be frustrating when your 500 pips up on a position and you give 200 pips back to the market when the market turns around and moves towards your stop, only to find support/resistance and continue on to give a 1000 pip move. But can you get caught up in the WHAT IF or simply be happy with the pips that you banked. Personally I don’t get caught up in the what if. I have been down that path as a new trader and I found what personally works best for me or more to the point what I feel more comfortable with.

I could say do this or do that, but I am a firm believer that each individual trader will need to find their own way and what they are comfortable with.

One trader can have vastly different results to another bytaking the same trades but each having a different exit strategy or trade management plan.

I think you will realise from my trading images that I prefer to take set targets. I do this simply because over time I have seen and experience how the market moves and worked on what I feel more comfortable with. I have had times though where I have been quite lucky and held onto some trades and banked some rather large pips. All in all though I think those massive moves that you get on once and a while are few and far between.

What I am constantly amazed by in the FX market though is how time and time again the market respects support and resistance areas. So those areas can indeed be good areas for trailing positions.

I am certainly glad to hear that you area on the right path to success though, and certainly look forward to seeing some more of your posts and charts.

Cheers.

Rather quiet market today, not too much going on so far.

Well said

Hi some good comments - my trading plan is set up to scale out of positions which I have now stuck with as it works for me. I take one lot off at 3:1 and move stop loss to break even plus the spread. Then I set my second target from looking at a higher timeframe. So if I was day trading going long on a 15 minute chart, I would look at the 4 hrly and look for a resistance level and set my target just below it. For the 3rd target, my trading plan allows me to go to a daily chart and set a resistance level target, but should I be onto a really good uptrend I can move my target upwards if I am trailing my stop under opposing support levels. This allows me to catch those runners, or be stopped out in profit should the tide turn.

EURCAD Hourly:

Took a long position on this one looking for price to push up towards my target area.

All turned out good on this.

One of the trade taking today short trade on GBPAUD 1hour time frame target as just been achieved



http://www.tenkebeforexsignal.com/

hi Tiwa,

What's your style/strategy of trading?

Looks like break out of consolidation zone.

I took long on AUDUSD 1hour time frame yesterday market stalled target not reached thou was close manually
in profit today market shoot up in our direction not bad still in profit




http://www.tenkebeforexsignal.com/