Orders placed for eur/usd long.
Difference between buy/sell stops & buy/sell limits 34 replies
Does buy low sell high apply to prices way back? 8 replies
how to change buy to sell, sell to buy for EA 1 reply
the buy/buy or sell/sell currency broker?? 5 replies
I am looking for EA to put Buy Stops, Buy limits, Sell limits, and Sell Stops. I will 0 replies
DislikedSummary Ending: April 26th to May 3rd 2013 Trades: 3 Winners: 1 pips gained: +808 pnl: 250.48 losers: 2 pips lost: 1250 pnl: (-375.96) TOTAL pnl: (-125.48) Eur-Usd analysis: The bulk of my losses came this week in eur/usd, when I placed long orders ahead of news announcements. In hindsight this was a mistake, but in my defense, I'm a price action only trader. News comes out every day and I simply can't stay on the sidelines every time this happens. There were over 20 important (marked red on the calendar) news announcements this week alone. On April...Ignored
QuoteDislikedAlso you state that you were lucky you were asleep so you did not enter the USDJPY trade, I would still count this trade as a loss for my summary, as next time you might not be as lucky. Which brings me to my last remark: your attitude towards your losses. The thread that havaiana links on page 2 (http://www.forexfactory.com/showthre...83#post3749183) also mentions this. Excuses are for amateurs, no offense. If I may, it seems to me, that you attribute your wins to your strategy and blame your losses on being unlucky/your fault. If your strategy does not provide you with "sure" signals, you should adjust it or drop it. Remember: if you get less pips but more certainty, the trade is definitely worth it, provided good R:R ratio.
Disliked{quote} I'm confused, why would I count a hypothetical situation as a real life trade? Profit and losses are only recorded for trades taken. There is no such thing as a "sure" signal. Traders place bets on the future of price movement. Unless you can predict the future, an educated guess is the best you can do. Because traders are essentially professional gamblers (sorry but it's true), there is a bit of luck involved. If I take a trade based on the rules of my system, and it doesn't work out, then yes, it was bad luck in my opinion. As time goes...Ignored
When using the first strategy you enter when you think the pullback is complete and hope that the trend continues, which you cannot be sure of as there might be a reversal. The advantage is you have a great R:R ratio simply because you can put your stop loss really close to your entry and your take profit further away.
The second strategy enters after a breakout which is preceded by a pullback. The advantage being that you are more certain of the direction.
Anyway I will go to bed now, I want to get up early tomorrow.
Be well my friend
DislikedThanks. Here is g/u on a daily that I also took short, but it will take several weeks to play out probably. Getting a nice pullback after g/u broke its descending triangle pattern. I expect a continuation of the down move. {image}Ignored