Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #29,782
- Jan 24, 2014 3:47am Jan 24, 2014 3:47am
- Joined Nov 2008 | Status: Trader | 50,249 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
If you are counting sole pips to measure your performance thats ok. But don't forget to adjust when trading higher sizes later.
- #29,787
- Jan 24, 2014 5:00am Jan 24, 2014 5:00am
- Joined Nov 2008 | Status: Trader | 50,249 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #29,789
- Jan 24, 2014 5:56am Jan 24, 2014 5:56am
- Joined Nov 2008 | Status: Trader | 50,249 Posts
Hello Emmanuel, I am fairly new here. I have taken an GBP/AUD long position on the 4 hour based on the TMS rules. I took a long position at 1.8693 have been long on this trade for the last two days. There is no resistance to the left on any time frame! Any thoughts on the exit please? Thanks!
That's a very good trade entry with a shallow retracement of last week.
With your [email protected], what was your inital SL in pips? That SL would be your R.
I normally manage using R-Multiple levels. Assuming you used the last swing low as your iSL, then this trade is above the 2R level.
see chart below.
Last week this pair made a range of 735 pips.
The average is 508 pips which is volatile when we look at the Average 20 weeks 385 pips and 100 weeks 316pips.
There is no ceiling for us to set our TP, so if we leave our TP open, we can manage by protecting with stop.
Do you consider scaling out?
regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
{quote} Nice drop below 172.72 and Fib127 failure setup and price retraced back into the previous W range, creating this week' upper shadow or upper wick. I missed that.....
Even getting in today, using the H1 chart would have been nice.
Very nice BEEB on D chart for GJ and UJ also. Should have been another sign for me to pull the trigger.
Alas, I spotted the trade and again lacked the confidence to get in on a nice move. Oh well, time, patience and steady psychological improvement will see my persevere! Although the fact it was Friday made me naturally more cautious on taking a H4 trade.
I have in my plan that I don't take H4 trades on Fridays. I do find it better to stay out generally, but there are a couple of occasions recently where I have noticed big moves happening. I suppose after a week of not making any particularly big moves/ranging I should look at relaxing that rule in future, depening on conditions.
Have a good weekend people!
- #29,791
- Jan 24, 2014 6:33am Jan 24, 2014 6:33am
EURJPY H1 2 trades this morning - net results +40 pips -- "results could be even improved". 
I was first long after FO, then turned into short on the LO candle, but had a too conservative view on the down move. Because of the sideways market the days before and the wicks from the last two lows, I thought that this move would not go further in the first step, so I exited at target +50 pips.
In the end the move went down and stopped at 139,84, an old weekly support from 2005.
Now I will wait for a potential retracement, pin bar on H1 getting perhaps into a PRCF pattern on H1 at NY open.
I was first long after FO, then turned into short on the LO candle, but had a too conservative view on the down move. Because of the sideways market the days before and the wicks from the last two lows, I thought that this move would not go further in the first step, so I exited at target +50 pips.
In the end the move went down and stopped at 139,84, an old weekly support from 2005.
Now I will wait for a potential retracement, pin bar on H1 getting perhaps into a PRCF pattern on H1 at NY open.
fxFox (all times in my charts are GMT+1)
