Rifid, would you take that UJ trade if let's say it turn out to be by rules ? We would be trading against the overall trend and we also have 102.2 trouble area. Thanks in advance.
EDIT: Also what do you think about EUR/GBP 8065 blast ?
GJ @ 171.13 also did well but the second point closed higher, it's with overall trend, trouble area only at 170.96, enough space to move SL to BE and the the good looking pressure from upside. Are you riding that one Rifid ?
{quote} Rifid, would you take that UJ trade if let's say it turn out to be by rules ? We would be trading against the overall trend and we also have 102.2 trouble area. Thanks in advance. EDIT: Also what do you think about EUR/GBP 8065 blast ?
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Answer to your first question probably not ,but it is always appreciated when members share setups,thats what makes this system of trading so effective, it is entirely up to you whether you think there is merit in taking the trade. The euro set up was good but you would run into support around ten points later, with that in mind you could take the trade just to the support area, something is better than nothing, 10pts is still 4% ,an excellent result in any system
GJ @ 171.13 also did well but the second point closed higher, it's with overall trend, trouble area only at 170.96, enough space to move SL to BE and the the good looking pressure from upside. Are you riding that one Rifid ?
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No ,i'm quiet happy to wait for a high quality setup
{quote} Answer to your first question probably not ,but it is always appreciated when members share setups,thats what makes this system of trading so effective, it is entirely up to you whether you think there is merit in taking the trade. The euro set up was good but you would run into support around ten points later, with that in mind you could take the trade just to the support area, something is better than nothing, 10pts is still 4% ,an excellent result in any system
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Some pairs are more liquid and volatile than others. To get a 20 pip move on EURGBP is ALOT more difficult than it is on GBPJPY! Hence you may want to look into adjusting your sl's and tp's accordingly, depending on which pair you are trading. For example, the yen pairs have more pip movement than any of the other pairs. Depending on the particular setup you're looking at, you may want to even increase that 20 pip profit target and hence increase your reward to risk ratio. Or increase both your stop loss and your profit target and still maintain the ratio at 4. Up to you.
{quote} Some pairs are more liquid and volatile than others. To get a 20 pip move on EURGBP is ALOT more difficult than it is on GBPJPY! Hence you may want to look into adjusting your sl's and tp's accordingly, depending on which pair you are trading. For example, the yen pairs have more pip movement than any of the other pairs. Depending on the particular setup you're looking at, you may want to even increase that 20 pip profit target and hence increase your reward to risk ratio. Or increase both your stop loss and your profit target and still...
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While I appreciate your explanation, I would like to say to you that I have done my ground work, been there, done that. I am not an average Joe in trading, while I am trading on H1, I have decided to learn something more to trade during the day. I hope I did not sound rude and we will continue to contribute to this thread.
{quote} While I appreciate your explanation, I would like to say to you that I have done my ground work, been there, done that. I am not an average Joe in trading, while I am trading on H1, I have decided to learn something more to trade during the day. I hope I did not sound rude and we will continue to contribute to this thread.
{quote} Yes, but look at this ..same pair - a loss prior ...If it is wrong setup, Rifid please comment If anyone disagree, please comment also... {image}
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I believe that the pair was in a downtrend at the time...therefore not a promising setup
This GU setup would have been skipped in my opinion, second point pokes out the resistance and last retracement is lower not higher low. From my backtesting, these may work but the average win% will be low. In the begining, as for myself I would stick to the best setups, putting odds as much as possible in my favour, expecially trading based on something new. As for number of trading setups, you get paid for waiting ya know, heh, just 2c.
{quote} Yes, but look at this ..same pair - a loss prior ...If it is wrong setup, Rifid please comment If anyone disagree, please comment also... {image}
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Rifid, let me comment on my own chart...my trade was a risky trade, because of resistance....see white line
If you agree with me, does it mean your preference to trade "new" highs/lows and not consolidations on the dip?
I hope you don't mind Driven18 if I share what I see. In my humble opinion the trade was by the rules, you just have to accept that losses happen. Let's see, it was with the overall upside strong trend, the resistance was respected to a pip and there is a pressure of buyers building (higher lows forming). There is a resistance @ 1.6797 but we still would have taken the trade and moved our SL to BE once this area was reached. What you think Driven?
