Hey all,
It's been a long time! I am still trading with reasonable success
although with my career in another field I have to manage my time on and off the forum. When I trade I use J16 price action buying and selling from support to resistance, trendlines, pretty basic stuff. I don't rely on indicators except to look for divergence and I generally look to higher tfs to get direction and bring it down to 15m to find entries. I don't like to hold onto positions for too long, mainly because and I am guessing others are in the same boat, I hate giving back my profit.
So, I am using a small strategy that is working for me, which I would like to share and its nothing really new but I thought it might be helpful and hey, would love input!
Here we go:
On Oanda, I can have many sub accounts, so what I am doing is taking a (longer term) position. As I said, I usually don't do this because of the giving back profit but I am trying to see if this strategy could solve that. I currently have a short on eurusd from 1.2450. I am hoping this will continue down, but as we all know anything can happen in forex! So what I am doing is when I see a support, I take a new buy on another account- in this case its at a trendline where I see a bounce could happen. This is where I will buy on a sub account same size position with a smallish stop, like 15 pips. I bought this morning at 1.2255 and my stop is at b/e now. You are essentially hedging your first position in case it does decide to go up a significant amount...and in my experience it really often does which is a big drag! At this point you have "locked in" the pips you have made, yes you potentially lose the 15 pips but we don't (at least I don't) generally buy the exact bottom or sell the exact top. So for me its a worthwhile risk. As I go along, I continue to do the same thing, so I currently have a sell order placed at 2303 where I see some resistance that may well hold. At that point, I can put my stop to breakeven on the previous buy, or close it altogether depending on what kind of price action I see. Once you have enough profit or feel comfortable you can put your stop on the long to b/e which is what I did...or you can close it if you get a big bounce at the resistance. In any case, I haven't risked much in the process. Any comments or thoughts are welcome!
It's been a long time! I am still trading with reasonable success
although with my career in another field I have to manage my time on and off the forum. When I trade I use J16 price action buying and selling from support to resistance, trendlines, pretty basic stuff. I don't rely on indicators except to look for divergence and I generally look to higher tfs to get direction and bring it down to 15m to find entries. I don't like to hold onto positions for too long, mainly because and I am guessing others are in the same boat, I hate giving back my profit.So, I am using a small strategy that is working for me, which I would like to share and its nothing really new but I thought it might be helpful and hey, would love input!
Here we go:
On Oanda, I can have many sub accounts, so what I am doing is taking a (longer term) position. As I said, I usually don't do this because of the giving back profit but I am trying to see if this strategy could solve that. I currently have a short on eurusd from 1.2450. I am hoping this will continue down, but as we all know anything can happen in forex! So what I am doing is when I see a support, I take a new buy on another account- in this case its at a trendline where I see a bounce could happen. This is where I will buy on a sub account same size position with a smallish stop, like 15 pips. I bought this morning at 1.2255 and my stop is at b/e now. You are essentially hedging your first position in case it does decide to go up a significant amount...and in my experience it really often does which is a big drag! At this point you have "locked in" the pips you have made, yes you potentially lose the 15 pips but we don't (at least I don't) generally buy the exact bottom or sell the exact top. So for me its a worthwhile risk. As I go along, I continue to do the same thing, so I currently have a sell order placed at 2303 where I see some resistance that may well hold. At that point, I can put my stop to breakeven on the previous buy, or close it altogether depending on what kind of price action I see. Once you have enough profit or feel comfortable you can put your stop on the long to b/e which is what I did...or you can close it if you get a big bounce at the resistance. In any case, I haven't risked much in the process. Any comments or thoughts are welcome!
Never say never.
Big enough bounce and I will close the long, but it may aim for the upper trendline, who knows
