please, see the chart. i was stopped loss from. but the trade seemed to be a strong one. at least i would not expect to lose. thank you for feedback {image}
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Massta, as a traders our job is minimize risk as much as we can, for me that was a very risky entry, as price already move a lot form initial daily buy line, if your miss the ideal entry, don't chase the price, price even move 18 pips from your entry, if you knew that you entry wasn't perfect, you at least will take profit of 10 pips or bail out at break even, don't let a trade like that became a bigger loser. Another important point is you expectancy in take profit, price not always move to our daily target,
we can have more predictable and precise target profit levels, draw a fib from buy line to max line, and target the 50 or 61.8 levels see chart attached (that will be more conservative, but I believe more effective). Also price barely move in straight line, so don't chase the price, we can wait for a retracement and if we still believe on our direction of the move we can enter a better price, low risk entry. If the price actually shot up without retracement, in that case I believe that better miss the opportunity than have a high risk entry. All these is easy to say in words, but not easy to apply on live trading, but something we can think about.
{quote} Massta, as a traders our job is minimize risk as much as we can, for me that was a very risky entry, as price already move a lot form initial daily buy line, if your miss the ideal entry, don't chase the price, price even move 18 pips from your entry, if you knew that you entry wasn't perfect, you at least will take profit of 10 pips or bail out at break even, don't let a trade like that became a bigger loser. Another important point is you expectancy in take profit, price not always move to our daily target, we can have more predictable...
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thanks for response. it should be noted that drawing of fibo from "buy line" is your approach. I know Roman has different view on that. specifically, to draw fibo from day open to the daily max. so, as you can see I followed that. dashboard point and power, qqe and etc were all for a "go ahead". i will test your approach for drawing from "buy/sell line". therefore, appreciate you shared.
{quote} thanks for response. it should be noted that drawing of fibo from "buy line" is your approach. I know Roman has different view on that. specifically, to draw fibo from day open to the daily max. so, as you can see I followed that. dashboard point and power, qqe and etc were all for a "go ahead". i will test your approach for drawing from "buy/sell line". therefore, appreciate you shared.
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Hi Massta, that's the approach fo targets, I have been only testing few days, but it make sense to get more accurate targets.
The other approach you are talking about from Roman, is to determinate the strange of the move above 61.8, which also I am testing.
But notice that fib are draw from two different points, one from the buy line to the max, and the other one from the max to the open of the day.
I only wanted to point out about you entry and that not need it to become in a lost, that's our job, minimise losses. Look you CadJpy trade, was very nice played and minimum risk. Let's see what this week bring us, looking forward to continuo seeing your trades.
