Trading Made Simple

MY GJ weekly Sell trade Followup

I took this GJ sell trade last week here post#54,707. As this was my 1st time trading weekly TF, I did my trade post-mortem and found these mistakes that I've made prior to initiating the trade entry.

Although, trade ended up in profits but the drawdown could have heavily minimised if the following plan had been implemented before taking the trade setup.

Please read the post#54,707(link above) if you want to know the reasons behind the trade.

GJ Weekly Hit PT, Where is the PA now on Weekly

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GJ PT hit shown on Daily chart

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How Daily chart could have been used to initiate the Weekly entry ?

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How H4 chart could have been used to initiate the Daily entry ?

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Kindest Regards

WEEKLY CHART TRADING:

You want to win and win big when trading the Weekly chart setups, you must have some ideas how to "Beat the Forex Dealer" by Agustin Silvani.

Aussie, do you trade on daily, weekly, 4hr and 1 hr timeframes at the same time? May you please answer also to my private messeage to you?
thank you.

Did anyone enter GJ daily?
Not sure if my tp setup is right.


oops i forgot there's 180.000 round number. But does it matter a lot when trading daily tf?

Good trade setup and entry!

My 4H swing target is 179.55
D position trading target is 178.00

It will depends on how you manage your positions.

Emmanuel, thank you for your response. My position is low, because I'm practicing. Can I also ask you two questions?

1. How can build up a mindset that when trading big positions that i won't be panic or freak out. I'm afraid i will not thinking clear, and not dare to take risk when I see good entry or exit too early when all need is wait a little longer for the price to return.

2. How do you manage not to get distracted by the market when trading longer timeframe (Daily, Weekly). After you make a new trade on Daily or Weekly, do you go do something else then come back to check the chart every few hours? or do you sit in front of computer most of time to reevaluate what could be done better about the entry you made like adjusting the sl and tp a little ?

Thanks

today was bad ... big losses in EURUSD, GBPCAD and GBPUSD during MM fake movements

GBPJPY-H4

thank You, I will try the H4 charts too

Hi all,

I'm posting here the liquidity model watch for Daily on GJ, and as it can be seen pockets are empty day bay day below, so I expect an aggressive turn around soon.


Thx,
Cris

MY GBPUSD trades today TF-H1 .....

Excellent trading nice timing pips92

Thanks Big O

Congratulations. I also sold near you, but closed early in few pips. Maybe I should keep away after set up, so as to hold longer.

Right, Sorry to ask this question but I have spend weeks playing around with THV Cavemanager v1.41. I can not get it to take 50% profit at 50 pips leaving the other 50% to run on. I'm playing with it on a demo account so no worries but its very annoying. Has anyone got the trade manager to work in this way. Im setting it with a profit of 3x7ATR trailing SL @1x7ATR and no loss after 40 pips. taking 50% at 50pips. I've been researching for 4 months going back the previous past 10 years and have come up with these settings on multiple pairs but cant get the cavemanager to work. I have looked at the CM thread but no help as yet.... anyone out there able to give me a hand? Thanks in advance

What is your usual SL on H4? I usually set mine around 50-60 pips, but sometimes I feel that is too much. Usually I have a DD of more or less 30-40 pips until goes in my direction.


Do you look at H1 for better entries? Or just trade what you see on H4?

+36 off eurusd, placed a pending order at the 30 level. It was going to keep dropping.

7 trades this week, 1GU, 3AU, 3 EU

GU trade taken based on 4h chart when TDI cross MBL line, and also due to trend and daily/weekly bearish bias in addition to how the last 4h candle push and break through the 1.48500 temporary support from previous day. +95.2 pips (closed using a 30pips trail stop since i hate monitoring and was sleeping)

1st Au trade taken after the previous 4h bar push through weekly open temporary support that AU was having. +55.1pips closed on TP. (TP is small on AU because it really doesn't have much in term of daily range.

2nd AU trade taken on 1h chart, i was beside my computer at that time and noticed the previous hourly bar moved quite strongly compared to the few previous bar. In retrospect even though i made profit, this was not a good trade because the price clearly did not make break the low that was set the day before. Even though the daily bias was bearish. +25.2pips closed by a 25 pips trail stop.

3rd AU trade was taken 12ish hours ago. based on 4h chart and because the 1st 4h bar made a new low with TDI cross etc. Main reason for me to get in was because i have the assumption that the bullish move the day before was due to profit taking. +5.8pips closed because of a 25 pips trail stop.

Plan of action for next week on AU is to increase trail stop to 30 pips in order to avoid any price jerk that will closed the trade early.

All 3 EU trade was taken on the same day.

1st EU trade was taken using 4h bar, it made a new low compared to yesterday low and was going with the daily/weekly bias. 2 hours later when i check the chart, i see that the price did not really make another low when i change TF to 15m i see that there is quite a lot of range movement. Because of this i decided to open another trade, this one in the opposing direction. with SL on my 1st trade entry and a TP at my 1st trade SL. The idea is to see if my 1st trade was a correct trade and if it was, then i would only lose a some pips that could be recovered when the price keep moving down; which was not the case. Both trade closed nearly on the same time giving me a -51 pips on 1st trade and a +25 pips on my 2nd trade.

3rd trade was taken right after 2nd trade was closed following the bullish direction. +49.9 pips. closed from a 30 pips trail stop.

Summary for EU: its good to be dynamic prepared with Plan A,B,and C.

Have a good weekend,

Greenb

I traded London session GJ H1 this week. There were some nice setups and more pips gained that normal. Due to the number of pips gained on each trade, I allowed the TP to be hit instead of waiting for a closed candle in the opposite color. A nice easy trading week.
Every trade was taken per TMS rules, 1st or 2nd candle entry, cross of TDI, etc. and also per my trading plan rules.

Thx Phx62, your trend line that you drawn on your chart have just given me inspiration for next week trading.

Greenb