77 Pips on GBPUSD.. 
- #56,963
- Edited 11:56am May 15, 2015 11:43am | Edited 11:56am
- | Joined Apr 2015 | Status: Trader | 255 Posts
After loosing 10 pips on EA long at LO, got a valid signal on GU on the break of trendline and double tops on H1, went short , closed manually with 52 pips {image}
if i were u , wrong at making decision?
i dont even think another trade im just going to chickened out and just watch the price
i guess ppl who ady have winning startegy can find a setup easily
as beginner like me , i dont even have a winning startegy finding setup is super hard to me.
anyway...
ppl here and there talks about double top , double bottoms . Srsly what are those?
+30 pip
but what scary is (the one i circled in blue) how do u people detect such reversal?
Take What You Can , Give Nothing Back
- #56,964
- May 15, 2015 12:03pm May 15, 2015 12:03pm
{quote} Its okay at this stage to get negetive resulats, you dont need to worry about that, simple yet you still need time to work this TMS to your side Now first chart all I can see is sideway range market, wicks all around, ups and downs , so that means no direction, when u see a pair like this, just give it a miss Second chart, ur trade could have run okay if you had ur stop away from LO low, sometime it works , but u need a good understanding of how that works or not and on what conditions, that also means bigger stop Second trade u went at...
LO candle is tricky sometimes it continues direction or do fake outs. Was using Asian session close to see direction apparently it didn't work out
- #56,965
- May 15, 2015 12:11pm May 15, 2015 12:11pm
I've tried using this trading system on EUR.USD trades this week with horrible results (lost 90 % of profits YTY, thankfully still in green and no loss of invested capital, but I came close).
I'm doing something horrible wrong when it comes to detecting the signals I get from this system.
Every time I think I see something, it's the exact opposite. Like this I have made, I think, a dozen of trades o the EUR.USD pair and all resulted in red.
For example, arrow is entry (@1.1383), cross is stopped out (@1.1413) with a standard lot:
I'm doing something horrible wrong when it comes to detecting the signals I get from this system.
Every time I think I see something, it's the exact opposite. Like this I have made, I think, a dozen of trades o the EUR.USD pair and all resulted in red.
For example, arrow is entry (@1.1383), cross is stopped out (@1.1413) with a standard lot:
- #56,966
- May 15, 2015 12:14pm May 15, 2015 12:14pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
{quote} good trade and good mental too if i were u , wrong at making decision? i dont even think another trade im just going to chickened out and just watch the price i guess ppl who ady have winning startegy can find a setup easily as beginner like me , i dont even have a winning startegy finding setup is super hard to me. anyway... ppl here and there talks about double top , double bottoms . Srsly what are those? {image} +30 pip but what scary is (the one i circled in blue) how do u people detect such reversal?
I Have Learned to Take Some Losses to Make Profits
- #56,968
- May 15, 2015 5:18pm May 15, 2015 5:18pm
What do you guy's think of the H4 on EUR/USD?
I posted this in the corresponding thread as well:
At the current level it looks like we are up for some more upward movement but when I look at my indicators and especially on the Daily chart I don't think we'll move a lot higher.
The chart below is of H4 and given that we are at a level that caused great resistance back in February I can see it go back down. The fundamentals are still in favor of the USD, even if the latest data was not great, EUR still has Greece and the QE program of the ECB.
The way I see the chart below: 
Daily:
I posted this in the corresponding thread as well:
At the current level it looks like we are up for some more upward movement but when I look at my indicators and especially on the Daily chart I don't think we'll move a lot higher.
The chart below is of H4 and given that we are at a level that caused great resistance back in February I can see it go back down. The fundamentals are still in favor of the USD, even if the latest data was not great, EUR still has Greece and the QE program of the ECB.
The way I see the chart below:
- We are at previous support/now resistance of down trend back in Februari (this is more clear on Daily); RANGE
- TDI is up against the 68 line, so already in very high territory, almost overbought; SELL
- Bands are getting narrower; RANGE
- Green line of TDI is getting pretty flat; RANGE
- Stoch still good; BUY
- PA is blue and strong H4 candle outside of "yellow brick road"; BUY
- Previous candle does have high shadows on both sides; RANGE
Overall, too many mixed signals = no trade; Wait for better setup?
H4:
Daily:
- #56,969
- May 15, 2015 5:24pm May 15, 2015 5:24pm
Very slow today, but some decent trades though:
E-A: After a master candle, it did not break up very strong, the wick of the breaking candle was too big, i decided not to enter, although there was a tdi cross and a bullish trend, sadly i missed the move, would have worked out very well with my 20/40pip setting.
A-U: Price broke a trendline and created a master candle, i went short after the break, with tdi bounce and a short term bearish trend, 20/40pips, SL hit. 2 Candles later price continued and went down again, my SL was 5 pips too small, anyway, i entered again, second try. 20/40pips, trade was BE. Then it reversed 50 pips suddenly, tdi crossed up, but the move was to big for me, i passed on that one. good decision.
G-U: Yesterday, i went short and closed the trade manually by the end of the day, to stay save, but it was still bearish in the morning and bounced off a support area, so i entered again with 20/60, i closed it manually when tdi hooked over, because the candles were too small, according to the ADR. Then Price reversed with a strong move and a tdi cross, i bought with 20/40pips, tp approximately at the last high, tp hit.
E-A: After a master candle, it did not break up very strong, the wick of the breaking candle was too big, i decided not to enter, although there was a tdi cross and a bullish trend, sadly i missed the move, would have worked out very well with my 20/40pip setting.
A-U: Price broke a trendline and created a master candle, i went short after the break, with tdi bounce and a short term bearish trend, 20/40pips, SL hit. 2 Candles later price continued and went down again, my SL was 5 pips too small, anyway, i entered again, second try. 20/40pips, trade was BE. Then it reversed 50 pips suddenly, tdi crossed up, but the move was to big for me, i passed on that one. good decision.
G-U: Yesterday, i went short and closed the trade manually by the end of the day, to stay save, but it was still bearish in the morning and bounced off a support area, so i entered again with 20/60, i closed it manually when tdi hooked over, because the candles were too small, according to the ADR. Then Price reversed with a strong move and a tdi cross, i bought with 20/40pips, tp approximately at the last high, tp hit.
- #56,971
- May 15, 2015 8:06pm May 15, 2015 8:06pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
i need help with the strategy i traded eurusd for three month and my method is 2 to 1 reward/risk but this week was horrible what is the recommended tp and sl when entering any trade please i am very disapointed this week
Hi,
You did not mention which timeframe you trade. What you need to know is the volatility of the currency pair.
When you trade H1 intraday, you need to know the price volatility of the hours during the day and the range of the day.
Here is a good website where you can learn about volatility of most currency pairs.
https://www.mataf.net/en/tools/02-01-volatility
Below is an example of the EURUSD for the past 52-weeks.
This information should be useful to decide what your initial SL should be and comparing the price action recent swing high/swing low on your chart.
TP should be within expectations of the day volatility. Taking EURUSD as example, do not expect TP of 150pips for intraday trading.
The other common method which traders use is to check the ATR(10) on the chart TF. If you are on H1, the ATR set to 10-period should give an idea what the most recent market volatility is like. But when you look at the price chart and see recent 10 price bar/Japanese candles, if the price bars are very small, then the ATR(10) can be small .
The Asian session is usually small range so when near to the European market session opening, volatility can increase due to increase in liquidity.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #56,972
- May 15, 2015 8:25pm May 15, 2015 8:25pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
