Entered both of these trades way before Draghi speech. There are times that before such events price retraces so I decided not to move my SL to BE while he satrted talking there was an opportunity to attack and at a second order at the red arrow but decided against it because Draghi was speaking. Sorry couldn't resist talking about attackingwon't happen again.
Another simple system - Time-Frame 15
- #26,343
- Edited 7:12am Dec 14, 2015 6:17am | Edited 7:12am
[quote=Pipsalon;8643246]{quote} Do you open positions on other pairs like GBP/USD when there is red news on the Euro? Or don't you trade any pair?[/quote
The 30 minute No Trading rule before Red News is strictly enforced. EU and US News also affects GU, CHF as well so better to stand down. But an hour or more before Red News, I do take A+++ trade setups. Forgot to add that NFP and Fed rate announcement or Fed chairs talking days it is best not to take any trades many hours before or just take that afternoon/morning off and just enjoy the fireworks.
As far as your trade, in my humble opinion you are taking trades in the right direction which is great and nice TP level and you are recognizing the better entry
but as you have mentioned your entries are too early and rushed and it almost ended in a loss. It is safer to wait for a breakout then a retrace/retest. You may miss some trades but in the long run you stay ahead.
You have got to develop this mindset that fear of a loss needs to be way greater than fear of missing a trade. Risk aversion has got to be your number one priority and profits will come.
The 30 minute No Trading rule before Red News is strictly enforced. EU and US News also affects GU, CHF as well so better to stand down. But an hour or more before Red News, I do take A+++ trade setups. Forgot to add that NFP and Fed rate announcement or Fed chairs talking days it is best not to take any trades many hours before or just take that afternoon/morning off and just enjoy the fireworks.
As far as your trade, in my humble opinion you are taking trades in the right direction which is great and nice TP level and you are recognizing the better entry
but as you have mentioned your entries are too early and rushed and it almost ended in a loss. It is safer to wait for a breakout then a retrace/retest. You may miss some trades but in the long run you stay ahead.You have got to develop this mindset that fear of a loss needs to be way greater than fear of missing a trade. Risk aversion has got to be your number one priority and profits will come.
Trading can't be taught but it can be learned
- #26,344
- Dec 14, 2015 11:40am Dec 14, 2015 11:40am
{quote} Nice trade Rexz
Cheers
Rexz
- #26,345
- Edited 2:06pm Dec 14, 2015 11:53am | Edited 2:06pm
{quote} Thanks Pipsninja. I am just going steady at the moment. Was watching EU this morning but price seemed to be failing to break that low before the news so I decided not to enter. One question I do have is regard to taking profit. I took mine at the RN as it has its own significance obviously but also that we had bounced there before. I could have held to finish the mirrored down leg which landed on the ADR also. What would you have done in this situation? To reach the ADR and bottom of the down move we would also have needed to break through...
Your thinking of stretching these trades for bigger pips is an excellent idea and makes a lot of sense and can be done
but lets walk first before we start to run.I am working on stretching these M5 trades to big wins and it is difficult to do so unless you check higher TFs and take breakouts on H4 and enter on M5. For bigger pips I trade M30, H4 TF with a little sprinkle of multiple entries
Trading can't be taught but it can be learned
- #26,347
- Edited Dec 15, 2015 4:38am Dec 14, 2015 12:29pm | Edited Dec 15, 2015 4:38am
Counter trend (CT) TOUCH (anticipated BOUNCE) form Blue EMA (medium probability setup) short trade on EU M5 expecting to reach RN zone below, got stopped out for a few pips
. It is safer to grab your pips quickly (7-10 pips) when doing CT trading.
. It is safer to grab your pips quickly (7-10 pips) when doing CT trading.
Trading can't be taught but it can be learned
- #26,351
- Dec 15, 2015 2:41am Dec 15, 2015 2:41am
Advanced Setup: AJ short trades on M5. My area of interest for entry was the yellow zone to go short, at the time of my first entry the yellow zone included the 4 HR 10 EMA but as price moved so did the yellow zone. I didn't know where price was going to exactly turn, the lower, middle or the upper edge of the yellow zone and the entry point at the lower edge required a SL of 20 pips which is way too much for my taste on M5 so I decided to split my entries into 3 parts and enter at the lower, middle and upper edge with all SL at the outside of the...
Do you always entry a trade when the price is in your area of interest (yellow zone). Or do you entry based on candlestick patterns as well? (pin bar, engulfing bar)
I see you entry exactly at the right spot, most of the time at the retest area of a 123 pattern.
I still have a little fear to entry on a retest, because it looks like price is heading in the opposite direction of my TP.
- #26,352
- Edited 3:53am Dec 15, 2015 3:21am | Edited 3:53am
{quote} Great explanation
. You may want to read my following posts if you haven't already, post# 25,632 through 25,643.Correction: On post# 25,632 I typed in M10 chart but I meant M5 chart and couldn't go back and edit it, I guess I had the 10 EMA on my mind
.If at the time price enters my zone(s) my trade sentiment hasn't changed and the momentum it reaches a zone isn't too big (large candle) or order consumption (consolidation, battle between buyers and sellers) hasn't occurred then I enter a trade majority of the time. There are 2 ways to enter a trade.
First is the BOUNCE trade which is when you enter after confirmation and this could be in form of candle patterns, pins or break of important level(s), EMAs, S/R, RN and so on. I employ the BOUNCE trade more in my M15 trading .
Next is the more advanced entry, the TOUCH ( anticipation of the BOUNCE) trade, here you enter without confirmation of the BOUNCE (Bounce hasn't happened yet). This entry is riskier since price may not Bounce and keep on going/blasting though the zone but this type of entry gives you the chance to enter a trade at the best possible turning point with very small SL. I use this types of trades on my M5 trades. The TOUCH trade is very difficult to master and requires a lot screen time, live trading experience and confidence to execute flawlessly.
Let me share a secret with you, you can make money by just trading BOUNCE setups.
EDIT: I edit my long posts often just to explain things more clearly so it is a good idea to re-read them a few hours later again
. Managing multiple ongoing trades and making long posts is hard work
Trading can't be taught but it can be learned
- #26,355
- Edited 4:41am Dec 15, 2015 4:03am | Edited 4:41am
{quote} I think it's safe here to buy the up arrow (break of purple line). In my opinion the chance is bigger that you take the trade in the right direction. Because you don't know yet if price will break the big resistance or bounce off it. But if you buy at the big resistance (first arrow) you need a smaller SL. What is the answer Pipsninja?
You are welcome Pipsalon, I think you know which one I would take
.I have posted the answer among those mentioned old post numbers but I put it out of order on purpose to see if anyone catches it
. It is best to study and dissect LE1's posts and just not give them a quick read, I still study his awesome posts
.
Trading can't be taught but it can be learned
- #26,356
- Dec 15, 2015 4:14am Dec 15, 2015 4:14am
{quote} Loveevery1 aka LE1 (the amazing thread starter) used to post questions and riddles like this very often and it used to drive me and other traders crazy. I think you know which one I would take
His type of questions triggers your brain
. Yes I think I know which one you would take 
- #26,360
- Dec 15, 2015 1:12pm Dec 15, 2015 1:12pm
{quote} Loveevery1 aka LE1 (the amazing thread starter) used to post questions and riddles like this very often and it used to drive me and other traders crazy because we wanted everything handed to us on a silver platter but it helped me to think about things on a deeper level and see things that maybe are unseen by others. You are welcome Pipsalon, I think you know which one I would take
It seems I missed those good posts of yours.
Don't know how, thx