Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- Joined Nov 2008 | Status: Trader | 47,716 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Two really bad trades I took today... I got a bit overconfident I think. Also considering it was Friday I decided that I was going to trade more intraday.
First trade GBPNZD I went long on 1H chart when it appeared to break the IB. I did not know there was GBP news upcoming. This took me out. But the very tight SL is just really bad. Too greedy and trying small stop of 50 pips when ATR(100) is 120 on the 4H is just asking from trouble. 2% loss
Then, it seemed to reject the DOL. I was annoyed and I think I really wanted to be right. So I went in again when I saw it climbing up from DOL. Again: 60 pips SL.. But in this case: The entry was completely random and nothing to do with TMS really!
US news took out my SL and shot up.. So, turns out I was right but trading like this is just throwing away money.
Instead of a 2% gain -> 4% Loss (approx)
Let's not do this again
First trade GBPNZD I went long on 1H chart when it appeared to break the IB. I did not know there was GBP news upcoming. This took me out. But the very tight SL is just really bad. Too greedy and trying small stop of 50 pips when ATR(100) is 120 on the 4H is just asking from trouble. 2% loss
Then, it seemed to reject the DOL. I was annoyed and I think I really wanted to be right. So I went in again when I saw it climbing up from DOL. Again: 60 pips SL.. But in this case: The entry was completely random and nothing to do with TMS really!
US news took out my SL and shot up.. So, turns out I was right but trading like this is just throwing away money.
Instead of a 2% gain -> 4% Loss (approx)
Let's not do this again
- | Joined Nov 2015 | Status: Trader | 72 Posts
This week the market gave me a small beating. Loss 19 trades and suffered a 1.21% drawdown. Will be scaling down my trading next week and need to close all trades before Friday so that my broker can migrate my account to another server. Week 02 to 07 ( Jan 11 to Feb 19) Winning trades : 281 Losing trades : 51 Total Win pips : 32,790 pips Average Win Pips : 116 pips Average Win Amount: $404.60 Average Lot Size : 0.83 std. Average duration of trade : 4Days 18Hours {image} last week's results: http://www.forexfactory.com/showthre...81#post8750381...
Hi Emmanuel,
thank you very much for posting your results weekly.... absolutely stunning as always! Your advice and results are a great motivation to follow the TMS road!
Due to lots of day work, I did only one new trade this week, hope this will change next week
Best regards, blackfriday
Good way to start a journey 
- | Joined Oct 2014 | Status: Trader | 13 Posts
USDJPY currently has a +45 pip(1H) range in play so I will be looking for a breakout and close above or below the range. Also looks like price is finding resistance at 113.00(round number). Looking forward to seeing what's going to happen towards the daily candle close.
Anyone seeing something different?
Anyone seeing something different?
I'm Darth Vader's lost child!
- | Joined Jun 2008 | Status: Very Green | 141 Posts
adjusted the lot size after the first 3 trades.
Followed the rules. I set my stop loss by 2 candles prior and set take profits at 100 for the last few trades.
set up on the 1hr timeframe
- | Joined Oct 2015 | Status: Trader | 24 Posts
{quote} Yes, I use R:R. My R:R is based on basket of trades not just one single trade. 500 pips is hard stop loss risk is 1% divided into maximum 5 trades of 0.2% to build up to one full position. trade size is based on using ADR 100 days and not the hard stop loss. this is for traders who trade with small account and position sizing based on using R and R-Multiple is not possible.
i used your ME/ME for two weeks and it was really nice but actually my account is small and i cant use 2 days back sl and continue using ME/ME strategy.
would you please introuduce me a way to use stop loss?
according to this reply using previous swing high/low is not a good idea>>http://www.forexfactory.com/showthre...21#post8698521
what do u think?
[quote=omonisha;8761020]{quote} Hi mousteven sorry for my lack of understanding. I did not understand your entry. You took the bias from D1 and start your entry from H4? On H4 why you entered after 10 12 red candle in a row
? On your H4 chart i can understand 1 valid entry but you did not take that
Omonisha: Sorry for the late reply. I saw your questions when I was going work, didn't have the time to sit and type. Luckily, Emmanuel has helped me explaining what I was trying to do. I was not good at explain trading with accurate forex terminology. Indeed, the image confused many people. Now, I learned, I'll be careful to write my summary next timeBest regards,steven
? On your H4 chart i can understand 1 valid entry but you did not take thatOmonisha: Sorry for the late reply. I saw your questions when I was going work, didn't have the time to sit and type
. Luckily, Emmanuel has helped me explaining what I was trying to do. I was not good at explain trading with accurate forex terminology. Indeed, the image confused many people. Now, I learned, I'll be careful to write my summary next timeBest regards,steven