(binned per thread starter’s request) Truth in Trading

gbp aud could rise on the back inverted hammer w1,for stop ill use time 6 hour

[quote=kleybenny;8869922]{quote} Hi Winston, I agree, greed and fear are the biggest problems in trading. One question: why you took the usdchf trade as well as the usdjpy trade? I don't see any clear and good PA like pinbar, hammer, engulfing doji etc.....Thank you mateKind regardsBen[/quote

​Both were 2 bar engulfs. The closes were above the open of the Friday bar.

​I use Japanese candle reversal signals. This is why I've recommended Steve Nison and Greg Morris.

Updates

​I closed the UJ. Didn't like it.

UsdChf +80. Hope some got in this one. Happy pipping!!!

Closed 2/3.

Here is GbpCad. What is your opinion of this Winston? Do you agree with the weekly candles I have chosen or would you chose ones that are nearer to current price?

I think you could maybe use the weekly BuLBC that is a little bit nearer to current price but actually that candle formed in the zone of the candle I have used anyway.

Regarding my choice of BeLBC - the candle I have used is massive but I think maybe you could use one of the 2 before the current candle?

I got in at what I thought looked like a spinning top (just demo unfortunately). Might be a little too ambitious about the target though..

Your charts look fine. Weekly LBCs are spot on.

​Nice. Your target is not necessarily too ambitious but I would plan to take partial profits along the way.

​Some things that will help:
1. Trade the same lot size with each trade. Varying your lot size will cut into your capital in a hurry.
2. Try to trade with a minimum of 2 position although 3 is better which is what I do. This will allow you to take partial profit and give you confidence to let remaining positions go at breakeven.
3. Take a pic of every trade and study it. This will help you decide if you are allowing your trades to run far enough.
4. Determine your hard take profit. In other words this is the minimum amount you will accept before taking at least partial profit. Once in the range of your minimum profit don't let other positions become losers. Go to breakeven at least.
5. Always determine your SL as part of your entry. You may have more than one SL. In other words a maximum SL and perhaps another one that is a bit tighter that you keep as a mental SL. Be consistent. Having done this a while I know tight SLs will get stopped more often. Giving a trade enough room within the parameters of market structure may result in some drawdown but in the long run your account will grow more. You need to always calculate your risk in terms of your account. A good rule of thumb is to risk no more than 1 to 2%. If the trade doesn't allow this then this is when you tighten your SL to get to your risk.
5. Finally if possible you should invest additional capital on a regular basis. You can build your account by adding capital and of course by making profit. As you account grows both ways you will be able to start increasing your lot size.

NZDJPY; BeLBC formed last week, waiting for daily candle close for action, say the daily candle close very bearish, would you enter sell? In view of the Daily BuLBC formed 2 days ago which is pretty close.

​I would be inclined to let price retrace back into the candle and enter on a sell limit. This reduces risk and gives more room for the trade to move south.

so in this scenario, retracement entry is recommended

How about SL and TP?

Where would you put your SL? Above high of the last Daily candle? or above the Weekly Resistance?

As for TP, where would ou put your TP? The Daily Support area created by the recent Daily BuLBC or the Weekly Support area?

Thanks, Winston

Buy limit triggered.

​I pulled out when I saw all the red GBP news. It still seems good but I'm out. Sorry. Should posted earlier but was very tired and fell asleep.

Long USDCAD on retracement.
If your still in EurGbp you'd be doing well. I should have statyed in.

​A bit busy. I'll post charts later.

closed UsdCad +20. Not my intention to hold trades for such a short time but this one was ranging today and did'nt look like it was going anywhere before the weekend so closed in for a small profit.

UsdChf still going and I'll likely hold this over the weekend.

Her is a NZDUSD daily trade on weekly zone.
This 3 candle setup is well known (forgot name) I have 1000 points to top of lower zone and will set 2 trades (paper trading still) closing 1 at 500 points and moving to BE.
Physical and mental stops shown
Lime green line would be the entry.