Hey pharley,
I would like to ask you, how many currencies do you trade or watch on a regular Basis?
Thx.
D.
I would like to ask you, how many currencies do you trade or watch on a regular Basis?
Thx.
D.
Pharley Simple system - Get your levels right for trading S/R
- #367
- Jun 18, 2016 5:58am Jun 18, 2016 5:58am
{quote} The AUDUSD wasn't much of a pair to trade this last week. {image}
Not taking a position IS a position imo
. When the dust settles it will hopefully be time to make some trades.
{quote} I only had 2 trades last week, both on audusd. At the end they gave me +0 pips (1 loss 1 win). I most likely wont trade next week either due to all the news regarding gbp. There were some other trades i wanted to take and luckily enough i didn't..it would've resulted in losses because the PA was not good at all, and the market would just range and act weird. Not taking a position IS a position imo
Cheers
- #370
- Jun 19, 2016 11:13pm Jun 19, 2016 11:13pm
- | Joined Jan 2008 | Status: Trillion Dollar Man | 1,495 Posts
Hi all, Careful this week trading guys. In case you're bored and want to read some good articles, here are some links. http://www.tradingsetupsreview.com/1...soned-traders/ http://www.tradingsetupsreview.com/n...ng-indicators/ Have a look at this site generally - good info here (no, I'm not affiliated in any way with this one)- http://www.tradingsetupsreview.com/
Been backtesting the strategy and having some ok results with my limited experience. A question i have is trade management: when you stack, you move your first SL to breakeven / at the SL of the 2nd order.
So until then, you dont touch the stoploss of the first order? You only move it to breakeven when you see a stacking opportunity, or are there other times when you move your SL to BE without the possibility of a 2nd order?
Thanks man
- #373
- Jun 20, 2016 12:09am Jun 20, 2016 12:09am
- | Joined Jan 2008 | Status: Trillion Dollar Man | 1,495 Posts
{quote} Hi pharley, hope you had a good weekend! Been backtesting the strategy and having some ok results with my limited experience. A question i have is trade management: when you stack, you move your first SL to breakeven / at the SL of the 2nd order. So until then, you dont touch the stoploss of the first order? You only move it to breakeven when you see a stacking opportunity, or are there other times when you move your SL to BE without the possibility of a 2nd order? Thanks man
When entering a 2nd trade, I move SL from the first trade to the SL location of the second. Sometimes that means the SL on the first trade is in front of entry (I can't lose on that trade), sometimes at BE, sometimes it isn't fully safe yet.
No, I don't touch the SL on the first trade until I'm able to enter a second. Note that when I'm looking at trying to get on a good run, my first trade is taken at half my usual risk to minimise losses.
If I'm trading what I think is the potential for 6 trade entries, then I move all SL up/down to the same location when I enter the next trade.
If I'm trading just say, a 4hr 50% retracement that can get me 1:3 risk reward, I will more than likely move SL to BE + 5 pips once price is at 1:2 RR level. I would re-analyse my target location in line with major/minor SR areas to make sure my analysis is correct.
Hope that helps
Cheers
Pharley
- #378
- Jun 20, 2016 12:21am Jun 20, 2016 12:21am
- | Joined Jan 2008 | Status: Trillion Dollar Man | 1,495 Posts
