Hi Everyone, i’ve been training for the last few months now. thanks to babypips school and my own dedication towards forex i have been learning fast. you can say 24/7 literally.
BUT, i still need more practice, my problem is when to make entry into a trade, i’m always stuck with this problem, same goes with exit.
i would really appreciate it if any of you good people can upload actual entry and exit charts you traded on so that i can asses as to how to entry and exit.
i really appreciate help.
remember Woodie moto “traders helping traders”, at this moment i really need your guidance and assistance.
I only enter and exit at 2 positions either support or resistance line.
I only enter and exit when there is no news.
I only enter and exit when it meet my plan/goal.
I only enter and exit at least with 50 pips profit and stop loss.
Let me give you a piece of advice that will help you always: “dont try to anticipate the market, just be patience and take what the market gives you”
It just a simple as that. First you have to see where the price is going and then enter the trade in that directio. Always trade in the direction of the trend. You need to have a bigger timeframe, and see if the trend is up or down, and also a smaller timeframe to make your entries in that direction.
Try this:
Bigger time: 4H
smaller timframe: 15Min or 1H.
HOw to establish the trend of the biggertimeframe (4H), add a 5 and a 10 EMA and when the 5EMA cross up the 10M the trend is up. When the 5 EMA cross down the 10 EMA, then the trend is down. There are pther methods to establish the trend, but know focus on this basic one.
After that, switch to 15 MIN or 1H and find an entry in the direction of the 4H chart. I would suggest you study some stochastics and bollinger bands to find an entry signal. Take a look at TYMEN thread and Graviton Thread.
Take a look at my first chart the 4H usd/jpy. You can see that the 5EMA cross down the 10EMA, so the trend is down:
This is just an option. You can use any method you like, it doesnt matter, the key is to wait for the market to tell you where price is going in the bigger timframe and then trade in that direction.
[I]"There are three reasons that a short position here is viable. There was a retracement candle that went against the current downtrend. The first point of reasoning is that it ran into a downward trend line. Price barely even broke through the trend line and it started to fall back. That same area leads to reasoning number two. That area also served as the Golden Ratio of the immediate downtrend. Reasoning number three was that yesterday’s candle was a bearish inside candle.
If pricing reaches 10 pips below [the low of the inside bar], I will be opening a second short position into USDJPY. Our take profit will be set at the 161.8 extension[/I] (Another set of Fibonacci will have to be drawn to depict the 161.8. The one on the chart is not the intended target. Thanks to SweetPips, the Fibonacci tool has been modified accordingly.) The stop loss will be 20 pips above the high of the candle that bounced off the Golden Ratio and trend line."
In this particular trade, the risk reward was not quite 1:1. That is something to be more mindful of. But it was close enough, and in this particular trade, this entry served as a second position into an already existing bearish position.
Go long at the 00 when price moves UP to 00. As in 98, 99, 00.
Go short at the 00 when price moves DOWN to 00. As in 02, 01, 00.
10 pip stop loss.
If price moves in your favor and stops moving, decide to take profit or take your chances.
Understand the reason you enter a trade does not affect the outcome of the trade and once you enter a trade you cannot affect the outcome of the trade. This will keep you from wasting time on silliness. Let that sink in.
