Hi guys, the last 2 trades I made the last couple of days were losers -30 pips.
Each losing trade gives you something to learn. One thing I have learned this past 2 days is that to minimize your risk and enhance your trade success is to place your entry near or at S & R levels.
When the signal occurs and you can place your entry there then you protect yourself from potentially wide stop losses.
Trade from late last night during asian session:
Long entry @1.9616 +46 pips so far. The price went above 120EMA so I am expecting a rally from point of entry.
It's been rough trading hours. I set my SL @ 50% fib level and the price retraced all the way back down 50 and hit my SL.
Euro is having a hard time breaking R around 1.2970 and have tried multiple times to approach it then gets repealed immediately. Seems like Gbp depends on the Euro to make the break before it can continue.
+40 pips profit.
Last edited by ramrocket; 01-30-2007 at 09:12 AM.
Reason: Added chart
I might join you by using 10 instead of 20. I have seen nice trends form with it at 20 so I don't think I trust that setting. When it is real low like below 10 it's great watching the pairs bounch between two support & resistance lines all day . You can sometimes time it perfectly by having your TP get hit and then your limit order to go the other direction. Let me know how you make out using 10.
Originally Posted by ramrocket
Thanks topgun. I remembered you mention that in another thread. I was experimenting ADX today and I think I will use 10 instead of 14.
Well, you found the perfect indicators to use and you have them all over your charts. You charts becomes highly decorated with these indicators like a military uniform patched with congressional medals of honor and in time make your charts becomes messy and confusing at times. Eventually you will have to take them down. Well - its time for me to take them down.
Stocks came off first, then rsi, macd, then adx, and so on.
Now all I have on my charts are the 2 MAs that gives me a reference point. I am now mainly trading based on price, candle sticks, suppor & resistance, trend lines, and fib retracement & extension levels.
I guess this is what they call in the business "Trading Naked".