Price Is Everything - Lets Focus on Price and Swings
As price is everything, let's focus on price, support and resistence, and bias. I'll be posting my entry exits as well as analysis on price action and confluences. You also feel free to share your thoughts and also your analysis. Together we can make it right.
Most mistake trader makes are they are not consistent. Consistent at making trades I mean. Most of them give up after executing few consecutive loss on a specific strategy. I'm also not an exception from this. But from now I'll try to focus on market on daily basis. I've also dedicated a cent account for testing my entries and exits because demo is something that doesn't gives psychological pressure.
I'll take around 0.25% risk on trendy market and on higher time frame where as I will risk 0.15% of my account in range market. But I might higher up the risk in future.. As this strategy is in test format I don't want to risk a lot of money in single trade.. I'll continue doing this till it hits 30% drawdown...
A lot of thing to talk about but let's start posting trades. I'll update this introductory post later.
NZDCHF (D1).. Got into this trade by watching this engulf type candlestick. Although the engulf was created previous day, I was waiting for today to see if I could get into any discounted price.. And yes, I got it.. Placed Stop loss just below the recent low. There was also a historical resistance level which turned into support. Trend is upward slopping. Risking 0.25% of my account and 1:2 RR.
As usual 0.25% risk on this trade.. RR is 1:2.. But I may continue riding this trade once it moves 1:1, I may move my SL back to BE and continue riding on it till the end of this because the overall trend seems to be downward. Well I should not call it downtrend but it's a range type pattern but thrust is on downside if you zoom out the chart.