In a perfect trading world all of our winners will be an R:R of 1:3 or more. But in reality this is very risky on the lower TF’s and on the higher TF’s these trades can last days, even weeks. So, we take that risk and “hope” price doesn’t reach down and take us out first.
I made this mistake Thursday, I opened a position on AUDNZD with a tight SL. It would have been a great trade had the 5pm spread not taken me out, even though price never went anywhere near it, lol.
In situations like that I usually remove the SL until spreads are back to normal, but I lost track of time.
I think I’ve had enough trades go in my.favkr without a SL that I think my odds are better. But when I look at my losses, it’s the trades without SLs that I forgot to manage that blew up in my face big time.
Looks like I’d blind. Set the order at 1.0963 at the lows of 04/25. Not 1.0675. Can’t remember if I wanted 0675 or what, but it would have hit the 0963 within the hour but missed it by 5 pips and the 100+ pip move after. Garbage!
Anyway, no loss, so I’ll get over it. Price did come back down to the bottom of my uptrending channel. hit and Bounced back up 35 pips. I’m going to just move my pervious order up to top pf a previous resistence zone I’d marked up, at 1.0984.
Wow a trade worked out as planned! TP hit at 1.1032. 44 pips. Not too bad! Thanks EURUSD. And I hit my 45 days and trading minimum so Oanda deposited $250 bucks! Who doesn’t love free money!
Looks like I got in at 4:03AM and out by 10:53AM if I’m reading my transaction history right.
oh man, it is. But, I’ll say this, I just have to remember there’s always another trade. I’ll have another chance. that calms me down some. Still hate it though!
EURUSD Long, two positions, 1 up, 1 down.
GBPJPY I’m up 15 pips currently
EURJPY, still down. Oh my am I down. I got caught without a SL. And it’s teaching me an expensive lesson.
Just opened a USDJPY short at 135.09. Targeting a quick trade. Price is at the top of channel and working its way down, hopefully 20 pips to my TP.
So my EURUSD trade was a huge bust. Got stuck going the wrong way. No SL and what happens, bit me in the butt. Big loss compared to my normal losses of a couple bucks. Got out of it, set a EURUSD short, and this morning I was rewarded with 60 pips!
USDCHF long came back a winner too, 21 pips.
So my lesson is taking a pause when I enter around support and resistance. I think I’m still guessing on which way price is going to go, rather than waiting for price to show me where it is right now, and then getting in. Does that make sense?
Do you guys enter two limit orders, one up and on down, or do you lose some pips to get some direction first? I think I’m getting better at IDing the important S&R and S&D zones. I just really need to work on my entries.
It sounds like you mean waiting for price to establish its direction before opening a position. Is that right?
I used to do that. I think they’re called straddle orders. Ideally, you’ll catch the trade no matter the direction. Of course, it’s possible for price to trigger both orders and still get stopped out. Manage your risk accordingly, I guess.
Oh man NZDJPY. I think I was down over 350 pips on this trade, with 3 positions open last week. On my small live account, I was getting worried about margin.
Stuck to my guns, entered into some extra positions playing catchup, since it looks like I entered short directly at the bottom of a move. Man, that’s been happening too often. I sure can pick em.
Same on EURUSD. Luckily that’s turned around and I’m 35 pips in profit right now.
I’ve got a USDJPY long down about 5 pips. Still nursing this NZDJPY short. Hoping it starts to turn this week. Broke out above the trendline I have going back to December, and its def oversold and making its way down. It’s a buy in TV right now which isn’t great news, but JPY is at support right now and hopefully breaks up. Crossing fingers.
What a move last night. I’m in the green now, 90+ pips on the 2nd order, and getting close to BE on the first order I put in 84.89! Feels good for those bad trades to have come around.
Maybe this is risk on/risk off. Since the debt ceiling stuff is working it’s way out, we’re in a risk off situation? So back to normal? The good news takes us back to normal without actually giving us any positive movements in USD?
