Bought AUDCHF, I'm desperate

Trading Discussion
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If it fall more, I lose 550$. Someone told that buying at all time low is a bad idea… While all others think is a good idea… Please give me advice.

Here is my situation:

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As you see on the H4 chart, although the trades are in chaos, I had really good entries, not to mention that before the second fall I had 2 bullish divergencies on H4 and D1 on Stochastic Oscillator, and one on H4 for RSI aswell but it went down even more.

I don’t know if I can stand such a loss. HELP. I don’t know why if fell like this. It is rigged, I don’t know.

I hope it reverses next week, but not to get wiped out if some magical fall occurrs again… A very callous situation and experience, if I thought I lost a lot before, now I’m turned down even more…

Edit: And it went through support aswell, never were this low since 1999? Only once was lower in 20 years.

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You should be getting stopped out of your trades before you ever get to a point where you’re this stressed out about losing money. Yes you had good entries if they were part of an organized system and strategy, but that strategy would have to include risk and size management in order for you to actually use the profitability of those entries anyway.

When you open a trade, size that trade on where your STOP will be and add that stop as part of the order when your open the trade. Never open a trade without a stop and size your position according to how much you are comfortable with losing at that stop. Don’t even think about profit before you think about this. Also, your stop price MUST be something that will invalidate your trade idea / make the setup invalid. For example, put it below a recent low that was tested and bounced If your setup is long or vice versus if it’s short.

You should think about only risking 0.1-0.25% of the account per trade until you have done some testing and found and edge.

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Just looking at the chart I’m not sure how you thought buying was a good position the long term view showed bearish moves down from that 0.68420 perch and as we all know prices don’t just fall in one shot they take “breaks” or corrective moves up what you caught was a corrective move which you should’ve place sell on these positions in my opinion. In my opinion I would’ve personally waited until it broke that gap region where that big candle came down on your position around the 0.66680 would’ve possibly been a safe buy region to me in my opinion once again. Well it also sounds like your undercapitalized mate. Did you take the trade because your plan told you to or ??

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@momoisnyc I tried to anticipate a reversal by buying at these corrections. Since it fell over 300+ pips (now 350+), and reached support on D1 sounded like a good idea for me to buy…

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hi there. first thing s first, do not average down unless u have a mental or a written down stoploss for all ur position sizes added together. for example u wanna risk 0.50 minilots right? so then u keep entering 0.10 while price moves against u till u reach that, but if it gets to a point where ur setup isn t valid anymore u cut the loss. that s from people who average down with succes but u need a strong mental health and to be quick at cutting losses.(i wouldn t suggest that as isn t for everybody)/
second, i didn t looked that good at ur charts, but divergence should only be used in or as confluence factor imo, cos often will move more past the initial divergence, considering external factors(political, fundamental, natural causes or act of God or, whatever u wanna call them). u should only use divergence at double tops, bottoms with high vol rejection imo, and even then still some more factors are needed, specially if it s regular divergence that should reverse the trend(when more often then not just gives u a small pullback berofe continuing). another thing(cos i saw vol on ur charts) u should only look to buy in a downtrend when u have climactic volume(very high vol) on the red or down candles and a bullish reaction signifing there s more buying then selling, and even those sometimes fail(even tho they tend to work out more often then not). plus u ll often see a fake break of that high vol low, and then u could look to buy as that increases the probability etc…
there would be quite a lot to explain but look up volume in relation to price action and signs of strenght, weakness to help identify where to buy low and sell high.
do not average down anymore untill u have a better grasp on what ur doing would be my advice.


the arrow is pointing on how the volume should be at the lowest point to signal a possible reverse. when ur aproacing a resistance or a support level on low volume, the chance to break thro that level are very high.

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@1odi Do you believe it will reverse from this point? The volumes are still down.

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u have some buyers, as u see price drops, vol increases and the reaction to all that effort was a bullish candle, but then u get lower prices on lower volume so another leg down it s very much possible. i was lookin at weekly and monthly but on my trading view charts don t have enough data to see where a historic low occured. another possible scenario could be that this monthly candle could just fakes a down breakout and closes higher, but i doubt that u have enough margin to sustain this type of drawdown. u should cut ur losses and try to see how u can improve, cos this could blow up ur account. i know it s not easy to take a loss, but think or the greater evil. study volume if u still want to buy low and sell high, if not u could use just simple trendlines and few emas and still be profitable rather then averaging down. i know it isn t pretty or easy for u to read critics and judgemental posts from others while ur bleeding money, i ve been thro that(losing trades i mean) but cut the loss and go back to the drawing board and see how u can improve on what u know already. cheers
forgot to mention the answer to ur question above: it doesn t matter if it s a historic high or low, price is always searching for liquidity(money(orders)). if at that high or low people aren t interest to buy or sell, price willl more likely continue untill finds liquidity to either reverse, or do a pullback etc. it s all about orders(buy or sell) representing cash flow in all financial markets. that is the general concept. so don t take advices from just any1, do ur own due diligence, study and see what simptoms does price ussualy presents at a support or resistance before retracing or reversing direction completly. that why i said study volume, cos price action alone(candles) doesn t show u if it s a pullback or a reversal.

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oh my god if that was my account i wouldn’t be sleeping at night.

Why are you still in the trades? I learned this mistake way back on demo account, always place a stop just below support if shorting. You’re ‘hoping’ that they will go up. I don’t get why you aren’t in the know with the 2 economies, have you not been keeping up to date with each countries respective economic news to get ideas on what the outlooks are? It seems like you are literally just gambling.
When you enter a trade you should always ask how much are you willing to lose on this, and stick to that limit.

If this was me, i’d find out the economic outlook for each market and use that to help decide.

a good idea is to always enter the trade with the smallest amount you are allowed to use, set your stop accordingly above/below resistance/support and only increase your position size once you see movement in your direction breaking through previous sticking points, when it becomes clear there’s a break in your favour, then you increase your position size. it’s all about minimising risk.
But find out the situation with their economies so you know what to expect and act fast, you have the weekend to figure it out.

All the best.

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I guess jumping off the bridge is the best idea…

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don t be dramatic dude…learn from this loss if u really want to make trading work…if u need quick money the market isn t the place to do that, ofc unless u know what ur doing.
take the loss, learn from it, write it down, take screenshots of the trades to have them there and see where u did wrong, why etc. the thing with us humans is that our brain is programmed in such a way that tends to try and forget fast the bad crap that we do or say think, etc…and that s great in general in life to help u move past, but in trading is suicidal, cos the only way to learn from ur mistakes is to not forget about them, and to not repeat them. so take screens, write it on the walls, etc… u can t do the same thing over and over and expect different results…we ve all been there, even if some don t admit it. so cheer up, learn something from this loss and u ll be on ur way to consistancy.

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@1odi I had another post where I said forex is rigged but still had some hope inside me. Now I really don’t feel trading is legit anymore. I will lose all my money and dig a deep hole of 2000$.

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@1odi I hope Monday will not come.

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Why not actually wait for the reversal first you can’t anticipate anything when it comes to the markets.

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dude, it is possible but u have to study, screen time and practice, keep reviewing charts over and over. i m telling u there are a lot of ways to be profitable in trading, and not that hard to grasp…but u need patience,and to follow ur rules about risk management and staying on course foloowing the proper setups and not get dragged into buying or selling at random points just cos ur bored. i m tellin u this from my own experience.

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out of curiosity, on what exactly is ur trading setup based? can u show a printscreen and explain how and why?

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@1odi Thank you mate for replying. I had people helping me, don’t deny this, but rarely encountered someone like you.

To describe my setup: -none.

I never trade against the trend, this is the first time. I expected a deeper correction on D1.

This dude came with the idea:

I noticed he was right about a lot of longterm moves:

  • he predicted the AUDUSD crash (breaking through W trendline), and also the the start of a new W uptrend, which turned out as a trap.
  • also the rise on USDCAD (I was with the downtrend but eventually noticed how powerful the corrections are on longterm trends)
  • he forceasted OIL downfalls
  • he said to stay away from NZDUSD & USDCHF, and this pairs, espescially the formed are really f.up.
  • pointed the EURJPY, CADJPY and USDJPY massive downfalls
  • the GBP pairs are ranging but he expects downard moves
    etc.
  • basically he took all the pairs right

Since the week already started falling, and my bullish candle confirmation occurred, I said to give it a shot, so I bought.

He said a next downmove may occurr, but since it fell already I assumed that’s it.

After the correction and the next downward move, I assumed this is the potential downmove he mentioned.

And since another bullish signal on H4 occurred (confirmed by RSI & Stochastic Oscillator) I bought again.

Now, I don’t really care about his correct predictions since I real live traded on one, and wrong.

What to say, trading is really… abject. The callousness of all this currency pairs (and stocks, bonds, ETFs, etc.), is beyond impossible. Coldhearted, take you money with no mercy. Soulless. Conscienceless. No wonder why people lose. They all have such pervert and parasitic moves, a lot of tentacles…

The regular people are just victims. Stand no chance. Not to mention about the ones that really knows nothing about trading, or people with low levels of education in general. Even the ones that took the time to study lose a lot.

If you search on YouTube (AUDCHF) you will find people who got wiped out on that pair this week. Unexpected downmoves. Now, I’m trapped in this and although I should have a plan I don’t know what to do.

Thank you for your replies. I know sounds weird, but I guess I never met people like you in real life, let alone online environment…

I don’t know how this will turn out. I hope it will be good. But to be fair, most likely the worst scenario will happen on Monday or next week almost 100%. It always ends like this, for almost anyone. We’ll see…

Wish you the best.

Edit: and to be fair (to split in this edit all my toxicity, frustrations and heavy thoughts about this domain), this dropped that hard only because people bought. This markets does not look descentralised. Looks definetly rigged.

Forex/ all financial markets doesn’t seems real to me. They are 100% controlled by banks. They do what these banks wants.

These banks do whatever they want with them. You have nothing to chase. Markets cannot be predicted simply because they are under the control of banks just like in communism.

And they use this to take your money with every single chance. That’s how it looks to me, hope I’m wrong. But it doesn’t really matter now.

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Say goodbye to your account and stop trading forever. You might think this harsh but retail forex preys on desperate people. If 500$ is too much for you to lose you do not have enough to be a trader. Don’t throw good money after bad.

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Hi, according to my fibs it looks like the downward trend is over.
Expecting to go back to the 50 level.

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Take your Trading Account balanced and head for your local casino. Play Craps (Dice) - the odds are as near real as possible - . Forex is like Horse Racing. There are WAY too many variables. You’ll never win unless
your are already a Broker.

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This is the wrong question. Nobody can know whether price will rise or fall but the probability is that it will fall. The only reason I say this is because price has been falling. Its in a downtrend. The most common thing that price does next in a downtrend is fall some more. The opposite applies to uptrends.

You should not be long this pair right now.