Hi Eric,
I have not seen any thread from you for a long time. Hope, you are OK. I do enjoy reading your thread.
Thanks,
I’m alive. Thread’s dead though. Still trading in similar concepts, and I’m proud to say that I’m pretty much satisfied with the results up until now. I’m up around 35% of my total account.
The reason why I’m not posting is because I was feeling anxious and more often than not I ended up trading rarely and in some cases I was frightened and ended up not making the deals I should have been. Otherwise everything’s cool. By the way I’ve changed something the way I’m setting up the profit targets. I’m going with a single target and controlling the trade all the way through. If I feel I should cut of some profits, I cut some portion then manage it from there. And also I’m only trading profiles that match 1 : 1.5 and higher risk/reward from a risk management perspective.
Just in case if you’re wondering what I’m up to lately, I’m looking to buy this one:
GBP/USD
Chart:
Hello GicaEric, nice to see you again.
As on to your post, aren’t you trading against the trend ? Most of the times i lost trading against the trend, so out of curiousity im askin this one.
Actually yes. Most of the time I’m trading against. What I’ve found is that if you trade in counter mode, you should be wary of your targets. If you set too much of your profit targets, depending on your risk management perspective of course chances are that you’re gonna end up loosing. Say you have an SL of 100 Pips, then depending on the profile, you should at least set a TP of 100 Pips to match up your risk. As I’ve said, I’ve changed a few things, I’m going for much shorter profits max 80 - 90 pips with RR profile of 1:1.5 or higher. So I’m only looking for particular type of arrangements of Candlestick Patterns. Otherwise, I’m standing aside.
Also another familiar yet very interesting concept is that, you could almost see some pairs even though you trade them against the trend, just observing at the last couple of patterns (I call them CLUSTER which include various Candlestick Patterns), you could almost feel that the pressure is almost depleted, and the chances are very likely that we could see a correction, even small ones (max. 100 Pips). Why is this so? - Well, I think that, there are historical price areas really that act very strongly as support or resistance were people either take their profits, or people set stop losses and price indeed becomes particularly reactive.
In this case (GBPUSD), just look at the last couple of candles. They have long shadows, and are near that 1.5300 - 1.5400 zone where historically is very reactive (pan the left of the chart you’ll see what I’m talking about). And just by the glance of it, you could almost intuitively feel that the pressure has been depleted. Therefore we could see at least a bounce upwards for about 70 -100 pips. So I’ll probably set an SL of 50 pips, and a profit target about 80 - 90 pips and see what happens.
Cheers. Have fun guys.
This is what I’m talking about (gs8888):
SL: 50 Pips (2%)
TP: 100 Pips (+4%) and I’m done for the week :D.
Cheers.
Hi GicaEric,
After reading your threads, I have also taken this trade yesterday after looking at the candlesticks & made a profit of +80 Pips. However, this was on Demo & I am learning.
Thanks,
Good to hear that. Keep up to good work.
after reading this thread I have started to implement the technique, and its really good