Well, I’m stuck at work so I won’t be able to do anything about that until later
You have plenty of time, it will take a while to be ready to do anything with it.
The Ever Wandering Around Aimlessly VIPER
I wonder if anyone can explain this to me:
On the right side, you have my current NZDUSD trade (I am with Oanda). So, while I am at work, to keep an eye on things from my computer (but obviously I cannot have my trading software on there) - I was using this “Oanda NZDUSD live chart feed”. But I noticed today that they aren’t the same, what the heck???
Yesterday, I exited my EURAUD trade with a small profit. Because it was starting to act bullish and I thought maybe I could get a better entry for my sell trade that I was attempting. However, it didn’t have any follow-through and is looking very weak again. I have gone ahead and reopened that trade, going to try to get a high risk:reward ratio of 1:6
My other trade is progressing well, the NZDUSD. If it gets past this 07.70400 level, it should be smooth sailing. I’m tempted to lower my take profit so I get greater than 1:3, we’ll see. It depends on whether I am awake / at home / or at work when it approaches the take profit vicinity.
yay! closed my NU trade at 1:3 profit, very happy about this trade because i followed my plan exactly. EA on the other hand just stopped out for a small loss.
Making pips is my interpretation of the question: " What is the sound of one hand clapping?"
Keeping pips is the sound of two hands clapping…
I have no doubt you will be clapping with two hands!
Well done! A well-deserved profit!
I was really hoping to find a trade to get in to before I leave for work today, but I’m just not seeing anything that I like. I’ll be watching NU for a retracement and another sell entry…
1 hour timeframe, NZD/USD, downward pennant, pennant formed with 5 bars.
The Ever Salient VIPER
This is for education only and is not investment or trading advise
Thanks for the tip I’ll be at work for another 9 hours, so I’ll have to re-assess the situation then…
@Clint is a wealth of information. Just linking this here for personal reference and for anyone else who struggles with the math…
https://forums.babypips.com/t/needing-help-with-the-math/75982
Well, I didn’t see any trade opportunities jumping out at me on Thursday or Friday, so I just stayed out of the market. To wrap up the week, with one small loss, and two positive trades my account increased by 11%. I’ll be reviewing the NY close charts that wrapped up this week after I make dinner for the kids, and then post some possible trade opportunities for next week.
Well, CC be well I’m out.
The Ever Exiting VIPER
Umm…okay? See you around…
Excelllent, great result !
Thanks, but my account is small so it is easy to make a big impact - positive or negative!
These are two trades that I am going to be watching when market opens:
I am watching the NZD trades too, but think it might be a couple days for a good retracement entry.
10 hours after market open both of the above trades are still far above the entry point that I wanted. However, GJ is showing on the 4 hr chart that it may reverse and I think I can possibly get a 1:3 RRR on a countertrend trade. Then when it finds support (assuming all goes as planned) at the 149.285 level, I’ll look for a signal to go long as I had originally planned. I don’t usually do countertrend trades, so I am a little nervous about this…but this is what I think is most likely to happen - so I’m going to go for it.
As I am watching this trade, I was thinking about how often we price action types read the NY close charts and then “expect” a retracement during the Asia session. I’ve always wondered why is that? Are they just really in to countertrend trading during the Asia session? Just curious, one of those things I know to look for but don’t understand the underlying reason for it.
Update: research online basically says that after the stronger moves in NY session, there is often consolidation during Asia session. Of course, in general there will be more “normal” movement of the Asia pairs like AUD/JPY/NZD since these are their business hours.
well, it got halfway to my target and i lowered my stop to “in profit” territory because it came back up and started looking bullish. sure enough i was stopped out. small profit. this level seems to be holding - may not get a better entry to go long atm. i’m still on the fence about taking a further trade.
Update: although this trade didn’t make me much money, I think I learned something from it. Price kept moving down and hit 1:2 RRR. So, in the future if I attempt a countertrend trade, I think I will set that smaller RRR as my TP. Duh, retracements are always shorter than the dominant trend legs. So, set that smaller RRR, and leave my trade alone and trust my initial instincts for what price is going to do <-- I was right about the direction it was going to move, I just need to stick to my plan.