I would like to open my new thread for my new small Capital $482, i will be Trading Daily EUR/USD and GBP/USD. Since these have small contracts. With these pairs i would like to share if the strategy works or not. I know its weekend today, i just wanted to move my mindset no matter what the markets will go up or down every week. There’s always Trade and Foreign Currency Trade.
I do have some emotional problem or Habit that i keep clicking stop and enter trade if the market reverses and didn’t hit my stop loss and looking at Charts every seconds. So i would like to set up my technical setup trade and just go to the gym for at least an hour or more just to make a successful trade after i come back from the gym.
Daily Technical analysis will be use with my strategy:
Support/Resistance <—using pivot point calculator in super dooper babypips calculator (high/Low)
Volatility <—using this as my trend where the market goes daily
Fibonacci <—using stop loss
If enthusiasm is a factor in success then you are certainly off to a good start!
It will be interesting to see how you get on with this. Are you therefore looking for one trade per pair per day, which you set as a limit order + stop and target? What will you then do on those occasions that the stop is hit? will you re-enter the same day or re-consider the next day? Your stop will have to be very close if you are only looking for one 10-pip win otherwise one stop will wipe out too many days. On the other hand, a close stop is in danger of accidental hits from erratic, intraday price behaviour.
I think this is possible, but you will need to be very, very precise about your choice of entry and exit levels. Good luck, and I’ll be watching how you perform with this
I am looking with two pairs EUR/USD and GBP/USD, and i will consider also EUR/GBP.
Are you therefore looking for one trade per pair per day, which you set as a limit order + stop and target?
=> A one trade or two is a decent one, yes it has a limit order and a (stop loss in Fibonacci)<== ambush prevention
What will you then do on those occasions that the stop is hit?
=> If the stop is hit for example in EUR/USD, then lost the trade, i will look for an opening with the other two pair which is the GBP/USD and EUR/GBP.
Your stop will have to be very close if you are only looking for one 10-pip win otherwise one stop will wipe out too many days.
=> Your right, its a risk factor, i need to trust my strategy. If the market had breakout i would gain more 10 pips. Bit i must take this risk as a forex trader. We have been unforseen ambush many times already, the only thing i can do is to be self-confident with my strategy.
Precision is a must! I need to do this for my learning continuity.
But if you are looking to set your trade and leave it (and go to the gym) how are you going to set your target? Are you not setting it at 10 pips? If not, how are you adjusting it for a breakout if you are not watching it?
Yes i will set it to 10 pips, i will not going for the breakout since it has a correction. I will set a target price once i have calculated the technical analysis.
May 2, 2016 (EUR/USD, GBP/USD and EUR/GBP)
That’s strange, before the euro starts, all prices were in the Pivot point and no volatility/range for the intraday
Aww looks like its too tight in the EUR and GBP zone for me
I will be trading NZD/USD due to holiday in europe
Looking into NZD/USD (Hi=0.702/Low=0.6976)
Daily upper breakout = 0.7049
R3 = 0.705 <=== I have no idea about this
R2 = 0.7035 <=== near Daily Breakout
R1 = 0.7006 <=== needs to break this resistance
Pivot = 0.6991 <=== Hope this wont reach, my stop loss set up
NZD/USD
Long @ 0.7014
stop @ 0.6991 <===pivot point
limit @ 0.7032 <=== near R2
Dang, i don’t know why did my NZD/USD is stuck, i didn’t see any resistance on it.
Anyways i have a setup now for EUR/USD since i can see a full picture of the High and Low
Looking into EUR/USD (Hi=1.14929/Low=1.1448)
Daily Upper Breakout @ 1.1534
R3 = 1.1532 <= near breakout, expecting a correction
R2 = 1.1513 <= entry near R2 going long
R1 = 1.1487 <= stop loss, ambush prevention
Pivot = 1.1468
EUR/USD Long @ 1.1521
Stop = 1.1487 <= R1 as stop loss
Limit = 1.1532 <= R3
According to fibonacci @ EUR/USD price 50% =1.147 is the restracement, i am expecting a full retracement since this year USD hit the lowest of 18 months
[QUOTE=“Ying17;762941”]i got carried away since there’s a high and low also in AUD/USD (hi=0.7645/low=0.75920) R3 =0.7684 R2 =0.7665 R1 =0.7633 Pivot =0.7614 <= stop loss AUD/USD Long @0.7642 stop @0.7614 limit @ 0.7662[/QUOTE]
Ouch, it doesn’t work with AUD/USD either, got lost on this one too got out when it’s near pivot point
[QUOTE=“Ying17;762935”]Dang, i don’t know why did my NZD/USD is stuck, i didn’t see any resistance on it. Anyways i have a setup now for EUR/USD since i can see a full picture of the High and Low Looking into EUR/USD (Hi=1.14929/Low=1.1448) Daily Upper Breakout @ 1.1534 R3 = 1.1532 <= near breakout, expecting a correction R2 = 1.1513 <= entry near R2 going long R1 = 1.1487 <= stop loss, ambush prevention Pivot = 1.1468 EUR/USD Long @ 1.1521 Stop = 1.1487 <= R1 as stop loss Limit = 1.1532 <= R3 According to fibonacci @ EUR/USD price 50% =1.147 is the restracement, i am expecting a full retracement since this year USD hit the lowest of 18 months[/QUOTE]
My last resort EUR USD
I set my limit open to see if this could run into long term
Current R/S: Asia Session May 3, 2016
EUR/USD
Hi= 1.1542
Low=1.152
Open=1.1534
R3 =1.1566
R2 =1.1554
R1 =1.1544
Pivot =1.1532 <= Current testing the Pivot Point, still uncertain direction before the Euro Session will be open
S1 =1.1522
S2 =1.151
S3 =1.15
I got one live trade open from yesterday
Open price @1.1489 with 42 pips up from current price 1.1531
