Ok, I went back to May 2 and May 3 and it looks like there’s a 2 huge mountains of volatility(15 minute TF) in EUR/USD thats why i earn 107 pips.
I’m looking into ATR(20), and i have missed to learn this because i just based in percentage
Ying
For trend determination, you can use the same method as you suggested on a weekly or mthly candlestick. Then on a daily candlestick. You only take trades that align with daily %.
On reduced volatility of average daily range. For entry maybe you can halve your breakout level and enter trade.
For exit, maybe you can exit half of your position at half of breakout level?
Try not to exceed 20% of available margin.
Scale in and out your lot size. Eg. If you targeting profit at half of breakout level enter larger lot. And if you targeting at breakout level, enter smaller lot?
Lastly keep up the good work!
Regarding money management. My advise would be , be realistic. Knowing forex market is highly volatile. Trade might go your way or against you. To get started. I would suggest, think of how much you are willing to lose in percentage for the money that you have invested.
For example, it can be 1% to 5% of loses acceptable per month. With this in mind. You would have to calculate how much you should invest per trade. Also everyone knows that breakout strategy is a good strategy. Problem is, breakout does not happen all the time. Able to recognise what kind of market are you in is vital.
I personally like mastergunner thread on swing trading. I felt his methodology is good and realistic. As for me . my trading is based on strong S&R lines. And I take trades moving to the S&R lines and not from the S&r lines. For me a strong s&r lines must have minimum 3 points.
Joe
For trend determination, you can use the same method as you suggested on a weekly or mthly candlestick. Then on a daily candlestick. You only take trades that align with daily %.
<==I haven’t checked Daily or weekly using ATR(20) but will do on this, i was looking at the Daily and hourly, i can work with this
On reduced volatility of average daily range. For entry maybe you can halve your breakout level and enter trade.
<==i haven’t think about reducing the breakout level, let me check on this, i haven’t tried half of the breakout level
For exit, maybe you can exit half of your position at half of breakout level?
<== also this exiting half of the breakout level
Try not to exceed 20% of available margin.<== you mean exceed lost? or trade?
Scale in and out your lot size.
Eg. If you targeting profit at half of breakout level enter larger lot. And if you targeting at breakout level, enter smaller lot? <== i like this, large lot for half breakout price, normally i would use bigger leverage every time i trade, and i like it when it goes green. but let me revise the amount trade, i seem get carried away with the price action without looking at the volatility.
As you see today i was being blind in AUD/USD above 50% from opening price without looking the volatility. And it wasn’t the first time… bummer for me.
Appreciate for the best advise alphahavoc.
My equity went down to 2~3 more trades left and i might get my investment from stock market for reload in forex as forex is way challenging.
I like trading too in S/R lines. I usually looking at the S/R lines if it breaks i go with the trend. Do you also go with the trend? or trade near S/R lines to make profit? kindly advise.
Ok, i was rereading your thread, you mean strong S/R line have min 3 points above and below right?
Is hard to explain without a chart. Babypips school explains well. I don’t take 2 points. Only 3 points and above. I look at the trend. I use daily tf to trade only and I look at 28 pairs fx currency. This is how i do. I look at 28 pairs , I look at where the price is and what it is current trend to its bigger trend. I would only trade if the price is in-between two strong S&R. And I go with the trend towards the s&r. NEver on the s&r lines.
Yes . mastergunner99. I was talking about this thread created by him. I like most of his idea . learnt a two from him.
Here is the link
Joe, i felt relieve when i saw one of the thread of MG99, while i was watching it i saw a volatility in AUD/USD i just hop on and set target price to 0.7525, i think a decent 200 SL would be prefer
Thats awesome, how come i’ve never tried this before going towards the S & R, maybe 10 pips before hit s the S/R right?
let me try this method on the Euro market i will post results bro, thats the most simple strategy ive ever heard
I have removed all my indicators and ATR(20)
GBP/USD setup Long @1.4537 (setup approaching R2)
no SL
TP:1.4545 or 1.4544 (7 pips reward), hehe not bad
R3=1.4554
R2=1.4541 <==Target price
R1=1.4519 <==entry above R1 (1.4535 6 pips away)
Pivot =1.4506
Is just a method I am using currently. Trying to test it out and record . so there is no such thing as a 10pips to s&r set in my rules. I based it on money management essentially to set SL & maybe TP . You would have to check and record it and see what you can get out from it.
I hope EUR/USD is developing
I am a person that is happy already with 5,6 or 7 pips win
Bro, I think its better also to wait atleast few minutes to develop the high and low, can?
While i was observing EJ going up i was attempting to setup 123.06 TP:123.13 and it just hit, this is a brilliance of pure money
set up EUR/GBP long @0.7929
limit @0.7941 ~0.7936
no SL
Hi Joe,
I’m having a loss in EJ its seems to be the personal of this pair is different