I usually trade at 1 std lot, 200pips SL = USD2000. I understand one can use the position sizing (use mini-lot) to reduce the actual SL amount. However, I would rather manage the SL - reduce it to within 100 pips or < USD1000. The signal bar of 200pips is OK with me - the bigger the better, but I would like to enter at the retracement to reduce the SL size. For example, if the signal bar is L=1.3000, H=1.3200 (HL=200pips), then I will enter long at the retracement @1.3100 on the next bar with SL @1.3000 or 100pips.
OK I get it but I donāt understand the logic behind it. Wouldnāt it be better to trade a % of your account, or at least take into account of the currency of the pair you are trading?
IE. One standard lot on say the GBY/JPY will give you a very different profit to the USD/CAD even if they were the same amount of pips won.
Geez, I guess you do what you feel comfortable with but to me that is doing it the hard way.
Just to quickly update this trade taken on the D1. Price as still rocketing up before I went to bed so after moving to BE I amended my 2nd portion to shoot for that very last swing high. I donāt ordinarily fiddle with trades but experience may have given me an edge here to make that amendment. Profit taken at the top of the range marked and the 2nd portion still alive shooting for that last high.
I moved my stop this morning up to just under where I took my 1st TP. If there is a gap on Monday back down that takes me out so be it, I will be out at my original full profit, but hopefully I can squeeze a few more pips out of this profitable and stress free trade.
Hi guys, after lurking on this thread for some time I decided to venture a first post. Iām seeing a nice Bearish Engulfing on the NZDUSD daily chart, can anyone verify if this is a good setup?
Wow to be honest I didnāt see that as a potential trouble area, thanks for pointing it out. However the past few times price past through that level, it didnāt seem to respect it much, does that mean that the level has been invalidated?
Taking into account that it failed in breaking the high of that key level created on 28/02/2012 for the second time and taking into account that it had no trouble going through that resistance level recently it probably will go through it without much trouble. Even though I donāt like this pair it probably will go down again to the 82.00 area thus creating a nice double top. Just my 2 cents.
guys new to this thread. but took almost 2 months to digest the content.i must say ā¦greatest work by jonathan bryce spongy and party .if u judge whether i understood/learned correctly pls comment on eur/usd weekly set up. my opinion going long. 2 bar set up { 2 bar can be continuation }. request a sound reply. ā¦jus learning from u gurus. thanks .anyway
Hi everyone, I know that itās not the central topic of this thread but Iāve seen that you have discussed here before. On post 1 Jonathon suggests some brokers for watching the charts apart from the broker that each one of os uses for trading. So the thing is I trade in certain broker, but I was using a demo account on FXDD, thats one of the brokers Johnaton suggests on the first post, but apparently my demo account is just not valid anymore. Apparently it was just valid for 3 months. Any advice on another broker with NY close that I can open a demo account and use it just for watching the charts but with no deadline? Every brooker Iāve seen they give you certain time on demo and then you need to make a deposit so you can continue using it. What about Pepperstone, Can I open a demo account here and use it like forever, without having to make a deposit? Thanks. Have a great week!
EDIT: Just found the solution to this. As simple as opening another demo account with the same broker.
rascuache1,
for MT4 brokers, you just need to re-register to get another demo. no need to switch to other brokers.
some MT4 brokers even offer unlimited demo, you just need to place trades with them every now and then.
cheers m8
