Why is it that every trade I make, no matter the conditions of the indicators, the trade will go straight against me?
I’m talkin every system I try. I setup the indicators for system, I finally find a trade where everything is in agreement, then I make a trade. The very next candle will burn me. I’m down to making one or two trades a week to capture 10 or so pips because I wait for a trade that is 100% with the rules of the system. The only time I have a chance is still if I go negative on risk/reward.
Cowabunga system is the latest failure today. Everything was looking good. The 5ema was just crossing the 10ema, stochs good. Trend was solidly going down. Not even the next candle I was stopped out. I gave myself 11 pips for a stop loss and 20 pip take profit.
I was hopeful for 20 pips, and I could expect even more because the 3 hour trend is pretty solid. I thought a good trade overall. Am I not making enough trades for practice? I’m constantly looking at charts, and doing the a manual visual backtest, since I really don’t know how to backtest. I’m learning and understanding very well at this point. But as soon as I open a position, it’s like “here he comes, stop him out!!”. Like I said, if I would have done a negative risk/reward, I would have had enough room. I couldn’t forsee it this time though.
Try this timeframes: 4h, 1h, 15min
On the 4h and 1h draw your fibs, support, resistance levels, and pivot points.
Then on the 15 min chart put your trade when you think is the best moment to enter. Dont use indicators for now, understand the maket first. you�ll see what i�m talking about…
On Oandas platform, pivot points turn my chart into a Lucky Charms rainbow. Right now I’m looking at NSZUSD. I have a 3 hour with Oanda, and on the 3hour and 1 hour, I could draw support and resistance, but each level has no correlation to any other level to give me an idea of support or resistance. It’s all over the chart. As far as fib lines go, I’m not sure how to draw them. Thanks by the way!
I understand you perfectly. Two consecutive days I have been slapped by the market finely:
Last night fallowing the indicators and trends, I decided to go short at 1.4900 hoping a downfall towards 1.4860. I put stop loss as 1.4925. I was pretty much sure that when I would woke up, I would see 40 pips in the basket.
But, when I woke up, what I saw was a cleaned out position. The greenback slapped me so fine: First it moved up to 1.4935 killing my stop loss than dive down to my target of 1.4860!!!
The same thing happened to me again today. The same scenario. First the curve killed out my stop loss, than come down and reach my target.
I think an 11pip SL just may be too tight, but of course I have no idea how you trade.
It doesnt take more than a few seconds for the price to bounce around 11 pips or so.
I personally use 50pip SL when i trade, and i only trade the GBP/USD & EUR/USD and it seems to work okay for me. But i trade off the 1hr and 4 hr charts and of course I’m looking for 100 pips+ every trade, doesnt always happen as i typically have a TS of 35pips (eur) and 55pips (gbp). So i either get stopped out, or my TS is hit or TP level.
that’s essentially what I do. I trade like 20 different currencies but my stop loss is always 50 pips and my hope is for 100+ pips.
But since the market almost always moves about 40 pips after I enter, I usually watch for the 40 pips and see where the market is from there.
Even though some of my trades being 50pips:40pips risk/reward ratio, I find that most of the trades are profitable that even only take 40 pips on each trade, I’d still be up because I only get a couple stop outs.
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Cowabunga system is the latest failure today. Everything was looking good. The 5ema was just crossing the 10ema, stochs good. Trend was solidly going down. Not even the next candle I was stopped out. I gave myself 11 pips for a stop loss and 20 pip take profit.
I track,but dont trade the Cowabunga which with a little tweaking can be made to be even more profitable. There was no entry with an 11pip stop which means you did not trade the Cowabunga.
Thank you for that link! EVERYBODY should read it! You are right, it is encouraging.
I’ve been studying since Oct 07, demo consistently since Feb 08, and I’d say I’m alot of stage 2 (never paid anyone though) and a little stage 3. I just pray it doesn’t take me 3 yrs to move on like the article says. I have a job that starts at 11am and I get up at 5am to trade, so I don’t feel like wasting my time.
And some people say go live right away. . . . hahahahahaha!!! WOW!
People ask me if I’m making money yet. I just tell them “no, not yet” How long does it take to become a doctor, lawyer etc.? 7 yrs on average I think, so I don’t care how long this takes. For me there is no other option! I don’t have enough money to got to university, and anything else I might train in will most likely have a ceiling anyway, just more of the same.
