I opened yesterday two more positions so now i have 10. Actually I should had opened only 1 but i had to open secondary one because i didnāt invest enough into it. The reason for opening this is to, hopefully, protect myself from account explosion (current loss reaches balance on account, obviously in opposite -/+) so now I am doing tripple hedging on GBPJPY. It was going dangerously Down but should had gone Up because I am in Long position (primary one). I wish I had opened like a month ago Short position instead of just yesterday. I had to because every minute there was a bigger loss so now if it goes further Down (UNwanted direction), I have at least something (two said positions opened yesterday) making me profit while UNwanted direction resumes (if it does). Although i repeat that this should had been done like a month ago because the distance between both entry points (actually all three since yesterday were opened 2 just because i didnāt make enough big investment on one) is by far far far too big.
Alanlim3 thank you for your effort and time to write this for me but I am not sure what did you mean with:
āUse bb as a resistance n Sarā
Upper Bollinger Band (bb) can also be defined as resistance but what would Parabolic SAR have to do with this? I am looking at your screenshot including 4 indicators:
Bollinger Band
Ichimoku (Ichimoku Cloud, Ichimoku Kinko Hyo)
Parabolic SAR
Awesome Oscillator
You said:
āWait for the short candleā
Did you mean RED candle?
Also:
āsar dot is side by sideā
what is side by side? Did you mean horizontal? Did you mean vertical (probably not)?
Passing which Bollinger Band, upper or lower: probably upper since it seems like you are showing the downtrend? But if high impact news are there breakout of upper Bollinger Band means trend continuation.
Also:
āpass bbā
what did you mean by āāpassāā? That it just go away from it?
On the screenshot you provided I donāt see any reaching/touching or even breaking the Parabolic SAR dot, regardless of quantity of dots.
Anyway, to simplify the post, I will describe exactly how I understand your screenshot (four indicators used). My understanding is the following:
Conditions (all must be met):
-
Upper shadow of current green candle or body of current green candle must reach upper Bollinger Band but must NOT breakout (pierce) it. The size of this current green candle and the size of previous candle are irrelevant. Also the size of both candlesā shadows (upper and lower) are irrelevant. Means previous candle could also be indecision candle.
-
The body (must be body and not shadow!) of both green candles from first condition must upward breakout the RED Ichimoku Cloud. Just like in first condition, also here, what is happening with Parabolic SAR is irrelevant.
-
Red candle must occur. Size of the body and size of upper/lower shadows are irrelevant.
-
Either red candleās lower shadow or its body must fall into the area of RED Ichimoku Cloud.
-
When 4th condition is met, the Parabolic SAR dots must go upward and the [B]top (the highest)[/B] dot must be BELOW [B]BOTH[/B]: below the red candle (including lower shadow) and below ENTIRE (here is the key point in confirming if my understanding is correct: is the word āāentireāā really correct one?) area of RED Ichikomu Cloud.
-
Awesome Oscillator must be above 0.
-
Awesome Oscillator must turn from green to red and the red bar must be lower than green bar.
So this is my understanding of your screenshot but obviously one most important info is missing in both my and (i think so) your post(s) too: What are those conditions for? If all 7 are met, what should happen? The most obvious answer I can think of is: Conditions must be all met in order to open Short (downtrend) position.
I believe there are several mistakes in my understanding (7 conditions) but the appropriate way to learn what you are saying is how I understand and then you could tell me where I am correct and where not - what is correct instead.
However honestly, I still donāt see how could I protect myself from account explosion in this way. I have nowhere else to earn money from because I deposited on trading account everything I have. Currently 82% of my balance is in loss on opened positions (all 10 in loss) and it would be disaster if it goes for further around 300 EUR.