yeah… Patience is something that a trader needs to develop.
and trading larger time frames helps with that. If you are looking at lower timeframes you will be tempted to close early, but if you look the big picture you will see huge swings and then 40-80 pips will seen small.
I think it has something to be with the “set and forget” aproach of the Captain. Simply set your entry order and leave it open 24 hours without checking the chart.
After that just take a look, and if the signals are still OK, leave it open for another 24 hours. Rinse and reapeat heheheh
Please review this chart and scan your charts to see if I’m wrong or not.
I was thinking that the zig zag pattern shown here could be described as a “morning star” if instead of zigzag they were candlesticks. A low “zag”, followed by a small zigzag and after that a high “zig” that breaks above the first “zag” high, this on the 4h duck (sometimes I see it on 1h duck also) that is moving support, that is also on uptrend with nice angle.
I’m looking for a long position on EURJPY, the best of my basket of four pairs.
Entry at 122.93, Initial stop at 120.6, risk 232 pips at 0.75%
I think that if it is going to break that level that could be on European market open. I’m setting the trade and forgetting about it until I wake up tomorrow
I just moved the last EURGBP trade to BE because I’m going to sleep and also see some weakness on the pair. If the pair don’t hit the BE, well, that’s good! but if it hits it, then I will be out on that trade (and all others) with very nice profit.
And if the trade is stopped out, well, it can be opened again if the ducks remains aligned
Well, the weakness I saw yesterday’s night was some real. All my EURGBP positions were stopped out for a net profit of +300.30 pips or about +1.93% of my account pretty nice for a risk of 0.75% per trade!
Now I’m looking for new ducks on eurjpy and others
Today I placed a buy trade on EURJPY that it is finally breaking the range trading and it is uptrend according the ducks and the trend angle and the sma60@4h angle.
This is the picture
The trade continues, it is with a floating profit of 21+ pips. This is difficult I need to practice a lot of patience with this slow moves, but hey! they pay! so, I’m happy to wait.
The last trade on eurgbp shown me that sometimes the price action can signal the end of the trend or a big correction, and can help locking more profits. Shall I not moved the stop to BE, I could be ending with less profit for that trade.
Another thing I learned is that the first entry should have more breathing room, but once I start adding to winners, I can trail the stops to the previous support/resistance. That gives better results because the stop for add to winners positions is in general smaller, so the lot size is bigger and so the potential profits.
One more thing is that the 7 zigzag pattern I described on a previous chart can help detecting start and end of trends. It is simply a failure of making new HH/HL in an uptrend or LH/LL in downtrend. If I see that failure, I’m going to check why is that happening and shall I see something that don’t like me, I will move the stops to BE or better point.
I bought silver (xagusd) +38pips right now, also bought eurgbp that is -2.1 right now.
The trade on eurjpy is +60 and it is risk free trade now so I’m looking for an add to winners.
The nzdjpy is sloooow. I’m thinking about closing it because it don’t seems to move at -2.5 pips.
I’m seeing some hesitation for xagusd to continue the uptrend, just on the 5m channel, so I’m moving the SL to BE+3 pips just in case it retraces and stop me out.
Great! The move on xagusd was only a correction, and it formed a new higher low, that is now my stop loss and it stays at +19 pips locked
Hi Mario,
Congratulations on becoming an FX-Men Honorary Member:35:. I just finished my first year in Forex and seem to be right on par considering I blew 2 accounts. Although I have been paying tuition on my Forex education, I am starting to see my results improve. I too have started hunting Ducks and will be following along. Good luck and may the PIP’s be with us all!
The xagusd trade just finished, +24.8 pips. eurgbp is trapped in a range, and nzdjpy seems to be now out of the range and going up it is +45.2 but it is not a winner yet, until I can lock some profit.
I’m thinking about a way to get better exits, instead of the trailing stop. Some of my trades has been in better points before retracing and reducing the max profit.
I read on another thread about a signal called “the bishop” that is said that helps getting good exits, but on daily view. Could it give me good points to set tight stops?
Well, that’s too good that I stick on my plan. I didn’t close the nzdjpy, because my plan says that only the stop loss can make me exit from a position, and the kiwi is rocketing right now. I already locked +42 pips and the pair is showing enough strength to add to winners at 76.97.
The eurgbp trade is still wondering about the direction it should take. It is still far from y initial stop, and it is contained inside my 5m uptrend channel and inside de h1 uptrend channel, with pretty nice angles on both the h1 channel and the h4 SMA(60), more than 30 degrees.
well, while I was writing this post, I added to winners on nzdjpy
I need to practice a lot of patience with this slow moves, but hey! they pay! so, I’m happy to wait.
