Experienced traders and self-proclaimed experienced traders will always tell you different things, even if they share the same style of trading, which I believe is price action, in this case.
They might trade with the same style, but have different strategies for entries and exits or just different experiences that led to different concepts that led to different shades of the same style.
Have you studied your strategy? Have you back-tested it? Have you had good results so far? Then trust your strategy.
A single trade, with a missed take profit by 10 pips can happen to anyone. It doesn’t say anything about your strategy.
The worst thing you can do is to change your strategy every time something bad happens and every time an experienced trader says that you are doing something wrong. I’m not just talking about radically changing it, even small changes after a bad trade, it’s a huge mistake.
PS: I wish you bad luck for this trade, because I’m long since 70.51, SL at 69.81 and first TP at 72.90
u r aiming for the gap to close, i was looking to see why would some1 buy that from a swing trade poin of view, but for a day trade it s quite ok. i m bearish overall on nzdjpy, but i 2 think it s gonna close that gap which most likely will act as resist, and sellers might step in at that level pushing it back down.
i never suggested that the op should change the trading style, cos obviously it worked, i just said that a bit of discretion is advised with every strategy, that s all. like takin profit a bit earlier if the chart says so, or move to BE, or even not touching it at all if conditions are great but ur rule is to take profit at… during my learning curve i ve experienced first hand rules based strategies, and i ve come to the conclusion that i just have a market aproach based on what the market is doing and what phase it s in, volatility and so on. but i do agree, the teachings are almost same, just different branches of price action, nothing in trading has changed if u look at the charts from 1940 and compaire them to today s charts.
cheers
Waited in the trade, it was just a rebound. placed a new trade at the top of that peak, Markets bearish sentiment continued and an hour ago closed out both trades with almost double to profit i would of had on wednesday brilliant end to the week since my GBP/USD and my GBP./JPY shorts also closed with decent profits.
Yeah turns out it was just a volatile rebound, i stayed in the trade, then placed a second short near the peak of the recent rebound and just closed them both with a tidy profit. Overall very happy. Did you close or are you still in?
i m still in kiwi cad. took partial profit, stop at BE, and let the last bonus lot run for as much as the market wants to give.
i was waiting on a pullback that never came after it broke that lvl, maybe monday or tuesday. but i took some pips on other trades so was a very good week. stay green dude. cheers
Well done! If I had read this thread earlier I would have suggested moving your SL up to a small profit, then re-entering on a bearish signal, which is basically what you did (except you didn’t mention moving the SL I don’t think). At least then you don’t end up in the red.
But with a bit of patience it all worked out in the end.
Pretty much what you said yeah. When it was rising i was looking at the graph feeling nervous yet also hopeful that it would find resistance. when it did i moved my SL just above that, would have kept me still with a small profit, but really small. and as i saw it begin to drop again i added a new second position. Worked out well in the end, but can’t help that horrible bit in the middle where you are watching the price retreat further and further from the juicy TP you were soo close to, questioning whether you should just get out now haha.
You are on the right track. Live trading especially market trade is the best route. Any other trade is basically a plan for disaster, meaning unnecessary losses. NEVER EVER be part OF A PLAN, make your own plan live.
brilliant end to the week since my GBP/USD and my GBP./JPY shorts also closed with decent profits.