I agree with this! knowing too many strategies, after 3 losing trades, I doubted its effectiveness and changed to another strategy like a monkey. I taught myself everything and found all kinds of strategies but I still burned my account. Until I decided to stick with a strategy for 6 months and all of a sudden, right after the first week of persistence I got a small victory. Stay disciplined, manage your capital and have a fixed strategy maintained.
XAGUSD - Daily
XAGUSD - 4HR
Seems price has closed below the $25.50 mark and broken that zone. I would now wait for a good confirmation candle then enter and have TP at $25.00.
The only reason I would wait is it seems to be in consolidation, and usually around 70-75% it continues the same direction after consolidation. Just something to look out for. I wouldn’t be in the trade right now til maybe a break out then a retest. Or a good strong price action confirmation candle.
Thanks for your sharing!!!
Hope everyone had a good weekend.
Here I’m sharing some thoughts on how I see and where I would be looking to enter a trade.
Even if it gets to these areas I also need a good confirmation candle as well. Even then you never know what the markets are going to do but we want to look for good setups with a high probability
Feel free to comment and share your thoughts as well.
Update on my trade from yesterday.
I used another TP strategy for this one. Have locked in 80 pips of profit, SL is sitting at my TP1.
120 pips is target.
TP1 : 40 pips
TP2 : 80 pips
FTP : 120 pips
I have been stopped out of this trade.
Weekly Results : W-L : Pips
Week of 7/11/21 : 9-4 : 375.4
Week of 7/18/21 : 5-2 : 240.9
Week of 7/25/21 : 7-5 : 191.63
Week of 8/1/21 : 1-0 : 80 (Just Starting)
Totals : 22-11 : 887.93
I have been doing something similar the last couple of weeks that has been working well.
I’m opening 3 trades with overall risk of 1% of my account. An example using $100:
First trade risk $33.50 TP $50.
Second trade same as the first.
Third trade same except with an open TP.
This way when I hit my TP on the first 2 trades my RR is guaranteed 1:1. I let the 3rd trade ride out, it’s all gravy.
Yea I have been thinking on a couple different exit strategies. I always want to take some profit as early as I can but without my stop being to tight not to let the trade run.
I’ve also thought about doing that same exit strategy as well.
@Pinbar1993 I meant to throw this up this morning. Here was my mark up.
What did you end up doing?
You could also just combine the first 2 trades into one; $67 SL, $100 TP. 2nd trade $33.5 SL, open TP.
Not sure why that didn’t occur to me, lol.
I sat down the other night with excel and tried working out better ways to scale out.
But I trade between 1-3 lots, so when I scale out at halfway, let’s just say $1,000(100pips) trade at a 1.0 lot. When I hit $500 I close half my position so I really pocket $250.00(at 50 pips, 0.50 lot). The remaining trade, if it runs till full TP, then that’s 100 pips at 0.50 lot which is $500.00. Only reason I hate scaling out, but I rather take what I can get from the market. lol
I tried working out opening 2 trades with 0.50 lots, and having one TP at 50 pips and the other at 100. Which is the same money as above but now dealing with two trades lol.
I even tried doing 75 pips and then scaling out. Which did give me a little bit more money but at the mercy of the market. I don’t like seeing a trade turn red after being up 30 or so pips. So I rather take what I can get when given to me.
I would say about 60-70% of my trades hit full TP, but still I don’t like that other 30-40% getting away from me if I just let them run without scaling.
Ya I hear you, nobody wants to leave money on the table, but you don’t want to get greedy either.
Take a look at your success rate at hitting TP #1, if it’s high then focus more of your money on that area.
It’s a fine balance between giving your trades too much, or too little room.
Very true, I usually hit my TP1, I don’t want to sound too full of it or bragging but I usually make profit on 70-75% of my trades. So I always try to just take what the market gives me.
Out of those 60-70% hit full TP anyway, it’s just managing that emotion of not getting out and letting your winner run. One of the toughest ones I’ve had to fight.
How I was able to pass FTMO and become funded.
I wouldn’t go changing too much then. I like to look at it in terms of risk/reward, although you don’t want to get too bogged down with it.
If you’re risking $1000 per trade and you’re closing trades at $500(manually or SL), then obviously you will need to win 2 trades for every one you lose just to break even.
I know your win rate is higher, but that’s just an example.
My trade hit SL this morning, lol