4hr
i’m thinking maybe a bounce up to 1.43 area
Been following along. That first post in the thread is money! Thanks man.
2 Likes
Should have shorted shitcoin. Had a feeling it topped out near 70K. Let’s hope it falls under 30K again lol
Feel free to ask questions and post pics of charts my guy. Always good to have eyes arnd the market
Here are some thoughts and how I look at trade setups and a chart, I’m no professional and this isn’t the only way to approach trading. It’s just how I approach it.
First one is how I view support and resistance and how I find it.
OK, I’m done for now lol mostly cause I’m tired.
And of course it’s an easy chart to show support and resistance after the fact and yes they’re both winning trades. It’s not to fool anyone into thinking trading is easy but with patience, practice, experience it does get a little easier to spot the setups. Doesn’t mean you’re not going to ever be wrong, cause you are. But remember don’t blow up after one lost, look at your trading over a series of trades and backtesting. If you’re profitable through that then just know it’s a lost and part of the game. Please don’t fall for these advertisements of 90-95% win rates and blah…blah…blah. Not saying it can’t happen, but all the professional traders that I have studied none could careless about win %, they just want to know if they’re making money. Why you want to do it right?
But what to do if you’re not profitable? Well may be several things.
- Did I keep my emotions under control during my trading?
- Was I subjective during my backtesting phase? Did I cheat and know the outcome and thus skewing my results.
- Did I trust some random person to give me a strategy without backtesting it first? Thinking if I just did what they did I could make money too. Not really knowing if they even did any testing or if their only showing you the wins and not the loses.
- Did I backtest my strategy far back enough to know if works when the market is changing. I always go back 6 months at the least. That usually gives me a good series of trades I can judge from.
- Did I let my bias of the market effect my trading view point, not seeing the market for what it’s really doing but more of what I think it should be doing.
Just some thoughts… but really I’m off to bed now.
10 Likes
now i want to get something clear here, at the number 7 you said you have taken your profit and moved SL to BE. My question is when you placed the trade for TP1 which is the smaller profit. Do you immediately place a 2nd trade for TP2 which is large profit. Do you mean when TP1 is hit then you move stoploss to when you initially entered the trade for BE incase there was any retracement
I only ever open one trade. My exit rules are in the first post of the thread.
Once the trade reaches my TP1 target I close some of my position(which is now 2/3’s of my position after my analysis this past weekend of my trades), with the remaining position still running. And I have also moved my SL up to BE.
Once the trade reaches my TP2 target, I don’t close anymore position but move my SL up to where my TP1 target was.
I don’t open another separate trade at TP1 or TP2, cause that would run a risk of losing money.
If you’re trading with a micro lot, meaning a 0.01 lot size then you can’t scale out like that since you’re running through smallest lot size available already.
1 Like
so for a 10k funded account whats the best lot size to use to prevent a daily drawdown??
Well just depends on how many trades you have going. But I use 2.0 on Majors/Minors on a $100k account.
So $50k I would use 1.0 Lot
$25k would be no more than 0.50 Lot
$10k would be 0.25 or 0.20 Lot size
2 Likes
Nice, Thanks a lot mate 
1 Like
Have entered a short on AUDUSD at 0.7270, with SL at 0.7306
everything against JPY is falling
Have opened a short at 82.860 for AUDJPY.
nice. target 82 area?
That’s all gold right there, buddy. Great work.
Hopefully “the market gods” don’t see this, lol.
1 Like
Yea 82.00 is the Full TP but I may take some at 82.50 or 82.60.
Right…going to be in trouble then.
true… oil beatdown today
