It’s ridiculous, yesterday I was up like 7 pips and today 50. I keep waiting for it to fail but so far it’s not
However sometimes I don’t wait for TP/SL to be hit, today for example I finished trading in less than an hour (half that time I was lifting weights and the other half drinking coffee while chilling on the laptop ), there was a bunch of huge candles which I didn’t really like but broke through, I took those trades, went against me like 30-40 pips then for me like 50-60 pips and then I just closed them all for a total profit of 50pips. I had 6 or 7 positions opened at the same time.
Good deal. I know sometimes it’s hard to let the trades play out. Especially when you see that if you closed here you would have been up 100 pips. But you let it run according to your trading plan and it retraces back to your SL that’s in profit, with profit of 50 pips.
I go mannnnn I should have closed. But with all my best testing it does better in the long run letting it run per trading plan.
But trading with a plan and accepting that sometimes that’s just how it goes makes trading why easier to me.
I also took an aggresive one on GBPUSD 4H, I entered actually I think 30 mins before candle close but looked good, full TP was at 100 pips, after it went a third my way I moved SL to BE and the damn thing retraced.
Just how it goes sometimes, but at least it was risk free after the move and you live to fight another day. Looked to be a good spot by you, nice little pull back then a push right through the zone.
All mine from earlier in the week were doing fine as well, then boom all retraced back, but I had already took some profit and moved my SL to my TP1.
I am thinking maybe if this works majority of the time then to always risk 1% and have RR as 1:1. In retrospect I could’ve locked in 10 pips in profit but what if it went my way again after the small win, you never know. I’ll see.
I know what you mean, why my TP are pretty close to my entry for the most part. I always want to take something, even after a retrace that takes me out then it shoots the other way. I’d rather know I had some profit even if a little.
I know long term you want trades to run to full TP, and they do just seems like sometimes it’s not when you get a couple that retrace. My backtesting takes that into account. So I recorded if the trade retraced back to my SL at BE after TP1. I made sure I used my exit strategy through my backtest.
My original setup I always set up at minimum a 1:1 Risk/Reward. But know that sometimes how a trade retraces back and stops me out at some profit. That it doesn’t play out as a 1:1 but I don’t put a ton of worry into it. I just take what the market gives me and protect my trades.
Weekly Results, these are based on the trades I took. Doesn’t count the last two I posted, or the AUDCAD my son caught and didn’t give his dad a heads up lol.
W = 3
L = 0
Pips = 90.2
Hope everyone has a good weekend, see you guys Monday.
I also opened a couple on friday, I’ve decided to definitely just trade this strategy so we’ll see how it goes. On these I actually entered one hour after candle open but looked good on candle close regardless so I left them over the weekend.
Well it’s a not too old support point actually, plus I do have one indicator which I am testing, 8 3 3 stoch, which I believe can help when used properly.
So, above my TP stoch was actually oversold (OS), then it went further down to a known resistance and seems to be reversing, “recent” resistance, new resistance plus again stoch OS confirmation + plus the indecision bullish candle before the bigger one. Seems to be reversing.
So basically since at this point I have nothing to lose and am completely into PA I want to be more aggressive, so I will trade not only bounces, but also first reversals and also breakthroughs (like you I believe, at least for the breakthroughs).
Plus I have completely accepted new money management which is 100% percentage based, no more pips for me. I will risk 1% on each trade to make 2% at most.
Also I plan to be right more than wrong so percentage-wise it should work out even if it is a bit aggressive and all setups aren’t A+, at least for now.
One more thing, I am using only 4H and most recent lines that make sense, just 2 lines, one above, the other below.
Also I am using basically the same patterns as you other than times lime this one, when I am kind of winging it but it makes sense to me plus with good money management it should work out at the end of the month.
Mehn u are good I swear down. I just came across this thread been reading all through it since morning. U can say am a bad trader with lots of failed strategy but this one right here is the bomb
Looking good buddy, a bit late it seems but hopefully it works out, I am also long on EURUSD so if it works out for you it should for me as well, breakthrough, though I will stop trading breakthroughs regardless of the outcome.
I got stopped out on AUDJPY due to a crap gap, didn’t cancel my SL on friday, would’ve been a winner.
Yes it was, I only took it due to the EG popping up and the strong bull candle at support. And it bounced off this support about a month ago as well. Just off my chart to the left.
Yes breakthroughs are tough because you are jumping in before a good confirmation whether its a strong engulfing bar or whatever. At least you’re able to recognize what’s not working for you and plan it out. Some really struggle with just that. I do the same at times.
I don’t blame you on that CHFJPY, looks to be a good strong push and now has came down retested. But I do believe it will continue up. Of course the market don’t care what I believe lol. But I think you had the right call, stop may have been a little tight. I always set mine at the low of the candle. It is a quite the big candle, around 40 pips itself. So I also understand you placing the stop just below your zone, notice the slight difference in our zones(not that it matters cause those whole are between our zones could be marked). Crazy how two people with similar strategies can see the same chart differently.
AUDJPY
This one will make you hurt lol. I know what you mean I once left a stop through the weekend with the price still close to entry and it stopped me at out as well due to the spread. But once again you had the direction correct. Which I think is the more important thing to take away from this.
