Weekly Recap and results.
8/2/21
GBPCAD - Hit Full TP : 116 pips
8/3/21
CADCHF - Hit TP1, then stopped out at BE : 28.6 pips
EURCAD - Hit TP1, then stopped out at BE : 31.0 pips
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 : 5-1 : 249.48
Totals : 26-12 : 1058.21
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Nice one, you seem to be killing it with this strategy. I am still using the daily charts as my account is nearly blown and am just now getting into this system of trading, however I was with you on EURUSD but Daily on friday, full TP was supposed to be 70pips same as you (you can see a nice long bearish candle for friday EURUSD going down to previous support), however I chickened out half the way and took less than half that in profit as I’ve been on a losing streak lately and just needed to get a few pips.
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I have been in that exact same spot you are in. That emotion of just taking what you have but then missing out is tough. Especially when you are close to blowing your account, it gets even more difficult to keep that trade open and let it keep winning for you. I know cause I have done the exact same thing.
One way I managed that emotion, I just finally stuck to my trading plan no matter what. And that may mean not sitting there watching your trade cause that will drive you crazy and make you feel all kinds of ways.
Decrease lot size as well to keep that account till you can get going the other way.
And also protecting my trade so once it reached a certain pip level I would close some of my position and move my stop loss to break even and let it run. It’s going to do what it wants to do from there but I have no emotion in that trade now cause I’m safe at that point.
That feeling of a small win is great, any win really lol. But just stick to your plan, work on a good exit strategy and don’t watch it(easier said than done). I have alerts setup on my phone that alert me when I hit my first TP that way I can go in move my stop and close some profit.
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Yep, well said. The only “problem” with this strategy is that the SL and TP can vary greatly depending on the candle size, so I will need to think about when to close a portion of the position to BE and so on, but that will come with experience.
Anyway I wanted to ask you, I’ve noticed you talked about both Daily and H4 S/R lines and that they sometimes line up, but are you inclined nowadays more toward H4 S/R lines or do you use both or what exactly?
I am asking because I think I will be switching to H4 but maybe in a month or two.
Yes I seem myself to go back and forth on this one at times. I seem to do the same either way.
But even this morning as I’m sitting and preparing charts for Monday, I start on the daily and find my support and resistance zones, then go down to the 4HR and and see if there is a zone I can trade from as well and will mark that one.
I trade off the 4HR only though, my entries and exits are based off the 4HR chart. The TP is based on the next zone whether it’s from the daily or the 4HR. I color the lines different colors.
Green : Daily Zone
Blue : 4HR zones
I’ll show an example of a trade I was in and why I took it.
EURUSD - Daily
Then the 4HR
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As far as the issue with the SL and TP, if the length of the SL is an issue just decease your lot size so you’re risking an amount you’re comfortable with.
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@dzimidula
I will also add that when trading 4H timeframes, be aware of the spread at the close of the NY session (check with your broker because they vary) I almost got taken out of a winning position simply because of a widened spread on more than one occasion. For this reason I try and stick to Daily bars, especially when determining my SL’s.
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Oh yes good thing you mentioned.
I actually remove my stops at this time if the pair hasn’t moved much from my entry. And the spreads on exotics is crazy during the swap. I also remove any pending orders during that time and re-add them once swap is over as well.
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Yep, with my broker (and each broker I guess) it’s at the end of day which is around 1 hour after NY close I believe (at 23:00 my time), which actually makes more of a problem for me for daily charts than for 4H charts but since I plan to have pending orders hopefully it won’t be an issue (it lasts for about an hour and than it is back to normal, very low spreads, EURUSD is almost always 0 for example).
Guys, any thoughts on daily EURCHF? Think I am gonna buy on monday morning, looking like it might go up 100 pips, and SL would be less than 50 (size of candle) ?
Alg, if it’s inappropriate to discuss daily charts here be sure to let me know, it’s all good!
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Yes it will depend on broker but like @MattyMoney said, if you’re trading from daily usually the spread doesn’t cause too much of an issue for you.
Goodness no, daily or 4HR is cool with me. I’ll take a look at it as well.
I’d rather all of us have a good convo and share idea’s.
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Do you use only pivot highs and lows combined with S/R to generate trading signals?
No, I only use my eyeballs in locating the support and resistance zones. With some practice you can get it down. I would recommend starting off on the daily sheet when locating zones. Those are usually a little more stronger than the lower time frames.
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@dzimidula
My opinion is that you should join from the S/R levels of frame D1 and only enter when there are signals near the S/R zones, especially for newbies and small accounts. Don’t enter in the middle, the market will change direction and kill your account.
@dzimidula
ECHF could be a good setup next week, however you need to wait for it to come back to retest the old S/R level and have safe signals for your entry like: Pinbar, engulfing candle, parallel candles that Alg626 mentioned. “Trade what you see, not what you think”
in H4:
image|690x388
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@MattyMoney @Alg626
I always place the sl right at the high of the S/R breakout candle go dow or the low of the S/R breakout candle go up. For me, it’s always safe and within my account’s tolerance.
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Good Morning, hope the weekend was kind to everyone.
Just a trade I have opened this morning.
CADCHF
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