I see. well best of luck to you BagzPips. Looking forward to reading more posts here in your journal.
Thanks mistermappy!
My audjpy, audusd and nzdjpy trades were stopped -129.5pips. So I closed the small profits on my other trades for a net loss [B]-109pips[/B]. Additionally, bearish setups continue to prevail after the last two 4hour closes.
I am currently the following pairs:
GBPUSD, NZDUSD, EURJPY, NZDJPY & AUDJPY. And once again unable to post charts. :31:
[QUOTE=“BagzPips;689577”]I am currently the following pairs: GBPUSD, NZDUSD, EURJPY, NZDJPY & AUDJPY. And once again unable to post charts. :31:[/QUOTE]
What are your thoughts on the ones you’re watching?
You mean these last set I mentioned mastergunner99?
[QUOTE=“BagzPips;689584”] You mean these last set I mentioned mastergunner99?[/QUOTE]
That would be correct.
Ok, well I am shorting the eurjpy @ 128.68 resistance for 100pips, audjpy @ 92.50 for 50pips, nzdjpy @87.75 for 50pips, gbpusd @ 1.4260 for 50pips and nzdusd @ 0.7215 for 50pips. These setups are all based on rejection at bullish close prices and continuation at bearish close prices.
[QUOTE=“BagzPips;689605”] Ok, well I am shorting the eurjpy @ 128.68 resistance for 100pips, audjpy @ 92.50 for 50pips, nzdjpy @87.75 for 50pips, gbpusd @ 1.4260 for 50pips and nzdusd @ 0.7215 for 50pips. These setups are all based on rejection at bullish close prices and continuation at bearish close prices.[/QUOTE]
I’m going to probe more. But please understand it is not to undermine you. I believe you have the conceptual ability to be a profitable trader, but there are pieces that could fit the puzzle better. By no means do you need to change drastically what you’re doing, but tweak it.
That said.
What is the reasoning behind picking arbitrary profit targets of 50 and 100 pips?
Sorry mastergunner99, sleep got the better of me. I trade two strategies. One is a swing trading type strategy (swing support & resistance) and the other is a day trading type strategy which I use to collect 50 to 100 pips unless there is other confirmation. For now I am trying to be more consistent collecting 50 to 100 pips while risking 25 to 35 pips. I have no problem with the probing at all. I am seeking to improve my trading.
I extended the tp for my GBPUSD trade 76.9 pips to quite pleasantly awake and see those green pips in the bag. NZD pairs went inches from my tp and turned around. NZDUSD however seems to be retracing into swing resistance at 0.7338 and 0.7319 for continued selling. Let’s see.
I was unable to post the chart for this gbpusd short last night. The glare is killing my eyes, hence my dark background.
NZDUSD short could be more long term as the daily swing support has be broken as is now acting as resistance. So I have extended my tp to 200pips.
One of the most important rules in trading is preservation of capital. So it’s definitely beneficial that you place stop losses.
It currency moved at the same pace and in the same direction consistently, it would be prudent to have a static plan that can revolve around that.
However, Forex isn’t static. It’s dynamic. And your plan should accommodate that. A static plan might work in a dynamic environment, but a dynamic plan is more apt to thrive because it can fluctuate with the movement of the market.
So in regards to your stop losses, what might be a way to create a more dynamic strategy?
EURJPY short still looking good. Swing support at 128.49 causing some trouble so watching that and for now giving preference to the overall trend. Tp extended to 200 pips, just below the last low. Will also be paying attention to swing support at 127.43 should all go as anticipated.
Hi mastergunner99, I usually use the advanced protection on my platform to say for instance, move stop to breakeven or +x pips once gaining y pips, however I fell asleep. :19:
I took my first entry on the audjpy short based on this BECA (Bearish close acceptance setup). Now bears have broken through 92.30 swing support now acting as resistance. Will see how it goes as I also keep an eye on 92.21 swing support.
Okay that’s good. Would there be a way to set an original stop loss that would be more dynamic?
Sleeping and not being present can be an issue to, but let’s table that for now.
I am not so sure about how to approach and initial stop that would be dynamic mastergunner99. Sounds like a risky road. How would you suggest I do this? Trailing stop maybe?
